Safe Bulkers (SB) 20-F 10 Mar 25 2024 FY Annual report (foreign) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2024 shares
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, 2024
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	Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Amendment Flag	false
Document Period Focus	2024
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	105,288,996
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	804,950
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, 2024
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, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 81,083	$ 48,191
Time deposits	44,339	39,731
Assets held for sale	0	24,229
Inventories	14,883	16,652
Derivative assets	0	8
Accrued revenue	903	477
Restricted cash	3,000	2,020
Prepaid expenses and other current assets	7,008	6,613
Total current assets	165,391	146,721
FIXED ASSETS:
Vessels, net	1,144,318	1,091,518
Advances for vessels	85,204	89,703
Total fixed assets	1,229,522	1,181,221
OTHER NON CURRENT ASSETS:
Deferred financing costs	0	255
Restricted cash	7,475	8,850
Derivative assets	672	2,669
Accrued revenue	0	87
Other non current assets	36	13
Total assets	1,403,096	1,339,816
CURRENT LIABILITIES:
Current portion of long-term debt, net	58,191	24,781
Unearned revenue	6,538	10,853
Accrued liabilities	11,807	8,383
Derivative liabilities	0	526
Other financing liability	0	748
Total current liabilities	86,472	55,733
Long-term debt, net	478,450	482,391
Unearned revenue	2,624	3,248
Derivative liabilities	1,419	0
Other liabilities	2,513	5,933
Total liabilities	571,478	547,305
SHAREHOLDERS’ EQUITY:
Common stock, $0.001 par value; 200,000,000 authorized, 111,607,828 and 105,288,996 issued and outstanding at December 31, 2023 and 2024, respectively	105	112
Preferred stock, $0.01 par value; 20,000,000 authorized, 804,950 and 804,950 Series C Preferred Shares, 3,195,050 and 3,195,050 Series D Preferred Shares, issued and outstanding at December 31, 2023 and 2024, respectively	40	40
Additional paid in capital	324,137	352,897
Retained earnings	507,336	439,462
Total shareholders’ equity	831,618	792,511
Total liabilities and shareholders’ equity	1,403,096	1,339,816
Nonrelated Party
CURRENT LIABILITIES:
Trade accounts payable	9,903	10,442
Related party
CURRENT LIABILITIES:
Trade accounts payable	33	0
Nonrelated Party
CURRENT ASSETS:
Accounts receivable	13,346	8,786
Related party
CURRENT ASSETS:
Accounts receivable	829	14
CURRENT LIABILITIES:
Trade accounts payable	$ 33	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
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)	111,607,828	111,607,828
Common stock, shares outstanding (in shares)	105,288,996	105,288,996
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)	804,950	804,950
Preferred stock, shares outstanding (in shares)	804,950	804,950
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 INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUES:
Revenues	$ 320,679	$ 295,393	$ 364,050
Commissions	(13,046)	(10,992)	(14,332)
Net revenues	307,633	284,401	349,718
EXPENSES:
Voyage expenses	(16,728)	(21,666)	(9,969)
Vessel operating expenses	(92,601)	(89,201)	(80,211)
Depreciation and amortization	(58,135)	(54,129)	(49,518)
General and administrative expenses
- Company administration expenses	(5,678)	(4,564)	(4,079)
Other operating expense	(1,262)	(1,869)	(3,570)
Gain on sale of assets	16,555	10,375	0
Operating income	128,427	104,148	184,648
OTHER (EXPENSE)/INCOME:
Interest expense	(31,375)	(24,707)	(17,138)
Other finance cost	(618)	(756)	(1,353)
Interest income	3,396	2,497	783
Gain/(loss) on derivatives	(3,670)	523	8,723
Foreign currency (loss)/gain	4,172	(1,873)	(1,101)
Amortization and write-off of deferred finance charges	(2,956)	(2,481)	(2,008)
Net income	97,376	77,351	172,554
Less preferred dividend attributable to preferred shareholders	8,000	8,000	8,978
Net income available to common shareholders	$ 89,376	$ 69,351	$ 163,576
Earnings/(loss) per share, basic (in USD per share)	$ 0.83	$ 0.61	$ 1.36
Earnings/(loss) per share, diluted (in USD per share)	$ 0.83	$ 0.61	$ 1.36
Weighted average number of shares, basic (in shares)	107,576,009	113,619,092	120,653,507
Weighted average number of shares, diluted (in shares)	107,576,009	113,619,092	120,653,507
Related party
General and administrative expenses
- Management fee to related parties	$ (21,357)	$ (19,199)	$ (17,723)

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Common Stock	Common Stock Common Stock	Preferred Stock	Additional Paid in Capital	Additional Paid in Capital Common Stock	Retained Earnings
Beginning balance at Dec. 31, 2021	$ 679,240		$ 122		$ 55	$ 425,202		$ 253,861
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	172,554							172,554
Redemption of preferred stock	(37,314)				(15)	(37,299)
Repurchase and cancellation of common stock		$ (9,051)		$ (3)			$ (9,048)
Preferred stock redemption expenses	(7)					(7)
Share based compensation	120					120
Common share dividends declared and paid ($0.20 per share of common stock)	(24,142)							(24,142)
Preferred share dividends declared and paid ($2.00 per share of preferred C shares and $2.00 per share of preferred D shares)	(9,484)							(9,484)
Ending balance at Dec. 31, 2022	771,916		119		40	378,968		392,789
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	77,351							77,351
Repurchase and cancellation of common stock		(26,222)		(7)			(26,215)
Share based compensation	144					144
Common share dividends declared and paid ($0.20 per share of common stock)	(22,678)							(22,678)
Preferred share dividends declared and paid ($2.00 per share of preferred C shares and $2.00 per share of preferred D shares)	(8,000)							(8,000)
Ending balance at Dec. 31, 2023	792,511		112		40	352,897		439,462
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	97,376							97,376
Repurchase and cancellation of common stock		$ (28,917)		$ (7)			$ (28,910)
Share based compensation	150					150
Common share dividends declared and paid ($0.20 per share of common stock)	(21,502)							(21,502)
Preferred share dividends declared and paid ($2.00 per share of preferred C shares and $2.00 per share of preferred D shares)	(8,000)							(8,000)
Ending balance at Dec. 31, 2024	$ 831,618		$ 105		$ 40	$ 324,137		$ 507,336

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - Parenthetical - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Common stock, dividends, declared (in usd per share)	$ 0.20	$ 0.20	$ 0.20
Common stock, dividends, cash paid (in usd per share)	0.20	0.20	0.20
Series C preferred stock
Preferred stock, per share, dividends declared (usd per share)		2	2
Preferred stock, dividends, cash paid (in usd per share)	2	2
Series D preferred stock
Preferred stock, per share, dividends declared (usd per share)	$ 2	2
Preferred stock, dividends, cash paid (in usd per share)		$ 2	$ 2

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities:
Net income	$ 97,376	$ 77,351	$ 172,554
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	58,135	54,129	49,518
Gain on sale of assets	(16,555)	(10,375)	0
Unrealized loss on inventory valuation	1,262	1,869	3,570
Amortization and write-off of deferred finance charges	2,956	2,481	2,008
Unrealized loss/(gain) on derivatives	2,898	(204)	4,666
Unrealized foreign exchange (gain)/loss	(5,784)	882	(5,316)
Share based compensation	150	144	120
Change in:
Accounts receivable	(4,560)	(2,311)	1,607
Due from Managers	(815)	8	(22)
Inventories	928	(683)	(13,176)
Accrued revenue	(339)	323	60
Prepaid expenses and other current assets	(395)	(849)	(2,280)
Due to Managers	33	(58)	7
Trade accounts payable	(1,116)	385	505
Accrued liabilities	4,666	160	4,669
Non current assets & Other liabilities	(3,443)	1,704	1,709
Unearned revenue	(4,939)	(2,749)	(2,153)
Net Cash Provided by Operating Activities	130,458	122,207	218,046
Cash Flows from Investing Activities:
Vessel advances	(144,775)	(209,103)	(183,276)
Proceeds from sale of assets	77,996	30,773	16,930
Increase in bank time deposits	(81,988)	(52,870)	(79,817)
Maturity of bank time deposits	77,035	79,474	16,759
Net Cash Used in Investing Activities	(71,732)	(151,726)	(229,404)
Cash Flows from Financing Activities:
Proceeds from long-term debt	248,300	255,200	259,575
Principal payments of long-term debt	(212,140)	(165,226)	(191,302)
Dividends paid	(29,502)	(30,678)	(33,626)
Payment of deferred financing costs	(2,844)	(2,846)	(6,405)
Finance lease payments	0	0	(21,971)
Other financing liability payments	(755)	(1,087)	0
Repurchase of common stock	(28,917)	(26,222)	(9,051)
Redemption of preferred stock	0	0	(37,314)
Payment of preferred stock redemption expenses	0	0	(7)
Net Cash (Used in)/Provided by Financing Activities	(25,858)	29,141	(40,101)
Net (decrease)/increase in cash, cash equivalents and restricted cash	32,868	(378)	(51,459)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(371)	353	(709)
Cash, cash equivalents and restricted cash at beginning of year	59,061	59,086	111,254
Cash, cash equivalents and restricted cash at end of year	91,558	59,061	59,086
Supplemental cash flow information:
Cash paid for interest (excluding capitalized interest):	29,452	22,340	13,670
Non Cash Investing and Financing Activities:
Unpaid financing fees	150	103	180
Unpaid capital expenditures	136	842	3,704
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and cash equivalents	81,083	48,191	49,186
Restricted cash – Current assets	3,000	2,020	1,000
Restricted cash – Non current assets	7,475	8,850	8,900
Cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 91,558	$ 59,061	$ 59,086

Basis of Presentation and Gener

Basis of Presentation and General Information	12 Months Ended
	Dec. 31, 2024
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 45.96% 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 unsecured bond issuance, and it partially completed an “at-the-market” common stock equity offering program (the “ATM Program”). As of December 31, 2024, Safe Bulkers hel d 72 w holly owned companies (which are referred to herein as “Subsidiaries”) which together owned and operated a fleet of 46 dry bulk vessels and were scheduled to acquire seven 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”), Safe Bulkers Management Limited, a company incorporated under the laws of the Republic of Cyprus (“Safe Bulkers Management”) and together with Safety Management, the “Original Managers”, and Safe Bulkers Management Monaco Inc., a company incorporated under the laws of the Republic of the Marshall Islands (“Safe Bulkers Management Monaco” or "New Manager") and together with the Original Managers, the “Managers” and either of them, the “Manager”, related parties all 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 Glovertwo Shipping Corporation (“Glovertwo”) (2) Zoe Panamax July 2013 Stalem Shipping Corporation (“Stalem”) (2)(15) 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 Gloverfive Shipping Corporation (“Gloverfive”) (2) Kypros Loyalty Panamax June 2015 Marilem Shipping Corporation (“Marilem”) (2)(13)(15) Kypros Spirit Panamax July 2016 Pemer Shipping Ltd. (“Pemer”) (1) Pedhoulas Merchant Kamsarmax March 2006 Pelea Shipping Ltd. (“Pelea”) (1) Pedhoulas Leader Kamsarmax March 2007 Vassone Shipping Corporation (“Vassone”) (2) Pedhoulas Commander Kamsarmax May 2008 Youngtwo Shipping Corporation (“Youngtwo”) (2) Pedhoulas Rose Kamsarmax January 2017 Subsidiary Vessel Name Type Built Pinewood Shipping Corporation (“Pinewood”) (2) Pedhoulas Cedrus Kamsarmax June 2018 Agros Shipping Corporation (“Agros”) (2) Vassos Kamsarmax May 2022 Yasudyo Shipping Corporation (“Yasudyo”) (2) Pedhoulas Trader Kamsarmax September 2023 Shimafive Shipping Corporation (“Shimafive”) (2) Morphou Kamsarmax October 2023 Shimaeight Shipping Corporation (“Shimaeight”) (2) Rizokarpaso Kamsarmax November 2023 Shimasix Shipping Corporation (“Shimasix”) (2) Ammoxostos Kamsarmax January 2024 Shimaseven Shipping Corporation (“Shimaseven”) (2) Kerynia Kamsarmax January 2024 Georgos Shipping Corporation (“Georgos”) (2) Pedhoulas Farmer Kamsarmax July 2024 Agonistis Shipping Corporation (“Agonistis”) (2) Pedhoulas Fighter Kamsarmax October 2024 Marinouki Shipping Corporation (“Marinouki”) (1) Marina Post-Panamax January 2006 Vasstwo Shipping Corporation (“Vasstwo”) (1) Xenia Post-Panamax August 2006 Soffive Shipping Corporation (“Soffive”) (1) Sophia Post-Panamax June 2007 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 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 Vaslem Shipping Corporation (“Vaslem”) (2)(15) Venus Harmony Post-Panamax November 2013 Shikokuepta Shipping Inc. (“Shikokuepta”) (2) Troodos Sun Post-Panamax January 2016 Kastrolem Shipping Corporation (“Kastrolem”) ( 2)(15) Troodos Air Post-Panamax March 2016 Monagrouli Shipping Corporation (“Monagrouli”) (2) Troodos Oak Post-Panamax April 2020 Lofou Shipping Corporation (“Lofou”) (2) Climate Respect Post-Panamax July 2022 Gloverthree Shipping Corporation (“Gloverthree”) (2) Climate Ethics Post-Panamax January 2023 Gloverseven Shipping Corporation (“Gloverseven”) (2) Climate Justice Post-Panamax June 2023 Shikokuennia Shipping Corporation (“Shikokuennia”) (2) Mount Troodos Capesize November 2009 Maxpente Shipping Corporation (“Maxpente”) (1) Kanaris Capesize March 2010 Eptaprohi Shipping Corporation (“Eptaprohi”) (1) Pelopidas Capesize November 2011 Metamou Shipping Corporation (“Metamou”) (2) Stelios Y Capesize March 2012 Armonikos Shipping Corporation (“Armonikos”) (2) Michalis H Capesize March 2012 Kyotofriendo One Shipping Corporation (“Kyotofriendo One”) (2) Aghia Sofia Capesize March 2012 Staloudi Shipping Corporation (“Staloudi”) (1) Maria Capesize January 2014 Maxtessera Shipping Corporation (“Maxtessera”) (2) Lake Despina Capesize January 2014 Shimanine Shipping Corporation (“Shimanine”) (2)(4) TBN - H 11115 Kamsarmax Q2 2025 Shimaten Shipping Corporation (“Shimaten”) (2)(4) TBN - H 11166 Kamsarmax Q2 2026 Shimaeleven Shipping Corporation (“Shimaeleven”) (2)(4) TBN - H 11167 Kamsarmax Q3 2026 Yasutria Shipping Corporation (“Yasutria”) (2)(4) TBN - H S6303 Kamsarmax Q4 2026 Kypriakes Aktes Inc. (“Kypriakes Aktes”) (2)(4)(20) TBN - H SS386 Kamsarmax Q4 2026 Kypriakes Grammes Inc. (“Kypriakes Grammes”) (2)(4)(20) TBN - H SS387 Kamsarmax Q1 2027 Shimatwelve Shipping Corporation (“Shimatwelve”) (2)(4) TBN - H 11202 Kamsarmax Q1 2027 Safe Bulkers Participations Plc. ("Safe Bulkers Participations") (3) — — — Gloversix Shipping Corporation (“Gloversix”) (2)(13) — — — Shikokuexi Shipping Inc. (“Shikokuexi”) (2) — — — Kyotofriendo Two Shipping Corporation (“Kyotofriendo Two”) (2)(14) — — — 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) — — — Petra Shipping Ltd. (“Petra”) (1)(16) — — — Maxeikositessera Shipping Corporation (“Maxeikositessera”) (2)(17) — — — Kerasies Shipping Corporation (“Kerasies”) (1)(18) — — — Youngone Shipping Corporation (“Youngone”) (2)(19) — — — Marathassa Shipping Corporation (“Marathassa”) (1)(5) — — — Maxdekatria Shipping Corporation (“Maxdekatria”) (1)(21) — — — Napalem Shipping Corporation (“Napalem”) (2)(14)(15) — — — 1. Incorporated under the laws of the Republic of Liberia. 2. Incorporated under the laws of the Republic of the Marshall Islands. 3. Safe Bulkers Participations is a wholly owned subsidiary of Safe Bulkers, incorporated under the laws of the Republic of Cyprus and is the holding company of five wholly owned subsidiaries: Vaslem, Napalem, Stalem, Kastrolem and Marilem. Safe Bulkers Participations has issued and listed an unsecured bond of euro 100 million to the Athens Stock Exchange. See Note 8. 4. Estimated completion date for newbuild vessels as of December 31, 2024. 5. The Company owned the Panamax class vessel Maritsa, built 2005, which was sold in February 2024 and delivered to her new owners in May 2024. 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. In February 2024, Gloversix entered into an agreement with Marilem for the sale of the Panamax class vessel Kypros Spirit , built 2016, which was delivered in March 2024. 14. In February 2024, Kyotofriendo Two entered into an agreement with Napalem for the purchase of the Panamax class vessel Paraskevi 2 , built 2011, which was delivered in February 2024. Subsequently, Paraskevi 2 was sold to a third party in March 2024 and delivered to her new owners in July 2024. 15. Wholly owned subsidiary of Safe Bulkers Participations. 16. The Company owned the Kamsarmax class vessel Pedhoulas Trader, built 2006, which was sold in September 2022 and delivered to her new owners in January 2023. 17. The Company owned the Panamax class vessel Efrossini , built 2012, which was sold in March 2023 and delivered to her new owners in July 2023. 18. The Company owned the Panamax class vessel Katerina, built 2004, which was sold in November 2023 and delivered to her new owners in December 2023. 19. The Company owned the Kamsarmax class vessel Pedhoulas Cherry, built 2015, which was sold in November 2023 and delivered to her new owners in February 2024. 20. The company entered into an agreement for the acquisition of a methanol dual fueled Kamsarmax class dry bulk newbuild vessel. 21. The Company owned the Post-Panamax class vessel Panayiota K, built 2010, which was sold in March 2024 and delivered to her new owners in April 2024. For the years ended December 31, 2022, 2023 and 2024 the following charterers individually accounted for more than 10% of the Company’s revenues as follows: December 31, 2022 2023 2024 Cargill International S.A. 17.71 % 16.69 % 12.32 % Nippon Yusen Kabushiki Kaisha — % — % 12.19 % Olam International Limited — % 10.18 % — % Viterra B.V. (ex-Glencore Agriculture B.V.) 15.81 % — % — %

