Safe Bulkers (SB) 20-F 30 Mar 22 2021 FY Annual report (foreign) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2021shares
Entity Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2021
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	Apt. D11
Entity Address, Address Line Two	Les Acanthes
Entity Address, Address Line Three	6, Avenue des Citronniers
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	Non-accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Amendment Flag	false
Document Period Focus	2021
Document Fiscal Period Focus	FY
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	121,640,839
Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Preferred stock purchase rights
Security Exchange Name	NYSE
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	2,297,504
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	3,195,050
Business Contact
Entity Information [Line Items]
Entity Address, Address Line One	Apt. D11
Entity Address, Address Line Two	Les Acanthes
Entity Address, Address Line Three	6, Avenue des Citronniers
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

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	1163
Auditor Name	Deloitte Certified Public Accountants S.A.
Auditor Location	Athens, Greece

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 101,004	$ 90,038
Time deposits	1,080	11,780
Accounts receivable	8,082	4,884
Assets held for sale	0	8,057
Due from Manager	0	48
Inventories	8,653	12,036
Derivative assets current	1,148	99
Accrued revenue	665	557
Restricted cash	0	3,400
Prepaid expenses and other current assets	3,484	3,835
Total current assets	124,116	134,734
FIXED ASSETS:
Vessels, net	864,391	942,164
Right-of-use asset	31,938	0
Advances for vessels	56,484	9,126
Total fixed assets	952,813	951,290
OTHER NON CURRENT ASSETS:
Deferred financing costs	884	160
Restricted cash	10,250	18,754
Derivative assets long-term	5,879	54
Accrued revenue	282	75
Other non current assets	96	562
Total assets	1,094,320	1,105,629
CURRENT LIABILITIES:
Current portion of long-term debt, net	39,912	75,784
Liability directly associated with assets held for sale	0	3,983
Unearned revenue	11,014	6,223
Trade accounts payable	9,985	13,480
Accrued liabilities	5,371	4,663
Derivative liabilities current	414	582
Lease Liability	21,945	0
Due to Manager	51	0
Total current liabilities	88,692	104,715
Long-term debt, net	315,796	531,883
Unearned revenue Long-term	7,989	3,536
Derivative liabilities long-term	0	1,396
Other liabilities	2,603	1,240
Total liabilities	415,080	642,770
MEZZANINE EQUITY - Redeemable non-controlling interest	0	18,112
SHAREHOLDERS’ EQUITY:
Common stock, $0.001 par value; 200,000,000 authorized, 102,174,594 and 121,640,839 issued and outstanding at December 31, 2020 and 2021, respectively	122	102
Preferred stock, $0.01 par value; 20,000,000 authorized, 2,297,504 and 2,297,504 Series C Preferred Shares, 3,195,050 and 3,195,050 Series D Preferred Shares, issued and outstanding at December 31, 2020 and 2021, respectively	55	55
Additional paid in capital	425,202	354,284
Retained earnings	253,861	90,306
Total shareholders’ equity	679,240	444,747
Total liabilities, mezzanine equity and shareholders’ equity	$ 1,094,320	$ 1,105,629

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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)	121,640,839	102,174,594
Common stock, shares outstanding (in shares)	121,640,839	102,174,594
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)	2,297,504	2,297,504
Preferred stock, shares outstanding (in shares)	2,297,504	2,297,504
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)	3,195,050	3,195,050
Preferred stock, shares outstanding (in shares)	3,195,050	3,195,050

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUES:
Revenues	$ 343,475	$ 206,035	$ 206,682
Commissions	(14,444)	(7,877)	(8,921)
Net revenues	329,031	198,158	197,761
EXPENSES:
Voyage expenses	(9,753)	(41,582)	(13,715)
Vessel operating expenses	(72,049)	(70,086)	(68,569)
Depreciation and amortization	(52,364)	(54,269)	(50,310)
General and administrative expenses
Management fee to related parties	(19,221)	(18,884)	(18,050)
Company administration expenses	(3,277)	(2,618)	(2,589)
Early redelivery (cost)/income, net	7,470	0	(63)
Other operating expense	0	(241)	(414)
Gain on sale of assets	11,579	0	0
Operating income	191,416	10,478	44,051
OTHER (EXPENSE)/INCOME:
Interest expense	(14,719)	(21,233)	(26,815)
Other finance cost	(798)	(641)	(714)
Interest income	69	604	1,558
(Loss)/gain on derivatives	2,188	(1,303)	(121)
Foreign currency (loss)/gain	(910)	916	(76)
Amortization and write-off of deferred finance charges	(2,898)	(1,726)	(1,845)
Net income/(loss)	174,348	(12,905)	16,038
Less preferred dividend attributable to preferred shareholders	11,064	11,500	11,498
Less Mezzanine equity measurement	(271)	908	199
Net income/(loss) available to common shareholders	$ 163,555	$ (25,313)	$ 4,341
Earnings/(loss) per share in U.S. Dollars, basic (in USD per share)	$ 1.44	$ (0.25)	$ 0.04
Earnings/(loss) per share in U.S. Dollars, diluted (in USD per share)	$ 1.44	$ (0.25)	$ 0.04
Weighted average number of shares, basic (in shares)	113,716,354	102,617,944	101,686,312
Weighted average number of shares, diluted (in shares)	113,716,354	102,617,944	101,686,312

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock, Preferred	Common Stock	Common StockCommon Stock	Treasury Stock	Preferred Stock	Additional Paid in Capital	Additional Paid in CapitalCommon Stock	Additional Paid in CapitalTreasury Stock, Preferred	Retained Earnings
Beginning Balance at Dec. 31, 2018	$ 465,834			$ 103		$ (737)	$ 55	$ 355,134			$ 111,279
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	16,038										16,038
Issuance of common stock	6,600			4				6,596
Repurchase and cancellation of common 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	(12,905)										(12,905)
Issuance of common stock	3,300			3				3,297
Repurchase and cancellation of common stock		$ (6,012)	$ (89)		$ (5)				$ (6,007)	$ (89)
Share based compensation	120							120
Mezzanine equity measurement	(908)										(908)
Preferred share dividends declared	(11,501)										(11,501)
Ending Balance at Dec. 31, 2020	444,747			102		0	55	354,284			90,306
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	174,348										174,348
Issuance of common stock	71,537			20				71,517
Share based compensation	120							120
Preferred share dividends declared	(11,064)										(11,064)
Offering expenses of "at-the-market" common stock equity offering	719							719
Mezzanine equity measurement	271										271
Ending Balance at Dec. 31, 2021	$ 679,240			$ 122		$ 0	$ 55	$ 425,202			$ 253,861

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net income/(loss)	$ 174,348	$ (12,905)	$ 16,038
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization	52,364	54,269	50,310
Gain on sale of assets	(11,579)	0	0
Other non cash items	0	241	279
Amortization and write-off of deferred finance charges	2,898	1,726	1,845
Unrealized loss/(gain) on derivatives	(8,438)	1,704	121
Unrealized foreign exchange (gain)/loss	794	(254)	(10)
Share based compensation	120	120	120
Change in:
Accounts receivable	(3,198)	10,475	(4,217)
Due from Manager	48	510	41
Inventories	3,902	(3,531)	(5,540)
Accrued revenue	(315)	(19)	476
Prepaid expenses and other current assets	351	436	(1,448)
Due to Manager	51	(9)	(14)
Trade accounts payable	(3,988)	2,455	5,045
Accrued liabilities	(829)	1,049	(2,892)
Non current assets / Other liabilities	1,435	1,038	104
Unearned revenue	9,244	6,071	(1,974)
Net Cash Provided by Operating Activities	217,208	63,376	58,284
Cash Flows from Investing Activities:
Vessel advances	(109,230)	(50,444)	(39,240)
Proceeds from sale of assets	107,084	0	0
Increase in bank time deposits	(2,310)	(93,793)	(84,969)
Maturity of bank time deposits	13,010	109,453	87,424
Net Cash (Used in)/Provided by Investing Activities	8,554	(34,784)	(36,785)
Cash Flows from Financing Activities:
Proceeds from long-term debt	178,800	92,400	177,575
Principal payments of long-term debt	(434,746)	(81,995)	(151,335)
Dividends paid	(11,198)	(11,497)	(11,495)
Payment of deferred financing costs	(2,425)	(1,762)	(2,052)
Finance lease payments	(9,786)	0	0
Payment of common stock offering expenses	(381)	(338)	0
Repurchase of common stock	0	(6,012)	(4,153)
Repurchase of preferred stock	(17,707)	(89)	0
Proceeds on issuance of common stock	71,537	0	0
Net Cash Provided by/(Used in) Financing Activities	(225,906)	(9,293)	8,540
Net increase/(decrease) in cash, cash equivalents and restricted cash	(144)	19,299	30,039
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(794)	254	10
Cash, cash equivalents and restricted cash at beginning of year	112,192	92,639	62,590
Cash, cash equivalents and restricted cash at end of year	111,254	112,192	92,639
Supplemental cash flow information:
Cash paid for interest (excluding capitalized interest):	13,693	20,943	29,348
Non Cash Investing and Financing Activities:
Unpaid financing fees	1,303	111	440
Part payment of vessel advances through issuance of common stock and preferred stock	0	3,300	6,600
Unpaid dividend on preferred stock	0	134	128
Unpaid common stock offering expenses	0	56	0
Unpaid capital expenditure	1,482	964	5,611
Right of use asset recognized	32,107	0	0
Unpaid Lease liability on initial recognition	22,757	0	0
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and cash equivalents	101,004	90,038	78,938
Restricted cash – Current assets	0	3,400	0
Restricted cash – Non current assets	10,250	18,754	13,701
Cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 111,254	$ 112,192	$ 92,639

Basis of Presentation and Gener

Basis of Presentation and General Information	12 Months Ended
	Dec. 31, 2021
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, by virtue of shares owned indirectly through various private entities, owns or controls 39.77% of our outstanding common stock and is the largest shareholder of Safe Bulkers and as a result has significant influence on 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 in 2008, Safe Bulkers has successfully completed five additional public common stock offerings, three preferred stock offerings and an ongoing “at-the-market” common stock equity offering program (the “ATM Program”). As of December 31, 2021, Safe Bulkers hel d 58 w holly owned companies (which are referred to herein as “Subsidiaries”) which together owned and operated a fleet of 39 drybulk vessels and were scheduled to acquire nine additional newbuild vessels (the “Newbuilds”). 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 Kerasies Shipping Corporation (“Kerasies”) (1) Katerina Panamax May 2004 Marathassa Shipping Corporation (“Marathassa”) (1) Maritsa Panamax January 2005 Kyotofriendo One Shipping Corporation (“Kyotofriendo One”) (2)(13) Paraskevi 2 Panamax April 2011 Maxeikositessera Shipping Corporation (“Maxeikositessera”) (2) Efrossini Panamax February 2012 Glovertwo Shipping Corporation (“Glovertwo”) (2) Zoe Panamax July 2013 Kyotofriendo Two Shipping Corporation (“Kyotofriendo Two”) (2)(14) Koulitsa 2 Panamax February 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 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)(5) 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 Armonikos Shipping Corporation (“Armonikos”) (2)(15) Venus Harmony Post-Panamax November 2013 Shikokuepta Shipping Inc. (“Shikokuepta”) (2) Troodos Sun Post-Panamax January 2016 Shikokuexi Shipping Inc. (“Shikokuexi”) (2) Troodos Air Post-Panamax March 2016 Monagrouli Shipping Corporation (“Monagrouli”) (2) Troodos Oak Post-Panamax April 2020 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 Metamou Shipping Corporation (“Metamou”) (2)(16) Stelios Y Capesize March 2012 Staloudi Shipping Corporation (“Staloudi”) (1)(17) Maria Capesize January 2014 Agros Shipping Corporation (“Agros”) (2)(4) TBN - H 1381 Kamsarmax Q2 2022 Lofou Shipping Corporation (“Lofou”) (2)(4) TBN -H 11013 Post-Panamax Q3 2022 Gloverthree Shipping Corporation (“Gloverthree”) (2)(4) TBN - H 11042 Post-Panamax Q1 2023 Gloverseven Shipping Corporation (“Gloverseven”) (2)(4) TBN - H 11043 Post-Panamax Q2 2023 Shimafive Shipping Corporation (“Shimafive”) (2)(4) TBN - H 11064 Kamsarmax Q4 2023 Shimasix Shipping Corporation (“Shimasix”) (2)(4) TBN - H 11065 Kamsarmax Q1 2024 Shimaseven Shipping Corporation (“Shimaseven”) (2)(4) TBN - H 11067 Kamsarmax Q1 2024 Shimaeight Shipping Corporation (“Shimaeight”) (2)(4) TBN - H 11081 Kamsarmax Q4 2023 Yasudyo Shipping Corporation (“Yasudyo”) (2)(4) TBN - H 1392 Kamsarmax Q4 2023 Safe Bulkers Participations Plc. (3) — — — Maxeikosipente Shipping Corporation (“Maxeikosipente”) (1) — — — Maxeikosiepta Shipping Corporation (“Maxeikosiepta”) (1)(6) — — — Marindou Shipping Corporation (“Marindou”) (1)(10) — — — Maxeikosiexi Shipping Corporation (“Maxeikosiexi”) (1)(11) — — — Avstes Shipping Corporation (“Avstes”) (1)(7) — — — Maxeikosi Shipping Corporation (“Maxeikosi”) (1)(8) — — — Maxeikositria Shipping Corporation (“Maxeikositria”) (1)(12) — — — Maxeikosiena Shipping Corporation (“Maxeikosiena”) (1)(9) — — — (1) Incorporated under the laws of the Republic of Liberia. (2) Incorporated under the laws of the Republic of the Marshall Islands. (3) Incorporated under the laws of the Republic of Cyprus. (4) Estimated completion date for newbuild vessels as of December 31, 2021. (5) In July 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. All Series A Preferred Stock were redeemed by Pinewood in February 2021. (6) The Company owned the Panamax class vessel Paraskevi , built 2003, which was sold in January 2021 and delivered to her new owners in April 2021. (7) The Company owned the Panamax class vessel Vassos , built 2004, which was sold in January 2021 and delivered to her new owners in May 2021. (8) The Company owned the Kamsarmax class vessel Pedhoulas Builder , built 2012, which was sold in May 2021 and delivered to her new owners in June 2021. (9) The Company owned the Kamsarmax class vessel Pedhoulas Farme r, built 2012, which was sold in May 2021 and delivered to her new owners in September 2021. (10) The Company owned the Panamax class vessel Maria , built 2003, which was sold in May 2021 and delivered to her new owners in September 2021. (11) The Company owned the Panamax class vessel Koulitsa , built 2003, which was sold in June 2021 and delivered to her new owners in November 2021. (12) The Company owned the Kamsarmax class vessel Pedhoulas Fighte r, built 2012, which was sold in September 2021 and delivered to her new owners in November 2021. (13) Vessel acquired in March 2021. (14) Vessel acquired in July 2021. (15) Vessel acquired in October 2021. (16) In July 2021, the Company entered into an agreement for the period bareboat charter of a 2012-built Japanese Capesize class vessel named Stelios Y, which is accounted for as a finance lease. The vessel was delivered to the Company in November 2021. Refer to Note 7. (17) The Company acquired the vessel as second-hand in February 2022. See subsequent events Note 23. For the years ended December 31, 2019, 2020 and 2021 the following charterers individually accounted for more than 10% of the Company’s revenues as follows: December 31, 2019 2020 2021 Viterra B.V. (ex-Glencore Agriculture B.V.) 21.03 % 15.01 % 16.08 % Cargill International S.A. — % 11.13 % 14.62 % Bunge S.A. 10.37 % — % — % 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, which may continue to cause trade disruptions and volatility in the commodity markets. Although to date there has not been any significant effect on our operating activities due to 2019-nCoV other than the decrease in market rates in 2020, which have recovered in 2021 and increased crew cost, the extent to which a new wave of the 2019-nCoV will impact the Company’s results of operations and financial condition will depend on future developments, which are uncertain and cannot be predicted. Accordingly, an estimate of the future impact cannot be made at this time.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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 recoverability of long lived assets, 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 $8,346 and $3,863 of bunkers and of $3,690 and $4,790 of lubricants as of December 31, 2020 and 2021, 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. Second-hand 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 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 Vessels : 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 vessels. 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 vessel 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. Right-of-Use Asset - Finance Leases: The Company assesses whether a contract is, or contains, a lease, at inception of the contract. A right-of-use asset and a corresponding lease liability is recognized with respect to all lease arrangements in which the Company is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less). For these leases, the lease payments are recognized as an operating expense on a straight-line basis over the term of the lease. The Company does not have any significant operating leases. A lease is classified as a finance lease when the lease meets any of the following criteria at lease commencement a)the lease transfers ownership of the underlying asset to the lessee by the end of the lease term, b) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise c) the lease term is for the major part of the remaining economic life of the underlying asset, d) the present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset or e) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. When none of these criteria are met, the lease is classified as an operating lease. Finance leases are accounted for as the acquisition of a finance right-of-use asset and the incurrence of an obligation by the lessee. At the commencement date of the finance lease, a lessee initially measures the lease liability at the present value, using the discount rate determined on the commencement of the lease payments to be made over the lease term. Subsequently, the lease liability is increased by the interest on the lease liability and decreased by the lease payments during the period. The interest on the lease liability is determined in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements. A lessee initially measures the finance right-of-use asset at cost which consists of: the amount of the initial measurement of the lease liability; any lease payments made to the lessor at or before the commencement date, less any lease incentives received; and any initial direct costs incurred by the lessee. Subsequently, the finance right-of-use asset is measured at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. The finance right-of-use asset is amortized on a straight-line basis from the commencement date to the end of the useful life of the finance right-of-use asset where the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an option to purchase the underlying asset. 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, interest rate derivatives, bunker fuel price derivatives and forward freight contracts to create economic hedges for its exposure to foreign currency movement, interest rates of its loan obligations, bunker fuel consumed by its vessels and freight rates relating to the fluctuation of the vessel charter markets and on certain other obligations. 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, 2019, December 31, 2020 and December 31, 2021, no derivatives were accounted for as accounting hedges. Financial Instruments : (a) Interest rate risk : The Company’s interest rates and long-term loan repayment terms are described in Note 8. The Company manages its interest rate risk by entering into interest rate derivative instruments which are described in Note 14. (b) Concentration of credit risk : Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of trade accounts receivable, cash and cash equivalents, time deposits and derivative instruments. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable as charter hire is usually collected in advance. 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 financial institutions it transacts with. The Company may be exposed to credit risk in the event of non-performance by its counterparties to derivative instruments; however, the Company limits its exposure by transacting with counterparties with high credit ratings. (c) Fair value measurement : In accordance with the requirements of accounting guidance relating to Fair Value Measurement, the Company classifies and discloses assets and liabilities carried at fair value in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. 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, as 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 or infrequently under voyage contracts. A time charter is a contract for the use of a vessel for a specific period of time and a specified daily fixed charter hire rate, or a rate linked to either the Baltic Exchange Panamax Index (“BPI”) or to the Baltic Exchange Capesize Index (“BCI”). The charter hire 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. On implementation of ASC 842 on January 1, 2019, 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. 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 fulfillment 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. Under a time charter, 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. 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 voyage contracts are considered service contracts which fall under the provisions of ASC 606 because the Company as the ship-owner retains the control over the operations of the vessel such as directing the routes taken or the vessel speed. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. 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 straight line basis over the duration of the voyage from commencement of the loading to completion of discharge. 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, primarily bunkers, may be deferred, as they represent setup costs, if they meet certain conditions, and are amortized on a straight-line basis as the related performance obligations are satisfied over the duration of the voyage from load port to discharge port. Such def erred costs are presented in prepaid expenses and other current assets on the Consolidated Balance Sheets. Costs incurred during the voyage are expensed as incurred. Voyage hire is typically paid partially upon initiation of the voyage and partially upon completion of the performance obligation. During the years ended December 31, 2019, December 31, 2020 and December 31, 2021, there have been two instances in 2020 and three instances in 2021, where a vessel was employed under a voyage charter. One of the voyage charters that begun during the year ended December 31, 2020 ended in the same period, while the remaining voyage charter ended after December 31, 2020. All voyages charters during the year ended December 31, 2021, 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 or the Republic of Cyprus are not subject to Liberian or Marshall Islands or Cyprus 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. These registration and tonnage taxes are recorded within Vessel operating expenses in the accompanying consolidated statements of operations and none are considered income taxes. For our 2019 and 2020 taxable years, we were exempt from U.S federal tax on our U.S. source gross shipping income. 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, the board of directors of the Company, the chief operating decision makers, review 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: Reference Rate Reform : In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. In January 2021, the FASB issued Accounting Standard Update (“ASU”) 2021-01 (Topic 848), which amends and clarifies the existing accounting standard issued in March 2020 (“ASU”) 2020-04 for Reference Rate Reform. Reference rates such as LIBOR, are widely used in a broad range of financial instruments and other agreements. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities under way in global financial markets (the “discounting transition”). The ASU 2020-04 is effective for adoption at any time between March 12, 2020 and December 31, 2022, for all entities and the ASU 2021-01 is effective for all entities as of January 7, 2021 through December 31, 2022. As of December 31, 2021, the Company has not made any contract modifications to replace the reference rate in any of its agreements and has not yet evaluated the effects of this standard on its consolidated financial position, results of operations, and cash flows.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Transactions with Related Parties	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 had an initial term of three years expiring on May 28, 2021 and could be extended for two additional terms of three years each. The fees provided by the Management Agreements were fixed until May 29, 2021 and could be adjusted for a subsequent term of three years each time on May 29, 2021 and May 29, 2024 upon mutual agreement with the Managers. On May 29, 2021, the Company and the Managers agreed to extend the term of the Management Agreements until May 28, 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 €3,500,000 payable quarterly in arrears to only one of the Managers. For the three year period from May 29, 2018 to May 28, 2021 the annual ship management fee was €3,000,000. • 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. • 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. The Ship Management Fees are recorded in Management Fees to Related Parties within General and Administrative Expenses (refer to Note 17). The Commissions on purchase of newbuilds or second-hand vessels and the Supervision Fees are recorded initially 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/to the Manager under the management agreements were $48 receivable as of December 31, 2020 and $51 payable as of December 31, 2021. The Fees charged by our Managers comprised the following: Year Ended December 31, 2019 2020 2021 Ship Management Fees $ 18,050 $ 18,884 $ 19,221 Supervision Fees 275 275 550 Commissions — 330 1,689 B. Credit Facilities - Interest Rate Swap Facility During 2020, Lofou entered into a credit facility (refer to Note 8) with a financial institution for an amount up to $20,000, which will be available for drawing in 2022 upon delivery to Lofou of the newbuild vessel that will secure such credit facility. The Company agreed with the same financial institution to the increase of the available amount by $10,000 and to the extension of the tenor by up to two years of an existing revolving credit facility that had been signed in 2019 for an original amount of $20,000. During 2020, the Company entered into an interest rate swap facility with the same financial institution, for a notional amount of up to $80,000. 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 transactions were evaluated and approved by the board of directors of the Company excluding that independent member of the board of directors of the Company. During 2021, Eptaprohi, Soffive, Marinouki, Marathassa, Kerasies, Pemer and Petra entered into a credit facility (refer to Note 8) with a financial institution for an amount up to $70,000, secured by the vessels owned by the respective subsidiaries. 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. C. 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 is for the period until February 2023 with an annual lease payment in the amount of EUR 63,000 equivalent to $71 as of December 31, 2021, and is recorded in “General and administrative expenses” in the Consolidated Statements of Operations. D. Bond issuance In February 2022, Safe Bulkers Participations successfully completed a public offer in Greece of €100,000,000 of an unsecured bond (the “Bond”), that was admitted for trading on the Athens Exchange under the ticker symbol SBB1 (refer to Note 23). One of the independent members of the board of directors of the Company currently serves as the Chief Executive Officer of the financial institution that was the adviser and one of the lead underwriters in the public offer of the Bond. 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.

