← SAFE BULKERS, INC.

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income (Loss) Attributable to Parent ($56.0m) ($84.7m) $27.7m $16.0m ($12.9m) $174.3m $172.6m $77.4m $97.4m $38.6m
Net Income (Loss) Available to Common Stockholders, Basic ($70.0m) ($99.1m) $16.3m $4.3m ($25.3m) $163.6m $163.6m $69.4m $89.4m $30.6m
Amortization of Debt Issuance Costs and Discounts $3.1m $2.5m $1.8m $1.8m $1.7m $2.9m $2.0m $2.5m $3.0m $2.8m
Depreciation $49.5m $51.4m $48.1m $50.3m $54.3m $52.1m $48.2m $54.1m $58.1m $59.9m
Amortization and write-off of deferred finance charges $3.1m $2.5m $1.8m $1.8m $1.7m $2.9m $2.0m $2.5m $3.0m $2.8m
Share-based Payment Arrangement, Noncash Expense $120k $120k $120k $120k $120k $120k $120k $144k $150k $150k
Gain (Loss) on Extinguishment of Debt $0 $8.2m $0 $0 — — — — — —
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property ($2.8m) ($120k) $0 $0 — $11.6m $0 $10.4m $16.6m $4.6m
Interest Expense Nonoperating — — — — — — — — $31.4m $30.3m
Other Nonoperating Income (Expense) — — — ($714k) ($641k) ($798k) ($1.4m) ($756k) ($618k) ($712k)
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Accounts Receivable $1.7m $2.4m $534k $4.2m ($10.5m) $3.2m ($1.6m) $2.3m $4.6m ($4.5m)
Increase (Decrease) in Inventories ($238k) ($947k) ($88k) $5.5m $3.5m ($3.9m) $13.2m $683k ($928k) $8.0m
Foreign Currency Transaction Gain (Loss), before Tax ($76k) $1.8m ($670k) ($76k) $916k ($910k) ($1.1m) ($1.9m) $4.2m ($10.0m)
Foreign Currency Transaction Gain (Loss), Unrealized — $244k ($119k) $10k $254k ($794k) $5.3m ($882k) $5.8m ($13.1m)
General and Administrative Expense $15.4m $16.1m $19.2m $20.6m $21.5m $22.5m $21.8m $23.8m $27.0m $29.9m
Inventory Write-down $0 $0 — — — — — — — —
Investment Income, Interest $515k $799k $929k $1.6m $604k $69k $783k $2.5m $3.4m $5.1m
Nonoperating Income (Expense) ($1.7m) $7.7m ($973k) — — — — — — —
Operating Costs and Expenses $49.5m $52.8m $63.5m $68.6m $70.1m $72.0m $80.2m $89.2m $92.6m $97.3m
Payments of Financing Costs $100k $1.9m $1.9m $2.1m $1.8m $2.4m $6.4m $2.8m $2.8m $2.2m
Unrealized Gain (Loss) on Derivatives $411k $146k ($60k) ($121k) ($1.7m) $8.4m ($4.7m) $204k ($2.9m) $7.0m
Gain on sale of assets $2.8m $120k $0 $0 $0 ($11.6m) $0 ($10.4m) ($16.6m) ($4.6m)
Unrealized loss on inventory valuation — — — — $241k $0 $3.6m $1.9m $1.3m $3.8m
Unrealized foreign exchange loss/(gain) $0 ($244k) $119k ($10k) ($254k) $794k ($5.3m) $882k ($5.8m) $13.1m
Share based compensation $120k $120k $120k $120k $120k $120k $120k $144k $150k $150k
Accounts receivable ($1.7m) ($2.4m) ($534k) ($4.2m) $10.5m ($3.2m) $1.6m ($2.3m) ($4.6m) $4.5m
Due from Managers $345k $25k ($23k) $41k $510k $48k ($22k) $8k ($815k) ($1.5m)
Inventories $238k $947k $88k ($5.5m) ($3.5m) $3.9m ($13.2m) ($683k) $928k ($8.0m)
Accrued revenue ($90k) ($1.8m) $1.8m $476k ($19k) ($315k) $60k $323k ($339k) $288k
Prepaid expenses and other current assets ($340k) $293k ($1.1m) ($1.4m) $436k $351k ($2.3m) ($849k) ($395k) $1.6m
Due to Managers $0 $0 $23k ($14k) ($9k) $51k $7k ($58k) $33k ($6k)
Trade accounts payable ($1.7m) ($486k) $2.6m $5.0m $2.5m ($4.0m) $505k $385k ($1.1m) $3.5m
Accrued liabilities $411k ($569k) $2.6m ($2.9m) $1.0m ($829k) $4.7m $160k $4.7m ($4.1m)
Non current assets & Other liabilities — — $0 $104k $1.0m $1.4m $1.7m $1.7m ($3.4m) $805k
Unearned revenue $84k $1.5m $2.1m ($2.0m) $6.1m $9.2m ($2.2m) ($2.7m) ($4.9m) ($1.6m)
Vessel advances ($58.4m) ($59.9m) ($45.9m) ($39.2m) ($50.4m) ($109.2m) ($183.3m) ($209.1m) ($144.8m) ($42.0m)