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
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 : 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 and accordingly comprehensive income equals net income 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 income in the period in which they arise. Cash and Cash Equivalents : Cash and cash equivalents consist of current, call, time deposits and certificates of deposit with original maturities of three months or less and which are not restricted for use or withdrawal. Time Deposits : Time deposits are held with banks with original maturities longer than three months. In the event 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 $11,020 and $8,578 of bunkers and of $5,632 and $6,305 of lubricants as of December 31, 2023 and 2024, 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. Effective January 1, 2022, we changed the estimate of vessels' residual value, from a scrap rate of $182 per light weight ton to $375 per light weight ton. 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 income. 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 income. 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 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 income. 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. 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 is 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 term 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 income. 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 income . For the years ended December 31, 2022, December 31, 2023 and December 31, 2024 , 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 Not e 13. (b) Concentration of credit risk : Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of trade accounts receivable, cash and cash equivalents, time deposits and derivative instruments. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable 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 : 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 ASC 842 - Leases ("ASC 842"), 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, 2022, December 31, 2023 and December 31, 2024, there have been no instances where a vessel was employed under a voyage charter. Unearned revenue includes: (i) cash received prior to the balance sheet date relating to services to be rendered after the balance sheet date and (ii) deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Accrued revenue results from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of income. Taxes : Entities within the group that are incorporated under the laws of either the Republic of Liberia or the Republic of 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 income and none are considered income taxes. For our 2022, 2023 and 2024 taxable years, we believe 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 Chief Operating Decision Makers (“CODM”), the board of directors of the Company, receive financial information and evaluate the Company’s operations by charter revenues and not by the length, type of vessel or type of ship employment for its customers or by geographical region as the charterer is free to trade the vessel worldwide and as a result, the disclosure of geographic information is impracticable. The CODM do not use discrete financial information to evaluate the operating results for each such type of charter or vessel but are instead regularly provided with only the consolidated expenses as noted on the face of the consolidated statements of income. Although revenue can be identified for these types of charters or vessels, management cannot and does not identify expenses, profitability or other financial information for these various types of charters or vessels. As a result, management, including the CODM, reviews operating results solely by revenue and operating income of the fleet, and thus the Company has determined that it operates as one reportable segment. Recent Accounting Pronouncements: In November 2023, the FASB issued ASU 2023-07, which requires the disclosure of significant segment expenses that are part of an entity’s segment measure of profit or loss and regularly provided to the chief operating decision maker. In addition, it adds or makes clarifications to other segment-related disclosures, such as clarifying that the disclosure requirements in ASC 280 are required for entities with a single reportable segment and that an entity may disclose multiple measures of segment profit and loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be adopted retrospectively. The Company adopted ASU 2023-07 as of January 1, 2024 and its adoption did not have an impact on the Company’s financial statements or disclosures. Disclosure Improvements: In November 2024, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”. The amendments in this Update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity: 1. Disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (DD&A) (or other amounts of depletion expense) included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a)–(e). 2. Include certain amounts that are already required to be disclosed under current generally accepted accounting principles (GAAP) in the same disclosure as the other disaggregation requirements. 3. Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. 4. Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03 should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company evaluated the impact of this ASU on its financial statements and determined that there is no effect on its consolidated results of operations.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2024
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 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 Original Managers (the “Original Management Agreements”). The Original 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 Original 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 Original Managers. On May 29, 2021, the Company and the Original Managers agreed to extend the term of the Original Management Agreements until May 29, 2024. On April 1, 2022, Safe Bulkers signed a new management agreement with the New Manager, and together with the Original Management Agreements, the "Management Agreements". On May 29, 2024, the term of the Management Agreements were extended for an additional three-year period, until May 29, 2027. In accordance with the Management Agreements, the Managers receive: • Ship Management Fees comprised of a daily ship management fee of €950 per vessel, payable monthly in arrears to the respective Manager and an annual ship management fee of €5,000,000 payable quarterly in arrears to only one of the Managers. For the three-year period from May 29, 2021 to May 28, 2024 the daily ship management fee was €875 per vessel and the annual ship management fee was €3,500,000. • 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 No te 16). 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 Managers under the management agreements were $14 receivable and $0 payable as of December 31, 2023 and $829 receivable, representing the USD equivalent value of the European Union ("EU") allowances ("EUAs"), deriving from the EU Emissions Trading System ("EU ETS"), held by our Managers on behalf of the Company, a nd $33 payable as of December 31, 2024. The Fees charged by our Managers comprised the following: Year Ended December 31, 2022 2023 2024 Ship Management Fees $ 17,723 $ 19,199 $ 21,357 Supervision Fees 1,100 3,575 1,100 Commissions 1,870 2,157 2,150 B. Credit Facility During 2022, Eptaprohi, Soffive, Marinouki, Marathassa, Kerasies, Pemer and Lofou entered into a credit facility (refer to Note 8) with a financial institution for an amount up to $80,000 secured by the vessels owned by the respective subsidiaries. During 2023, Eptaprohi, Soffive, Marinouki, Marathassa, Kerasies, Pemer and Lofou agreed with that financial institution the extension of the tenor by six months, from June 2028 to December 2028, and changes in the margin of the credit facility. During 2023, the vessel owned by Kerasies was released from the security package, and during 2024, the vessel owned by Marathassa was released from the security package, in both cases without any amendment to the terms of the facility. One of the independent members of the board of directors of the Company currently serves as the Chief Executive Officer of this financial institution. All above 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. 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 was for a period from February 2014 until February 2023 with an annual lease payment initially agreed in 2014 in the amount of €63,000 equivalent to $67 as of December 31, 2022, adjusted annually based on the cost of construction as published in the National Institute of Statistics & Economic Studies of Monaco, plus expenses, and is recorded in “General and administrative expenses” in the Consolidated Statements of Income. In January 2023, the office space lease contract was renewed with an annual lease payment in the amount of €86,400, equivalent to $90 as of December 31, 2024, adjusted annually based on the cost of construction as published in the National Institute of Statistics & Economic Studies of Monaco, plus expenses, and is recorded in “General and administrative expenses” in the Consolidated Statements of Income. 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 8). 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, 2024
Property, Plant and Equipment [Abstract]
Vessels, Net	Vessels, Net Vessels, net are comprised of the following: Vessel Accumulated Net Book Balance, January 1, 2023 $ 1,438,790 $ (437,670) $ 1,001,120 Transfer from Advances for vessels 192,819 — 192,819 Vessels sale (46,330) 21,846 (24,484) Transfer to Assets held for sale (33,674) 9,866 (23,808) Depreciation — (54,129) (54,129) December 31, 2023 $ 1,551,605 $ (460,087) $ 1,091,518 Transfer from Advances for vessels 148,368 — 148,368 Vessels sales (61,734) 24,301 (37,433) Depreciation — (58,135) (58,135) December 31, 2024 $ 1,638,239 $ (493,921) $ 1,144,318 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”), sulfur oxide exhaust gas cleaning systems (“Scrubbers”), and vessel environmental upgrades and comprised: • During the year ended December 31, 2023: Delivery to the Company of the vessels Climate Justice, Climate Ethics, Pedhoulas Trader, Morphou and Rizokarpaso and BWTS and Scrubbers retrofitting and vessel improvements on several vessels; and • During the year ended December 31, 2024: Delivery to the Company of the vessels Ammoxostos, Kerynia, Pedhoulas Fighter and Pedhoulas Farmer and BWTS and Scrubbers retrofitting and vessel improvements on several vessels. Transfer to Assets held for sale during the year ended December 31, 2023 relates to the vessel Pedhoulas Cherry. Refer to Note 6. Vessel sales during the year ended December 31, 2023, represent the carrying value of the vessels Efrossini and Katerina which were sold during the year ended December 31, 2023, taking advantage of market opportunities. Vessel sales during the year ended December 31, 2024 represents the carrying value of the vessels Maritsa, Panayiota K and Paraskevi 2 which were sold during the year ended December 31, 2024, taking advantage of market opportunities. Consistent with prior practices, we reviewed all our vessels for impairment and none were found to be impaired at December 31, 2023 and December 31, 2024. As of December 31, 2024, 32 vessels owned by the Company with a carrying value of $740,722 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 12 vessels with a carrying value of $330,973 to secur e the relevant sale and lease back financing transactions. See further Note 8.

Advances for Vessels

Advances for Vessels	12 Months Ended
	Dec. 31, 2024
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, 2023 $ 76,280 Additions for advances, including capitalized expenses and interest 206,242 Transferred to vessel cost (refer to Note 4) (192,819) Balance, December 31, 2023 89,703 Additions for advances, including capitalized expenses and interest 143,869 Transferred to vessel cost (refer to Note 4) (148,368) Balance, December 31, 2024 $ 85,204 Advances paid for vessels represent advances paid for vessel acquisitions, vessels under construction and vessel improvements and comprise payments of installments 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, 2023 and December 31, 2024, such payments were made for the following vessels: • During the year ended December 31, 2023: advances for Climate Justice, Climate Ethics, Pedhoulas Trader, Morphou, Rizokarpaso, Ammoxostos, Kerynia, Pedhoulas Farmer, Pedhoulas Fighter, Hull 11115, Hull 11166, Hull 386 and Hull 387 and BWTS and Scrubbers retrofitting and improvements for several vessels; and • During the year ended December 31, 2024: advances for Ammoxostos, Kerynia, Pedhoulas Fighter and Pedhoulas Farmer, Hull 11115, Hull 11167, Hull 11202, Hull 6303, Hull 386 and Hull 387 and BWTS and Scrubbers retrofitting and improvements for several vessels.

Assets Held for Sale

Assets Held for Sale	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale	Assets Held for Sale Assets held for sale of $24,229 as of December 31, 2023 represent the carrying value of the vessel Pedhoulas Cherry of $23,808 plus $421 being 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 November 27, 2023, for her sale at a price of $26,625, which was consummated in February 2024 on delivery of the vessel to her new buyers. The Company, in the context of its plan to gradually renew its fleet by selling certain of its older vessels, in November 2023, 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. As of December 31, 2024, no vessels were held for sale.

Other financing liability

Other financing liability	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Other financing liability	Other financing liability In March 2023, the Company entered into a MoA to sell MV Efrossini to an unaffiliated third party at a gross sale price of $22,500 and charter her back for a period of ten MV Arethousa , and immediately taken back on charter by the Company. The transaction was assessed according to ASC 842-40 and ASC 606-10, and it was concluded that the transfer of the asset was a sale, and that the sale was not at fair value since the net sale price was greater than the fair value of the asset at the time the sale was consummated. The difference between the net sale price and the fair value of MV Efrossini at the time the sale was consummated amounting to $1,800 was recognized as other financing liability, amortized over the period of the lease, at each lease payment date, by an amount equal to the portion of the hire payments allocated to that liability. Furthermore, in accordance with ASC 842-20, as the non-cancelling lease term was less than 12 months the Company accounted for the transaction as a short term lease and did not recognize a right-of-use asset or a corresponding lease liability, instead the lease payments are recognized as an operating expense on a straight-line basis over the period of the lease. In July 2024 the Company extended the lease agreement for a new period of five four Other financing liability of $748 as of December 31, 2023 represents the outstanding balance of the reduction of the sale price plus interest accrued, net of the portion of the hire payments allocated to the financing liability, which was fully amortized over the original period of the lease, during the year ended December 31, 2024.

