| 20-F | 2019-12-31 | Filed 2020-03-25 |
| 20-F | 2018-12-31 | Filed 2019-03-20 |
| 20-F | 2017-12-31 | Filed 2018-03-02 |
| 20-F | 2016-12-31 | Filed 2017-03-07 |
| 20-F | 2015-12-31 | Filed 2016-03-04 |
| 20-F | 2014-12-31 | Filed 2015-03-10 |
| 20-F | 2013-12-31 | Filed 2014-03-05 |
| 20-F | 2012-12-31 | Filed 2013-02-28 |
| 20-F | 2011-12-31 | Filed 2012-02-29 |
| 20-F | 2010-12-31 | Filed 2011-03-04 |
| 20-F | 2009-12-31 | Filed 2010-02-23 |
Safe Bulkers, Inc. was incorporated in the Republic of the Marshall Islands on December 11, 2007, under the BCA, for the purpose of acquiring ownership of various subsidiaries that either owned or were scheduled to own vessels. We are controlled by the Hajioannou family, which has a long history of operating and investing in the international shipping industry, including a long history of vessel ownership. Vassos Hajioannou, the late father of Polys Hajioannou, our chief executive officer, first invested in shipping in 1958. Polys Hajioannou has been actively involved in the industry since 1987, when he joined the predecessor of Safety Management.
Over the past 25 years under the leadership of Polys Hajioannou, we have sold 17 drybulk vessels during periods of what we viewed as favorable secondhand market conditions and have contracted to acquire 53 drybulk newbuilds and six drybulk secondhand vessels. Also under his leadership, we have expanded the classes of drybulk vessels in our fleet and the aggregate carrying capacity of our fleet has grown from 887,900 deadweight tons prior to our initial public offering in May 28, 2008 to 3,777,000 dwt as of March 8, 2019. Information on our capital expenditure requirements are discussed in “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources.” The quality and size of our current fleet, together with our long-term relationships with several of our charter customers, are, we believe, the results of our long-term strategy of maintaining a high quality fleet, our broad knowledge of the drybulk industry and our strong management team. In addition to benefiting from the experience and leadership of Polys Hajioannou, we also benefit from the expertise of our Managers which, along with their predecessor, have specialized in drybulk shipping since 1965, providing services to over 50 drybulk vessels. In June 2008, we completed an initial public offering of our Common Stock in the U.S. and our Common Stock began
trading on the NYSE. Our principal executive office is located at Apt. D11, Les Acanthes, 6, Avenue des Citronniers MC 98000 Monaco. Our registered address in the Republic of the Marshall Islands is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960. The name of our registered agent at such address is The Trust Company of the Marshall Islands, Inc.
| Comps ($MM TTM) | Market Cap | Gross Margin | EV/EBITDA | Ret on Assets | Assets | Liabilities | Revenue | G Profit | Net Income | EBITDA | EV |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Teekay (TK) | 337 | 0% | 8,392 | 5,525 | 0 | 0 | 0 | 0 | 3,195 | ||
| Diana Shipping (DSX) | 330 | 0% | 1,188 | 560 | 0 | 0 | 0 | 0 | 713 | ||
| SEACOR Marine Holdings (SMHI) | 319 | 27% | -21.4 | -10% | 1,041 | 546 | 227 | 60 | -101 | -33 | 708 |
| Nordic American Tankers (NAT) | 288 | 0% | 1,071 | 469 | 0 | 0 | 0 | 0 | 675 | ||
| MCBC Holdings (MCFT) | 275 | 24% | 8.3 | 8% | 257 | 176 | 483 | 115 | 22 | 46 | 383 |
| Teekay Tankers (TNK) | 252 | 0% | 2,161 | 1,214 | 0 | 0 | 0 | 0 | 934 | ||
| Tsakos Energy Navigation (TNP) | 230 | 0% | 3,205 | 1,710 | 0 | 0 | 0 | 0 | 1,617 | ||
| Safe Bulkers (SB) | 181 | 0% | 1,076 | 593 | 0 | 0 | 0 | 0 | 698 | ||
| Ardmore Shipping (ASC) | 161 | 0% | 845 | 498 | 0 | 0 | 0 | 0 | 336 | ||
| Overseas Shipholding Group (OSG) | 157 | 0% | 7.9 | -1% | 1,137 | 807 | 346 | 0 | -7 | 61 | 483 |
| Danaos (DAC) | 149 | 0% | 2,680 | 1,989 | 0 | 0 | 0 | 0 | 1,694 | ||
| Pangaea Logistics Solutions (PANL) | 144 | 0% | 5.5 | 4% | 485 | 309 | 282 | 0 | 20 | 40 | 221 |
| StealthGas (GASS) | 113 | 0% | 1,037 | 475 | 0 | 0 | 0 | 0 | 479 | ||
| Navios Maritime Containers (NMCI) | 100 | 0% | 414 | 231 | 0 | 0 | 0 | 0 | 265 | ||
| Scorpio Tankers (STNG) | 95 | 0% | 4,784 | 2,945 | 0 | 0 | 0 | 0 | 83 | ||
| Navios Maritime Acquisition (NNA) | 44 | 0% | 1,627 | 1,247 | 0 | 0 | 0 | 0 | 1,214 | ||
| Capital Product Partners (CPLP) | 37 | 0% | 1,385 | 504 | 0 | 0 | 0 | 0 | 435 | ||
| Odyssey Marine Exploration (OMEX) | 37 | 26% | -6.8 | -202% | 5 | 55 | 3 | 1 | -10 | -5 | 36 |
| Hornbeck Offshore Services (HOS) | 34 | 0% | -51.7 | -5% | 2,692 | 1,494 | 218 | 0 | -134 | -21 | 1,106 |
| Pyxis Tankers (PXS) | 22 | 0% | 117 | 77 | 0 | 0 | 0 | 0 | 82 |
| Balance Sheet ($MM) | 2013-12-31 | 2014-12-31 | 2015-12-31 | 2016-12-31 | 2017-12-31 | 2018-12-31 |
| Cash | 65 | 107 | 131 | 82 | 57 | 63 |
| Accounts Receivable | 5 | 5 | ||||
| Inventory | 13 | 11 | 5 | 5 | 4 | 4 |
| PP&E | 1,013 | 1,161 | 1,225 | 1,325 | 1,212 | 1,272 |
| Assets | 1,112 | 1,182 | 1,310 | 1,174 | 1,035 | 1,076 |
| Accounts Payable | 4 | 3 | 5 | 5 | 4 | 6 |
| Long-Term Debt | 509 | 471 | 673 | 589 | 572 | 580 |
| Liabilities | 534 | 482 | 675 | 595 | 579 | 593 |
| Stockholders' Equity | 578 | 700 | 634 | 579 | 456 | 466 |
| Income Statement ($MM) | 2013-12-31 | 2014-12-31 | 2015-12-31 | 2016-12-31 | 2017-12-31 | 2018-12-31 |
| Revenue | ||||||
| Cost of Revenue | ||||||
| Gross Profit | ||||||
| R&D | ||||||
| SG&A | ||||||
| Tax | ||||||
| Net Income | ||||||
| Cash Flow ($MM) | 2013-12-31 | 2014-12-31 | 2015-12-31 | 2016-12-31 | 2017-12-31 | 2018-12-31 |
| Cash Operating | ||||||
| Cash Investing | ||||||
| Cash Financing | ||||||