Vessels, Net

Vessels, Net	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Vessels, Net	Vessels, Net Vessels, net are comprised of the following: Vessel Accumulated Net Book Balance, January 1, 2020 $ 1,312,076 $ (367,370) $ 944,706 Transfer from Advances for vessels 59,265 — 59,265 Transfer to Assets held for sale (13,881) 6,343 (7,538) Depreciation — (54,269) (54,269) December 31, 2020 $ 1,357,460 $ (415,296) $ 942,164 Transfer from Advances for vessels 62,336 — 62,336 Vessels sale (152,174) 64,207 (87,967) Depreciation — (52,142) (52,142) December 31, 2021 $ 1,267,622 $ (403,231) $ 864,391 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 second-hand vessels acquired and comprised: • During the year ended December 31, 2020: Delivery to the Company of Troodos Oak and BWTS and Scrubbers retrofitting on several vessels; and • During the year ended December 31, 2021: Delivery to the Company of the vessels Paraskevi 2, Koulitsa 2, Venus Harmony and BWTS and vessel improvements on several vessels. Transfer to Assets held for sale during the year ended December 31, 2020 relates to the vessel Paraskevi ; refer to Note 6 below. Vessels sale represents the carrying value of vessels sold during the year ended December 31, 2021 and it relates to the sale of the vessels Paraskevi, Vassos, Pedhoulas Builder, Maria, Pedhoulas Farmer, Koulitsa and Pedhoulas Fighter, which were sold during 2021 taking advantage of the significant market improvement . No vessels were sold during the year ended December 31, 2020. Consistent with prior practices, we reviewed all our vessels for impairment and none were found to be impaired at December 31, 2020 and December 31, 2021. As of December 31, 2021, 23 vessels owned by the Company with a carrying value of $502,615 had first priority mortgages registered as security for certain of the Company’s loans and credit facilities, while title of ownership is held by the relevant lender for another 11 vessels with a carrying value of $274,565 to secure the relevant sale and lease back financing transactions. See further Note 8.

Advances for Vessels

Advances for Vessels	12 Months Ended
	Dec. 31, 2021
Advances For Assets Acquisition And Assets Under Construction
Advances for Vessels	Advances for Vessels Advances for vessels are comprised of the following: Balance, January 1, 2020 $ 19,294 Additions for advances, including capitalized expenses and interest 49,097 Transferred to vessel cost (refer to Note 4) (59,265) Balance, December 31, 2020 9,126 Additions for advances, including capitalized expenses and interest 109,694 Transferred to vessel cost (refer to Note 4) (62,336) Balance, December 31, 2021 $ 56,484 Advances paid for vessels represent advances paid for vessel 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 the years ended December 31, 2020 and December 31, 2021, such payments were made for the following vessels: • During the year ended December 31, 2020: advances for Troodos Oak, Hull 1381, Hull 11013, BWTS and Scrubbers retrofitting and improvements for several vessels; and • During the year ended December 31, 2021: advances for Hull 1381, Hull 11013, Hull 11042, Hull 11043, Hull 11064, Hull 11065, Hull 11067, Hull 11081, Hull 1392, Paraskevi 2, Koulitsa 2, and Venus Harmony and BWTS and Scrubbers retrofitting and improvements for several vessels.

Assets Held for Sale

Assets Held for Sale	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	Assets Held for Sale Assets held for sale of $8,057 as of December 31, 2020, represent the carrying value of the vessel Paraskevi of $7,538 plus the value of bunkers and lubricants onboard on the same date. A Memorandum of Agreement (“MoA”) was entered into with an unrelated third party on January 21, 2021, for her sale at a price of $7,300, which was consummated in April 2021 on delivery of the vessel to her new buyers. The independent brokers' valuation of the vessel Paraskevi as of December 31, 2020, was $8,000 and hence there was no impairment indicator. The Company, in the context of its plan to gradually renew its fleet by selling certain of its older vessels, in November 2020, determined to dispose of this vessel and commenced seeking interested buyers. At that time, the Company concluded that the vessel met all the criteria for an asset held for sale classification, and ceased her depreciation. There were no assets held for sale as of December 31, 2021.

Right-of-use asset_Lease Liabil

Right-of-use asset/Lease Liability	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Right-of-use asset/Lease Liability	Right-of-use asset/Lease Liability In July 2021, Metamou entered into a 12 month period bareboat charter with the owners of the vessel Stelios Y . The charter included an option for Metamou to purchase the vessel at the end of the bareboat charter period, which Metamou has exercised. The vessel was delivered to Metamou in November 2021. Pursuant to the charter, Metamou paid to the owners an advance of $9,000 as security for its correct fulfillment and a daily charter hire of $14,500 is payable from lease commencement until the end of the lease period. At the end of the bareboat charter, Metamou will pay an additional $18,000, whereupon ownership of the vessel will pass to Metamou. In view of the transfer of the ownership at the end of the bareboat charter, the Company has accounted for this transaction as a finance lease. Right-of-use asset in the amount of $31,938 as of December 31, 2021 represents the advance payments and the initial direct costs paid for the vessel Stelios Y and the present value of the future lease payments due under this bareboat charter entered for the vessel during the year ended December 31, 2021, amounting to $32,160 net of amortization of $222. Lease liability in the amount of $21,945 as of December 31, 2021, represents the outstanding balance of the present value of the future lease payments under the above mentioned bareboat charter. The Company determined that the bareboat charter does not contain an implicit borrowing rate. Therefore, the discount rate that was used for the recognition of this lease was the estimated annual incremental borrowing rate for this type of asset which was estimated at 2.69%. The lease liability is scheduled to expire in November 2022, as remaining lease term of the bareboat charter as of December 31, 2021 is 0.9 years. The table below presents the components of the Company’s finance lease expense for the year ended December 31, 2021 and 2020: December 31, Description Location in Statement of Operations 2020 2021 Finance lease cost: Amortization of Right-of-use asset Depreciation and amortization $ — $ 222 Interest on Lease liability Interest expense — 73 Total $ — $ 295 Maturity of the Company’s finance lease liability as of December 31, 2021 was as follows: To December 31, 2022 $ 22,408 Total undiscounted lease payments 22,408 Less: imputed interest (463) Carrying value of lease liability 21,945