Proceeds from sale of assets $29.0m $20.5m $0 $0 $0 $107.1m $16.9m $30.8m $78.0m $23.4m
Acquisition of short term investment — — — — — — — $0 $0 ($4.8m)
Increase in bank time deposits ($51.5m) ($37.6m) ($60.8m) ($85.0m) ($93.8m) ($2.3m) ($79.8m) ($52.9m) ($82.0m) ($118.7m)
Maturity of bank time deposits $39.5m $37.5m $43.1m $87.4m $109.5m $13.0m $16.8m $79.5m $77.0m $151.8m
Payment of deferred financing costs ($100k) ($1.9m) ($1.9m) ($2.1m) ($1.8m) ($2.4m) ($6.4m) ($2.8m) ($2.8m) ($2.2m)
Unpaid financing fees $18k $85k $540k $440k $111k $1.3m $180k $103k $150k $181k
Derivative, Gain (Loss) on Derivative, Net ($620k) $72k $18k ($121k) ($1.3m) $2.2m $8.7m $523k ($3.7m) $7.3m
Other Operating Income (Expense), Net — ($390k) $0 ($414k) ($241k) $0 ($3.6m) ($1.9m) ($1.3m) ($3.8m)
Net Cash Provided by (Used in) Operating Activities $13.5m $50.1m $85.4m $58.3m $63.4m $217.2m $218.0m $122.2m $130.5m $102.3m
Cash flows from investing activities:
Unpaid capital expenditures $3.5m $210k $1.0m $5.6m $964k $1.5m $3.7m $842k $136k $176k
Net Cash (Used in)/Provided by Investing Activities $21.3m ($39.6m) ($63.7m) ($36.8m) ($34.8m) $8.6m ($229.4m) ($151.7m) ($71.7m) $9.7m
Net Cash Provided by (Used in) Investing Activities — ($39.6m) ($63.7m) ($36.8m) ($34.8m) $8.6m ($229.4m) ($151.7m) ($71.7m) $9.7m
Cash flows from financing activities:
Proceeds from Issuance of Long-term Debt $64.5m $115.3m $187.5m $177.6m $92.4m $178.8m $259.6m $255.2m $248.3m $214.9m
Proceeds from long-term debt $64.5m $115.3m $187.5m $177.6m $92.4m $178.8m $259.6m $255.2m $248.3m $214.9m
Repayments of Long-term Debt $148.5m $122.8m $179.7m $151.3m $82.0m $434.7m $191.3m $165.2m $212.1m $225.5m
Principal payments of long-term debt ($148.5m) ($122.8m) ($179.7m) ($151.3m) ($82.0m) ($434.7m) ($191.3m) ($165.2m) ($212.1m) ($225.5m)
Proceeds from Issuance of Common Stock $16.5m $0 $0 — — $71.5m $0 $0 — —
Payments for Repurchase of Common Stock $120k $0 $617k $4.2m $6.0m $0 $9.1m $26.2m $28.9m $11.0m
Repurchase of common stock ($120k) $0 ($617k) ($4.2m) ($6.0m) $0 ($9.1m) ($26.2m) ($28.9m) ($11.0m)
Dividends Payable — — $0 $128k $134k $0 $0 — — —
Dividends paid ($14) ($12) ($11) ($11) ($11) ($11) ($34) ($31) ($30) ($29)
Other financing liability payments — — — — — $0 $0 ($1.1m) ($755k) $0
Net Cash Provided by (Used in) Financing Activities ($83.9m) ($47.1m) ($15.6m) $8.5m ($9.3m) ($225.9m) ($40.1m) $29.1m ($25.9m) ($52.4m)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — ($119k) $10k $254k ($794k) ($709k) $353k ($371k) $75k
Effect of exchange rate changes on cash, cash equivalents and restricted cash $0 $244k ($119k) $10k $254k ($794k) ($709k) $353k ($371k) $75k
Net (decrease)/increase in cash, cash equivalents and restricted cash ($110.3m) ($36.5m) $6.2m $30.0m $19.3m ($144k) ($51.5m) ($378k) $32.9m $59.6m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — $62.6m $92.6m $112.2m $111.3m $59.1m $59.1m $91.6m $151.3m
Cash, cash equivalents and restricted cash at beginning of year $203.1m $92.8m $62.6m $92.6m $112.2m $111.3m $59.1m $59.1m $91.6m $151.3m
Cash and cash equivalents $81.6m $46.2m $51.9m $78.9m $90.0m $101.0m $49.2m $48.2m $81.1m $141.6m
Restricted cash – Current assets $1.2m $1.7m $310k $0 $3.4m $0 $1.0m $2.0m $3.0m $0
Restricted cash – Non current assets $10.0m $8.7m $10.4m $13.7m $18.8m $10.2m $8.9m $8.8m $7.5m $9.7m
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities $19.8m $22.7m $23.8m $29.3m $20.9m $13.7m $13.7m $22.3m $29.5m $35.2m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.