Long Term Debt

Long Term Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long term debt	Long Term Debt Long term debt is comprised of the following borrowings: December 31, Borrower Commencement Maturity 2023 2024 Safe Bulkers September 2021 September 2026 10,500 — Safe Bulkers December 2021 December 2026 20,600 — Monagrouli April 2020 April 2027 19,360 16,720 Pelea - Vasstwo - Eniaprohi - Vassone December 2018 December 2028 23,750 17,750 Staloudi - Marilem - Kastrolem April 2024 April 2029 — 40,800 Shimafive October 2023 October 2030 25,500 22,500 Shimaseven January 2024 January 2031 — 22,875 Sub Total Term Loan credit facility 99,710 120,645 Safe Bulkers December 2021 December 2026 13,000 — Eptaprohi - Soffive - Marinouki - Marathassa - Pemer - Lofou December 2022 December 2028 50,000 60,000 Armonikos - Metamou - Vaslem - Stalem August 2024 August 2029 — 20,000 Pentakomo - Maxdekatria - Gloverthree - Gloverseven June 2023 June 2031 30,000 25,000 Sub Total Revolving credit facility 93,000 105,000 Maxdeka November 2019 August 2025 12,821 10,589 Shikoku November 2019 August 2025 13,486 11,138 Shikokutessera November 2019 August 2025 13,216 10,972 Glovertwo November 2019 August 2025 12,342 10,200 Maxtessera April 2021 October 2026 21,401 17,925 Kyotofriendo One September 2022 September 2027 21,737 18,689 Pinewood February 2021 February 2031 18,823 16,951 Shikokuepta August 2021 August 2031 19,167 17,167 Agros May 2022 May 2032 23,197 21,450 Yasudyo September 2023 September 2033 29,051 27,251 Shimaeight November 2023 November 2033 27,616 25,750 Shimasix January 2024 January 2034 — 28,000 Sub Total Sale and leaseback financing 212,857 216,082 Safe Bulkers Participations February 2022 February 2027 110,364 103,864 Sub Total Bond 110,364 103,864 Total 515,931 545,591 Current portion of long-term debt 27,156 60,799 Long-term debt 488,775 484,792 Total debt 515,931 545,591 Current portion of deferred financing costs 2,375 2,608 Deferred financing costs non-current 6,384 6,342 Total deferred financing costs 8,759 8,950 Total debt 515,931 545,591 Less: Total deferred financing costs 8,759 8,950 Total debt, net of deferred financing costs 507,172 536,641 Less: Current portion of long-term debt, net of current portion of deferred financing costs 24,781 58,191 Long-term debt, net of deferred financing costs, non-current 482,391 478,450 A. Term Loan Credit Facilities & Revolving Credit Facilities During 2018, Pelea, Vasstwo, Eniaprohi and Vassone entered into a term loan 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 2022, the maturity of the facility was extended to December 2028. During 2020, Monagrouli entered into a term loan 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. In September 2021, Safe Bulkers amended one of its credit facilities with a financial institution 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 drawdown capacity of up to $30,000. In January 2024, the vessel owned by Youngone was released from the security package, and the availability of the revolving credit facility tranche was reduced by $5,000. In December 2024, the outstandings of the term loan tranche were prepaid in full. As of December 31, 2024, no amount was outstanding and an amount of $25,000 was available for drawdown under the reducing revolving credit facility tranche. In December 2024, Safe Bulkers entered into a new reducing revolving credit facility with the same financial institution for an amount of up to $100,000, which will refinance the facility secured by the vessels owned by Eniadefhi, Maxdodeka, Gloverfour and Gloverfive . The new facility will be available for drawing in September 2025, has a tenor of six years and will be further secured by the vessels owned by Georgos and Agonistis. In December 2021, Safe Bulkers entered into a credit facility with a financial institution for an amount up to $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 drawdown capacity of up to $50,000. In July 2023, the vessel owned by Maxeikositessera was released from the security package, and in September 2023, the vessel owned by Shikokuokto was added to the security package, in both cases without any amendment of either the term loan tranche or the availability of the reducing revolving credit facility tranche. In December 2024, the outstandings of the term loan tranche were prepaid in full. As of December 31, 2024, no amount was outstanding and an amount of $50,000 was available for drawdown under the reducing revolving credit facility tranche. In December 2022, Eptaprohi, Soffive, Marinouki, Marathassa, Kerasies, Pemer and Lofou entered into a revolving reducing credit facility with a financial institution for an amount up to $80,000 secured by the vessels owned by them. During the year ended December 31, 2023, the maturity of the revolving reducing credit facility was extended from June 2028 to December 2028 and its margin was amended. In December 2023, the vessel owned by Kerasies was released from the security package without any amendment in the availability of the reducing revolving credit facility. In April 2024, the vessel owned by Marathassa was released from the security package without any amendment in the availability of the reducing revolving credit facility. As of December 31, 2024, an amount of $60,000 was outstanding and an amount of $10,600 was available for drawdown under this reducing revolving credit facility. During 2022, Shimafive entered into a term loan credit facility with a financial institution for $25,500, regarding the newbuild vessel Shimafive had agreed to acquire. The credit facility was drawn down in October 2023 upon delivery of the newbuild vessel. During 2022, Shimaseven entered into a term loan credit facility with a financial institution for $25,500, regarding the newbuild vessel Shimaseven had agreed to acquire. The credit facility was drawn down in January 2024 upon delivery of the newbuild vessel. In January 2023, Pentakomo, Maxdekatria, Gloverthree,and Gloverseven entered into a credit facility with a financial institution for a reducing revolving credit facility providing for a drawdown capacity of up to $67,500, to be converted to a term loan credit facility in June 2026. The facility was made available in June 2023, upon delivery of the newbuild vessel Gloverseven had agreed to acquire. In March 2024, the vessel owned by Maxdekatria was released from the security package, and the availability of the revolving credit facility tranche was reduced by $9,050. As of December 31, 2024, an amount of $25,000 was outstanding and an amount of $25,850 was available for drawdown under this reducing revolving credit facility. In April 2024, Kastrolem, Marilem, and Staloudi entered into a term loan credit facility with a financial institution for an amount up to $48,000 secured by the vessels owned by them. The credit facility was drawn down in April 2024. In August 2024, Armonikos, Metamou, Vaslem and Stalem entered into a revolving reducing credit facility with a financial institution for an amount up to $50,000 secured by the vessels owned by them. As of December 31, 2024, an amount of $20,000 was outstanding and an amount of $28,750 was available for drawdown under this reducing revolving credit facility. B. Sale and Leaseback Financings 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 twelve such facilities outstanding as of December 31, 2024, 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. 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 held 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 had 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. The purchase options were exercised in August 2024, and all four vessels will be acquired back in August 2025, when all outstanding amounts under these sale and leaseback agreements will be repaid. 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. 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. 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. 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. Agros entered into a sale and leaseback agreement in October 2020, with an unrelated third party, regarding the newbuild vessel Agros had agreed to acquire. The transaction was consummated in May 2022 upon delivery of the vessel to Agros. 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, 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. Kyotofriendo One entered into a sale and leaseback agreement in September 2022 with an unrelated third party regarding the vessel owned by Kyotofriendo One. The transaction was consummated in September 2022. Under the agreement, the vessel was sold and leased back on a bareboat charter basis for a period of five years, with a purchase obligation at the end of the 5th year. Furthermore, Kyotofriendo One 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 Kyotofriendo One to purchase the vessel at the end of the bareboat charter, the Company has assessed that this transaction be recorded as a financing transaction. Yasudyo entered into a sale and leaseback agreement in March 2023, with an unrelated third party, regarding the newbuild vessel Yasudyo had agreed to acquire. The transaction was consummated in September 2023 upon delivery of the vessel to Yasudyo. 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, Yasudyo 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 Yasudyo to purchase the vessel at the end of the bareboat charter, the Company has assessed that this transaction be recorded as a financing transaction. Shimaeight entered into a sale and leaseback agreement in October 2023, with an unrelated third party, regarding the newbuild vessel Shimaeight had agreed to acquire. The transaction was consummated in November 2023 upon delivery of the vessel to Shimaeight. 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, Shimaeight 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 Shimaeight to purchase the vessel at the end of the bareboat charter, the Company has assessed that this transaction be recorded as a financing transaction. Shimasix entered into a sale and leaseback agreement in December 2023, with an unrelated third party, regarding the newbuild vessel Shimasix had agreed to acquire. The transaction was consummated in January 2024 upon delivery of the vessel to Shimasix. 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, Shimasix 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 Shimasix to purchase the vessel at the end of the bareboat charter, the Company has assessed that this transaction be recorded as a financing transaction. Our financing facilities bear interest at SOFR plus a margin plus a credit adjustment spread where applicable, except for the Kyotofriendo One sale and leaseback transaction and a portion of each of Shikokutessera, Maxdeka, Shikoku, Glovertwo and Maxtessera sale and leaseback transactions. A portion of each of the Shikokutessera, Maxdeka, Shikoku, Glovertwo and Maxtessera financing 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 financing facilities are generally repayable by monthly or quarterly principal installments and a balloon payment due on maturity. The fair value of debt outstanding on December 31, 2024 amounted to $446,902 when valuing the Shikokutessera, Maxdeka, Shikoku, Glovertwo, Maxtessera and Kyotofriendo One loan facilities on the basis of the deemed equivalent fixed rate, as applicable on December 31, 2024, which are considered to be Level 2 items in accordance with the fair value hierarchy. As of December 31, 2024, a total amount of $140,200 was available for drawdown under the reducing revolving credit facilities and reducing revolving credit facility tranches. Our term loan and reducing revolving 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; and • Guarantee from Safe Bulkers in respect of facilities entered into by Subsidiaries. The financing 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%, 112%, 120%, 125% 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 financing 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, Shikokuepta, Agros, Kyotofriendo One, Yasudyo, Shimaeight and Shimasix financing agreements. The EBITDA Covenant does not apply to the Monagrouli, Shimafive and Shimaseven loan facilities. The Minimum Value Covenant does not apply to the Maxdeka, Shikoku, Shikokutessera, Glovertwo and Maxtessera financing agreements. As of December 31, 2024, the Company was in compliance with all debt covenants in effect, with respect to its financing facilities. C. Unsecured Bond In February 2022, the Company, through its wholly owned subsidiary, Safe Bulkers Participations Plc (the “Issuer”), issued €100,000,000 of unsecured bonds to investors and listed the bonds on the Athens Exchange (the "Bond"). The Bond matures in February 2027 and carries a coupon of 2.95%, payable semi-annually. The bond offering was completed on February 11, 2022, and the trading of the bonds on the Athens Exchange commenced on February 14, 2022. The Bond can be called in part (pro rata) or in full by the Issuer on any coupon payment date, after the second anniversary and until six months prior to maturity. If the Bond is redeemed (in part or in full) on i) the 5th and/or 6th coupon payment date, bondholders will receive a premium of 1.5% on the nominal amount of the bond redeemed, ii) the 7th and/or 8th coupon payment date, bondholders will receive a premium of 0.5% on the nominal amount of the bond redeemed; and iii) the 9th coupon payment date, no premium shall be paid for a redemption. In case there is a material change in the tax treatment of the Bond for the Issuer, then the Issuer has the right, at any time, to fully prepay the Bond without paying any premium. The Issuer can exercise the early redemption right in part, one or more times, by prepaying each time a nominal amount of bonds equal to at least €10,000,000, provided that the remaining nominal amount of the bonds after the early redemption is not lower than €50,000,000. As of December 31, 2024, the outstanding balance of the Bond amounted to $103,864. The fair value of the Bond determined through Level 1 of the fair value hierarchy as at December 31, 2024, amounted to €98,000,000 or $101,787. The Bond includes the following financial covenants for the Company: • 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%; • 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 ratio of EBITDA over consolidated interest expense must not be less than 2.0:1, on a trailing 12 months’ basis; and • a minimum of 30% of its voting and ownership rights shall remain directly or indirectly beneficially owned by the Hajioannou family for the duration of the Bond. As of December 31, 2024, the Company was in compliance with all covenants in effect, with respect to the Bond. The estimated minimum annual principal payments required to be made after December 31, 2024, based on the above credit facilities, sale and leaseback financings and the Bond are as follows: To December 31, 2025 $ 60,799 2026 47,623 2027 164,765 2028 78,258 2029 62,708 2030 and thereafter 131,438 Total $ 545,591 Total interest incurred on long-term debt for the years ended December 31, 2022, December 31, 2023 and December 31, 2024 amounted to $17,651, $27,285 and $33,011, respectively, which includes interest capitalized of $513, $2,578 and $1,636 for the years ended December 31, 2022, December 31, 2023 and December 31, 2024, respectively. The average interest rate (including the margin in the case of credit facilities and sale and leaseback financings and the coupon of the Bond) for all long-term debt during the years December 31, 2022, December 31, 2023 and December 31, 2024 was 3.255% p.a., 6.034% p.a. and 6.358% p.a., respectively.