Long Term Debt

Long Term Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Long Term Debt	Long Term Debt Long term debt is comprised of the following borrowings: December 31, Borrower Commencement Maturity 2020 2021 Maxeikosiepta December 2018 February 2021 4,000 — Maxtessera November 2018 April 2021 22,000 — Avstes June 2019 April 2021 5,985 — Maxeikosi September 2017 May 2021 10,893 — Safe Bulkers April 2019 June 2021 8,000 — Petra November 2018 June 2021 6,135 — Pemer November 2018 June 2021 6,135 — Maxeikosiexi September 2015 June 2021 4,432 — Marathassa September 2015 June 2021 4,820 — Marinouki September 2015 June 2021 7,263 — Kerasies September 2015 June 2021 5,097 — Soffive September 2015 June 2021 7,853 — Eptaprohi September 2015 June 2021 37,053 — Shikokuepta February 2016 August 2021 17,150 — Safe Bulkers November 2014 September 2021 79,758 — Maxeikositria September 2017 November 2021 10,893 — Maxpente September 2017 November 2021 16,100 — Maxeikositessera September 2017 November 2021 11,310 — Maxenteka September 2017 November 2021 13,536 — Safe Bulkers November 2018 November 2021 22,250 — Shikokupente - Shikokuennia - Pemer - Petra July 2019 December 2021 8,510 — Shikokupente August 2018 December 2021 12,927 — Shikokuennia October 2018 December 2021 14,385 — Pelea - Vasstwo - Eniaprohi - Vassone December 2018 December 2024 43,250 26,250 Eptaprohi - Soffive - Marinouki - Marathassa - Kerasies - Pemer - Petra June 2021 June 2026 — 21,375 Safe Bulkers September 2021 September 2026 — 28,500 Safe Bulkers December 2021 December 2026 — 50,000 Monagrouli April 2020 April 2027 25,520 23,760 Sub Total Credit facility 405,255 149,885 Eptaprohi - Soffive - Marinouki - Marathassa - Kerasies - Pemer - Petra June 2021 June 2026 — 10,000 Safe Bulkers December 2019 June 2021 29,000 — Sub Total Revolving credit facility 29,000 10,000 Maxeikosiena September 2015 August 2021 18,058 — Youngtwo January 2017 December 2021 21,203 — Maxdeka November 2019 August 2025 19,076 17,063 Shikoku November 2019 August 2025 20,066 17,948 Shikokutessera November 2019 August 2025 19,502 17,478 Glovertwo November 2019 August 2025 18,344 16,412 Pentakomo January 2020 January 2026 14,500 12,500 Maxdekatria January 2020 January 2026 14,500 12,500 Maxtessera April 2021 October 2026 — 28,117 Shikokuokto December 2019 December 2027 18,000 16,000 Gloversix December 2019 December 2027 18,720 16,640 Pinewood February 2021 February 2031 — 22,567 Shikokuepta August 2021 August 2031 — 23,167 Sub Total Sale and leaseback financing 181,969 200,392 Total 616,224 360,277 Current portion of long-term debt 77,284 41,202 Liability directly associated with assets held for sale 4,000 — Long-term debt 534,940 319,075 Total debt 616,224 360,277 Current portion of deferred financing costs 1,500 1,290 Deferred financing costs directly associated with assets held for sale 17 — Deferred financing costs non-current 3,057 3,279 Total deferred financing costs 4,574 4,569 Total debt 616,224 360,277 Less: Total deferred financing costs 4,574 4,569 Total debt, net of deferred financing costs 611,650 355,708 Less: Current portion of long-term debt, net of current portion of deferred financing costs 75,784 39,912 Less: Liability directly associated with assets held for sale 3,983 — Long-term debt, net of deferred financing costs, non-current 531,883 315,796 Sale and leaseback financing represents financing obtained from concluding an agreement to sell the vessel and then lease her back under a bareboat charter for a pre-determined period with either an obligation or an option to purchase (that is reasonably certain, at inception, will be exercised) the vessel back at the end of the respective charter period or an option to purchase the respective vessel during the charter period at predetermined purchase prices. Transactions which involve a purchase obligation (or a purchase option that is reasonably certain, at inception, that will be exercised) are treated as a failed sale and hence represent merely a financing arrangement. The above table includes eleven such facilities outstanding as of December 31, 2021, whereby the relevant vessels were formerly owned by our respective subsidiaries and ownership will revert back to the Company on settlement of the outstanding amounts. Details of these facilities are as follows: 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 amount outstanding under previous 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 amount outstanding under previous 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. Each of Pentakomo and Maxdekatria entered into a sale and leaseback agreement in January 2020, 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 amount outstanding under previous 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. 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. Pinewood entered into a sale and leaseback agreement in January 2021, consummated in February 2021, with an unrelated third party, regarding the vessel owned by Pinewood. The proceeds were used for the redemption of all issued and outstanding shares of Pinewood's series A cumulative redeemable perpetual preferred stock that had been previously issued to a third party investor and for general corporate purposes. Under the agreement, the 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 10th year. Furthermore, Pinewood holds an option to purchase back the vessel after the third year of the bareboat charter, at predetermined purchase prices. In view of the obligation of Pinewood to purchase the vessel at the end of the bareboat charter, the Company has assessed that this transaction be recorded as financing transaction. Maxtessera entered into a sale and leaseback agreement in March 2021, consummated in April 2021, with a third party company, subsidiary of a financial institution, regarding the vessel owned by Maxtessera. The proceeds from this agreement were used to fully prepay the amount outstanding under a previous credit facility secured by the vessel and for general corporate purposes. Under this agreement, the vessel was sold and leased back on a bareboat charter basis for a period of 7 years. Maxtessera holds an option to purchase back its vessel five years and six months after the commencement of the bareboat charter. The sale and leaseback agreement includes onerous provisions for the subsidiary in the event that such option is not exercised. The Company has verbally committed to exercise this purchase option. In view of this commitment and the onerous provisions where the option was not exercised, the Company has assessed that this transaction be recorded as a financing transaction. Shikokuepta entered into a sale and leaseback agreement in July 2021, consummated in August 2021, with an unrelated third party, regarding the vessel owned by Shikokuepta. The proceeds were used for general corporate purposes. Under the agreement, the 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 10th year. Furthermore, Shikokuepta holds an option to purchase back the vessel after the third year of the bareboat charter, at predetermined purchase prices. In view of the obligation of Shikokuepta to purchase the vessel at the end of the bareboat charter, the Company has assessed that this transaction be recorded as financing transaction. Two other similar facilities were fully repaid during the year ended December 31, 2021. Each of Maxeikosiena and Youngtwo had entered into a sale and leaseback agreement in 2015 and 2017, respectively, with third party companies, subsidiaries of a financial institution, regarding the respective vessel owned by the relevant subsidiary. The proceeds from the agreement entered by Maxeikosiena were used to fully prepay the amount outstanding under a previous credit facility secured by the respective vessel, and the proceeds from the agreement entered into by Youngtwo were used for general corporate purposes. 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 held 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 had assessed that these transactions be recorded as financing transactions. Both Maxeikosiena and Youngtwo exercised the options and bought back the vessels during the year ended December 31, 2021. During 2020, Agros entered into a sale and leaseback agreement, with an unrelated third party for $26,200, regarding the newbuild vessel Agros has agreed to acquire. The transaction will be consummated in 2022 upon delivery of the vessel to Agros. Under the agreement, the vessel will be sold and leased back on a bareboat charter basis for a period of 10 years, with a purchase obligation at the end of the 10th year. Furthermore, Agros holds an option to purchase back the vessel after the third year of the bareboat charter, at predetermined purchase prices. In view of the obligation of Agros to purchase the vessel at the end of the bareboat charter, the Company has assessed that this transaction be recorded as a financing transaction. During 2018, Pelea, Vasstwo, Eniaprohi and Vassone entered into a credit facility with a financial institution for $47,750, secured by the vessels owned by them. The credit facility was drawn down in two tranches, a tranche of $23,075 drawn down in 2018 and a second tranche of $24,675 drawn down in 2019. During 2020, Monagrouli entered into a credit facility with a financial institution for $26,400, regarding the newbuild vessel Monagrouli had agreed to acquire. The credit facility was drawn down in 2020 upon the delivery of the newbuild vessel. During 2020, Lofou entered into a credit facility with a financial institution for $20,000, regarding the newbuild vessel Lofou has agreed to acquire. The facility will be available for drawing upon delivery of the vessel to Lofou, which is expected in the third quarter of 2022. At the same time Safe Bulkers agreed with the same financial institution to the increase of the availability under its existing revolving credit facility from $20,000 to $30,000 and the extension of its maturity from December 2023 to December 2025. As of December 31, 2021 no amount was outstanding and an amount of $30,000 was available for drawdown under this revolving credit facility. In June 2021, Safe Bulkers entered into a credit facility of $70,000,with the same financial institution secured by the vessels owned by Eptaprohi, Soffive, Marinouki, Marathassa, Kerasies, Pemer and Petra, comprising a term loan tranche of $30,000 and a reducing revolving credit facility tranche providing for a draw down capacity of up to $40,000. The proceeds from the credit facility partially refinanced loan facilities of $64,345 secured by eight vessels, seven of which secure the new credit facility, and one that was owned by Maxeikosiexi remained debt free. As of December 31, 2021 an amount of $10,000 was outstanding and an amount of $27,700 was available for drawdown under the reducing revolving credit facility tranche. In September 2021, Safe Bulkers amended one of its credit facilities and agreed to a new structure for a credit facility of $60,000 secured by the vessels owned by Eniadefhi, Maxdodeka, Gloverfour, Gloverfive and Youngone, comprising a term loan tranche of $30,000 and a reducing revolving credit facility tranche providing for a draw down capacity of up to $30,000. The proceeds from the credit facility were used to partially refinance loan facilities with the same financial institution of an outstanding term loan tranche of $71,139 and a revolving credit facility tranche with a drawdown capacity of $7,000, secured by six vessels. Five of those vessels secured the new credit facility, and the vessel owned by Shikokuexi remained debt free. As of December 31, 2021 no amount was outstanding and an amount of $30,000 was available for drawdown under the reducing revolving credit facility tranche. In December 2021, Safe Bulkers entered into a credit facility of $100,000 secured by the vessels owned by Youngtwo, Shikokupente, Maxeikositessera, Maxenteka, Maxpente and Shikokuennia, comprising a term loan tranche of $50,000 and a reducing revolving credit facility tranche providing for a draw down capacity of up to $50,000. The proceeds were used to refinance loan facilities in the amount of $50,000 secured by five of these vessels, and the repurchase of the vessel owned by Youngtwo under a sale and leaseback agreement. As of December 31, 2021 no amount was outstanding and an amount of $50,000 was available for drawdown under the reducing revolving credit facility tranche. Our credit and loan facilities bear interest at LIBOR plus a margin, except for a portion of each of Shikokutessera, Maxdeka, Shikoku, Glovertwo and Maxtessera loan facilities. A portion of each of the Shikokutessera, Maxdeka, Shikoku, Glovertwo and Maxtessera 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 monthly or quarterly principal instalments and a balloon payment due on maturity. The fair value of debt outstanding on December 31, 2021 amounted to $362,427 when valuing the Shikokutessera, Maxdeka, Shikoku, Glovertwo and Maxtessera loan facilities on the basis of the deemed equivalent fixed rate, as applicable on December 31, 2021, which are considered to be Level 2 items in accordance with the fair value hierarchy. In addition to the Agros and Lofou financings noted above, which will be available upon delivery of the respective vessels, as of December 31, 2021, a total amount of $137,700 was available for drawdown under the revolving credit facility and reducing revolving credit facility tranches. The estimated minimum annual principal payments required to be made after December 31, 2021, based on the loan and credit facility agreements as amended, are as follo ws: To December 31, 2022 $ 41,202 2023 41,574 2024 71,654 2025 76,019 2026 76,254 2027 and thereafter 53,574 Total $ 360,277 Total interest incurred on long-term debt for the years ended December 31, 2019, December 31, 2020 and December 31, 2021 amounted to $26,929, $21,417 and $14,776, respectively, which includes interest capitalized of $114, $184 and $57 for the years ended December 31, 2019, December 31, 2020 and December 31, 2021, respectively. The average interest rate (including the margin) for all bank loan and credit facilities during the years December 31, 2019, December 31, 2020 and December 31, 2021 was 4.624% p.a., 3.382% p.a. and 2.642% p.a., respectively. Our 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; • First priority assignment of all insurances and earnings of the relevant vessels; • With respect to the Safe Bulkers revolving credit facility of $30,000, second priority mortgages and second priority assignment of all insurances and earnings of the vessels owned by Eptaprohi, Soffive, Marinouki, Marathassa, Kerasies, Pemer and Petra, and • Guarantee from Safe Bulkers in respect of facilities entered into by the Subsidiaries. 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 105%, 115%, 120% or 135% as the ca se 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 $200 to $500. The Safe Bulkers facilities and the corporate guarantees of the Company include the following financial covenants: • total consolidated liabilities divided by 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”); • 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 EBITDA over consolidated interest expense must not be less than 2.0:1, on a trailing 12 months’ basis (the “EBITDA 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 Pinewood and Shikokuepta financing agreements. The EBITDA Covenant does not apply to the Shikokuokto, Gloversix, Pentakomo and Maxdekatria financing agreements and to the Monagrouli loan facility. The Minimum Value Covenant does not apply to the Maxdeka, Shikoku , Shikokutessera, Glovertwo and Maxtessera financing agreements. As of December 31, 2021, 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, 2021
Equity [Abstract]
Share Capital	Share Capital As of December 31, 2020 and December 31, 2021, the Company had 200,000,000 shares of authorized common stock of $0.001 par value, of which 102,174,594 and 121,640,839 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 shareholders. 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, 2020 and December 31, 2021, the Company had 20,000,000 shares of authorized preferred stock of $0.01 par value, of which 2,297,504 and 2,297,504 Series C Cumulative Redeemable Perpetual Preferred Shares (the “Series C Preferred Shares”), respectively, and 3,195,050 and 3,195,050 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 November 2019, and April 2020 the Company issued to an unaffiliated third party 3,963,964, and 2,951,699 shares of common stock to pay the second and fourth instalment of $6,600, and $3,300, respectively, of the purchase price of the Troodos Oak. 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. In March 2020, the Company terminated the program, having repurchased and canceled an amount of 1,500,000 shares of common stock during the first quarter of 2020. In March 2020, the Company implemented 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 2,000,000 shares of its common stock. In Jun e 2020, the Company terminated the program, having repurchased and canceled an amount of 3,624,283 shares of common stock. In August 2020, the Company filed a prospectus supplement with the Securities and Exchange Commission, under which it may offer and sell shares of its common stock from time to time up to aggregate net offering proceeds of $23,500 through an “at-the-market” equity offering program (the “ATM Program”). In May 2021, the Company filed an addendum to the August 2020 prospectus supplement and increased its net offering proceeds to $100,000. As of December 31, 2021, the Company had offered to sell and had sold 19,417,280 shares and had received aggregate net offering proceeds of $71,537 under the ATM Program. As of March 18, 2022, the Company had not offered to sell and had not sold any additional common shares under the ATM Program. 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, every quarter the audit committee chairman receives the equivalent of $15 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, 2019, December 31, 2020 and December 31, 2021, 36,937 shares, 48,079 shares and 24,483 shares, respectively, were issued to the audit committee chairman and 36,937 shares, 48,079 shares and 24,482 shares, respectively, were issued in aggregate to the two other independent directors of the Company. Preferred stock 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 March 2020, the Company implemented a program for the repurchase of up to 100,000 Series C Preferred Shares and up to 100,000 Series D Preferred Shares on the open market. Under the statement of designation of the respective series of preferred shares, any such shares repurchased by the Company were canceled. As of December 31, 2021, 2,496 Series C Preferred Shares and 4,950 Series D Preferred Shares had been repurchased and canceled under this repurchase program.

Mezzanine Equity

Mezzanine Equity	12 Months Ended
	Dec. 31, 2021
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 JPY1,854,900,000 plus accrued dividend. These shares were issued as partial payment for the cost of the vessel Pedhoulas Cedrus owned by Pinewood. The Investor was entitled to a dividend of 2.95% p.a. from these shares. As of December 31, 2020, the USD equivalent amounted to $17,978, plus accrued dividend of $134. In February 2021, Pinewood, after giving due notification, exercised its option and redeemed all Series A Preferred Shares, paying at the time to the Investor a liquidation price of JPY1,854,900,000, equival ent to $17,707 and

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
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 2022 $ 56,684 $ 1,691 $ 311 $ 58,686 2023 137,150 4,421 — 141,571 2024 46,200 1,210 — 47,410 Total 240,034 7,322 311 247,667 Other commitments represent contracted costs related to the purchase of BWTS and Scrubbers to be installed on certain of the fleet 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, 2021
Revenues [Abstract]
Revenues	RevenuesRevenues are comprised of the following: Year Ended December 31 2019 2020 2021 Time charter revenue $ 202,400 $ 198,382 $ 328,905 Voyage charter revenue — 2,603 5,578 Other income 4,282 5,050 8,992 Total 206,682 206,035 343,475 The Company generates its revenues from time charters or infrequently under voyage contracts. Time charter agreements may have renewal options for one Vessels may also be 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. A significant portion of the voyage hire is typically paid upon initiation of the voyage and the remainder upon completion of the performance obligation. During the years ended December 31, 2019, 2020 and 2021, the Company generated revenue from its time charters of $202,400, $198,382 and $328,905, respectively. Scrubber fitted vessels are able to earn a premium attributable to the use of the scrubbers installed on board the vessels, to reduce the sulfur content of fuels due to new legislation effective January 1, 2020. This premium can be fixed as part of the daily charter rate or can vary based on actual consumption, such variable consideration amounted to $16,331 and $13,710 and is included in time charter revenue for the year ended December 31, 2020 and December 31, 2021, respectively. As of December 31, 2021, the time charters under which the Company vessels were employed had remaining term ranging from less than one month to fifteen months based on the minimum duration of the contracts, excluding nine vessels, two of which were employed under time charters for an original duration of three years, six of which were employed under time charters for an original duration of five years and one vessel which was on long term time charter for a period of twenty years, with a remaining tenor ranging between 2 to 10 years. As of December 31, 2021, no vessel was employed under a voyage charter. As of December 31, 2020, one of the voyage charters that began during the year was in progress and ended after December 31, 2020, and one voyage charter entered in December 2020, had not initiated the performance obligation, i.e., the relevant vessel had not arrived at the loading port. As of December 31, 2020, contract assets representing voyage costs of $38, incurred between the contract date and the date of the vessel’s arrival at the loading port were included in prepaid expenses and other current assets which were expensed in 2021. As of December 31, 2020, the aggregate amount of the transaction price allocated to the remaining performance obligation was $222, all of which had been collected as of December 31, 2020, and the entity recognized this revenue over the time of the voyage until its completion in the first quarter of 2021.

