Safe Bulkers, Inc. Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Safe Bulkers, Inc. has submitted its 20-F annual report for the fiscal year 2023, detailing financial performance and corporate structure.</b>

AI Summary

SAFE BULKERS, INC. (SB-PC) filed a Foreign Annual Report (20-F) with the SEC on February 29, 2024. Safe Bulkers, Inc. filed its 20-F annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located in Monaco. The report includes financial data for the fiscal years 2020, 2021, 2022, and 2023. The filing details common stock and preferred stock information, including Series C and Series D preferred stock.

Why It Matters

For investors and stakeholders tracking SAFE BULKERS, INC., this filing contains several important signals. This 20-F filing provides a comprehensive overview of Safe Bulkers' financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial data and corporate information within the 20-F are essential for regulatory compliance and for providing transparency to the investment community regarding the company's assets, liabilities, and equity.

Risk Assessment

Risk Level: low — SAFE BULKERS, INC. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate material changes or adverse financial indicators, suggesting a stable operational status.

Analyst Insight

Review the detailed financial statements and segment information within the 20-F filing to understand Safe Bulkers' performance and identify any potential trends or risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-29 — Filing Date (Filed as of date)
• 2023 — Reporting Year (Fiscal year covered by the report)
• 2022 — Prior Year (Comparative financial data year)
• 2021 — Prior Year (Comparative financial data year)
• 2020 — Prior Year (Comparative financial data year)

Key Players & Entities

• SAFE BULKERS, INC. (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240229 (date) — Filed as of date
• Monaco (location) — Business address city
• 001-34077 (other) — SEC file number
• 4412 (other) — Standard Industrial Classification

FAQ

Industry Context

Safe Bulkers, Inc. operates in the international maritime transportation industry, specifically focusing on dry bulk cargo.

Regulatory Implications

As a foreign private issuer, Safe Bulkers, Inc. is subject to SEC reporting requirements, including the annual filing of Form 20-F.

What Investors Should Do

1. Analyze the financial statements for the fiscal years 2023, 2022, and 2021 to identify revenue trends, profitability, and debt levels.
2. Examine disclosures related to fleet operations, vessel acquisitions/disposals, and any significant operational events during fiscal year 2023.
3. Review management's discussion and analysis (MD&A) for insights into the company's strategy, market outlook, and risk factors.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 20-F filing.
• 2024-02-29: Filing Date — Date the 20-F annual report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 20-F report for the fiscal year ended December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.001 — ange on Which Registered Common Stock, $0.001 par value per share SB New York Stock E
• $0.01 — e Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.0
• $25.00 — $0.01 per share, liquidation preference $25.00 per share SB.PR.C New York Stock Exchan

Filing Documents

• sb-20231231.htm (20-F) — 2900KB
• listofsubsidiaries2023.htm (EX-8.1) — 38KB
• ex121-ceocertification2023.htm (EX-12.1) — 10KB
• ex122-cfocertification2023.htm (EX-12.2) — 10KB
• ex131-ceocertification2023.htm (EX-13.1) — 7KB
• ex132-cfocertification2023.htm (EX-13.2) — 7KB
• ex971-policyfortherecovery.htm (EX-97.1) — 20KB
• 0001628280-24-007809.txt (&nbsp;) — 11492KB
• sb-20231231.xsd (EX-101.SCH) — 101KB
• sb-20231231_cal.xml (EX-101.CAL) — 96KB
• sb-20231231_def.xml (EX-101.DEF) — 413KB
• sb-20231231_lab.xml (EX-101.LAB) — 890KB
• sb-20231231_pre.xml (EX-101.PRE) — 599KB
• sb-20231231_htm.xml (XML) — 1517KB

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 7

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 7

KEY INFORMATION

ITEM 3. KEY INFORMATION 7

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 40

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 65

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 65

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 83

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 88

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 95

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 96

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 96

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 111

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 112

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 112

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 112

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 113

[RESERVED]

ITEM 16. [RESERVED] 116

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 116

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 116

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 116

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 117

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 117

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 118

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE 118

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE 118

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 118 ITEM 16J. INSIDER TRADING POLICIES 118 ITEM 16K. CYBERSECURITY 118