Share Capital

Share Capital	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Share Capital	Share Capital As of December 31, 2023 and December 31, 2024, the Company had 200,000,000 shares of authorized common stock of $0.001 par value, of which 111,607,828 and 105,288,996 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, 2023 and December 31, 2024, the Company had 20,000,000 shares of authorized preferred stock of $0.01 par value, of which 804,950 and 804,950 S eries 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, respectivel y. In addition, one million 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 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. The ATM Program was terminated in May 2023, upon when 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. In June 2022, the Company implemented a program for the repurchase of up to 5,000,000 shares of its common stock. In March 2023, the Company announced an increase of this share repurchase program, authorizing the Company to purchase up to an aggregate of 10,000,000 shares of the Company’s Common Stock. The program was completed in May 2023, and an amount of 10,000,000 shares of common stock was repurchased and canceled pursuant to it. In May 2023, the Company announced a new program for the repurchase of up to 5,000,000 shares of its common stock. In July 2023, the Company terminated the program, having repurchased and canceled an amount of 139,891 shares of common stock. In November 2023, the Company authorized a program for the repurchase of up to 5,000,000 shares of its common stock. In April 2024, the Company terminated the program, having repurchased and canceled an amount of 4,860,953 shares of common stock. In November 2024, the Company authorized a program for the repurchase of up to 5,000,000 shares of its common stock. In December 2024, the Company terminated the program, having repurchased and canceled an amount of 1,488,690 shares of common stock. Purchases under all previously announced repurchase programs were made in the open market and in compliance with applicable laws and regulations. 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 $15.0 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, 2022, December 31, 2023 and December 31, 2024, 17,448 shares, 18,487 shares and 12,325 shares, respectively, were issued to the audit committee chairman and 17,448 shares, 23,497 shares and 18,486 shares, respectively, were issued in aggregate to the 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 2022, the Company issued a notice of redemption of 1,492,554 of the outstanding Series C Preferred Shares. The redemption was completed on April 29, 2022, at a redemption price of $25.00 per Series C Preferred Share in the amount of $37,314 plus all accumulated and unpaid dividends to, but excluding, the redemption date, of $738. Following the redemption, there were 804,950 Series C Preferred Shares outstanding, as of December 31, 2024. The payment due upon liquidation to holders of any series of the Company’s preferred shares is fixed at the redemption preference of $25.00 per share plus accumulated and unpaid dividends to the date of liquidation. The liquidation price of the Series C Preferred Shares and Series D Preferred Shares as of December 31, 2024 was $20,405 and $80,995 , respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
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 Total 2025 $ 38,916 $ 1,195 $ 40,111 2026 106,064 3,817 109,881 2027 55,098 1,400 56,498 Total $ 200,078 $ 6,412 $ 206,490 (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, 2024
Revenues [Abstract]
Revenues	Revenues Revenues are comprised of the following: Year Ended December 31 2022 2023 2024 Time charter revenue $ 351,006 $ 290,440 $ 316,553 Other income 13,044 4,953 4,126 Total 364,050 295,393 320,679 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, 2022, 2023 and 2024, the Company generated revenue from its time charters of $351,006, $290,440 and $316,553, 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 in compliance to legislation effective January 1, 2020. This premium may be fixed as part of the daily charter rate or may vary based on actual consumption, such variable consideration amounted to $29,628, $34,623 and $21,538 and is included in time charter revenue for the years ended December 31, 2022, 2023 and 2024, respectively. As of December 31, 2024 , the time charters under which the Company vessels were employed had remaining term ranging from less than one month to twelve months based on the minimum duration of the contracts, excluding six vessels, two of which were employed under a time charter for an original duration of two years, one of which was employed under time charter for an original duration of three years, two of which were employed under a time charter for an original duration of four years and one vessel which was on long term time charter for a period of twenty years, with a remaining tenor ranging between one As of December 31, 2024

Vessel Operating Expenses

Vessel Operating Expenses	12 Months Ended
	Dec. 31, 2024
Operating Expenses [Abstract]
Vessel Operating Expenses	Vessel Operating Expenses Vessel operating expenses are comprised of the following: Year Ended December 31, 2022 2023 2024 Crew wages and related costs $ 38,083 $ 39,473 $ 40,937 Insurance 4,749 5,263 5,668 Repairs, maintenance and drydocking costs 12,148 16,354 16,223 Spares, stores and provisions 16,623 18,738 20,668 Lubricants 5,068 5,479 5,161 Taxes 674 606 575 Miscellaneous 2,866 3,288 3,369 Total $ 80,211 $ 89,201 $ 92,601

Fair Value of Financial Instrum

Fair Value of Financial Instruments and Derivatives Instruments	12 Months Ended
	Dec. 31, 2024
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, foreign exchange forward contracts, 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, 2024. 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. During the year ended December 31, 2023, the Company or its Subsidiaries entered into certain interest rate derivative contracts which were all terminated during the same year. As a result there were no interest rate derivative contracts outstanding as of December 31, 2023. No interest rate derivative contracts were entered into during the year ended December 31, 2024. Foreign Exchange Forward Contracts The Company from time to time may enter into foreign exchange forward contracts to create economic hedges for its exposure to currency exchange risk on payments relating to capital expenditure obligations, the redemption of the Bond 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, 2023, the Company had five outstanding derivative instruments relating to currency exchange contracts for an aggregate amount of €45,000,000 or $48,917, with maturity in November 2026. As of December 31, 2024, the Company had seven outstanding derivative instruments relating to currency exchange contracts for an aggregate amount of €60,000,000 or $65,343, with maturity in November 2026. Bunker Fuel Contracts During the year ended December 31, 2023 the Company entered into a certain number of contracts to buy or sell the spread differential between the price per ton of the 0.5% and 3.5% sulfur content fuel 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, 2024 the Company did not enter into any such contracts. Forward Freight Agreements (“FFA”) During the years ended December 31, 2023 and December 31, 2024, the Company entered into a certain number of FFA on the Panamax and Capesize indices maturing in 2023 and 2024 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 income. Information on the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains/losses in the consolidated statements of income are shown below: Derivatives not designated as hedging instruments Asset Derivatives Liability Derivatives Type of Balance sheet location December 31, 2023 December 31, 2024 December 31, 2023 December 31, 2024 Forward Freight Derivative assets/ Current assets $ 8 $ — $ — $ — Foreign Currency Derivative assets / Non-current assets 2,669 672 — — Bunker Fuel Derivative liabilities / Current liabilities — — 292 — Forward Freight Derivative liabilities / Current liabilities — — 234 — Foreign Currency Derivative liabilities / Non-current liabilities — — — 1,419 Total Derivatives $ 2,677 $ 672 $ 526 $ 1,419 Amount of Gain/(loss) Recognized on Derivatives Year ended December 31, 2022 2023 2024 Forward Freight $ 7,066 $ (1,681) $ (485) Foreign Currency 862 1,819 (3,380) Interest Rate Contracts 5,327 338 — Bunker Fuel Contracts (4,532) 47 195 Net Gain/(loss) Recognized $ 8,723 $ 523 $ (3,670) The gain or loss is recognized in the consolidated statement of income 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 SOFR swap rate. The fair value of the interest rate swaps is determined using a discounted cash flow approach based on expected forward SOFR swap yield curves and takes into account the credit risk of the counterparty financial institutions. SOFR 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, 2023 and December 31, 2024. Significant Other Observable Inputs December 31, 2023 December 31, 2024 Derivative instruments – asset position $ 2,677 $ 672 Derivative instruments – liability position 526 1,419

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2024
Accrued Liabilities [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities are comprised of the following: December 31, 2023 2024 Interest on long-term debt $ 2,910 $ 8,254 Vessels’ operating and voyage expenses 3,413 2,610 Commissions 512 644 Interest on derivatives and other finance expenses 1,316 104 General and administrative expenses 232 195 Total $ 8,383 $ 11,807

Future Minimum Time Charter Rev

Future Minimum Time Charter Revenue	12 Months Ended
	Dec. 31, 2024
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 existing vessels committed to spot and period non-cancellable time charter contracts (including fixture recaps) which includes contracted revenue linked to the BPI and BCI index calculated as of December 31, 2024, is as follows: December 31, 2025 $ 104,498 2026 34,134 2027 27,547 2028 15,550 2029 9,227 Thereafter 13,778 Total $ 204,734 Revenues from time charters are not generally received when a vessel is off-hire, including time required for normal periodic maintenance. In arriving at the minimum future charter revenues, an estimated off-hire time has been deducted, although such estimate may not be reflective of the actual off-hire in the future.

General and Administrative Expe

General and Administrative Expenses	12 Months Ended
	Dec. 31, 2024
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, 2022, December 31, 2023 and December 31, 2024 were as follows: December 31, 2022 2023 2024 Management fees – related parties $ 17,723 $ 19,199 $ 21,357 Professional fees (legal and accounting) 1,023 1,070 966 Directors fees and expenses 802 781 741 Listing fees and expenses 181 128 100 Environmental, Social and Governance expenses 97 216 1,427 Miscellaneous 1,976 2,369 2,444 Total 21,802 23,763 27,035

Unearned Revenue_Accrued Revenu

Unearned Revenue/Accrued Revenue	12 Months Ended
	Dec. 31, 2024
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, 2023 2024 Unearned Revenue Cash received in advance of service provided – Current liability $ 6,682 $ 3,898 Deferred revenue resulting from varying charter rates – Current liability 4,171 2,640 Deferred revenue resulting from varying charter rates – Non-Current liability 3,248 2,624 Total Unearned Revenue $ 14,101 $ 9,162 Accrued Revenue Resulting from varying charter rates – Current asset 477 903 Resulting from varying charter rates – Non-Current asset 87 — Total Accrued Revenue $ 564 $ 903

Gain on Sale of Assets

Gain on Sale of Assets	12 Months Ended
	Dec. 31, 2024
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 three vessels concluded during the year ended December 31, 2023 and four vessels during the year ended December 31, 2024. No vessels were sold during the year ended December 31, 2022. Summary of the transactions is presented in the table below: Years Ended December 31, 2022 2023 2024 Gain on sale of assets $ — $ 10,375 $ 16,555 Vessel name Type Built Gross sale price Gain Delivery to new owners Pedhoulas Trader Kamsarmax 2006 15,900 4,637 January 2023 Efrossini Panamax 2012 22,500 3,316 July 2023 Katerina Panamax 2004 10,200 2,422 December 2023 Total gain in 2023 $ 10,375 Vessel name Type Built Gross sale price Gain Delivery to new owners Pedhoulas Cherry Kamsarmax 2015 26,625 2,265 February 2024 Panayiota K Post-Panamax 2010 20,450 2,292 April 2024 Maritsa Panamax 2005 12,200 4,324 May 2024 Paraskevi 2 Panamax 2011 20,300 7,674 July 2024 Total gain in 2024 $ 16,555

Dividends

Dividends	12 Months Ended
	Dec. 31, 2024
Dividends [Abstract]
Dividends	Dividends During 2022, the Company declared and paid four quarterly consecutive dividends of $0.05 per common share totaling $24,142. During 2023, the Company declared and paid four quarterly consecutive dividends of $0.05 per common share totaling $22,678. During 2024, the Company declared and paid four quarterly consecutive dividends of $0.05 per common share totaling $21,502. During 2022, the Company declared and paid four quarterly consecutive dividends of $0.50 per share of Series C Preferred Shares, totaling $2,356, and four quarterly consecutive dividends of $0.50 per share of Series D Preferred Shares, totaling $6,390. During 2023, the Company declared and paid four quarterly consecutive dividends of $0.50 per share of Series C Preferred Shares, totaling $1,610, and four quarterly consecutive dividends of $0.50 per share of Series D Preferred Shares, totaling $6,390. During 2024, the Company declared and paid four quarterly consecutive dividends of $0.50 per share of Series C Preferred Shares, totaling $1,610, and four quarterly consecutive dividends of $0.50 per share of Series D Preferred Shares, totaling $6,390.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Diluted earnings per share are the same as basic earnings per share. There are no potentially dilutive shares. The computation of basic earnings per share is presented as follows: December 31, 2022 2023 2024 Net income $ 172,554 $ 77,351 $ 97,376 Less preferred dividend attributable to preferred shareholders 8,978 8,000 8,000 Net income available to common shareholders $ 163,576 $ 69,351 $ 89,376 Weighted average number of shares, basic and diluted 120,653,507 113,619,092 107,576,009 Earnings per share in U.S. Dollars, basic and diluted $ 1.36 $ 0.61 $ 0.83

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events (a) Dividend declaration - preferred stock Series C and Series D : In January 2025, the board of directors declared a dividend of $0.50 per share of all classes of preferred shares, totaling $2,000, payable to all shareholders of record as of January 17, 2025, which was paid on January 30, 2025. (b) Dividend declaration - common stock : In February 2025, the board of directors declared a dividend of $0.05 per share of common stock, totaling $5,265 payable to all shareholders of record of the Company's common stock at the closing of trading on March 3, 2025, which will be paid on March 21, 2025. (c) Repurchase program - common stock: In February 2025, we authorized a repurchase program for up to 3,000,000 shares of Common Stock. The program supersedes any prior repurchase program of the Company. As of March 10, 2025, the Company had repurchased and cancelled an amount of 455,685 shares of Common Stock under the program.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 97,376	$ 77,351	$ 172,554

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our organization integrates cybersecurity risk management into our overall risk management strategy. This includes regular risk assessments to identify potential cybersecurity threats and working with external cybersecurity experts. We also oversee cybersecurity risks with third-party service providers. We assess the impact of cybersecurity threats on our business, including our strategic direction, operational performance, and financial stability, using insights from any past cybersecurity incidents. Additionally, we have established cybersecurity processes, which we regularly update to address material cybersecurity risks, trends and threats, including in connection with network and systems security and standards, cryptography, third-party management, access and remote access control, log and patch management, mobile devices, security on specific environments and incidents management. We deploy methods of defense to provide levels of protection against cybersecurity threats including monitoring of cybersecurity threats or incidents committed against other companies with the purpose to remain current with the latest trends, making improvements to our defense. We perform penetration tests and attack simulations to assess our protections and our detections capabilities. We utilize third party partner services of a cybersecurity center in charge of prevention, detection, mitigation, reporting and remediation of cybersecurity incidents including cybersecurity threats, attacks and security breaches. We train our employees through third party held cyber awareness training including phishing campaigns, for areas including phishing techniques, information security, ransomware, passwords policies with the purpose to better identify, avoid and face cybersecurity threats and attacks. Our enterprise risk management includes an integrated quarterly risk assessment procedure to identify and address material risks to the Company's information technology infrastructure.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our organization integrates cybersecurity risk management into our overall risk management strategy. This includes regular risk assessments to identify potential cybersecurity threats and working with external cybersecurity experts. We also oversee cybersecurity risks with third-party service providers.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	In terms of governance of cybersecurity risks, during 2024, we have appointed a certified information security manager who oversees our information, cybersecurity, and technology security. The information security manager reports quarterly to the Audit Committee which is dedicated to this area and is overseen by our board of directors, with the audit committee dedicated to this area.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	In terms of governance of cybersecurity risks, during 2024, we have appointed a certified information security manager who oversees our information, cybersecurity, and technology security. The information security manager reports quarterly to the Audit Committee which is dedicated to this area and is overseen by our board of directors, with the audit committee dedicated to this area. This group receives regular updates on cybersecurity matters.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Management, including specific roles and the audit committee with cybersecurity expertise, handles the ongoing assessment and management of these risks. Their responsibilities include monitoring cybersecurity threats, managing incidents, and communicating with the board of directors.
Cybersecurity Risk Role of Management [Text Block]	Management, including specific roles and the audit committee with cybersecurity expertise, handles the ongoing assessment and management of these risks.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	certified information security manager
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Management, including specific roles and the audit committee with cybersecurity expertise
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	This group receives regular updates on cybersecurity matters. Management, including specific roles and the audit committee with cybersecurity expertise, handles the ongoing assessment and management of these risks. Their responsibilities include monitoring cybersecurity threats, managing incidents, and communicating with the board of directors
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
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 and Dividends	Other Comprehensive Income : 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 and accordingly comprehensive income equals net income 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 income in the period in which they arise.
Cash and Cash Equivalents	Cash and Cash Equivalents : Cash and cash equivalents consist of current, call, time deposits and certificates of deposit with original maturities of three months or less and which are not restricted for use or withdrawal.
Time Deposits	Time Deposits : Time deposits are held with banks with original maturities longer than three months. In the event 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 $11,020 and $8,578 of bunkers and of $5,632 and $6,305 of lubricants as of December 31, 2023 and 2024, 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. Effective January 1, 2022, we changed the estimate of vessels' residual value, from a scrap rate of $182 per light weight ton to $375 per light weight ton. 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 income. 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 income.
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 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 income. 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 is 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 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 term 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 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 income. 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 income . For the years ended December 31, 2022, December 31, 2023 and December 31, 2024 , 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 Not e 13. (b) Concentration of credit risk : Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of trade accounts receivable, cash and cash equivalents, time deposits and derivative instruments. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable 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 ASC 842 - Leases ("ASC 842"), 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, 2022, December 31, 2023 and December 31, 2024, there have been no instances where a vessel was employed under a voyage charter. Unearned revenue includes: (i) cash received prior to the balance sheet date relating to services to be rendered after the balance sheet date and (ii) deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Accrued revenue results from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of income.
Taxes	Taxes : Entities within the group that are incorporated under the laws of either the Republic of Liberia or the Republic of 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 income and none are considered income taxes. For our 2022, 2023 and 2024 taxable years, we believe 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 Chief Operating Decision Makers (“CODM”), the board of directors of the Company, receive financial information and evaluate the Company’s operations by charter revenues and not by the length, type of vessel or type of ship employment for its customers or by geographical region as the charterer is free to trade the vessel worldwide and as a result, the disclosure of geographic information is impracticable. The CODM do not use discrete financial information to evaluate the operating results for each such type of charter or vessel but are instead regularly provided with only the consolidated expenses as noted on the face of the consolidated statements of income. Although revenue can be identified for these types of charters or vessels, management cannot and does not identify expenses, profitability or other financial information for these various types of charters or vessels. As a result, management, including the CODM, reviews operating results solely by revenue and operating income of the fleet, and thus the Company has determined that it operates as one reportable segment.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In November 2023, the FASB issued ASU 2023-07, which requires the disclosure of significant segment expenses that are part of an entity’s segment measure of profit or loss and regularly provided to the chief operating decision maker. In addition, it adds or makes clarifications to other segment-related disclosures, such as clarifying that the disclosure requirements in ASC 280 are required for entities with a single reportable segment and that an entity may disclose multiple measures of segment profit and loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be adopted retrospectively. The Company adopted ASU 2023-07 as of January 1, 2024 and its adoption did not have an impact on the Company’s financial statements or disclosures. Disclosure Improvements: In November 2024, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”. The amendments in this Update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity: 1. Disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (DD&A) (or other amounts of depletion expense) included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a)–(e). 2. Include certain amounts that are already required to be disclosed under current generally accepted accounting principles (GAAP) in the same disclosure as the other disaggregation requirements. 3. Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. 4. Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03 should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company evaluated the impact of this ASU on its financial statements and determined that there is no effect on its consolidated results of operations.