Vessel Operating Expenses

Vessel Operating Expenses	12 Months Ended
	Dec. 31, 2021
Operating Expenses [Abstract]
Vessel Operating Expenses	Vessel Operating ExpensesVessel operating expenses are comprised of the following: Year Ended December 31, 2019 2020 2021 Crew wages and related costs $ 33,655 $ 34,364 $ 36,821 Insurance 3,409 3,380 3,601 Repairs, maintenance and drydocking costs 8,922 10,097 8,797 Spares, stores and provisions 14,776 14,921 15,473 Lubricants 4,565 4,059 3,846 Taxes 608 642 690 Miscellaneous 2,634 2,623 2,821 Total $ 68,569 $ 70,086 $ 72,049

Fair Value of Financial Instrum

Fair Value of Financial Instruments and Derivatives Instruments	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments and Derivatives Instruments	Fair Value of Financial Instruments and Derivatives Instruments Cash and cash equivalents and restricted cash and interest rate, bunker price and freight 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, 2021. The fair value of the long-term debt is disclosed in Note 8. Derivative instruments Interest rate swaps: The Company from time to time enters into interest rate derivative contracts to manage interest costs and risk associated with changing interest rates with respect to its variable interest loans and credit facilities. Details of interest rate swap transactions entered into as of December 31, 2021 are presented in the table below: Notional amount Counterparty (1) Inception Expiry Fixed Rate December 31, 2020 December 31, 2021 SHIKOKUPENTE (2) August 3, 2020 August 1, 2023 0.2750 % 12,927 — SHIKOKUENNIA (2) July 20, 2020 October 20, 2023 0.3500 % 14,385 — MAXPENTE September 21, 2020 August 27, 2024 0.3220 % 10,150 — MAXENTEKA September 21, 2020 August 27, 2024 0.3220 % 9,500 — MAXEIKOSITESSERA September 21, 2020 August 27, 2024 0.3220 % 7,350 — SAFE BULKERS March 4, 2020 September 30, 2024 0.9900 % 10,000 10,000 SAFE BULKERS March 4, 2020 September 30, 2024 0.9000 % 10,000 10,000 SAFE BULKERS March 9, 2020 September 30, 2024 0.8000 % 10,000 10,000 SAFE BULKERS March 10, 2020 September 30, 2024 0.6500 % 20,000 20,000 SAFE BULKERS (2) March 30, 2020 September 30, 2024 0.6000 % 10,000 10,000 SAFE BULKERS May 5, 2020 May 5, 2025 0.4000 % 10,000 10,000 SAFE BULKERS July 10, 2020 May 5, 2025 0.4000 % 10,000 10,000 SAFE BULKERS July 10, 2020 May 5, 2025 0.3800 % 10,000 10,000 SAFE BULKERS July 14, 2020 May 5, 2025 0.3800 % 10,000 10,000 SAFE BULKERS June 4, 2020 June 4, 2025 0.5000 % 10,000 10,000 SAFE BULKERS June 11, 2020 June 11, 2025 0.4500 % 10,000 10,000 SAFE BULKERS June 15, 2020 June 15, 2025 0.4000 % 10,000 10,000 SAFE BULKERS June 30, 2020 June 30, 2025 0.4250 % 10,000 10,000 SAFE BULKERS July 1, 2020 July 1, 2025 0.3800 % 10,000 10,000 SAFE BULKERS July 9, 2020 July 9, 2025 0.3600 % 10,000 10,000 SAFE BULKERS July 16, 2020 July 16, 2025 0.3500 % 10,000 10,000 SAFE BULKERS July 30, 2020 July 30, 2025 0.3300 % 10,000 10,000 SAFE BULKERS August 3, 2020 August 3, 2025 0.3700 % 10,000 10,000 SAFE BULKERS February 22, 2021 December 31, 2025 0.7450 % — 30,000 SAFE BULKERS May 10, 2021 May 11, 2026 0.9500 % — 50,000 SAFE BULKERS July 21, 2021 July 21, 2026 0.8290 % — 10,000 SAFE BULKERS July 22, 2021 July 22, 2026 0.7700 % — 20,000 Total $ 244,312 $ 300,000 (1) Under all above swap transactions, the counterparty bank effects quarterly floating-rate payments to the Company for the relevant amount based on the three-month USD LIBOR, and the Company effects quarterly payments to the bank on the relevant amount at the respective fixed rates. (2) The notional amounts of the above transactions are reduced during the term of the swap transactions based on the expected principal outstanding under the respective facility. Foreign Exchange Forward Contracts The Company from time to time may also enter into foreign exchange forward contracts to create economic hedges for its exposure to currency exchange risk on payments relating to capital expenditure obligations or for trading purposes. Foreign exchange forward contracts are agreements entered into with a bank to exchange, at a specified future date, currencies of different countries at a specific rate. As of December 31, 2020, the Company had one outstanding derivative instrument relating to currency exchange contracts for JPY500 million or $4,800, entered into in November 2020 with maturity in January 2021. As of December 31, 2021 there were no outstanding derivative instruments relating to currency exchange contracts. Bunker Price Swaps: During the year ended December 31, 2020, the Company entered into one bunker fuel contract, for the period January 2020 to December 2020 and for 12,000 tonnes per annum or 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, and into five bunker fuel contracts, three for an aggregate of 36,000 tonnes per annum or for each contract 1,000 tonnes per month for the period January 2021 to December 2021 and two for an aggregate of 24,000 tonnes per annum or for each contract 1,000 tonnes per month for the period January 2022 to December 2022, 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 lower spread differential, which affects the additional revenue from the operation of Scrubbers in scrubber-fitted vessels. During the year ended December 31, 2021, the Company entered into one bunker fuel contract for 12,000 tonnes per annum or 1,000 tonnes per month for the period January 2022 to December 2022 to sell the spread differential between the price per ton of the 0.5% and 3.5% sulfur content fuel respectively. Forward Freight Agreements (“FFA”): During the years ended December 31, 2020 and December 31, 2021, the Company entered into a certain number of FFA on the Panamax index maturing in 2021 and 2022 with the objective of reducing the risk arising from the volatility in the vessel charter rates. The Company’s interest rate agreements, foreign exchange forward contracts, bunker fuel contracts and FFA do not qualify for hedge accounting. The Company determines the fair market value of such derivative 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 Liability Derivatives Type of Balance sheet location December 31, 2020 December 31, 2021 December 31, 2020 December 31, 2021 Foreign Currency Derivative assets / Current assets $ 99 $ — $ — $ — Bunker Fuel Derivative assets/ Current assets — 9 — — Forward Freight Derivative assets/ Current assets — 1,139 — — Interest Rate Derivative assets / Non-current assets 54 5,879 — — Bunker Fuel Derivative liabilities / Current liabilities — — 408 258 Forward Freight Derivative liabilities / Current liabilities — — 174 156 Bunker Fuel Derivative liabilities / Non-current liabilities — — 116 — Interest Rate Derivative liabilities / Non-current liabilities — — 1,280 — Total Derivatives $ 153 $ 7,027 $ 1,978 $ 414 Amount of Gain/(Loss) Recognized on Derivatives 2019 2020 2021 Forward Freight $ (174) $ (3,227) Foreign Currency — 99 (99) Interest Rate Contracts — (1,379) 6,474 Bunker Fuel Contracts (121) 151 (960) Net (Loss)/Gain Recognized $ (121) $ (1,303) $ 2,188 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 interest rate derivative instruments are pay-fixed, receive-variable interest rate swaps based on the USD LIBOR swap rate. The fair value of the interest rate swaps is determined using a discounted cash flow approach based on expected forward LIBOR swap yield curves and take into account the credit risk of the counterparty financial institutions. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items in accordance with the fair value hierarchy. 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 Company’s foreign exchange forward derivative instruments are agreements entered into with a bank to exchange, at a specified future date, currencies of different countries at a specific rate. The fair value of the foreign exchange forward derivative instruments is determined using mid-rates based on available market rates at the time of the valuation and take into account the credit risk of the counterparty financial institutions. Foreign exchange prices are observable at commonly quoted intervals for the full terms of the foreign exchange forward derivative instruments and therefore are considered Level 2 items in accordance with the fair value hierarchy. The Company’s FFA derivative instruments were receive-fixed, pay-variable swaps based on the earnings of the Panamax class dry bulk vessels as published by the Baltic Exchange. The fair value of the FFA derivatives is determined using a discounted cash flow approach based on the market rate of such earnings 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 FFAs and therefore are considered Level 2 items in accordance with the fair value hierarchy. 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 difference on the market rate of each bunker fuel price 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, 2020 and December 31, 2021. Significant Other Observable Inputs December 31, December 31, 2020 December 31, 2021 Derivative instruments – asset position $ 153 $ 7,027 Derivative instruments – liability position 1,978 414

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2021
Accrued Liabilities [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities are comprised of the following: December 31, 2020 2021 Interest on long-term debt $ 837 $ 420 Vessels’ operating and voyage expenses 3,385 2,824 Commissions 195 315 Interest on derivatives and other finance expenses 145 1,600 General and administrative expenses 101 212 Total $ 4,663 $ 5,371

Future Minimum Time Charter Rev

Future Minimum Time Charter Revenue	12 Months Ended
	Dec. 31, 2021
Future Minimum Time Charter Revenue
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, 2021, is as follows: December 31, 2022 $ 142,091 2023 73,240 2024 66,564 2025 35,800 2026 9,227 Thereafter 40,524 Total $ 367,446

General and Administrative Expe

General and Administrative Expenses	12 Months Ended
	Dec. 31, 2021
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, 2019, December 31, 2020 and December 31, 2021 were as follows: December 31, 2019 2020 2021 Management fees – related parties $ 18,050 $ 18,884 $ 19,221 Professional fees (legal and accounting) 720 832 854 Directors fees and expenses 468 644 759 Listing fees and expenses 97 93 101 Miscellaneous 1,304 1,049 1,563 Total $ 20,639 $ 21,502 $ 22,498

Unearned Revenue_Accrued Revenu

Unearned Revenue/Accrued Revenue	12 Months Ended
	Dec. 31, 2021
Revenue Recognition and Deferred Revenue [Abstract]
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, 2020 2021 Unearned Revenue Cash received in advance of service provided – Current liability $ 4,687 $ 7,040 Deferred revenue resulting from varying charter rates – Current liability 1,536 3,974 Deferred revenue resulting from varying charter rates – Non-Current liability 3,536 7,989 Total Unearned Revenue $ 9,759 $ 19,003 Accrued Revenue Resulting from varying charter rates – Current asset 557 665 Resulting from varying charter rates – Non-Current asset 75 282 Total Accrued Revenue $ 632 $ 947

Gain on Sale of Assets

Gain on Sale of Assets	12 Months Ended
	Dec. 31, 2021
Proceeds from Sale of Productive Assets [Abstract]
Gain on Sale Of Assets	Gain on Sale of Assets Gain on Sale of Assets represents net gains from the sale of seven vessels concluded during the year ended December 31, 2021. Summary of the transactions is presented in the table below: Years Ended December 31, 2019 2020 2021 Gain on sale of assets — — $ 11,579 Vessel name Type Built Gross sale price Gain/(loss) Delivery to new owners Paraskevi Panamax 2003 7,300 (551) April 2021 Vassos Panamax 2004 8,650 (1,074) May 2021 Pedhoulas Builder Kamsarmax 2012 22,500 (1,775) June 2021 Pedhoulas Farmer Kamsarmax 2012 22,000 189 September 2021 Maria Panamax 2003 12,000 3,843 September 2021 Koulitsa Panamax 2003 13,600 5,748 November 2021 Pedhoulas Fighter Kamsarmax 2012 23,700 5,199 November 2021 Total 11,579 No vessels were sold during the years ended December 31, 2019 and December 31, 2020.

Early redelivery (cost)_income

Early redelivery (cost)/income	12 Months Ended
	Dec. 31, 2021
Early Redelivery (Cost) Income
Early redelivery (cost)/income	Early redelivery (cost)/incomeEarly redelivery income of $7,470 for the year ended December 31, 2021 mainly relates to the cash compensation of $7,990 less accrued revenue of $435, received by the Company for the early termination requested by the charterer of the period time charter of the vessel Lake Despina, which was contractually due to expire in January 2024.

Dividends

Dividends	12 Months Ended
	Dec. 31, 2021
Dividends [Abstract]
Dividends	Dividends 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, respectively. During 2020, the Company declared and paid four quarterly consecutive dividends of $0.50 per share of Series C Preferred Shares, totaling $4,596, and four quarterly consecutive dividends of $0.50 per share of Series D Preferred Shares, totaling $6,393. During 2021, the Company declared and paid four quarterly consecutive dividends of $0.50 per share of Series C Preferred Shares, totaling $4,595, and four quarterly consecutive dividends of $0.50 per share of Series D Preferred Shares, totaling $6,390. During 2019, the Company's subsidiary Pinewood declared and paid preferred dividends totaling JPY54,719,550.00 equivalent to $500 comprising of dividend of JPY134,924.92 per share equivalent to $1,217.40 per share of Series A Preferred Shares for the period March 31, 2019 , followed by a dividend of JPY136,424.08 per share equivalent to $1,234.68 per share of Series A Preferred Shares for the quarter ended June 30, 2019, and followed by a dividend of JPY137,923.25 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 JPY137,923.25 per share equivalent of $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. During 2020, Pinewood declared and paid preferred dividends totaling JPY54,719,550.00 equivalent to $512 comprising of a dividend of JPY136,051.34 per share equivalent to $1,243.12 per share of Series A Preferred Shares for the quarter ended March 31, 2020, followed by a dividend of JPY136,051.34 per share equivalent to $1,272.39 per share of Series A Preferred Shares for the quarter ended June 30, 2020 and followed by one dividend of JPY137,546.41 per share equivalent to $1,294.87 per share of Series A Preferred Shares for the quarter ended September 30, 2020. In addition during 2020, Pinewood declared a dividend of JPY137,546.41 per share equivalent to $1,311.62 per share of Series A Preferred Shares for the quarter ended December 31, 2020, included under the caption “Mezzanine Equity” in the consolidated balance sheets, which was paid in January 2021. During February 2021, Pinewood delivered a notice of redemption for all issued and outstanding Series A Preferred Shares, recorded as mezzanine equity (the "Mezzanine Equity"). Pinewood declared and paid a final preferred dividend totaling

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share, Basic and Diluted [Abstract]
Earnings Per Share	Earnings Per Share Diluted earnings per share are the same as basic earnings per share. There are no other potentially dilutive shares. The computation of basic earnings per share is presented as follows: December 31, 2019 2020 2021 Net income/(loss) $ 16,038 $ (12,905) $ 174,348 Less preferred dividend attributable to preferred shareholders 11,498 11,500 11,064 Less Mezzanine equity measurement 199 908 (271) Net income available to common shareholders 4,341 (25,313) 163,555 Weighted average number of shares, basic and diluted 101,686,312 102,617,944 113,716,354 Earnings per share in U.S. Dollars, basic and diluted 0.04 (0.25) 1.44