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 119

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 119

EXHIBITS

ITEM 19. EXHIBITS 119 ABOUT THIS REPORT In this annual report, "Safe Bulkers", "the Company", "we", "us" and "our" are sometimes used for convenience where references are made to Safe Bulkers, Inc. and its subsidiaries (as well as the predecessors of the foregoing). These expressions are also used where no useful purpose is served by identifying the particular company or companies. Our affiliated management companies, Safety Management Overseas S.A., a company incorporated under the laws of the Republic of Panama ("Safety Management"), and Safe Bulkers Management Limited, a company organized and existing under the laws of the Republic of Cyprus ("Safe Bulkers Management"), are each sometimes referred to as a "Manager". Safe Bulkers Management Monaco Inc., a company incorporated under the laws of the Republic of the Marshall Islands ("Safe Bulkers Management Monaco"), is sometimes referred to as the "New Manager," and together with Safety Management and Safe Bulkers Management, our "Managers." CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS All statements in this annual report that are not statements of either historical fact or current facts are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are issuing this cautionary statement in connection therewith. The disclosure and analysis set forth in this annual report includes underlying assumptions, expectations, projections, objectives, goals, intentions and beliefs about future events or performance in a number of places, particularly in relation to our operations, cash flows, financial position, plans, strategies, business prospects, changes and trends in our business and the markets in which we operate. These statements are intended as forward-looking statements. In some cases, predictive, future-tense or forwar

Forward-looking statements include, but are not limited to, such matters as

Forward-looking statements include, but are not limited to, such matters as: future operating or financial results and future revenues and expenses; our ability to maintain or develop new and existing customer relationships with major commodity traders, including our ability to enter into long-term charters for our vessels, and those we may acquire in the future; future, pending or recent acquisitions, business strategy, and other plans and objectives for growth and future operations, areas of possible expansion and expected capital spending or operating expenses; availability of key employees, crew, length and number of off-hire days, classification surveys and drydocking requirements, and bunker fuel prices and insurance costs for our fleet; general market conditions and changes, including inflation pressures leading to subpar economic growth, and the disruption of shipping routes and seaborne patterns in the shipping industry trends, including charter rates, vessel values and factors affecting supply and demand for dry bulk commodities; competition within our industry; reputational risks; our financial condition and liquidity, including our ability to make required payments under our credit facilities, comply with our loan covenants and obtain additional financing in the future to fund capital expenditures, acquisitions and other general corporate activities and to comply with the restrictive and other covenants in our financing arrangements; the strength of world economies and currencies and the fluctuations in interest rates and foreign exchange rates; potential exposure or loss from investment in derivative instruments; general domestic, regional and international economic and political conditions; the effect of the 2019 Novel Coronavirus (the "Covid-19") on our business and operations and any related remediation measures on our performance and business prospects; the extent to which any new wave or new variant of Covid-19 will impact the Company

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION Safe Bulkers, Inc. 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". The Company's series C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols "SB.PR.C" and "SB.PR.D", respectively. We are a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Our vessels transport major bulks, which include iron ore, coal and grain and minor bulks, which include bauxite, fertilizers and steel products. We or our Managers have offices in Monaco, Greece, Cyprus and Switzerland. Our fleet consists of dry bulk vessels of four sizes, namely Capesize vessels with carrying capacity of about 180,000 dwt; Post Panamax vessels with carrying capacities of between 85,000 dwt and 100,000 dwt; Kamsarmax vessels with carrying capacities of between 80,000 dwt and 84,000 dwt; and Panamax vessels with carrying capacities of between 75,000 and 78,000 dwt. As of February 16, 2024, we have a fleet of 47 vessels, one of which is held for sale, with an average age of 9.9 years and aggregate capacity of 4.7 million deadweight tons ("dwt") expressed in metric tons, each of which is equivalent to 1,000 kilograms, referring to the maximum weight of cargo and supplies that a vessel can carry. Eleven vessels in our fleet are eco-ships built after 2014, and nine are designed to meet the Phase 3 requirements of Energy Efficiency Design Index ("EEDI") related to the reduction of green house gas ("GHG") emissions, (''GHG -EEDI Phase 3'') as adopted by the International Maritime Organization, ("IMO") and also comply with the latest nitrogen oxides ("NOx") Tier III emissions regulation of International Convention for the Prevention of Pollution from Ships ("MARPOL"), NOx-Tier III (IMO, MARPOL Annex VI, reg. 13) (''NOx-Tier III'') and were built 2022 onwards. In add

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