Basis of Presentation and Gen_2

Basis of Presentation and General Information (Tables)	12 Months Ended
	Dec. 31, 2024
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 Glovertwo Shipping Corporation (“Glovertwo”) (2) Zoe Panamax July 2013 Stalem Shipping Corporation (“Stalem”) (2)(15) 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 Gloverfive Shipping Corporation (“Gloverfive”) (2) Kypros Loyalty Panamax June 2015 Marilem Shipping Corporation (“Marilem”) (2)(13)(15) Kypros Spirit Panamax July 2016 Pemer Shipping Ltd. (“Pemer”) (1) Pedhoulas Merchant Kamsarmax March 2006 Pelea Shipping Ltd. (“Pelea”) (1) Pedhoulas Leader Kamsarmax March 2007 Vassone Shipping Corporation (“Vassone”) (2) Pedhoulas Commander Kamsarmax May 2008 Youngtwo Shipping Corporation (“Youngtwo”) (2) Pedhoulas Rose Kamsarmax January 2017 Subsidiary Vessel Name Type Built Pinewood Shipping Corporation (“Pinewood”) (2) Pedhoulas Cedrus Kamsarmax June 2018 Agros Shipping Corporation (“Agros”) (2) Vassos Kamsarmax May 2022 Yasudyo Shipping Corporation (“Yasudyo”) (2) Pedhoulas Trader Kamsarmax September 2023 Shimafive Shipping Corporation (“Shimafive”) (2) Morphou Kamsarmax October 2023 Shimaeight Shipping Corporation (“Shimaeight”) (2) Rizokarpaso Kamsarmax November 2023 Shimasix Shipping Corporation (“Shimasix”) (2) Ammoxostos Kamsarmax January 2024 Shimaseven Shipping Corporation (“Shimaseven”) (2) Kerynia Kamsarmax January 2024 Georgos Shipping Corporation (“Georgos”) (2) Pedhoulas Farmer Kamsarmax July 2024 Agonistis Shipping Corporation (“Agonistis”) (2) Pedhoulas Fighter Kamsarmax October 2024 Marinouki Shipping Corporation (“Marinouki”) (1) Marina Post-Panamax January 2006 Vasstwo Shipping Corporation (“Vasstwo”) (1) Xenia Post-Panamax August 2006 Soffive Shipping Corporation (“Soffive”) (1) Sophia Post-Panamax June 2007 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 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 Vaslem Shipping Corporation (“Vaslem”) (2)(15) Venus Harmony Post-Panamax November 2013 Shikokuepta Shipping Inc. (“Shikokuepta”) (2) Troodos Sun Post-Panamax January 2016 Kastrolem Shipping Corporation (“Kastrolem”) ( 2)(15) Troodos Air Post-Panamax March 2016 Monagrouli Shipping Corporation (“Monagrouli”) (2) Troodos Oak Post-Panamax April 2020 Lofou Shipping Corporation (“Lofou”) (2) Climate Respect Post-Panamax July 2022 Gloverthree Shipping Corporation (“Gloverthree”) (2) Climate Ethics Post-Panamax January 2023 Gloverseven Shipping Corporation (“Gloverseven”) (2) Climate Justice Post-Panamax June 2023 Shikokuennia Shipping Corporation (“Shikokuennia”) (2) Mount Troodos Capesize November 2009 Maxpente Shipping Corporation (“Maxpente”) (1) Kanaris Capesize March 2010 Eptaprohi Shipping Corporation (“Eptaprohi”) (1) Pelopidas Capesize November 2011 Metamou Shipping Corporation (“Metamou”) (2) Stelios Y Capesize March 2012 Armonikos Shipping Corporation (“Armonikos”) (2) Michalis H Capesize March 2012 Kyotofriendo One Shipping Corporation (“Kyotofriendo One”) (2) Aghia Sofia Capesize March 2012 Staloudi Shipping Corporation (“Staloudi”) (1) Maria Capesize January 2014 Maxtessera Shipping Corporation (“Maxtessera”) (2) Lake Despina Capesize January 2014 Shimanine Shipping Corporation (“Shimanine”) (2)(4) TBN - H 11115 Kamsarmax Q2 2025 Shimaten Shipping Corporation (“Shimaten”) (2)(4) TBN - H 11166 Kamsarmax Q2 2026 Shimaeleven Shipping Corporation (“Shimaeleven”) (2)(4) TBN - H 11167 Kamsarmax Q3 2026 Yasutria Shipping Corporation (“Yasutria”) (2)(4) TBN - H S6303 Kamsarmax Q4 2026 Kypriakes Aktes Inc. (“Kypriakes Aktes”) (2)(4)(20) TBN - H SS386 Kamsarmax Q4 2026 Kypriakes Grammes Inc. (“Kypriakes Grammes”) (2)(4)(20) TBN - H SS387 Kamsarmax Q1 2027 Shimatwelve Shipping Corporation (“Shimatwelve”) (2)(4) TBN - H 11202 Kamsarmax Q1 2027 Safe Bulkers Participations Plc. ("Safe Bulkers Participations") (3) — — — Gloversix Shipping Corporation (“Gloversix”) (2)(13) — — — Shikokuexi Shipping Inc. (“Shikokuexi”) (2) — — — Kyotofriendo Two Shipping Corporation (“Kyotofriendo Two”) (2)(14) — — — 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) — — — Petra Shipping Ltd. (“Petra”) (1)(16) — — — Maxeikositessera Shipping Corporation (“Maxeikositessera”) (2)(17) — — — Kerasies Shipping Corporation (“Kerasies”) (1)(18) — — — Youngone Shipping Corporation (“Youngone”) (2)(19) — — — Marathassa Shipping Corporation (“Marathassa”) (1)(5) — — — Maxdekatria Shipping Corporation (“Maxdekatria”) (1)(21) — — — Napalem Shipping Corporation (“Napalem”) (2)(14)(15) — — — 1. Incorporated under the laws of the Republic of Liberia. 2. Incorporated under the laws of the Republic of the Marshall Islands. 3. Safe Bulkers Participations is a wholly owned subsidiary of Safe Bulkers, incorporated under the laws of the Republic of Cyprus and is the holding company of five wholly owned subsidiaries: Vaslem, Napalem, Stalem, Kastrolem and Marilem. Safe Bulkers Participations has issued and listed an unsecured bond of euro 100 million to the Athens Stock Exchange. See Note 8. 4. Estimated completion date for newbuild vessels as of December 31, 2024. 5. The Company owned the Panamax class vessel Maritsa, built 2005, which was sold in February 2024 and delivered to her new owners in May 2024. 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. In February 2024, Gloversix entered into an agreement with Marilem for the sale of the Panamax class vessel Kypros Spirit , built 2016, which was delivered in March 2024. 14. In February 2024, Kyotofriendo Two entered into an agreement with Napalem for the purchase of the Panamax class vessel Paraskevi 2 , built 2011, which was delivered in February 2024. Subsequently, Paraskevi 2 was sold to a third party in March 2024 and delivered to her new owners in July 2024. 15. Wholly owned subsidiary of Safe Bulkers Participations. 16. The Company owned the Kamsarmax class vessel Pedhoulas Trader, built 2006, which was sold in September 2022 and delivered to her new owners in January 2023. 17. The Company owned the Panamax class vessel Efrossini , built 2012, which was sold in March 2023 and delivered to her new owners in July 2023. 18. The Company owned the Panamax class vessel Katerina, built 2004, which was sold in November 2023 and delivered to her new owners in December 2023. 19. The Company owned the Kamsarmax class vessel Pedhoulas Cherry, built 2015, which was sold in November 2023 and delivered to her new owners in February 2024. 20. The company entered into an agreement for the acquisition of a methanol dual fueled Kamsarmax class dry bulk newbuild vessel. 21. The Company owned the Post-Panamax class vessel Panayiota K, built 2010, which was sold in March 2024 and delivered to her new owners in April 2024.
Disclosure of charterers concentration	For the years ended December 31, 2022, 2023 and 2024 the following charterers individually accounted for more than 10% of the Company’s revenues as follows: December 31, 2022 2023 2024 Cargill International S.A. 17.71 % 16.69 % 12.32 % Nippon Yusen Kabushiki Kaisha — % — % 12.19 % Olam International Limited — % 10.18 % — % Viterra B.V. (ex-Glencore Agriculture B.V.) 15.81 % — % — %

Transactions with Related Par_2

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Schedule of fees charged by managers	The Fees charged by our Managers comprised the following: Year Ended December 31, 2022 2023 2024 Ship Management Fees $ 17,723 $ 19,199 $ 21,357 Supervision Fees 1,100 3,575 1,100 Commissions 1,870 2,157 2,150

Vessels, Net (Tables)

Vessels, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of vessels, net	Vessels, net are comprised of the following: Vessel Accumulated Net Book Balance, January 1, 2023 $ 1,438,790 $ (437,670) $ 1,001,120 Transfer from Advances for vessels 192,819 — 192,819 Vessels sale (46,330) 21,846 (24,484) Transfer to Assets held for sale (33,674) 9,866 (23,808) Depreciation — (54,129) (54,129) December 31, 2023 $ 1,551,605 $ (460,087) $ 1,091,518 Transfer from Advances for vessels 148,368 — 148,368 Vessels sales (61,734) 24,301 (37,433) Depreciation — (58,135) (58,135) December 31, 2024 $ 1,638,239 $ (493,921) $ 1,144,318

Advances for Vessels (Tables)

Advances for Vessels (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2023 $ 76,280 Additions for advances, including capitalized expenses and interest 206,242 Transferred to vessel cost (refer to Note 4) (192,819) Balance, December 31, 2023 89,703 Additions for advances, including capitalized expenses and interest 143,869 Transferred to vessel cost (refer to Note 4) (148,368) Balance, December 31, 2024 $ 85,204

Long Term Debt (Tables)

Long Term Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of debt	Long term debt is comprised of the following borrowings: December 31, Borrower Commencement Maturity 2023 2024 Safe Bulkers September 2021 September 2026 10,500 — Safe Bulkers December 2021 December 2026 20,600 — Monagrouli April 2020 April 2027 19,360 16,720 Pelea - Vasstwo - Eniaprohi - Vassone December 2018 December 2028 23,750 17,750 Staloudi - Marilem - Kastrolem April 2024 April 2029 — 40,800 Shimafive October 2023 October 2030 25,500 22,500 Shimaseven January 2024 January 2031 — 22,875 Sub Total Term Loan credit facility 99,710 120,645 Safe Bulkers December 2021 December 2026 13,000 — Eptaprohi - Soffive - Marinouki - Marathassa - Pemer - Lofou December 2022 December 2028 50,000 60,000 Armonikos - Metamou - Vaslem - Stalem August 2024 August 2029 — 20,000 Pentakomo - Maxdekatria - Gloverthree - Gloverseven June 2023 June 2031 30,000 25,000 Sub Total Revolving credit facility 93,000 105,000 Maxdeka November 2019 August 2025 12,821 10,589 Shikoku November 2019 August 2025 13,486 11,138 Shikokutessera November 2019 August 2025 13,216 10,972 Glovertwo November 2019 August 2025 12,342 10,200 Maxtessera April 2021 October 2026 21,401 17,925 Kyotofriendo One September 2022 September 2027 21,737 18,689 Pinewood February 2021 February 2031 18,823 16,951 Shikokuepta August 2021 August 2031 19,167 17,167 Agros May 2022 May 2032 23,197 21,450 Yasudyo September 2023 September 2033 29,051 27,251 Shimaeight November 2023 November 2033 27,616 25,750 Shimasix January 2024 January 2034 — 28,000 Sub Total Sale and leaseback financing 212,857 216,082 Safe Bulkers Participations February 2022 February 2027 110,364 103,864 Sub Total Bond 110,364 103,864 Total 515,931 545,591 Current portion of long-term debt 27,156 60,799 Long-term debt 488,775 484,792 Total debt 515,931 545,591 Current portion of deferred financing costs 2,375 2,608 Deferred financing costs non-current 6,384 6,342 Total deferred financing costs 8,759 8,950 Total debt 515,931 545,591 Less: Total deferred financing costs 8,759 8,950 Total debt, net of deferred financing costs 507,172 536,641 Less: Current portion of long-term debt, net of current portion of deferred financing costs 24,781 58,191 Long-term debt, net of deferred financing costs, non-current 482,391 478,450
Schedule of maturities of long-term debt	The estimated minimum annual principal payments required to be made after December 31, 2024, based on the above credit facilities, sale and leaseback financings and the Bond are as follows: To December 31, 2025 $ 60,799 2026 47,623 2027 164,765 2028 78,258 2029 62,708 2030 and thereafter 131,438 Total $ 545,591