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events (a) Dividend declaration : On January 6, 2022, the board of directors declared a dividend of $0.50 per share of all classes of preferred shares, totaling $2,746, payable to all shareholders of record as of January 21, 2022, which was paid on February 1, 2022. (b) Vessel purchase : In January 2022, Staloudi entered into a MoA with an unrelated third party, for the purchase of the second-hand vessel Maria at a price of $33,800. The vessel was delivered to the Company in February 2022. (c) Interest rate derivatives: In January 2022, the Company terminated certain interest rate derivative contracts that were due to mature in 2025 and 2026 with an aggregate notional amount of $240,000 and received an aggregate payment of $8,345. At the same time, the Company entered into certain pay-fixed, receive-variable interest rate derivative contracts commencing in January 2022 and February 2022 and maturing in January 2024 and February 2024 for an aggregate notional amount of $240,000, at an average fixed rate of 1.346%. In February 2022, the Company terminated all outstanding interest rate derivative contracts with an aggregate notional amount of $300,000 and received an aggregate payment of $2,782. (d) Bond issuance: In February 2022, Safe Bulkers Participations successfully completed a public offer in Greece of €100,000,000 of an unsecured bond that was admitted for trading in the Athens Exchange under the ticker symbol SBB1. The Bond is guaranteed by the Company, is non-amortising, matures in February 2027, carries a coupon of 2.95% payable semi-annually and contains covenants in line with our existing credit facilities. It may be redeemed early by the Company in part or in full after February 2024, subject to the payment of a premium ranging from 1.5% to 0.5% of the redeemed amount depending on the timing of the redemption. The net proceeds of the offering are intended to be used for the acquisition of vessels, redemption of preferred shares, repayment of debt and/or general corporate purposes. Refer also to Note 3D. (e) Dividend declaration : On March 4, 2022, the board of directors declared a dividend of $0.05 per share of common stock, totaling $6,082 payable to all shareholders of record as of March 21, 2022, which was paid on March 28, 2022. (f) Conflict in Ukraine: As a result of the recent conflict between Russia and Ukraine which commenced in February 2022, Switzerland, the US, the EU, the UK and others have announced unprecedented levels of sanctions and other measures against Russia and certain Russian entities and nationals. The Company intends on complying with these requirements and addressing their potential consequences. While the Company does not have any Ukrainian or Russian crew, the Company's vessels currently do not sail in the Black Sea and the Company otherwise conducts limited operations in Russia and Ukraine, the extent to which this will impact the Company’s future results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted. Accordingly, an estimate of the impact cannot be made at this time. (g) Redemption of Series C Preferred Shares: On March 30 , 2022, the Company issued a notice of redemption of 1,492,554 of the outstanding Series C Preferred Shares. The redemption is scheduled to be completed on April 29, 2022, at a redemption price of $25.00 per Series C Preferred Share plus all accumulated and unpaid dividends to, but excluding, the redemption date, in the aggregate amount of $38.4 million.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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 recoverability of long lived assets, 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), Treasury stock and Dividends	Other Comprehensive Income/(Loss) : The Company follows the accounting guidance relating to Statement of Comprehensive Income, which requires separate presentation of certain transactions that are recorded directly as components of shareholders’ equity. The Company has no other comprehensive income/(loss) and accordingly comprehensive income/(loss) equals net income/(loss) for the periods presented. Dividends : Dividends are recorded in the period in which they are 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 : 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 : 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 $8,346 and $3,863 of bunkers and of $3,690 and $4,790 of lubricants as of December 31, 2020 and 2021, respectively.
Vessels Net, Vessels' Depreciation, Accounting for 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. Second-hand 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 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 Vessels and Assets Held for Sale	Impairment of Vessels : 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 vessels. 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 vessel 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.
Right-of-Use Asset - Finance Leases	Right-of-Use Asset - Finance Leases: The Company assesses whether a contract is, or contains, a lease, at inception of the contract. A right-of-use asset and a corresponding lease liability is recognized with respect to all lease arrangements in which the Company is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less). For these leases, the lease payments are recognized as an operating expense on a straight-line basis over the term of the lease. The Company does not have any significant operating leases. A lease is classified as a finance lease when the lease meets any of the following criteria at lease commencement a)the lease transfers ownership of the underlying asset to the lessee by the end of the lease term, b) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise c) the lease term is for the major part of the remaining economic life of the underlying asset, d) the present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset or e) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. When none of these criteria are met, the lease is classified as an operating lease. Finance leases are accounted for as the acquisition of a finance right-of-use asset and the incurrence of an obligation by the lessee. At the commencement date of the finance lease, a lessee initially measures the lease liability at the present value, using the discount rate determined on the commencement of the lease payments to be made over the lease term. Subsequently, the lease liability is increased by the interest on the lease liability and decreased by the lease payments during the period. The interest on the lease liability is determined in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements. A lessee initially measures the finance right-of-use asset at cost which consists of: the amount of the initial measurement of the lease liability; any lease payments made to the lessor at or before the commencement date, less any lease incentives received; and any initial direct costs incurred by the lessee. Subsequently, the finance right-of-use asset is measured at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. The finance right-of-use asset is amortized on a straight-line basis from the commencement date to the end of the useful life of the finance right-of-use asset where the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an option to purchase the underlying asset.
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
Derivative Instruments and Financial Instruments	Derivative Instruments : The Company may enter into foreign exchange forward contracts, interest rate derivatives, bunker fuel price derivatives and forward freight contracts to create economic hedges for its exposure to foreign currency movement, interest rates of its loan obligations, bunker fuel consumed by its vessels and freight rates relating to the fluctuation of the vessel charter markets and on certain other obligations. 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, 2019, December 31, 2020 and December 31, 2021, no derivatives were accounted for as accounting hedges. Financial Instruments : (a) Interest rate risk : The Company’s interest rates and long-term loan repayment terms are described in Note 8. The Company manages its interest rate risk by entering into interest rate derivative instruments which are described in Note 14. (b) Concentration of credit risk : Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of trade accounts receivable, cash and cash equivalents, time deposits and derivative instruments. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable as charter hire is usually collected in advance. 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 financial institutions it transacts with. The Company may be exposed to credit risk in the event of non-performance by its counterparties to derivative instruments; however, the Company limits its exposure by transacting with counterparties with high credit ratings. (c) Fair value measurement : In accordance with the requirements of accounting guidance relating to Fair Value Measurement, the Company classifies and discloses assets and liabilities carried at fair value in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data.
Accounting for Revenues and Related Expenses	Accounting for Revenues and Related Expenses : The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered under time charter or infrequently under voyage contracts. A time charter is a contract for the use of a vessel for a specific period of time and a specified daily fixed charter hire rate, or a rate linked to either the Baltic Exchange Panamax Index (“BPI”) or to the Baltic Exchange Capesize Index (“BCI”). The charter hire 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. On implementation of ASC 842 on January 1, 2019, 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. 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 fulfillment 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. Under a time charter, 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. 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 voyage contracts are considered service contracts which fall under the provisions of ASC 606 because the Company as the ship-owner retains the control over the operations of the vessel such as directing the routes taken or the vessel speed. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. 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 straight line basis over the duration of the voyage from commencement of the loading to completion of discharge. 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, primarily bunkers, may be deferred, as they represent setup costs, if they meet certain conditions, and are amortized on a straight-line basis as the related performance obligations are satisfied over the duration of the voyage from load port to discharge port. Such def erred costs are presented in prepaid expenses and other current assets on the Consolidated Balance Sheets. Costs incurred during the voyage are expensed as incurred. Voyage hire is typically paid partially upon initiation of the voyage and partially upon completion of the performance obligation. During the years ended December 31, 2019, December 31, 2020 and December 31, 2021, there have been two instances in 2020 and three instances in 2021, where a vessel was employed under a voyage charter. One of the voyage charters that begun during the year ended December 31, 2020 ended in the same period, while the remaining voyage charter ended after December 31, 2020. All voyages charters during the year ended December 31, 2021, 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 or the Republic of Cyprus are not subject to Liberian or Marshall Islands or Cyprus 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. These registration and tonnage taxes are recorded within Vessel operating expenses in the accompanying consolidated statements of operations and none are considered income taxes. For our 2019 and 2020 taxable years, we were exempt from U.S federal tax on our U.S. source gross shipping income.
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, the board of directors of the Company, the chief operating decision makers, review 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: Reference Rate Reform : In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. In January 2021, the FASB issued Accounting Standard Update (“ASU”) 2021-01 (Topic 848), which amends and clarifies the existing accounting standard issued in March 2020 (“ASU”) 2020-04 for Reference Rate Reform. Reference rates such as LIBOR, are widely used in a broad range of financial instruments and other agreements. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities under way in global financial markets (the “discounting transition”). The ASU 2020-04 is effective for adoption at any time between March 12, 2020 and December 31, 2022, for all entities and the ASU 2021-01 is effective for all entities as of January 7, 2021 through December 31, 2022. As of December 31, 2021, the Company has not made any contract modifications to replace the reference rate in any of its agreements and has not yet evaluated the effects of this standard on its consolidated financial position, results of operations, and cash flows.

Basis of Presentation and Gen_2

Basis of Presentation and General Information (Tables)	12 Months Ended
	Dec. 31, 2021
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 Kerasies Shipping Corporation (“Kerasies”) (1) Katerina Panamax May 2004 Marathassa Shipping Corporation (“Marathassa”) (1) Maritsa Panamax January 2005 Kyotofriendo One Shipping Corporation (“Kyotofriendo One”) (2)(13) Paraskevi 2 Panamax April 2011 Maxeikositessera Shipping Corporation (“Maxeikositessera”) (2) Efrossini Panamax February 2012 Glovertwo Shipping Corporation (“Glovertwo”) (2) Zoe Panamax July 2013 Kyotofriendo Two Shipping Corporation (“Kyotofriendo Two”) (2)(14) Koulitsa 2 Panamax February 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 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)(5) 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 Armonikos Shipping Corporation (“Armonikos”) (2)(15) Venus Harmony Post-Panamax November 2013 Shikokuepta Shipping Inc. (“Shikokuepta”) (2) Troodos Sun Post-Panamax January 2016 Shikokuexi Shipping Inc. (“Shikokuexi”) (2) Troodos Air Post-Panamax March 2016 Monagrouli Shipping Corporation (“Monagrouli”) (2) Troodos Oak Post-Panamax April 2020 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 Metamou Shipping Corporation (“Metamou”) (2)(16) Stelios Y Capesize March 2012 Staloudi Shipping Corporation (“Staloudi”) (1)(17) Maria Capesize January 2014 Agros Shipping Corporation (“Agros”) (2)(4) TBN - H 1381 Kamsarmax Q2 2022 Lofou Shipping Corporation (“Lofou”) (2)(4) TBN -H 11013 Post-Panamax Q3 2022 Gloverthree Shipping Corporation (“Gloverthree”) (2)(4) TBN - H 11042 Post-Panamax Q1 2023 Gloverseven Shipping Corporation (“Gloverseven”) (2)(4) TBN - H 11043 Post-Panamax Q2 2023 Shimafive Shipping Corporation (“Shimafive”) (2)(4) TBN - H 11064 Kamsarmax Q4 2023 Shimasix Shipping Corporation (“Shimasix”) (2)(4) TBN - H 11065 Kamsarmax Q1 2024 Shimaseven Shipping Corporation (“Shimaseven”) (2)(4) TBN - H 11067 Kamsarmax Q1 2024 Shimaeight Shipping Corporation (“Shimaeight”) (2)(4) TBN - H 11081 Kamsarmax Q4 2023 Yasudyo Shipping Corporation (“Yasudyo”) (2)(4) TBN - H 1392 Kamsarmax Q4 2023 Safe Bulkers Participations Plc. (3) — — — Maxeikosipente Shipping Corporation (“Maxeikosipente”) (1) — — — Maxeikosiepta Shipping Corporation (“Maxeikosiepta”) (1)(6) — — — Marindou Shipping Corporation (“Marindou”) (1)(10) — — — Maxeikosiexi Shipping Corporation (“Maxeikosiexi”) (1)(11) — — — Avstes Shipping Corporation (“Avstes”) (1)(7) — — — Maxeikosi Shipping Corporation (“Maxeikosi”) (1)(8) — — — Maxeikositria Shipping Corporation (“Maxeikositria”) (1)(12) — — — Maxeikosiena Shipping Corporation (“Maxeikosiena”) (1)(9) — — — (1) Incorporated under the laws of the Republic of Liberia. (2) Incorporated under the laws of the Republic of the Marshall Islands. (3) Incorporated under the laws of the Republic of Cyprus. (4) Estimated completion date for newbuild vessels as of December 31, 2021. (5) In July 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. All Series A Preferred Stock were redeemed by Pinewood in February 2021. (6) The Company owned the Panamax class vessel Paraskevi , built 2003, which was sold in January 2021 and delivered to her new owners in April 2021. (7) The Company owned the Panamax class vessel Vassos , built 2004, which was sold in January 2021 and delivered to her new owners in May 2021. (8) The Company owned the Kamsarmax class vessel Pedhoulas Builder , built 2012, which was sold in May 2021 and delivered to her new owners in June 2021. (9) The Company owned the Kamsarmax class vessel Pedhoulas Farme r, built 2012, which was sold in May 2021 and delivered to her new owners in September 2021. (10) The Company owned the Panamax class vessel Maria , built 2003, which was sold in May 2021 and delivered to her new owners in September 2021. (11) The Company owned the Panamax class vessel Koulitsa , built 2003, which was sold in June 2021 and delivered to her new owners in November 2021. (12) The Company owned the Kamsarmax class vessel Pedhoulas Fighte r, built 2012, which was sold in September 2021 and delivered to her new owners in November 2021. (13) Vessel acquired in March 2021. (14) Vessel acquired in July 2021. (15) Vessel acquired in October 2021. (16) In July 2021, the Company entered into an agreement for the period bareboat charter of a 2012-built Japanese Capesize class vessel named Stelios Y, which is accounted for as a finance lease. The vessel was delivered to the Company in November 2021. Refer to Note 7. (17) The Company acquired the vessel as second-hand in February 2022. See subsequent events Note 23.
Disclosure of Charterers Concentration	For the years ended December 31, 2019, 2020 and 2021 the following charterers individually accounted for more than 10% of the Company’s revenues as follows: December 31, 2019 2020 2021 Viterra B.V. (ex-Glencore Agriculture B.V.) 21.03 % 15.01 % 16.08 % Cargill International S.A. — % 11.13 % 14.62 % Bunge S.A. 10.37 % — % — %

Transactions with Related Par_2

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Fees Charged by Managers	The Fees charged by our Managers comprised the following: Year Ended December 31, 2019 2020 2021 Ship Management Fees $ 18,050 $ 18,884 $ 19,221 Supervision Fees 275 275 550 Commissions — 330 1,689

Vessels, Net (Tables)

Vessels, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Vessels, Net	Vessels, net are comprised of the following: Vessel Accumulated Net Book Balance, January 1, 2020 $ 1,312,076 $ (367,370) $ 944,706 Transfer from Advances for vessels 59,265 — 59,265 Transfer to Assets held for sale (13,881) 6,343 (7,538) Depreciation — (54,269) (54,269) December 31, 2020 $ 1,357,460 $ (415,296) $ 942,164 Transfer from Advances for vessels 62,336 — 62,336 Vessels sale (152,174) 64,207 (87,967) Depreciation — (52,142) (52,142) December 31, 2021 $ 1,267,622 $ (403,231) $ 864,391

Advances for Vessels (Tables)

Advances for Vessels (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2020 $ 19,294 Additions for advances, including capitalized expenses and interest 49,097 Transferred to vessel cost (refer to Note 4) (59,265) Balance, December 31, 2020 9,126 Additions for advances, including capitalized expenses and interest 109,694 Transferred to vessel cost (refer to Note 4) (62,336) Balance, December 31, 2021 $ 56,484

Right-of-use asset_Lease Liab_2

Right-of-use asset/Lease Liability (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of Lease Expense	The table below presents the components of the Company’s finance lease expense for the year ended December 31, 2021 and 2020: December 31, Description Location in Statement of Operations 2020 2021 Finance lease cost: Amortization of Right-of-use asset Depreciation and amortization $ — $ 222 Interest on Lease liability Interest expense — 73 Total $ — $ 295
Schedule of Maturity Finance Lease Liability	Maturity of the Company’s finance lease liability as of December 31, 2021 was as follows: To December 31, 2022 $ 22,408 Total undiscounted lease payments 22,408 Less: imputed interest (463) Carrying value of lease liability 21,945

Long Term Debt (Tables)

Long Term Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Long term debt is comprised of the following borrowings: December 31, Borrower Commencement Maturity 2020 2021 Maxeikosiepta December 2018 February 2021 4,000 — Maxtessera November 2018 April 2021 22,000 — Avstes June 2019 April 2021 5,985 — Maxeikosi September 2017 May 2021 10,893 — Safe Bulkers April 2019 June 2021 8,000 — Petra November 2018 June 2021 6,135 — Pemer November 2018 June 2021 6,135 — Maxeikosiexi September 2015 June 2021 4,432 — Marathassa September 2015 June 2021 4,820 — Marinouki September 2015 June 2021 7,263 — Kerasies September 2015 June 2021 5,097 — Soffive September 2015 June 2021 7,853 — Eptaprohi September 2015 June 2021 37,053 — Shikokuepta February 2016 August 2021 17,150 — Safe Bulkers November 2014 September 2021 79,758 — Maxeikositria September 2017 November 2021 10,893 — Maxpente September 2017 November 2021 16,100 — Maxeikositessera September 2017 November 2021 11,310 — Maxenteka September 2017 November 2021 13,536 — Safe Bulkers November 2018 November 2021 22,250 — Shikokupente - Shikokuennia - Pemer - Petra July 2019 December 2021 8,510 — Shikokupente August 2018 December 2021 12,927 — Shikokuennia October 2018 December 2021 14,385 — Pelea - Vasstwo - Eniaprohi - Vassone December 2018 December 2024 43,250 26,250 Eptaprohi - Soffive - Marinouki - Marathassa - Kerasies - Pemer - Petra June 2021 June 2026 — 21,375 Safe Bulkers September 2021 September 2026 — 28,500 Safe Bulkers December 2021 December 2026 — 50,000 Monagrouli April 2020 April 2027 25,520 23,760 Sub Total Credit facility 405,255 149,885 Eptaprohi - Soffive - Marinouki - Marathassa - Kerasies - Pemer - Petra June 2021 June 2026 — 10,000 Safe Bulkers December 2019 June 2021 29,000 — Sub Total Revolving credit facility 29,000 10,000 Maxeikosiena September 2015 August 2021 18,058 — Youngtwo January 2017 December 2021 21,203 — Maxdeka November 2019 August 2025 19,076 17,063 Shikoku November 2019 August 2025 20,066 17,948 Shikokutessera November 2019 August 2025 19,502 17,478 Glovertwo November 2019 August 2025 18,344 16,412 Pentakomo January 2020 January 2026 14,500 12,500 Maxdekatria January 2020 January 2026 14,500 12,500 Maxtessera April 2021 October 2026 — 28,117 Shikokuokto December 2019 December 2027 18,000 16,000 Gloversix December 2019 December 2027 18,720 16,640 Pinewood February 2021 February 2031 — 22,567 Shikokuepta August 2021 August 2031 — 23,167 Sub Total Sale and leaseback financing 181,969 200,392 Total 616,224 360,277 Current portion of long-term debt 77,284 41,202 Liability directly associated with assets held for sale 4,000 — Long-term debt 534,940 319,075 Total debt 616,224 360,277 Current portion of deferred financing costs 1,500 1,290 Deferred financing costs directly associated with assets held for sale 17 — Deferred financing costs non-current 3,057 3,279 Total deferred financing costs 4,574 4,569 Total debt 616,224 360,277 Less: Total deferred financing costs 4,574 4,569 Total debt, net of deferred financing costs 611,650 355,708 Less: Current portion of long-term debt, net of current portion of deferred financing costs 75,784 39,912 Less: Liability directly associated with assets held for sale 3,983 — Long-term debt, net of deferred financing costs, non-current 531,883 315,796
Schedule of Maturities of Long-term Debt	The estimated minimum annual principal payments required to be made after December 31, 2021, based on the loan and credit facility agreements as amended, are as follows: To December 31, 2022 $ 41,202 2023 41,574 2024 71,654 2025 76,019 2026 76,254 2027 and thereafter 53,574 Total $ 360,277

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Capital Expenditure Commitments	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 2022 $ 56,684 $ 1,691 $ 311 $ 58,686 2023 137,150 4,421 — 141,571 2024 46,200 1,210 — 47,410 Total 240,034 7,322 311 247,667

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2021
Revenues [Abstract]
Schedule of Revenue	Revenues are comprised of the following: Year Ended December 31 2019 2020 2021 Time charter revenue $ 202,400 $ 198,382 $ 328,905 Voyage charter revenue — 2,603 5,578 Other income 4,282 5,050 8,992 Total 206,682 206,035 343,475