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of capital expenditure commitments	(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 Total 2025 $ 38,916 $ 1,195 $ 40,111 2026 106,064 3,817 109,881 2027 55,098 1,400 56,498 Total $ 200,078 $ 6,412 $ 206,490

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2024
Revenues [Abstract]
Schedule of revenue	Revenues are comprised of the following: Year Ended December 31 2022 2023 2024 Time charter revenue $ 351,006 $ 290,440 $ 316,553 Other income 13,044 4,953 4,126 Total 364,050 295,393 320,679

Vessel Operating Expenses (Tabl

Vessel Operating Expenses (Tables)	12 Months Ended
	Dec. 31, 2024
Operating Expenses [Abstract]
Schedule of vessel operating expenses	Vessel operating expenses are comprised of the following: Year Ended December 31, 2022 2023 2024 Crew wages and related costs $ 38,083 $ 39,473 $ 40,937 Insurance 4,749 5,263 5,668 Repairs, maintenance and drydocking costs 12,148 16,354 16,223 Spares, stores and provisions 16,623 18,738 20,668 Lubricants 5,068 5,479 5,161 Taxes 674 606 575 Miscellaneous 2,866 3,288 3,369 Total $ 80,211 $ 89,201 $ 92,601

Fair Value of Financial Instr_2

Fair Value of Financial Instruments and Derivatives Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
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 income are shown below: Derivatives not designated as hedging instruments Asset Derivatives Liability Derivatives Type of Balance sheet location December 31, 2023 December 31, 2024 December 31, 2023 December 31, 2024 Forward Freight Derivative assets/ Current assets $ 8 $ — $ — $ — Foreign Currency Derivative assets / Non-current assets 2,669 672 — — Bunker Fuel Derivative liabilities / Current liabilities — — 292 — Forward Freight Derivative liabilities / Current liabilities — — 234 — Foreign Currency Derivative liabilities / Non-current liabilities — — — 1,419 Total Derivatives $ 2,677 $ 672 $ 526 $ 1,419
Summary of gain recognized on derivatives	Amount of Gain/(loss) Recognized on Derivatives Year ended December 31, 2022 2023 2024 Forward Freight $ 7,066 $ (1,681) $ (485) Foreign Currency 862 1,819 (3,380) Interest Rate Contracts 5,327 338 — Bunker Fuel Contracts (4,532) 47 195 Net Gain/(loss) Recognized $ 8,723 $ 523 $ (3,670)
Schedule of valuation of company's financial instruments	The following table summarizes the valuation of the Company’s financial instruments as of December 31, 2023 and December 31, 2024. Significant Other Observable Inputs December 31, 2023 December 31, 2024 Derivative instruments – asset position $ 2,677 $ 672 Derivative instruments – liability position 526 1,419

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Accrued Liabilities [Abstract]
Schedule of accrued liabilities	Accrued liabilities are comprised of the following: December 31, 2023 2024 Interest on long-term debt $ 2,910 $ 8,254 Vessels’ operating and voyage expenses 3,413 2,610 Commissions 512 644 Interest on derivatives and other finance expenses 1,316 104 General and administrative expenses 232 195 Total $ 8,383 $ 11,807

Future Minimum Time Charter R_2

Future Minimum Time Charter Revenue (Tables)	12 Months Ended
	Dec. 31, 2024
Future Minimum Time Charter Revenue
Schedule of future minimum time charter revenue	The future minimum time charter revenue, net of commissions, based on existing vessels committed to spot and period non-cancellable time charter contracts (including fixture recaps) which includes contracted revenue linked to the BPI and BCI index calculated as of December 31, 2024, is as follows: December 31, 2025 $ 104,498 2026 34,134 2027 27,547 2028 15,550 2029 9,227 Thereafter 13,778 Total $ 204,734

General and Administrative Ex_2

General and Administrative Expenses (Tables)	12 Months Ended
	Dec. 31, 2024
General and Administrative Expense [Abstract]
Summary of general and administrative expense	General and administrative expenses for the years ended December 31, 2022, December 31, 2023 and December 31, 2024 were as follows: December 31, 2022 2023 2024 Management fees – related parties $ 17,723 $ 19,199 $ 21,357 Professional fees (legal and accounting) 1,023 1,070 966 Directors fees and expenses 802 781 741 Listing fees and expenses 181 128 100 Environmental, Social and Governance expenses 97 216 1,427 Miscellaneous 1,976 2,369 2,444 Total 21,802 23,763 27,035

Unearned Revenue_Accrued Reve_2

Unearned Revenue/Accrued Revenue (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2023 2024 Unearned Revenue Cash received in advance of service provided – Current liability $ 6,682 $ 3,898 Deferred revenue resulting from varying charter rates – Current liability 4,171 2,640 Deferred revenue resulting from varying charter rates – Non-Current liability 3,248 2,624 Total Unearned Revenue $ 14,101 $ 9,162 Accrued Revenue Resulting from varying charter rates – Current asset 477 903 Resulting from varying charter rates – Non-Current asset 87 — Total Accrued Revenue $ 564 $ 903

Gain on Sale of Assets (Tables)

Gain on Sale of Assets (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2022 2023 2024 Gain on sale of assets $ — $ 10,375 $ 16,555 Vessel name Type Built Gross sale price Gain Delivery to new owners Pedhoulas Trader Kamsarmax 2006 15,900 4,637 January 2023 Efrossini Panamax 2012 22,500 3,316 July 2023 Katerina Panamax 2004 10,200 2,422 December 2023 Total gain in 2023 $ 10,375 Vessel name Type Built Gross sale price Gain Delivery to new owners Pedhoulas Cherry Kamsarmax 2015 26,625 2,265 February 2024 Panayiota K Post-Panamax 2010 20,450 2,292 April 2024 Maritsa Panamax 2005 12,200 4,324 May 2024 Paraskevi 2 Panamax 2011 20,300 7,674 July 2024 Total gain in 2024 $ 16,555

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of computation of basic earnings per share	The computation of basic earnings per share is presented as follows: December 31, 2022 2023 2024 Net income $ 172,554 $ 77,351 $ 97,376 Less preferred dividend attributable to preferred shareholders 8,978 8,000 8,000 Net income available to common shareholders $ 163,576 $ 69,351 $ 89,376 Weighted average number of shares, basic and diluted 120,653,507 113,619,092 107,576,009 Earnings per share in U.S. Dollars, basic and diluted $ 1.36 $ 0.61 $ 0.83

Basis of Presentation and Gen_3

Basis of Presentation and General Information - Additional Information (Details)	Dec. 31, 2024 item
Noncontrolling Interest [Line Items]
Number of additional public common stock offerings	5
Number of additional public preferred stock offerings	3
Number of subsidiaries	72
Number of drybulk vessels	46
Number of newbuild vessels	7
Safe Bulkers | Polys Hajioannou
Noncontrolling Interest [Line Items]
Ownership percentage by largest shareholder	45.96%

Basis of Presentation and Gen_4

Basis of Presentation and General Information - Schedule of Subsidiaries (Details)	Dec. 31, 2024 EUR (€) item subsidiary	Feb. 28, 2022 EUR (€)
Class of Stock [Line Items]
Number of subsidiaries | item	72
Safe Bulker Participations
Class of Stock [Line Items]
Number of subsidiaries | subsidiary	5
Safe Bulker Participations | Unsecured Euro bond, 100 million
Class of Stock [Line Items]
Debt instrument, face amount | €	€ 100,000,000	€ 100,000,000

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Cargill International S.A.
Concentration Risk [Line Items]
Charterer percentage in total revenue	12.32%	16.69%	17.71%
Nippon Yusen Kabushiki Kaisha
Concentration Risk [Line Items]
Charterer percentage in total revenue	12.19%	0%	0%
Olam International Limited
Concentration Risk [Line Items]
Charterer percentage in total revenue	0%	10.18%	0%
Viterra B.V. (ex-Glencore Agriculture B.V.)
Concentration Risk [Line Items]
Charterer percentage in total revenue	0%	0%	15.81%

Significant Accounting Polici_3

Significant Accounting Policies (Details)		12 Months Ended
	Jan. 01, 2022 USD ($)	Dec. 31, 2024 USD ($) segment voyage	Dec. 31, 2023 USD ($) voyage	Dec. 31, 2022 USD ($) voyage
Inventory [Line Items]
Other comprehensive income/(loss)		$ 0	$ 0	$ 0
Provision for doubtful accounts		0	0	0
Inventories		$ 14,883,000	16,652,000
Vessels, useful life		25 years
Per light weight ton, scrap rate	$ 182,000			375,000
Derivatives		$ 0	$ 0	$ 0
Number of voyage realised where a vessel was employed under the voyage charter | voyage		0	0	0
Number of reportable segments | segment		1
Number of operating segments | segment		1
Bunkers
Inventory [Line Items]
Inventories		$ 8,578,000	$ 11,020,000
Lubricants
Inventory [Line Items]
Inventories		$ 6,305,000	$ 5,632,000

Transactions with Related Par_3

Transactions with Related Parties - The Managers (Details) $ in Thousands		12 Months Ended	36 Months Ended
	May 29, 2018 USD ($) extension	Dec. 31, 2024 EUR (€) manager	May 28, 2024 EUR (€)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Management agreement term	3 years
Management agreement, number of extensions | extension	2
Management agreement, extension terms	3 years
Ship management fee, per day, per vessel | €		€ 950	€ 875
Flat ship management fee | €		€ 5,000,000	€ 3,500,000
Managers party to management agreement | manager		1
Supervision fee	$ 550
Percentage of supervision fees payable upon signing	50%
Percentage of supervision fees payable upon successful completion	50%
Sales fee (in percent)	1%
Related party
Related Party Transaction [Line Items]
Accounts receivable				$ 829	$ 14
Trade accounts payable				$ 33	$ 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, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions [Abstract]
Supervision Fees	$ 1,100	$ 3,575	$ 1,100
Commissions	$ 2,150	$ 2,157	$ 1,870

Transactions with Related Par_5

Transactions with Related Parties - Credit Facility (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024 director	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Line of credit facility, term extension	6 months
Number of independent members of board serving as chief executive officer of financial advisor | director		1
Line of credit | Eptaprohi, Soffive, Marinouki, Marathassa, Kerasies, Pemer and Lofou
Line of Credit Facility [Line Items]
Maximum borrowing capacity | $			$ 80,000

Transactions with Related Par_6

Transactions with Related Parties - Principal Executive Office Lease (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2014 EUR (€)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transactions [Abstract]
Annual lease payment	€ 63,000,000	€ 86,400	$ 90	$ 67

Transactions with Related Par_7

Transactions with Related Parties - Bond issuance (Details)	Dec. 31, 2024 EUR (€) director	Feb. 28, 2022 EUR (€) director
Debt Instrument [Line Items]
Number of independent members of board serving as chief executive officer of financial advisor	1
Unsecured Euro bond, 100 million
Debt Instrument [Line Items]
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
Unsecured Euro bond, 100 million | Safe Bulker Participations
Debt Instrument [Line Items]
Debt instrument, face amount | €	€ 100,000,000	€ 100,000,000

Vessels, Net - Schedule of Vess

Vessels, Net - Schedule of Vessels, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Vessel Cost
Beginning balance	$ 1,551,605	$ 1,438,790
Transfer from Advances for vessels	148,368	192,819
Vessels sales	(61,734)	(46,330)
Transfer to Assets held for sale		(33,674)
Ending balance	1,638,239	1,551,605
Accumulated Depreciation
Beginning balance	(460,087)	(437,670)
Vessels sales	24,301	21,846
Transfer to Assets held for sale		9,866
Depreciation	(58,135)	(54,129)
Ending balance	(493,921)	(460,087)
Net Book Value
Beginning balance	1,091,518	1,001,120
Transfer from Advances for vessels	148,368	192,819
Vessels sales	(37,433)	(24,484)
Transfer to Assets held for sale		(23,808)
Depreciation	(58,135)	(54,129)
Ending balance	$ 1,144,318	$ 1,091,518

Vessels, Net - Additional Infor

Vessels, Net - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) item vessel	Dec. 31, 2023 vessel
Property, Plant and Equipment [Abstract]
Number of impaired vessels | vessel	0	0
Number of vessels provided as collateral | item	32
Vessels provided as collateral | $	$ 740,722
Number of vessels sold and leased back | vessel	12
Carrying value of vessels sold and leased back | $	$ 330,973

Advances for Vessels (Details)

Advances for Vessels (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Advances For Assets Acquisition And Assets Under Construction
Advances for vessels, beginning balance	$ 89,703	$ 76,280
Additions for advances, including capitalized expenses and interest	143,869	206,242
Transferred to vessel cost (refer to Note 4)	(148,368)	(192,819)
Advances for vessels, ending balance	$ 85,204	$ 89,703

Assets Held for Sale (Details)

Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Nov. 27, 2023
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale	$ 0	$ 24,229
Assets held for sale, carrying value of vessel	23,808
Value of assets onboard	$ 421
Vessel agreed sale price			$ 26,625

Other financing liability - Add

Other financing liability - Additional information (Details) - USD ($)	1 Months Ended			12 Months Ended
	Oct. 31, 2024	Jul. 31, 2024	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Sale Leaseback Transaction [Line Items]
Finance lease, daily payment				$ 0	$ 0	$ 21,971,000
MV Efrossini
Sale Leaseback Transaction [Line Items]
Gross sale price, other financial liability			$ 22,500,000
Finance lease, daily payment		$ 15,500	$ 16,050,000
Gain (loss), of sale and leaseback transaction,				1,800,000
Other financing liability				$ 748,000
MV Efrossini | Minimum
Sale Leaseback Transaction [Line Items]
Sale leaseback lease term	4 months	5 months	10 months
Finance lease, daily payment	$ 13,750
MV Efrossini | Maximum
Sale Leaseback Transaction [Line Items]
Sale leaseback lease term	6 months	7 months	14 months
Finance lease, daily payment	$ 15,500