Vessel Operating Expenses (Tabl

Vessel Operating Expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Operating Expenses [Abstract]
Schedule of Vessel Operating Expenses	Vessel operating expenses are comprised of the following: Year Ended December 31, 2019 2020 2021 Crew wages and related costs $ 33,655 $ 34,364 $ 36,821 Insurance 3,409 3,380 3,601 Repairs, maintenance and drydocking costs 8,922 10,097 8,797 Spares, stores and provisions 14,776 14,921 15,473 Lubricants 4,565 4,059 3,846 Taxes 608 642 690 Miscellaneous 2,634 2,623 2,821 Total $ 68,569 $ 70,086 $ 72,049

Fair Value of Financial Instr_2

Fair Value of Financial Instruments and Derivatives Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Interest Rate Swap Transactions	Details of interest rate swap transactions entered into as of December 31, 2021 are presented in the table below: Notional amount Counterparty (1) Inception Expiry Fixed Rate December 31, 2020 December 31, 2021 SHIKOKUPENTE (2) August 3, 2020 August 1, 2023 0.2750 % 12,927 — SHIKOKUENNIA (2) July 20, 2020 October 20, 2023 0.3500 % 14,385 — MAXPENTE September 21, 2020 August 27, 2024 0.3220 % 10,150 — MAXENTEKA September 21, 2020 August 27, 2024 0.3220 % 9,500 — MAXEIKOSITESSERA September 21, 2020 August 27, 2024 0.3220 % 7,350 — SAFE BULKERS March 4, 2020 September 30, 2024 0.9900 % 10,000 10,000 SAFE BULKERS March 4, 2020 September 30, 2024 0.9000 % 10,000 10,000 SAFE BULKERS March 9, 2020 September 30, 2024 0.8000 % 10,000 10,000 SAFE BULKERS March 10, 2020 September 30, 2024 0.6500 % 20,000 20,000 SAFE BULKERS (2) March 30, 2020 September 30, 2024 0.6000 % 10,000 10,000 SAFE BULKERS May 5, 2020 May 5, 2025 0.4000 % 10,000 10,000 SAFE BULKERS July 10, 2020 May 5, 2025 0.4000 % 10,000 10,000 SAFE BULKERS July 10, 2020 May 5, 2025 0.3800 % 10,000 10,000 SAFE BULKERS July 14, 2020 May 5, 2025 0.3800 % 10,000 10,000 SAFE BULKERS June 4, 2020 June 4, 2025 0.5000 % 10,000 10,000 SAFE BULKERS June 11, 2020 June 11, 2025 0.4500 % 10,000 10,000 SAFE BULKERS June 15, 2020 June 15, 2025 0.4000 % 10,000 10,000 SAFE BULKERS June 30, 2020 June 30, 2025 0.4250 % 10,000 10,000 SAFE BULKERS July 1, 2020 July 1, 2025 0.3800 % 10,000 10,000 SAFE BULKERS July 9, 2020 July 9, 2025 0.3600 % 10,000 10,000 SAFE BULKERS July 16, 2020 July 16, 2025 0.3500 % 10,000 10,000 SAFE BULKERS July 30, 2020 July 30, 2025 0.3300 % 10,000 10,000 SAFE BULKERS August 3, 2020 August 3, 2025 0.3700 % 10,000 10,000 SAFE BULKERS February 22, 2021 December 31, 2025 0.7450 % — 30,000 SAFE BULKERS May 10, 2021 May 11, 2026 0.9500 % — 50,000 SAFE BULKERS July 21, 2021 July 21, 2026 0.8290 % — 10,000 SAFE BULKERS July 22, 2021 July 22, 2026 0.7700 % — 20,000 Total $ 244,312 $ 300,000 (1) Under all above swap transactions, the counterparty bank effects quarterly floating-rate payments to the Company for the relevant amount based on the three-month USD LIBOR, and the Company effects quarterly payments to the bank on the relevant amount at the respective fixed rates. (2) The notional amounts of the above transactions are reduced during the term of the swap transactions based on the expected principal outstanding under the respective facility.
Schedule of Derivatives Not Designated as Hedging Instruments	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 Liability Derivatives Type of Balance sheet location December 31, 2020 December 31, 2021 December 31, 2020 December 31, 2021 Foreign Currency Derivative assets / Current assets $ 99 $ — $ — $ — Bunker Fuel Derivative assets/ Current assets — 9 — — Forward Freight Derivative assets/ Current assets — 1,139 — — Interest Rate Derivative assets / Non-current assets 54 5,879 — — Bunker Fuel Derivative liabilities / Current liabilities — — 408 258 Forward Freight Derivative liabilities / Current liabilities — — 174 156 Bunker Fuel Derivative liabilities / Non-current liabilities — — 116 — Interest Rate Derivative liabilities / Non-current liabilities — — 1,280 — Total Derivatives $ 153 $ 7,027 $ 1,978 $ 414
Summary of (Loss) / Gain Recognized on Derivatives	Amount of Gain/(Loss) Recognized on Derivatives 2019 2020 2021 Forward Freight $ (174) $ (3,227) Foreign Currency — 99 (99) Interest Rate Contracts — (1,379) 6,474 Bunker Fuel Contracts (121) 151 (960) Net (Loss)/Gain Recognized $ (121) $ (1,303) $ 2,188
Schedule of Valuation of Company's Financial Instruments	The following table summarizes the valuation of the Company’s financial instruments as of December 31, 2020 and December 31, 2021. Significant Other Observable Inputs December 31, December 31, 2020 December 31, 2021 Derivative instruments – asset position $ 153 $ 7,027 Derivative instruments – liability position 1,978 414

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Accrued Liabilities [Abstract]
Schedule of Acrrued Liabilities	Accrued liabilities are comprised of the following: December 31, 2020 2021 Interest on long-term debt $ 837 $ 420 Vessels’ operating and voyage expenses 3,385 2,824 Commissions 195 315 Interest on derivatives and other finance expenses 145 1,600 General and administrative expenses 101 212 Total $ 4,663 $ 5,371

Future Minimum Time Charter R_2

Future Minimum Time Charter Revenue (Tables)	12 Months Ended
	Dec. 31, 2021
Future Minimum Time Charter Revenue
Schedule of 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, 2021, is as follows: December 31, 2022 $ 142,091 2023 73,240 2024 66,564 2025 35,800 2026 9,227 Thereafter 40,524 Total $ 367,446

General and Administrative Ex_2

General and Administrative Expenses (Tables)	12 Months Ended
	Dec. 31, 2021
General and Administrative Expense [Abstract]
Summary of General and Administrative Expense	General and administrative expenses for the years ended December 31, 2019, December 31, 2020 and December 31, 2021 were as follows: December 31, 2019 2020 2021 Management fees – related parties $ 18,050 $ 18,884 $ 19,221 Professional fees (legal and accounting) 720 832 854 Directors fees and expenses 468 644 759 Listing fees and expenses 97 93 101 Miscellaneous 1,304 1,049 1,563 Total $ 20,639 $ 21,502 $ 22,498

Unearned Revenue_Accrued Reve_2

Unearned Revenue/Accrued Revenue (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Schedule of Unearned Revenue and Cash Received in Advance	Total Unearned Revenue/Accrued Revenue during the periods presented is as follows: December 31, 2020 2021 Unearned Revenue Cash received in advance of service provided – Current liability $ 4,687 $ 7,040 Deferred revenue resulting from varying charter rates – Current liability 1,536 3,974 Deferred revenue resulting from varying charter rates – Non-Current liability 3,536 7,989 Total Unearned Revenue $ 9,759 $ 19,003 Accrued Revenue Resulting from varying charter rates – Current asset 557 665 Resulting from varying charter rates – Non-Current asset 75 282 Total Accrued Revenue $ 632 $ 947

Gain on Sale of Assets (Tables)

Gain on Sale of Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Proceeds from Sale of Productive Assets [Abstract]
Summary of Gain (Loss) on Sale of Assets	Summary of the transactions is presented in the table below: Years Ended December 31, 2019 2020 2021 Gain on sale of assets — — $ 11,579 Vessel name Type Built Gross sale price Gain/(loss) Delivery to new owners Paraskevi Panamax 2003 7,300 (551) April 2021 Vassos Panamax 2004 8,650 (1,074) May 2021 Pedhoulas Builder Kamsarmax 2012 22,500 (1,775) June 2021 Pedhoulas Farmer Kamsarmax 2012 22,000 189 September 2021 Maria Panamax 2003 12,000 3,843 September 2021 Koulitsa Panamax 2003 13,600 5,748 November 2021 Pedhoulas Fighter Kamsarmax 2012 23,700 5,199 November 2021 Total 11,579

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share, Basic and Diluted [Abstract]
Schedule of Computation of Basic Earnings Per Share	The computation of basic earnings per share is presented as follows: December 31, 2019 2020 2021 Net income/(loss) $ 16,038 $ (12,905) $ 174,348 Less preferred dividend attributable to preferred shareholders 11,498 11,500 11,064 Less Mezzanine equity measurement 199 908 (271) Net income available to common shareholders 4,341 (25,313) 163,555 Weighted average number of shares, basic and diluted 101,686,312 102,617,944 113,716,354 Earnings per share in U.S. Dollars, basic and diluted 0.04 (0.25) 1.44

Basis of Presentation and Gen_3

Basis of Presentation and General Information - Additional Information (Details)	Dec. 31, 2021item
Noncontrolling Interest [Line Items]
Number of additional public common stock offerings	5
Number of additional public preferred stock offerings	3
Number of subsidiaries	58
Number of drybulk vessels	39
Number of newbuild vessels	9
Safe Bulkers | Polys Hajioannou
Noncontrolling Interest [Line Items]
Ownership percentage by largest shareholder	39.77%

Basis of Presentation and Gen_4

Basis of Presentation and General Information - Schedule of Subsidiaries (Details) $ in Thousands	1 Months Ended
	Jun. 30, 2018USD ($)shares
Class of Stock [Line Items]
Cumulative redeemable perpetual preferred equity | $	$ 16,875
Series A Preferred Stock | Private Placement
Class of Stock [Line Items]
Number of shares issued in transaction | shares	100

Basis of Presentation and Gen_5

Basis of Presentation and General Information - Disclosure of Charterers Concentration (Details) - Charter Revenues - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Viterra B.V. (ex-Glencore Agriculture B.V.)
Concentration Risk [Line Items]
Charterer percentage in total revenue	16.08%	15.01%	21.03%
Cargill International S.A.
Concentration Risk [Line Items]
Charterer percentage in total revenue	14.62%	11.13%	0.00%
Bunge S.A.
Concentration Risk [Line Items]
Charterer percentage in total revenue	0.00%	0.00%	10.37%

Significant Accounting Polici_3

Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2021USD ($)segmentvoyage	Dec. 31, 2020USD ($)voyage	Dec. 31, 2019USD ($)
Inventory [Line Items]
Other comprehensive income/(loss)	$ 0	$ 0	$ 0
Provision for doubtful accounts	0	0	0
Inventories	$ 8,653,000	12,036,000
Vessels, useful life	25 years
Derivatives	$ 0	$ 0	$ 0
Number of voyage realised where a vessel was employed under the voyage charter | voyage	3	2
Number of voyage charters completed in the same period | voyage		1
Number of reportable segments | segment	1
Number of operating segments | segment	1
Bunkers
Inventory [Line Items]
Inventories	$ 3,863,000	$ 8,346,000
Lubricants
Inventory [Line Items]
Inventories	$ 4,790,000	$ 3,690,000

Transactions with Related Par_3

Transactions with Related Parties - The Managers (Details) $ in Thousands	May 29, 2018USD ($)extension	May 29, 2018EUR (€)extension	Dec. 31, 2021EUR (€)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
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
Flat ship management fee | €		€ 3,000,000	€ 3,500,000
Supervision fee	$ 550
Percentage of supervision fees payable upon signing	50.00%	50.00%
Percentage of supervision fees payable upon successful completion	50.00%	50.00%
Sales fee	1.00%	1.00%
Related Party Transaction, Due from (to) Related Party, Current [Abstract]
Due from manager				$ 0	$ 48
Due to manager				$ 51	$ 0

Transactions with Related Par_4

Transactions with Related Parties - Schedule of Fees Charged by Managers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Ship Management Fees	$ 19,221	$ 18,884	$ 18,050
Supervision Fees	550	275	275
Commissions	$ 1,689	$ 330	$ 0

Transactions with Related Par_5

Transactions with Related Parties - Credit Facilities - Interest Rate Swap Facility (Details)	12 Months Ended
	Dec. 31, 2020USD ($)director	Dec. 31, 2021USD ($)	Jun. 30, 2021USD ($)director
Line of Credit Facility [Line Items]
Interest rate swap, notional amount	$ 80,000,000
Number of independent members of board serving as Chief Executive Officer of financial advisor | director	1
Lofou
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 20,000,000	$ 30,000,000
Line of credit | Lofou
Line of Credit Facility [Line Items]
Maximum borrowing capacity	20,000,000
Borrowing capacity increase	$ 10,000,000
Borrowing capacity, extension of expiration period (in years)	2 years
Line of credit | Eptaprohi, Soffive, Marinouki, Marathassa, Kerasies, Pemer and Petra
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 70,000,000
Number of independent members of board serving as Chief Executive Officer of financial advisor | director			1

Transactions with Related Par_6

Transactions with Related Parties - Principal Executive Office Lease (Details) - 12 months ended Dec. 31, 2021 € in Thousands, $ in Thousands	EUR (€)	USD ($)
Related Party Transactions [Abstract]
Annual lease payment	€ 63	$ 71

Transactions with Related Par_7

Transactions with Related Parties - Bond issuance (Details)	Feb. 28, 2022EUR (€)director	Dec. 31, 2020director
Debt Instrument [Line Items]
Number of independent members of board serving as Chief Executive Officer of financial advisor		1
Unsecured bonds | Corporate bond securities | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, face amount | €	€ 100,000,000
Number of independent members of board serving as Chief Executive Officer of financial advisor	1
Number of independent members of board serving as lead underwriters in the public offer	1

Vessels, Net - Schedule of Vess

Vessels, Net - Schedule of Vessels, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Vessel Cost
Beginning Balance	$ 1,357,460	$ 1,312,076
Transfer from Advances for vessels	62,336	59,265
Transfer to Assets held for sale		(13,881)
Vessels sale	(152,174)
Ending Balance	1,267,622	1,357,460
Accumulated Depreciation
Beginning Balance	(415,296)	(367,370)
Transfer to Assets held for sale		6,343
Depreciation	(52,142)	(54,269)
Vessels sale	64,207
Ending Balance	(403,231)	(415,296)
Net Book Value
Beginning Balance	942,164	944,706
Transfer from Advances for vessels	62,336	59,265
Transfer to Assets held for sale		(7,538)
Depreciation	(52,142)	(54,269)
Vessels sale	(87,967)
Ending Balance	$ 864,391	$ 942,164

Vessels, Net - Additional Infor

Vessels, Net - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)itemvessel	Dec. 31, 2020vessel	Dec. 31, 2019vessel
Property, Plant and Equipment [Abstract]
Number of vessel disposed	7	0	0
Number of impaired vessels	0	0
Number of vessels provided as collateral | item	23
Vessels provided as collateral | $	$ 502,615
Number of vessels sold and leased back	11
Carrying value of vessels sold and leased back | $	$ 274,565

Advances for Vessels (Details)

Advances for Vessels (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Advances For Assets Acquisition And Assets Under Construction
Advances for vessels, beginning balance	$ 9,126	$ 19,294
Additions for advances, including capitalized expenses and interest	109,694	49,097
Transferred to vessel cost (refer to Note 4)	(62,336)	(59,265)
Advances for vessels, ending balance	$ 56,484	$ 9,126

Assets Held for Sale (Details)

Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jan. 21, 2021	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale	$ 0		$ 8,057
Assets held for sale, carrying value of vessel			7,538
Vessel agreed sale price		$ 7,300
Assets held for sale, fair value of vessel			$ 8,000

Right-of-use asset_Lease Liab_3

Right-of-use asset/Lease Liability - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Finance lease, daily payment		$ 9,786	$ 0	$ 0
Right-of-use asset		31,938	0
Current lease liability		$ 21,945	$ 0
Weighted average discount rate		2.69%
Remaining lease term		10 months 24 days
MV Stelios Y | Metamou
Lessee, Lease, Description [Line Items]
Finance lease, term of contract	12 months
Finance lease, security down payment at signing	$ 9,000
Finance lease, daily payment	14,500
Finance lease, option to purchase underlying asset	$ 18,000
Right-of-use asset		$ 31,938
Right-of-use asset, gross		32,160
Right-of-use asset, accumulated amortization		222
Current lease liability		$ 21,945

Right-of-use asset_Lease Liab_4

Right-of-use asset/Lease Liability - Schedule of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Amortization of Right-of-use asset	$ 222	$ 0
Interest on Lease liability	73	0
Total	$ 295	$ 0

Right-of-use asset_Lease Liab_5

Right-of-use asset/Lease Liability - Schedule of Maturity Finance Lease Liability (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
To December 31, 2022	$ 22,408
Total undiscounted lease payments	22,408
Less: imputed interest	(463)
Carrying value of lease liability	$ 21,945

Long Term Debt - Schedule Of De

Long Term Debt - Schedule Of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total	$ 360,277	$ 616,224
Current portion of long-term debt	41,202	77,284
Liability directly associated with assets held for sale	0	4,000
Long-term debt	319,075	534,940
Current portion of deferred financing costs	1,290	1,500
Deferred financing costs directly associated with assets held for sale	0	17
Deferred financing costs non-current	3,279	3,057
Total deferred financing costs	4,569	4,574
Total debt, net of deferred financing costs	355,708	611,650
Current portion of long-term debt, net	39,912	75,784
Liability directly associated with assets held for sale	0	3,983
Long-term debt, net	315,796	531,883
Line of credit | Line of credit
Debt Instrument [Line Items]
Total	149,885	405,255
Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total	10,000	29,000
Sale and Leaseback Financing
Debt Instrument [Line Items]
Total	200,392	181,969
April 2019 | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	8,000
November 2014 | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	79,758
November 2018 | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	22,250
September 2021 | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	28,500	0
December 2021 | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	50,000	0
December 2019 | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total	0	29,000
Maxeikosiepta | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	4,000
Maxtessera | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	22,000
Maxtessera | Sale and Leaseback Financing
Debt Instrument [Line Items]
Total	28,117	0
Avstes | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	5,985
Maxeikosi | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	10,893
Petra | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	6,135
Pemer | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	6,135
Maxeikosiexi | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	4,432
Marathassa | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	4,820
Marinouki | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	7,263
Kerasies | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	5,097
Soffive | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	7,853
Eptaprohi | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	37,053
Shikokuepta | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	17,150
Shikokuepta | Sale and Leaseback Financing
Debt Instrument [Line Items]
Total	23,167	0
Maxeikositria | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	10,893
Maxpente | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	16,100
Maxeikositessera | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	11,310
Maxenteka | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	13,536
Shikokupente - Shikokuennia - Pemer - Petra | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	8,510
Shikokupente | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	12,927
Shikokuennia | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	0	14,385
Pelea - Vasstwo - Eniaprohi - Vassone | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	26,250	43,250
Eptaprohi - Soffive - Marinouki - Marathassa - Kerasies - Pemer - Petra | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	21,375	0
Eptaprohi - Soffive - Marinouki - Marathassa - Kerasies - Pemer - Petra | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total	10,000	0
Monagrouli | Line of credit | Line of credit
Debt Instrument [Line Items]
Total	23,760	25,520
Maxeikosiena | Sale and Leaseback Financing
Debt Instrument [Line Items]
Total	0	18,058
Youngtwo | Sale and Leaseback Financing
Debt Instrument [Line Items]
Total	0	21,203
Maxdeka | Sale and Leaseback Financing
Debt Instrument [Line Items]
Total	17,063	19,076
Shikoku | Sale and Leaseback Financing
Debt Instrument [Line Items]
Total	17,948	20,066
Shikokutessera | Sale and Leaseback Financing
Debt Instrument [Line Items]
Total	17,478	19,502
Glovertwo | Sale and Leaseback Financing
Debt Instrument [Line Items]
Total	16,412	18,344
Pentakomo | Sale and Leaseback Financing
Debt Instrument [Line Items]
Total	12,500	14,500
Maxdekatria | Sale and Leaseback Financing
Debt Instrument [Line Items]
Total	12,500	14,500
Shikokuokto | Sale and Leaseback Financing
Debt Instrument [Line Items]
Total	16,000	18,000
Gloversix | Sale and Leaseback Financing
Debt Instrument [Line Items]
Total	16,640	18,720
Pinewood | Sale and Leaseback Financing
Debt Instrument [Line Items]
Total	$ 22,567	$ 0

Long Term Debt - Additional Inf

Long Term Debt - Additional Information (Details)	1 Months Ended						12 Months Ended
	Dec. 31, 2021USD ($)vesselitemfacility	Sep. 30, 2021USD ($)vessel	Aug. 31, 2021	Jun. 30, 2021USD ($)vessel	Apr. 30, 2021	Feb. 28, 2021	Dec. 31, 2021USD ($)vesselitemfacility	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)tranche
Debt Instrument [Line Items]
Number of facilities that entered into a sale and leaseback agreement | facility	11						11
Number of vessels sold and leased back | vessel							11
Number of facilities repaid during period | facility							2
Proceeds from long-term debt							$ 178,800,000	$ 92,400,000	$ 177,575,000
Number of vessels provided as collateral | item	23						23
Fair value of debt outstanding	$ 362,427,000						$ 362,427,000
Borrowing capacity outstanding	$ 137,700,000						137,700,000
Interest costs incurred							14,776,000	21,417,000	26,929,000
Interest costs capitalized							$ 57,000	$ 184,000	$ 114,000
Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 30,000,000
All Debt Instruments
Debt Instrument [Line Items]
Weighted average interest rate	2.642%						2.642%	3.382%	4.624%
Net worth covenant	$ 150,000,000						$ 150,000,000
Minimum EBITDA to interest expense	2						2
All Debt Instruments | Threshold one
Debt Instrument [Line Items]
Minimum value covenant	1.05						1.05
All Debt Instruments | Threshold two
Debt Instrument [Line Items]
Minimum value covenant	1.15						1.15
All Debt Instruments | Threshold three
Debt Instrument [Line Items]
Minimum value covenant	1.20						1.20
All Debt Instruments | Threshold four
Debt Instrument [Line Items]
Minimum value covenant	1.35						1.35
Commercial financing institutions
Debt Instrument [Line Items]
Consolidated leverage covenant	85.00%						85.00%
Minimum | All Debt Instruments
Debt Instrument [Line Items]
Mininum cash balance of loan and credit facility agrrements as collateral deposit with restrictive liquidity covenant	$ 200,000						$ 200,000
Maximum | All Debt Instruments
Debt Instrument [Line Items]
Mininum cash balance of loan and credit facility agrrements as collateral deposit with restrictive liquidity covenant	$ 500,000						$ 500,000
Hajioannou Family | One facility
Debt Instrument [Line Items]
Minimum percentage of ownership	20.00%						20.00%
Hajioannou Family | Minimum | All Debt Instruments
Debt Instrument [Line Items]
Minimum percentage of ownership	30.00%						30.00%
Hajioannou Family | Maximum | All Debt Instruments
Debt Instrument [Line Items]
Minimum percentage of ownership	35.00%						35.00%
Shikokutessera
Debt Instrument [Line Items]
Sale leaseback lease term							8 years
Shikokutessera, Maxdeka, Shikoku and Glovertwo
Debt Instrument [Line Items]
Sale leaseback, repurchase period							5 years 9 months
Number of vessels sold and leased back | vessel							4
Shikokuokto and Gloversix
Debt Instrument [Line Items]
Sale leaseback lease term							8 years
Sale leaseback, repurchase period							3 years
Sale leaseback transaction, purchase obligation							8 years
Pentakomo and Maxdekatria
Debt Instrument [Line Items]
Sale leaseback lease term							6 years
Sale leaseback, repurchase period							3 years
Sale leaseback transaction, purchase obligation							6 years
Pinewood
Debt Instrument [Line Items]
Sale leaseback lease term						10 years
Sale leaseback, repurchase period						3 years
Sale leaseback transaction, purchase obligation						10 years
Maxtessera
Debt Instrument [Line Items]
Sale leaseback lease term					7 years
Sale leaseback, repurchase period					5 years 6 months
Shikokuepta
Debt Instrument [Line Items]
Sale leaseback lease term			10 years
Sale leaseback, repurchase period			3 years
Sale leaseback transaction, purchase obligation			10 years
Maxeikosiena and Youngtwo
Debt Instrument [Line Items]
Sale leaseback lease term							10 years
Sale leaseback, repurchase period							2 years
Sale leaseback transaction, purchase obligation							10 years
Agros
Debt Instrument [Line Items]
Sale leaseback lease term							10 years
Sale leaseback, repurchase period							3 years
Sale leaseback transaction, purchase obligation							10 years
Maximum borrowing capacity	$ 26,200,000						$ 26,200,000
Pelea, Vasstwo, Eniaprohi and Vassone
Debt Instrument [Line Items]
Maximum borrowing capacity										$ 47,750,000
Line of credit facility, number of tranches | tranche										2
Proceeds from long-term debt									$ 24,675,000	$ 23,075,000
Monagrouli
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 26,400,000
Lofou
Debt Instrument [Line Items]
Maximum borrowing capacity	30,000,000						30,000,000	20,000,000
Long-term line of credit	0						0
Unused borrowing capacity	30,000,000						$ 30,000,000
Lofou | Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 20,000,000
Maxdeka, Shikoku and Glovertwo
Debt Instrument [Line Items]
Sale leaseback lease term							7 years 6 months
Eptaprohi, Soffive, Marinouki, Marathassa, Kerasies, Pemer and Petra | Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 70,000,000
Proceeds from long-term debt				$ 64,345,000
Long-term line of credit	10,000,000						$ 10,000,000
Unused borrowing capacity	27,700,000						27,700,000
Number of vessels financed by credit facility | vessel				8
Number of vessels provided as collateral | vessel				7
Number of vessels debt free | vessel				1
Eptaprohi, Soffive, Marinouki, Marathassa, Kerasies, Pemer and Petra | Line of credit | Secured debt
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 30,000,000
Eptaprohi, Soffive, Marinouki, Marathassa, Kerasies, Pemer and Petra | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 40,000,000
Eniadefhi, Maxdodeka, Gloverfour, Gloverfive and Youngone | Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 60,000,000
Long-term line of credit	0						0
Unused borrowing capacity	30,000,000						30,000,000
Number of vessels financed by credit facility | vessel		6
Number of vessels provided as collateral | vessel		5
Eniadefhi, Maxdodeka, Gloverfour, Gloverfive and Youngone | Line of credit | Secured debt
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 30,000,000
Proceeds from long-term debt		71,139,000
Eniadefhi, Maxdodeka, Gloverfour, Gloverfive and Youngone | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		30,000,000
Proceeds from long-term debt		$ 7,000,000
Youngtwo, Shikokupente, Maxeikositessera, Maxenteka and Shikokuennia | Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	100,000,000						100,000,000
Proceeds from long-term debt	50,000,000
Long-term line of credit	0						0
Unused borrowing capacity	$ 50,000,000						$ 50,000,000
Number of vessels financed by credit facility | vessel	5						5
Youngtwo, Shikokupente, Maxeikositessera, Maxenteka and Shikokuennia | Line of credit | Secured debt
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000						$ 50,000,000
Youngtwo, Shikokupente, Maxeikositessera, Maxenteka and Shikokuennia | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000						$ 50,000,000

Long Term Debt - Schedule of Ma

Long Term Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 41,202
2023	41,574
2024	71,654
2025	76,019
2026	76,254
2027	53,574
Total	$ 360,277	$ 616,224

Share Capital - Additional Info

Share Capital - Additional Information (Details) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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)	121,640,839	102,174,594
Common stock, shares issued (in shares)	121,640,839	102,174,594
Preference shares authorized (in shares)	20,000,000	20,000,000
Preference shares par value (in USD per share)	$ 0.01	$ 0.01
Series C Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	2,297,504	2,297,504
Preferred stock, issued (in shares)	2,297,504	2,297,504
Series D Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	3,195,050	3,195,050
Preferred stock, issued (in shares)	3,195,050	3,195,050
Series A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preference shares authorized (in shares)	1,000,000

Share Capital - Common Stock (D

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

Jan. 01, 2010

Jul. 01, 2008

May 31, 2021

Aug. 31, 2020

Jun. 30, 2020

Apr. 30, 2020

Mar. 31, 2020

Nov. 30, 2019

Mar. 18, 2022

Dec. 31, 2021

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Class of Stock [Line Items]

Ordinary shares issued (in shares)

2,951,699

3,963,964

Common Stock | 2020 August ATM Program

Class of Stock [Line Items]

Stock sale program, gross offering proceeds of shares authorized to be sold

$ 100,000,000

$ 23,500,000

Number of shares issued in transaction

19,417,280

Consideration received on sale of stock

$ 71,537,000

Common Stock | 2020 August ATM Program | Subsequent Event

Class of Stock [Line Items]

Number of shares issued in transaction

0

Audit Committee Chairman

Class of Stock [Line Items]

Share based compensation value of transaction

$ 15,000

Share-based payment (in shares)

24,483

48,079

36,937

Independent directors

Class of Stock [Line Items]

Share based compensation value of transaction

$ 7,500

Share-based payment (in shares)

24,482

48,079

36,937

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

Share repurchased (in shares)

1,500,000

2020 March 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

Share repurchased (in shares)

3,624,283

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

2,000,000

Hull No. S 1772

Class of Stock [Line Items]

Installment payment

$ 3,300,000

$ 6,600,000

Share Capital - Preferred Stock

Share Capital - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2014	May 31, 2014	Dec. 31, 2021	Mar. 31, 2020
Series C Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, number of shares authorized to be repurchased (in shares)				100,000
Stock repurchased and retired (in shares)			2,496
Future redeemable securities			$ 58,242
Series D Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, number of shares authorized to be repurchased (in shares)				100,000
Stock repurchased and retired (in shares)			4,950
Future redeemable securities			$ 80,995
Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Redemption price (in USD per share)			$ 25
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
Underwriting discount		1,744
Offering expenses		$ 252
May 2014 Public Offering | Series C Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)		2,300,000
Share price (in USD per share)		$ 25
Preferred stock, dividend rate		8.00%
Dividends in arrears (in USD per share)		$ 2
Redemption price (in USD per share)		$ 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
Underwriting discount	2,369
Offering expenses	$ 211
June 2014 Public Offering | Series D Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)	3,200,000
Share price (in USD per share)	$ 25
Preferred stock, dividend rate	8.00%
Dividends in arrears (in USD per share)	$ 2
Redemption price (in USD per share)	$ 25

Mezzanine Equity (Details)

Mezzanine Equity (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Feb. 28, 2021USD ($)	Feb. 28, 2021JPY (¥)	Jun. 30, 2018JPY (¥)	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Temporary Equity [Line Items]
Mezzanine equity				$ 0	$ 18,112
Repurchase of preferred stock				$ 17,707	89	$ 0
Series A Cumulative Redeemable Perpetual Preferred Stock
Temporary Equity [Line Items]
Mezzanine equity shares issued (in shares) | shares				100
Mezzanine equity			¥ 1,854,900,000		17,978
Preferred stock, dividend rate			2.95%
Mezzanine dividends	$ 79				$ 134
Repurchase of preferred stock	$ 17,707	¥ 1,854,900,000
Accumulated dividend not paid | ¥		¥ 8,395,328

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Capital Expenditure Commitments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
2022	$ 58,686
2023	141,571
2024	47,410
Total	247,667
Due to Shipyards/Sellers
Unrecorded Unconditional Purchase Obligation [Line Items]
2022	56,684
2023	137,150
2024	46,200
Total	240,034
Due to Manager
Unrecorded Unconditional Purchase Obligation [Line Items]
2022	1,691
2023	4,421
2024	1,210
Total	7,322
Other Commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
2022	311
2023	0
2024	0
Total	$ 311

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Dec. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Maximum covered by insurance	$ 1,000,000

Revenues - Schedule of Revenue

Revenues - Schedule of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues [Abstract]
Time charter revenue	$ 328,905	$ 198,382	$ 202,400
Voyage charter revenue	5,578	2,603	0
Other income	8,992	5,050	4,282
Total	$ 343,475	$ 206,035	$ 206,682

Revenues - Additional Informati

Revenues - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)charter	Dec. 31, 2020USD ($)charter	Dec. 31, 2019USD ($)
Disaggregation of Revenue [Line Items]
Time charter revenue | $	$ 328,905	$ 198,382	$ 202,400
Revenue from premium for use of scrubbers | $	$ 13,710	$ 16,331
Number of vessels employed under different time charters	9
Number of vessels on original duration of three years	2
Term of charter contract, original	3 years
Number of vessels on original duration of five years	6
Term of charter contract, original	5 years
Number of vessels on long-term contracts	1
Number of vessels employed under voyage charter	0
Number of voyage charters vessel in progress		1
Number of voyage charter vessel with performance obligation not yet initiated		1
Voyage costs | $		$ 38
Remaining performance obligation | $		$ 222
Minimum
Disaggregation of Revenue [Line Items]
Charter contract renewal term	1 month
Charter contract typical term	1 month
Term of charter contract	1 month
Remaining term of charter contracts	2 years
Maximum
Disaggregation of Revenue [Line Items]
Charter contract renewal term	12 months
Charter contract typical term	5 years
Term of charter contract	15 months
Term of charter contract, long-term	20 years
Remaining term of charter contracts	10 years

Vessel Operating Expenses (Deta

Vessel Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Expenses [Abstract]
Crew wages and related costs	$ 36,821	$ 34,364	$ 33,655
Insurance	3,601	3,380	3,409
Repairs, maintenance and drydocking costs	8,797	10,097	8,922
Spares, stores and provisions	15,473	14,921	14,776
Lubricants	3,846	4,059	4,565
Taxes	690	642	608
Miscellaneous	2,821	2,623	2,634
Total	$ 72,049	$ 70,086	$ 68,569