Long Term Debt - Schedule Of De

Long Term Debt - Schedule Of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-Term Debt, Total	$ 545,591	$ 515,931
Current portion of long-term debt	60,799	27,156
Long-term debt	484,792	488,775
Current portion of deferred financing costs	2,608	2,375
Deferred financing costs non-current	6,342	6,384
Total deferred financing costs	8,950	8,759
Total debt, net of deferred financing costs	536,641	507,172
Current portion of long-term debt, net	58,191	24,781
Long-term debt, net	478,450	482,391
Line of credit | Line of credit
Debt Instrument [Line Items]
Long-Term Debt, Total	120,645	99,710
Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Long-Term Debt, Total	105,000	93,000
Sale and leaseback financing
Debt Instrument [Line Items]
Long-Term Debt, Total	216,082	212,857
Bonds
Debt Instrument [Line Items]
Long-Term Debt, Total	103,864	110,364
Safe Bulkers | Line of credit | Line of credit | September 2021
Debt Instrument [Line Items]
Long-Term Debt, Total	0	10,500
Safe Bulkers | Line of credit | Line of credit | December 2021
Debt Instrument [Line Items]
Long-Term Debt, Total	0	20,600
Safe Bulkers | Line of credit | Revolving credit facility | December 2021
Debt Instrument [Line Items]
Long-Term Debt, Total	0	13,000
Monagrouli | Line of credit | Line of credit | April 2020
Debt Instrument [Line Items]
Long-Term Debt, Total	16,720	19,360
Pelea - Vasstwo - Eniaprohi - Vassone | Line of credit | Line of credit | December 2018
Debt Instrument [Line Items]
Long-Term Debt, Total	17,750	23,750
Staloudi - Marilem - Kastrolem | Line of credit | Line of credit | April 2024
Debt Instrument [Line Items]
Long-Term Debt, Total	40,800	0
Shimafive | Sale and leaseback financing | October 2023
Debt Instrument [Line Items]
Long-Term Debt, Total	22,500	25,500
Shimaseven | Line of credit | Line of credit | January 2024
Debt Instrument [Line Items]
Long-Term Debt, Total	22,875	0
Eptaprohi - Soffive - Marinouki - Marathassa - Pemer - Lofou | Line of credit | Revolving credit facility | December 2022
Debt Instrument [Line Items]
Long-Term Debt, Total	60,000	50,000
Armonikos - Metamou - Vaslem - Stalem | Line of credit | Revolving credit facility | August 2024
Debt Instrument [Line Items]
Long-Term Debt, Total	20,000	0
Pentakomo - Maxdekatria - Gloverthree - Gloverseven | Line of credit | Revolving credit facility | June 2023
Debt Instrument [Line Items]
Long-Term Debt, Total	25,000	30,000
Maxdeka | Sale and leaseback financing | November 2019
Debt Instrument [Line Items]
Long-Term Debt, Total	10,589	12,821
Shikoku | Sale and leaseback financing | November 2019
Debt Instrument [Line Items]
Long-Term Debt, Total	11,138	13,486
Shikokutessera | Sale and leaseback financing | November 2019
Debt Instrument [Line Items]
Long-Term Debt, Total	10,972	13,216
Glovertwo | Sale and leaseback financing | November 2019
Debt Instrument [Line Items]
Long-Term Debt, Total	10,200	12,342
Maxtessera | Sale and leaseback financing | April 2021
Debt Instrument [Line Items]
Long-Term Debt, Total	17,925	21,401
Kyotofriendo One | Sale and leaseback financing | September 2022
Debt Instrument [Line Items]
Long-Term Debt, Total	18,689	21,737
Pinewood | Sale and leaseback financing | February 2021
Debt Instrument [Line Items]
Long-Term Debt, Total	16,951	18,823
Shikokuepta | Sale and leaseback financing | August 2021
Debt Instrument [Line Items]
Long-Term Debt, Total	17,167	19,167
Agros | Sale and leaseback financing | May 2022
Debt Instrument [Line Items]
Long-Term Debt, Total	21,450	23,197
Yasudyo | Sale and leaseback financing | September 2023
Debt Instrument [Line Items]
Long-Term Debt, Total	27,251	29,051
Shimaeight | Sale and leaseback financing | November 2023
Debt Instrument [Line Items]
Long-Term Debt, Total	25,750	27,616
Safe Bulkers Participations | Bonds | February 2022
Debt Instrument [Line Items]
Long-Term Debt, Total	103,864	110,364
Shimasix | Sale and leaseback financing | January 2024
Debt Instrument [Line Items]
Long-Term Debt, Total	$ 28,000	$ 0

Long Term Debt - Term Loan Cred

Long Term Debt - Term Loan Credit Facilities & Revolving Credit Facilities Narrative (Details) $ in Thousands

1 Months Ended

12 Months Ended

Mar. 31, 2024 USD ($)

Jan. 31, 2024 USD ($)

Sep. 30, 2021 USD ($) creditFacility

Dec. 31, 2024 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2019 USD ($)

Dec. 31, 2018 USD ($) tranche

Aug. 30, 2024 USD ($)

Apr. 30, 2024 USD ($)

Jan. 31, 2023 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Debt Instrument [Line Items]

Proceeds from long-term debt

$ 248,300

$ 255,200

$ 259,575

Number of credit facility amendments | creditFacility

1

Line of credit

Debt Instrument [Line Items]

Unused borrowing capacity

140,200

Pelea, Vasstwo, Eniaprohi and Vassone

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 47,750

Line of credit facility, number of tranches | tranche

2

Proceeds from long-term debt

$ 24,675

$ 23,075

Monagrouli

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 26,400

Eniadefhi, Maxdodeka, Gloverfour, Gloverfive and Youngone

Debt Instrument [Line Items]

Reduction of unused borrowing capacity, reduction amount

$ 5

Eniadefhi, Maxdodeka, Gloverfour, Gloverfive and Youngone | Line of credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 60,000

100

Long-term line of credit

0

Unused borrowing capacity

25

Eniadefhi, Maxdodeka, Gloverfour, Gloverfive and Youngone | Line of credit | Secured debt

Debt Instrument [Line Items]

Maximum borrowing capacity

30,000

Eniadefhi, Maxdodeka, Gloverfour, Gloverfive and Youngone | Line of credit | Revolving credit facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 30,000

Youngtwo, Shikokupente, Maxeikositessera, Maxenteka, Maxpente and Shikokuennia | Line of credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 100,000

Long-term line of credit

0

Unused borrowing capacity

50

Youngtwo, Shikokupente, Maxeikositessera, Maxenteka, Maxpente and Shikokuennia | Line of credit | Secured debt

Debt Instrument [Line Items]

Maximum borrowing capacity

50,000

Youngtwo, Shikokupente, Maxeikositessera, Maxenteka, Maxpente and Shikokuennia | Line of credit | Revolving credit facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 50,000

Eptaprohi, Soffive, Marinouki, Marathassa, Kerasies, Pemer and Lofou | Line of credit

Debt Instrument [Line Items]

Maximum borrowing capacity

80,000

Long-term line of credit

60

Unused borrowing capacity

10,600

Shimafive | Line of credit

Debt Instrument [Line Items]

Maximum borrowing capacity

25,500

Shimaseven | Line of credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 25,500

Pentakomo, Maxdekatria, Gloverthree,and Gloverseven

Debt Instrument [Line Items]

Reduction of unused borrowing capacity, reduction amount

$ 9,050

Pentakomo, Maxdekatria, Gloverthree,and Gloverseven | Line of credit | Revolving credit facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 67,500

Long-term line of credit

25

Unused borrowing capacity

25,850

Kastrolem, Marilem and Staloudi | Line of credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 48

Armonikos, Metamou, Vaslem and Stalem | Line of credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 50

Armonikos, Metamou, Vaslem and Stalem | Line of credit | Revolving credit facility

Debt Instrument [Line Items]

Long-term line of credit

20

Unused borrowing capacity

$ 28,750

Long Term Debt - Sale and Lease

Long Term Debt - Sale and Leaseback Financings Narrative (Details) $ in Thousands

1 Months Ended

12 Months Ended

Aug. 31, 2024 vessel

Jan. 31, 2024

Nov. 30, 2023

Sep. 30, 2023

May 31, 2022

Aug. 31, 2021

Apr. 30, 2021

Feb. 28, 2021

Oct. 31, 2020

Dec. 31, 2019

Nov. 30, 2019 vessel

Dec. 31, 2024 USD ($) vessel facility

Dec. 31, 2022

Debt Instrument [Line Items]

Number of facilities that entered into a sale and leaseback agreement | facility

12

Number of vessels sold and leased back | vessel

12

Line of credit

Debt Instrument [Line Items]

Unused borrowing capacity

$ 140,200

All Debt Instruments

Debt Instrument [Line Items]

Net worth covenant

$ 150,000

Minimum EBITDA to interest expense

2

All Debt Instruments | Minimum

Debt Instrument [Line Items]

Mininum cash balance of loan and credit facility agrrements as collateral deposit with restrictive liquidity covenant

$ 200

All Debt Instruments | Minimum | Hajioannou family

Debt Instrument [Line Items]

Minimum percentage of ownership

30%

All Debt Instruments | Maximum

Debt Instrument [Line Items]

Mininum cash balance of loan and credit facility agrrements as collateral deposit with restrictive liquidity covenant

$ 500

All Debt Instruments | Maximum | Hajioannou family

Debt Instrument [Line Items]

Minimum percentage of ownership

35%

Commercial financing institutions

Debt Instrument [Line Items]

Consolidated leverage covenant (in percent)

85%

One facility | Hajioannou family

Debt Instrument [Line Items]

Minimum percentage of ownership

20%

Threshold one | All Debt Instruments

Debt Instrument [Line Items]

Minimum value covenant

1.05

Threshold two | All Debt Instruments

Debt Instrument [Line Items]

Minimum value covenant

1.12

Threshold three | All Debt Instruments

Debt Instrument [Line Items]

Minimum value covenant

1.20

Threshold four | All Debt Instruments

Debt Instrument [Line Items]

Minimum value covenant

1.25

Threshold five | All Debt Instruments

Debt Instrument [Line Items]

Minimum value covenant

1.35

Shikokutessera

Debt Instrument [Line Items]

Sale leaseback lease term

8 years

Maxdeka, Shikoku and Glovertwo

Debt Instrument [Line Items]

Sale leaseback lease term

7 years 6 months

Number of vessels sold and leased back | vessel

3

Shikokutessera, Maxdeka, Shikoku and Glovertwo

Debt Instrument [Line Items]

Number of vessels sold and leased back | vessel

4

4

Sale leaseback, repurchase period

5 years 9 months

Pinewood

Debt Instrument [Line Items]

Sale leaseback lease term

10 years

Sale leaseback transaction, purchase obligation

10 years

Sale leaseback, repurchase period

3 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 transaction, purchase obligation

10 years

Sale leaseback, repurchase period

3 years

Argos

Debt Instrument [Line Items]

Sale leaseback, repurchase period

3 years

Kyotofriendo One

Debt Instrument [Line Items]

Sale leaseback lease term

5 years

Sale leaseback transaction, purchase obligation

5 years

Sale leaseback, repurchase period

3 years

Yasudyo

Debt Instrument [Line Items]

Sale leaseback lease term

10 years

Sale leaseback transaction, purchase obligation

10 years

Sale leaseback, repurchase period

3 years

Shimaeight

Debt Instrument [Line Items]

Sale leaseback lease term

10 years

Sale leaseback transaction, purchase obligation

10 years

Sale leaseback, repurchase period

3 years

Shimasix

Debt Instrument [Line Items]

Sale leaseback lease term

10 years

Sale leaseback transaction, purchase obligation

10 years

Sale leaseback, repurchase period

3 years

Shikokutessera, Maxdeka, Shikoku, Glovertwo, Maxtessera and Kyotofriendo

Debt Instrument [Line Items]

Fair value of debt outstanding

$ 446,902

Agros

Debt Instrument [Line Items]

Sale leaseback lease term

10 years

Sale leaseback transaction, purchase obligation

10 years

Long Term Debt - Unsecured Bond

Long Term Debt - Unsecured Bond Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2022 EUR (€)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Debt outstanding			$ 515,931			$ 545,591
Interest costs incurred		$ 33,011	27,285	$ 17,651
Interest costs capitalized		$ 1,636	$ 2,578	$ 513
Unsecured Euro bond, 100 million
Debt Instrument [Line Items]
Debt Instrument, nominal amount, prepayment | €	€ 10,000,000
Fair value of debt outstanding					€ 98,000,000,000	$ 101,787
Unsecured Euro bond, 100 million | 5th or 6th coupon payment date
Debt Instrument [Line Items]
Debt instrument, early redemption, premium payment percentage	1.50%
Unsecured Euro bond, 100 million | 7th or 8th coupon payment date
Debt Instrument [Line Items]
Debt instrument, early redemption, premium payment percentage	0.50%
Unsecured Euro bond, 100 million | 9th coupon payment date
Debt Instrument [Line Items]
Debt instrument, early redemption, premium payment percentage	0%
Unsecured Euro bond, 100 million | Minimum
Debt Instrument [Line Items]
Nominal amount of the bonds after the early redemption | €	€ 50,000,000
Unsecured Euro bond, 100 million | Safe Bulker Participations
Debt Instrument [Line Items]
Debt instrument, face amount | €	€ 100,000,000				€ 100,000,000
Debt instrument, coupon (in percent)	2.95%
Commercial financing institutions
Debt Instrument [Line Items]
Consolidated leverage covenant (in percent)					85%	85%
All Debt Instruments
Debt Instrument [Line Items]
Net worth covenant						$ 150,000
Minimum EBITDA to interest expense					2	2
Weighted average interest rate			6.034%	3.255%	6.358%	6.358%
All Debt Instruments | Minimum | Hajioannou family
Debt Instrument [Line Items]
Minimum percentage of ownership					30%	30%

Long Term Debt - Schedule of Ma

Long Term Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2025	$ 60,799
2026	47,623
2027	164,765
2028	78,258
2029	62,708
2030	131,438
Long-Term Debt, Total	$ 545,591	$ 515,931

Share Capital - Additional Info

Share Capital - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 director vote period $ / shares shares	Dec. 31, 2023 $ / shares shares
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) | $ / shares	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	111,607,828	111,607,828
Common stock, shares outstanding (in shares)	105,288,996	105,288,996
Common stock voting rights | vote	1
Preference shares authorized (in shares)	20,000,000	20,000,000
Preference shares par value (in USD per share) | $ / shares	$ 0.01	$ 0.01
Number of directors, preferred stock holders can elect if dividends are in arrears | director	1
Condition of being able to elect a director by preferred stock holders | period	6
Series C preferred stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	804,950	804,950
Preferred stock, issued (in shares)	804,950	804,950
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 ($)