Fair Value of Financial Instr_3

Fair Value of Financial Instruments and Derivatives Instruments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021tonnederivative	Dec. 31, 2020USD ($)tonnederivative	Dec. 31, 2020JPY (¥)derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign exchange contract, notional amount | $		$ 80,000,000
Bunker fuel, annual tonnes	12,000
Bunker fuel, monthly tonnes	1,000
Foreign Currency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, number of instruments held | derivative	0	1	1
Foreign exchange contract, notional amount		$ 4,800,000	¥ 500,000,000
Bunker Fuel Contracts, Period 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, number of instruments held | derivative		1	1
Bunker fuel, annual tonnes		12,000
Bunker fuel, monthly tonnes		1,000
Bunker Fuel Contracts, Period 2021 To 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, number of instruments held | derivative		5	5
Bunker Fuel Contracts, Period 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, number of instruments held | derivative		3	3
Bunker fuel, annual tonnes		36,000
Bunker fuel, monthly tonnes		1,000
Bunker Fuel Contracts, Period 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, number of instruments held | derivative		2	2
Bunker fuel, annual tonnes		24,000
Bunker fuel, monthly tonnes		1,000
Bunker Fuel Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, number of instruments held | derivative	1
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Bunker fuel, sulphur content	0.50%	0.50%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Bunker fuel, sulphur content	3.50%	3.50%

Fair Value of Financial Instr_4

Fair Value of Financial Instruments and Derivatives Instruments - Schedule of Interest Rate Swap Transactions (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Interest rate swap, notional amount		$ 80,000,000
Interest Rate Swap, Expiring September 30, 2024, Fixed Rate 0.9900%
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.99%
Interest rate swap, notional amount	$ 10,000,000	10,000,000
Interest Rate Swap, Expiring September 30, 2024, Fixed Rate 0.9000%
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.90%
Interest rate swap, notional amount	$ 10,000,000	10,000,000
Interest Rate Swap, Expiring September 30, 2024, Fixed Rate 0.8000%
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.80%
Interest rate swap, notional amount	$ 10,000,000	10,000,000
Interest Rate Swap, Expiring September 30, 2024, Fixed Rate 0.6500%
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.65%
Interest rate swap, notional amount	$ 20,000,000	20,000,000
Interest Rate Swap, Expiring September 30, 2024, Fixed Rate 0.6000%
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.60%
Interest rate swap, notional amount	$ 10,000,000	10,000,000
Interest Rate Swap, Expiring May 5, 2025, Fixed Rate 0.4000%, Inception May 5, 2020
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.40%
Interest rate swap, notional amount	$ 10,000,000	10,000,000
Interest Rate Swap, Expiring May 5, 2025, Fixed Rate 0.4000%, Inception July 10, 2020
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.40%
Interest rate swap, notional amount	$ 10,000,000	10,000,000
Interest Rate Swap, Expiring May 5, 2025, Fixed Rate 0.3800%, Inception July 10, 2020
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.38%
Interest rate swap, notional amount	$ 10,000,000	10,000,000
Interest Rate Swap, Expiring May 5, 2025, Fixed Rate 0.3800%, Inception July 14, 2020
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.38%
Interest rate swap, notional amount	$ 10,000,000	10,000,000
Interest Rate Swap, Expiring June 4, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.50%
Interest rate swap, notional amount	$ 10,000,000	10,000,000
Interest Rate Swap, Expiring June 11, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.45%
Interest rate swap, notional amount	$ 10,000,000	10,000,000
Interest Rate Swap, Expiring June 15, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.40%
Interest rate swap, notional amount	$ 10,000,000	10,000,000
Interest Rate Swap, Expiring June 30, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.425%
Interest rate swap, notional amount	$ 10,000,000	10,000,000
Interest Rate Swap, Expiring July 1, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.38%
Interest rate swap, notional amount	$ 10,000,000	10,000,000
Interest Rate Swap, Expiring July 9, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.36%
Interest rate swap, notional amount	$ 10,000,000	10,000,000
Interest Rate Swap, Expiring July 16, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.35%
Interest rate swap, notional amount	$ 10,000,000	10,000,000
Interest Rate Swap, Expiring July 30, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.33%
Interest rate swap, notional amount	$ 10,000,000	10,000,000
Interest Rate Swap, Expiring August 3, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.37%
Interest rate swap, notional amount	$ 10,000,000	10,000,000
Interest Rate Swap, Expiring December 31, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.745%
Interest rate swap, notional amount	$ 30,000,000	0
Interest Rate Swap, Expiring May 11, 2026
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.95%
Interest rate swap, notional amount	$ 50,000,000	0
Interest Rate Swap, Expiring July 21, 2026
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.829%
Interest rate swap, notional amount	$ 10,000,000	0
Interest Rate Swap, Expiring July 22, 2026
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.77%
Interest rate swap, notional amount	$ 20,000,000	0
Interest Rate Swap
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Interest rate swap, notional amount	$ 300,000,000	244,312,000
Shikokupente | Interest Rate Swap, Expiring August 1, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.275%
Interest rate swap, notional amount	$ 0	12,927,000
Shikokuennia | Interest Rate Swap, Expiring October 20, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.35%
Interest rate swap, notional amount	$ 0	14,385,000
Maxpente | Interest Rate Swap, Expiring August 27, 2024
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.322%
Interest rate swap, notional amount	$ 0	10,150,000
Maxenteka | Interest Rate Swap, Expiring August 27, 2024
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.322%
Interest rate swap, notional amount	$ 0	9,500,000
Maxeikositessera | Interest Rate Swap, Expiring August 27, 2024
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed interest rate	0.322%
Interest rate swap, notional amount	$ 0	$ 7,350,000

Fair Value of Financial Instr_5

Fair Value of Financial Instruments and Derivatives Instruments - Schedule of Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative assets / Current assets	$ 1,148	$ 99
Derivative assets / Non-current assets	5,879	54
Derivative liabilities / Current liabilities	414	582
Derivative liabilities / Non-current liabilities	0	1,396
Not Designated as Hedging Instrument
Derivative [Line Items]
Total Derivative Assets	7,027	153
Total Derivative Liabilities	414	1,978
Not Designated as Hedging Instrument | Foreign Currency
Derivative [Line Items]
Derivative assets / Current assets	0	99
Not Designated as Hedging Instrument | Bunker Fuel Contracts
Derivative [Line Items]
Derivative assets / Current assets	9	0
Derivative liabilities / Current liabilities	258	408
Derivative liabilities / Non-current liabilities	0	116
Not Designated as Hedging Instrument | Forward Freight
Derivative [Line Items]
Derivative assets / Current assets	1,139	0
Derivative liabilities / Current liabilities	156	174
Not Designated as Hedging Instrument | Interest Rate Contract
Derivative [Line Items]
Derivative assets / Non-current assets	5,879	54
Derivative liabilities / Non-current liabilities	$ 0	$ 1,280

Fair Value of Financial Instr_6

Fair Value of Financial Instruments and Derivatives Instruments - Summary of (Loss) / Gain Recognized on Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net (Loss)/Gain Recognized	$ 2,188	$ (1,303)	$ (121)
Forward Freight | Other Expense Income On Derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net (Loss)/Gain Recognized	(3,227)	(174)
Foreign Currency | Other Expense Income On Derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net (Loss)/Gain Recognized	(99)	99	0
Interest Rate Contract | Other Expense Income On Derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net (Loss)/Gain Recognized	6,474	(1,379)	0
Bunker Fuel Contracts | Other Expense Income On Derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net (Loss)/Gain Recognized	$ (960)	$ 151	$ (121)

Fair Value of Financial Instr_7

Fair Value of Financial Instruments and Derivatives Instruments - Schedule of Valuation of Company's Financial Instruments (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments – asset position	$ 7,027	$ 153
Derivative instruments – liability position	$ 414	$ 1,978

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities [Abstract]
Interest on long-term debt	$ 420	$ 837
Vessels’ operating and voyage expenses	2,824	3,385
Commissions	315	195
Interest on derivatives and other finance expenses	1,600	145
General and administrative expenses	212	101
Total	$ 5,371	$ 4,663

Future Minimum Time Charter R_3

Future Minimum Time Charter Revenue (Details) $ in Thousands	Dec. 31, 2021USD ($)
Future Minimum Time Charter Revenue
2022	$ 142,091
2023	73,240
2024	66,564
2025	35,800
2026	9,227
Thereafter	40,524
Total	$ 367,446

General and Administrative Ex_3

General and Administrative Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
General and Administrative Expense [Abstract]
Management fees – related parties	$ 19,221	$ 18,884	$ 18,050
Professional fees (legal and accounting)	854	832	720
Directors fees and expenses	759	644	468
Listing fees and expenses	101	93	97
Miscellaneous	1,563	1,049	1,304
Total	$ 22,498	$ 21,502	$ 20,639

Unearned Revenue_Accrued Reve_3

Unearned Revenue/Accrued Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Unearned Revenue
Cash received in advance of service provided – Current liability	$ 7,040	$ 4,687
Deferred revenue resulting from varying charter rates – Current liability	3,974	1,536
Deferred revenue resulting from varying charter rates – Non-Current liability	7,989	3,536
Total Unearned Revenue	19,003	9,759
Accrued Revenue
Resulting from varying charter rates – Current asset	665	557
Resulting from varying charter rates – Non-Current asset	282	75
Total Accrued Revenue	$ 947	$ 632

Gain on Sale of Assets - Summar

Gain on Sale of Assets - Summary of Gain (Loss) on Sale of Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Gross sale price	$ 107,084	$ 0	$ 0
Gain/(loss)	11,579	$ 0	$ 0
Paraskevi
Property, Plant and Equipment [Line Items]
Gross sale price	7,300
Gain/(loss)	(551)
Vassos
Property, Plant and Equipment [Line Items]
Gross sale price	8,650
Gain/(loss)	(1,074)
Pedhoulas Builder
Property, Plant and Equipment [Line Items]
Gross sale price	22,500
Gain/(loss)	(1,775)
Pedhoulas Farmer
Property, Plant and Equipment [Line Items]
Gross sale price	22,000
Gain/(loss)	189
Maria
Property, Plant and Equipment [Line Items]
Gross sale price	12,000
Gain/(loss)	3,843
Koulitsa
Property, Plant and Equipment [Line Items]
Gross sale price	13,600
Gain/(loss)	5,748
Pedhoulas Fighter
Property, Plant and Equipment [Line Items]
Gross sale price	23,700
Gain/(loss)	$ 5,199

Gain on Sale of Assets - Additi

Gain on Sale of Assets - Additional Information (Details) - vessel	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Proceeds from Sale of Productive Assets [Abstract]
Number of vessel disposed	7	0	0

Early redelivery (cost)_income

Early redelivery (cost)/income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Early Redelivery (Cost) Income
Early redelivery income	$ 7,470
Cash compensation	7,990
Accrued revenue	$ 435

Dividends (Details)

Dividends (Details) ¥ / shares in Units, $ / shares in Units, $ in Thousands	2 Months Ended		3 Months Ended																12 Months Ended
	Feb. 25, 2021USD ($)$ / shares	Feb. 25, 2021JPY (¥)¥ / shares	Dec. 31, 2020$ / shares	Dec. 31, 2020¥ / shares	Sep. 30, 2020$ / shares	Sep. 30, 2020¥ / shares	Jun. 30, 2020$ / shares	Jun. 30, 2020¥ / shares	Mar. 31, 2020$ / shares	Mar. 31, 2020¥ / shares	Dec. 31, 2019$ / shares	Dec. 31, 2019¥ / shares	Sep. 30, 2019$ / shares	Sep. 30, 2019¥ / shares	Jun. 30, 2019$ / shares	Jun. 30, 2019¥ / shares	Mar. 31, 2019$ / shares	Mar. 31, 2019¥ / shares	Dec. 31, 2021USD ($)dividend$ / shares	Dec. 31, 2020USD ($)dividend$ / shares	Dec. 31, 2020JPY (¥)dividend	Dec. 31, 2019USD ($)dividend$ / shares	Dec. 31, 2019JPY (¥)dividend
Series C Preferred Stock
Class of Stock [Line Items]
Number of quarters, dividend payments | dividend																			4	4	4	4	4
Preferred stock dividends, cash paid quarterly (per share) | $ / shares																			$ 0.50	$ 0.50		$ 0.50
Payments of ordinary dividends, preferred stock and preference stock | $																			$ 4,595	$ 4,596		$ 4,600
Series D Preferred Stock
Class of Stock [Line Items]
Number of quarters, dividend payments | dividend																			4	4	4	4	4
Preferred stock dividends, cash paid quarterly (per share) | $ / shares																			$ 0.50	$ 0.50		$ 0.50
Payments of ordinary dividends, preferred stock and preference stock | $																			$ 6,390	$ 6,393		$ 6,400
Pinewood | Series A Preferred Stock
Class of Stock [Line Items]
Payments of ordinary dividends, preferred stock and preference stock	$ 79	¥ 8,395,328																		$ 512	¥ 54,719,550	$ 500	¥ 54,719,550
Quarterly Dividend One | Pinewood | Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends, cash paid quarterly (per share) | (per share)	$ 791.23	¥ 83,953.28							$ 1,243.12	¥ 136,051.34							$ 1,217.4	¥ 134,924.92
Quarterly Dividend Two | Pinewood | Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends, cash paid quarterly (per share) | (per share)							$ 1,272.39	¥ 136,051.34							$ 1,234.68	¥ 136,424.08
Quarterly Dividend Three | Pinewood | Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends, cash paid quarterly (per share) | (per share)					$ 1,294.87	¥ 137,546.41							$ 1,281.22	¥ 137,923.25
Quarterly Dividend Four | Pinewood | Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (per share) | (per share)			$ 1,311.62	¥ 137,546.41							$ 1,269.45	¥ 137,923.25

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share, Basic and Diluted [Abstract]
Net income/(loss)	$ 174,348	$ (12,905)	$ 16,038
Less preferred dividend attributable to preferred shareholders	11,064	11,500	11,498
Less Mezzanine equity measurement	(271)	908	199
Net income/(loss) available to common shareholders	$ 163,555	$ (25,313)	$ 4,341
Weighted average number of shares, basic (in shares)	113,716,354	102,617,944	101,686,312
Weighted average number of shares, diluted (in shares)	113,716,354	102,617,944	101,686,312
Earnings/(loss) per share in U.S. Dollars, basic (in USD per share)	$ 1.44	$ (0.25)	$ 0.04
Earnings/(loss) per share in U.S. Dollars, diluted (in USD per share)	$ 1.44	$ (0.25)	$ 0.04

Subsequent Events (Details)

Subsequent Events (Details)	Mar. 30, 2022USD ($)$ / sharesshares	Feb. 28, 2022USD ($)	Jan. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 04, 2022USD ($)$ / shares	Feb. 28, 2022EUR (€)	Jan. 06, 2022USD ($)$ / shares
Dividend declaration
Dividends payable				$ 0	$ 134,000	$ 128,000
Interest rate swap, notional amount					80,000,000
Gain (loss) on derivatives				2,188,000	(1,303,000)	(121,000)
Repurchase of preferred stock				17,707,000	89,000	$ 0
Interest Rate Swap
Dividend declaration
Interest rate swap, notional amount				$ 300,000,000	$ 244,312,000
Subsequent Event
Dividend declaration
Dividends payable (in USD per share) | $ / shares							$ 0.05
Dividends payable							$ 6,082,000
Subsequent Event | Unsecured bonds | Corporate bond securities
Dividend declaration
Debt instrument, face amount | €								€ 100,000,000
Debt instrument, coupon		2.95%						2.95%
Subsequent Event | Unsecured bonds | Corporate bond securities | Maximum
Dividend declaration
Debt instrument, early redemption, premium payment percentage		1.50%						1.50%
Subsequent Event | Unsecured bonds | Corporate bond securities | Minimum
Dividend declaration
Debt instrument, early redemption, premium payment percentage		0.50%						0.50%
Subsequent Event | Interest Rate Swap, Expiring 2025 and 2026
Dividend declaration
Interest rate swap, notional amount			$ 240,000,000
Gain (loss) on derivatives			8,345,000
Subsequent Event | Interest Rate Swap, Expiring January and February 2024
Dividend declaration
Interest rate swap, notional amount			$ 240,000,000
Fixed interest rate			1.346%
Subsequent Event | Interest Rate Swap
Dividend declaration
Interest rate swap, notional amount		$ 300,000,000
Gain (loss) on derivatives		$ 2,782,000
Subsequent Event | Staloudi
Dividend declaration
Vessel agreed acquisition price			$ 33,800,000
Subsequent Event | Cumulative Preferred Stock
Dividend declaration
Dividends payable (in USD per share) | $ / shares									$ 0.50
Dividends payable									$ 2,746,000
Subsequent Event | Series C Preferred Stock
Dividend declaration
Stock redeemed (in shares) | shares	1,492,554
Redemption price (in USD per share) | $ / shares	$ 25
Repurchase of preferred stock	$ 38,400,000