1 Months Ended

8 Months Ended

12 Months Ended

Jan. 01, 2010

Jul. 01, 2008

Dec. 31, 2024

Apr. 30, 2024

Jul. 31, 2023

May 31, 2023

May 31, 2021

Aug. 31, 2020

Dec. 31, 2021

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Nov. 30, 2024

Nov. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

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 (in shares)

19,417,280

Consideration received on sale of stock

$ 71,537,000

Audit committee chairman

Class of Stock [Line Items]

Share based compensation value of transaction

$ 15,000

Share-based payment (in shares)

12,325

18,487

17,448

Independent directors

Class of Stock [Line Items]

Share based compensation value of transaction

$ 7,500

Share-based payment (in shares)

18,486

23,497

17,448

June 2022 share repurchase program | Common stock

Class of Stock [Line Items]

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

10,000,000

5,000,000

Share repurchased (in shares)

10,000,000

May 2023 share repurchase program | Common stock

Class of Stock [Line Items]

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

5,000,000

Share repurchased (in shares)

139,891

November 2023 share repurchase program | Common stock

Class of Stock [Line Items]

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

5,000,000

Share repurchased (in shares)

4,860,953

November 2024 Share Repurchase Program | Common stock

Class of Stock [Line Items]

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

5,000,000

Share repurchased (in shares)

1,488,690

Share Capital - Preferred Stock

Share Capital - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		2 Months Ended
	Jun. 30, 2014	May 31, 2014	Apr. 29, 2022	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2022
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
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
Series C preferred stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Redemption price (in USD per share)						$ 25
Stock repurchased and retired (in shares)			1,492,554
Preferred stock, redemption amount, excluding redemption date value						$ 37,314
Preferred stock, redemption amount, redemption date value			$ 738
Preferred stock, shares outstanding (in shares)				804,950	804,950
Future redeemable securities				$ 20,405
Series C preferred stock | May 2014 public offering
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%
Dividends in arrears (in USD per share)		$ 2
Redemption price (in USD per share)		$ 25
Series D preferred stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares outstanding (in shares)				3,195,050	3,195,050
Future redeemable securities				$ 80,995
Series D preferred stock | June 2014 public offering
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%
Dividends in arrears (in USD per share)	$ 2
Redemption price (in USD per share)	$ 25
Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Redemption price (in USD per share)				$ 25

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Capital Expenditure Commitments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
2025	$ 40,111
2026	109,881
2027	56,498
Total	206,490
Due to Shipyards/Sellers
Unrecorded Unconditional Purchase Obligation [Line Items]
2025	38,916
2026	106,064
2027	55,098
Total	200,078
Due to Manager
Unrecorded Unconditional Purchase Obligation [Line Items]
2025	1,195
2026	3,817
2027	1,400
Total	$ 6,412

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Dec. 31, 2024 USD ($)
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues [Abstract]
Time charter revenue	$ 316,553	$ 290,440	$ 351,006
Other income	4,126	4,953	13,044
Total	$ 320,679	$ 295,393	$ 364,050

Revenues - Additional Informati

Revenues - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) charter	Dec. 31, 2023 USD ($) charter	Dec. 31, 2022 USD ($) charter
Disaggregation of Revenue [Line Items]
Time charter revenue | $	$ 316,553	$ 290,440	$ 351,006
Revenue from premium for use of scrubbers | $	$ 21,538	$ 34,623	$ 29,628
Number of vessels employed under different time charters	6
Number of vessels on original duration of two years	2
Time charter and voyage, term of charter contract, original, two years	2 years
Number of vessels employed under time charters of three years	1
Time charter and voyage, term of charter contract, original, three years	3 years
Number of vessels on original duration of four years	2
Time charter and voyage, term of charter contract, original, four years	4 years
Number of vessels on long-term contracts	1
Number of vessels employed under voyage charter	0	0	0
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	1 year
Maximum
Disaggregation of Revenue [Line Items]
Charter contract renewal term	3 years
Charter contract typical term	5 years
Term of charter contract	12 months
Term of charter contract, long-term	20 years
Remaining term of charter contracts	7 years

Vessel Operating Expenses (Deta

Vessel Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Expenses [Abstract]
Crew wages and related costs	$ 40,937	$ 39,473	$ 38,083
Insurance	5,668	5,263	4,749
Repairs, maintenance and drydocking costs	16,223	16,354	12,148
Spares, stores and provisions	20,668	18,738	16,623
Lubricants	5,161	5,479	5,068
Taxes	575	606	674
Miscellaneous	3,369	3,288	2,866
Total	$ 92,601	$ 89,201	$ 80,211

Fair Value of Financial Instr_3

Fair Value of Financial Instruments and Derivatives Instruments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€) derivative	Dec. 31, 2024 EUR (€) derivative	Dec. 31, 2024 USD ($) derivative	Dec. 31, 2023 USD ($) derivative
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Bunker fuel, sulphur content	3.50%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Bunker fuel, sulphur content	0.50%
Foreign Currency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, number of instruments held	5	7	7	5
Derivative, notional amount	€ 45,000,000	€ 60,000,000	$ 65,343	$ 48,917

Fair Value of Financial Instr_4

Fair Value of Financial Instruments and Derivatives Instruments - Schedule of Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative assets/ Current assets	$ 0	$ 8
Derivative assets / Non-current assets	672	2,669
Derivative liabilities / Current liabilities	0	526
Derivative liabilities / Non-current liabilities	1,419	0
Not designated as hedging instrument
Derivative [Line Items]
Total derivative assets	672	2,677
Total derivative liabilities	1,419	526
Not designated as hedging instrument | Bunker Fuel
Derivative [Line Items]
Derivative liabilities / Current liabilities	0	292
Not designated as hedging instrument | Forward Freight
Derivative [Line Items]
Derivative assets/ Current assets	0	8
Derivative liabilities / Current liabilities	0	234
Not designated as hedging instrument | Foreign Currency
Derivative [Line Items]
Derivative assets / Non-current assets	672	2,669
Derivative liabilities / Non-current liabilities	$ 1,419	$ 0

Fair Value of Financial Instr_5

Fair Value of Financial Instruments and Derivatives Instruments - Summary of Gain Recognized on Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net Gain/(loss) Recognized	$ (3,670)	$ 523	$ 8,723
Forward Freight | Other expense income on derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net Gain/(loss) Recognized	(485)	(1,681)	7,066
Foreign Currency | Other expense income on derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net Gain/(loss) Recognized	(3,380)	1,819	862
Interest Rate | Other expense income on derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net Gain/(loss) Recognized	0	338	5,327
Bunker Fuel | Other expense income on derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net Gain/(loss) Recognized	$ 195	$ 47	$ (4,532)

Fair Value of Financial Instr_6

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, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments – asset position	$ 672	$ 2,677
Derivative instruments – liability position	$ 1,419	$ 526

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Liabilities [Abstract]
Interest on long-term debt	$ 8,254	$ 2,910
Vessels’ operating and voyage expenses	2,610	3,413
Commissions	644	512
Interest on derivatives and other finance expenses	104	1,316
General and administrative expenses	195	232
Total	$ 11,807	$ 8,383

Future Minimum Time Charter R_3

Future Minimum Time Charter Revenue (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Future Minimum Time Charter Revenue
2025	$ 104,498
2026	34,134
2027	27,547
2028	15,550
2029	9,227
Thereafter	13,778
Total	$ 204,734

General and Administrative Ex_3

General and Administrative Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Professional fees (legal and accounting)	$ 966	$ 1,070	$ 1,023
Directors fees and expenses	741	781	802
Listing fees and expenses	100	128	181
Environmental, Social and Governance expenses	1,427	216	97
Miscellaneous	2,444	2,369	1,976
Total	27,035	23,763	21,802
Related party
Management fees – related parties	$ 21,357	$ 19,199	$ 17,723

Unearned Revenue_Accrued Reve_3

Unearned Revenue/Accrued Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Unearned Revenue
Cash received in advance of service provided – Current liability	$ 3,898	$ 6,682
Deferred revenue resulting from varying charter rates – Current liability	2,640	4,171
Deferred revenue resulting from varying charter rates – Non-Current liability	2,624	3,248
Total Unearned Revenue	9,162	14,101
Accrued Revenue
Resulting from varying charter rates – Current asset	903	477
Resulting from varying charter rates – Non-Current asset	0	87
Total Accrued Revenue	$ 903	$ 564

Gain on Sale of Assets - Additi

Gain on Sale of Assets - Additional Information (Details) - vessel	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Proceeds from Sale of Productive Assets [Abstract]
Number of vessel disposed	4	3	0

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Gross sale price	$ 77,996	$ 30,773	$ 16,930
Gain	16,555	10,375	$ 0
Pedhoulas Trader
Property, Plant and Equipment [Line Items]
Gross sale price		15,900
Gain		4,637
Efrossini
Property, Plant and Equipment [Line Items]
Gross sale price		22,500
Gain		3,316
Katerina
Property, Plant and Equipment [Line Items]
Gross sale price		10,200
Gain		$ 2,422
Pedhoulas Cherry
Property, Plant and Equipment [Line Items]
Gross sale price	26,625
Gain	2,265
Panayiota K
Property, Plant and Equipment [Line Items]
Gross sale price	20,450
Gain	2,292
Maritsa
Property, Plant and Equipment [Line Items]
Gross sale price	12,200
Gain	4,324
Paraskevi 2
Property, Plant and Equipment [Line Items]
Gross sale price	20,300
Gain	$ 7,674

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, dividends, declared (in usd per share)	$ 0.20	$ 0.20	$ 0.20
Series C preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)		$ 2	$ 2
Payments of preference stock	$ 1,610	$ 1,610	$ 2,356
Series D preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)	$ 2	$ 2
Payments of preference stock	$ 6,390	$ 6,390	$ 6,390
O 2022 Q1 Dividends
Class of Stock [Line Items]
Common stock, dividends, declared (in usd per share)			$ 0.05
O 2022 Q2 Dividends
Class of Stock [Line Items]
Common stock, dividends, declared (in usd per share)			0.05
O 2022 Q3 Dividends
Class of Stock [Line Items]
Common stock, dividends, declared (in usd per share)			0.05
O 2022 Q4 Dividends
Class of Stock [Line Items]
Common stock, dividends, declared (in usd per share)			$ 0.05
O 2022 A Regular Dividends
Class of Stock [Line Items]
Common stock dividends, cash paid quarterly			$ 24,142
O 2023 Q1 Dividends
Class of Stock [Line Items]
Common stock, dividends, declared (in usd per share)		$ 0.05
O 2023 Q2 Dividends
Class of Stock [Line Items]
Common stock, dividends, declared (in usd per share)		0.05
O 2023 Q3 Dividends
Class of Stock [Line Items]
Common stock, dividends, declared (in usd per share)		0.05
O 2023 Q4 Dividends
Class of Stock [Line Items]
Common stock, dividends, declared (in usd per share)		$ 0.05
O 2023 A Regular Dividends
Class of Stock [Line Items]
Common stock dividends, cash paid quarterly		$ 22,678
O 2024 Q1 Dividends
Class of Stock [Line Items]
Common stock, dividends, declared (in usd per share)	$ 0.05
O 2024 Q2 Dividends
Class of Stock [Line Items]
Common stock, dividends, declared (in usd per share)	0.05
O 2024 Q3 Dividends
Class of Stock [Line Items]
Common stock, dividends, declared (in usd per share)	0.05
O 2024 Q4 Dividends
Class of Stock [Line Items]
Common stock, dividends, declared (in usd per share)	$ 0.05
O 2024 A Regular Dividends
Class of Stock [Line Items]
Common stock dividends, cash paid quarterly	$ 21,502
O 2022 Q1 Preference Dividends | Series C preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)			$ 0.50
O 2022 Q1 Preference Dividends | Series D preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)			0.50
O 2022 Q2 Preference Dividends | Series C preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)			0.50
O 2022 Q2 Preference Dividends | Series D preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)			0.50
O 2022 Q3 Preference Dividends | Series C preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)			0.50
O 2022 Q3 Preference Dividends | Series D preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)			0.50
O 2022 Q4 Preference Dividends | Series D preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)			0.50
O 2023 Q1 Preference Dividends | Series C preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)		$ 0.50
O 2023 Q1 Preference Dividends | Series D preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)		0.50
O 2023 Q2 Preference Dividends | Series C preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)		0.50
O 2023 Q2 Preference Dividends | Series D preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)		0.50
O 2023 Q3 Preference Dividends | Series C preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)		0.50
O 2023 Q3 Preference Dividends | Series D preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)		0.50
O 2023 Q4 Preference Dividends | Series C preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)		0.50
O 2023 Q4 Preference Dividends | Series D preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)		$ 0.50
O 2024 Q1 Preference Dividends | Series C preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)	$ 0.50
O 2024 Q1 Preference Dividends | Series D preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)	0.50
O 2024 Q2 Preference Dividends | Series C preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)	0.50
O 2024 Q2 Preference Dividends | Series D preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)	0.50
O 2024 Q3 Preference Dividends | Series C preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)	0.50
O 2024 Q3 Preference Dividends | Series D preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)	0.50
O 2024 Q4 Preference Dividends | Series C preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)	0.50		$ 0.50
O 2024 Q4 Preference Dividends | Series D preferred stock
Class of Stock [Line Items]
Preferred stock, per share, dividends declared (usd per share)	$ 0.50

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 97,376	$ 77,351	$ 172,554
Less preferred dividend attributable to preferred shareholders	8,000	8,000	8,978
Net income available to common shareholders	$ 89,376	$ 69,351	$ 163,576
Weighted average number of shares, basic (in shares)	107,576,009	113,619,092	120,653,507
Weighted average number of shares, diluted (in shares)	107,576,009	113,619,092	120,653,507
Earnings/(loss) per share, basic (in USD per share)	$ 0.83	$ 0.61	$ 1.36
Earnings/(loss) per share, diluted (in USD per share)	$ 0.83	$ 0.61	$ 1.36

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Mar. 10, 2025	Feb. 28, 2025	Jan. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Common stock, dividends, declared (in usd per share)				$ 0.20	$ 0.20	$ 0.20
Subsequent event
Subsequent Event [Line Items]
Stock repurchase program, number of shares authorized to be repurchased (in shares)		3,000,000
Stock repurchased and retired (in shares)	455,685
O 2025 Q1 Dividends | Subsequent event
Subsequent Event [Line Items]
Common stock, dividends, declared (in usd per share)		$ 0.05
O 2025 A Regular Dividends | Subsequent event
Subsequent Event [Line Items]
Common stock dividends, cash paid quarterly		$ 5,265
Cumulative preferred stock | O 2025 Q1 Preference Dividends | Subsequent event
Subsequent Event [Line Items]
Preferred stock, per share, dividends declared (usd per share)			$ 0.50
Payments of preference stock			$ 2,000