Although Safety Management Overseas is a relatively young company incorporated in 1994, its roots, its culture, its tradition go back a few decades in the establishment of its predecessor Alassia Steamship Company Ltd. in 1965 by Vassos Hajioannou.

At these early times of the development of the Greek Shipping Industry the company and its founder managed to maintain high quality services, unspoiled insurance records and to create an excellent reputation despite the fact that the vessels were old (some of them built even before World War II), and their management demanding.

The breakthrough in Alassia's business came 7 years later, in 1972, when its founder bought 4 sisterships from one of Britain's renowned shipping companies, King Line, all tween-deckers of about 10,000 DWT built two in 1952, one in 1953 and one in 1957. In the summer of 1973 came a closure of the Suez Canal and with it the first oil shock, when the price of a barrel of oil rocketed from 3 to 12 U.S.dollars. Towards the end of the same year, Alassia made a big jump in ship ownership by purchasing a high spec 5-year-old 40,000 TDW bulkcarrier built in Sweden, the "Athos" renamed "STALO 2". By that time and during the whole of 1974 and first half of 1975 the world saw the highest freight rates in history being paid until recently. A collapse of the freight market followed, which lasted until the second oil shock of 1979. Ships were not earning their running expenses and Vassos Hajioannou went to Saudi Arabia (where he first started his shipping career in the mid 50s) where he succeeded in signing contracts for the sale of about 3 million tons of cement over a period of 2/3 years.

During these difficult years of shipping, the entire fleet of Alassia was engaged in cement transportation. Alassia was involved directly in trading by buying cement F.O.B. from Cyprus, Greece and Romania, carrying it on its own vessels and selling it C.I.F to customers in Saudi Arabia.

Alassia came through these tough years very nicely until the next market upturn in 1979/80. In 1979 Alassia bought two more bulkcarriers, a 40,000 TDW built 1968, "MV PELOPIDAS" and later in the year a small panamax of 54,000 TDW built also 1968, "MV MARITSA".

During 1980 in a good market and high ship values, all four ex King Line ships were sold. In 1981 the "PELOPIDAS" was also sold and so during the ensued long freight market slump of 1981-1986 Alassia had just two bulkcarriers. At probably the lowest level of the slump, beginning of 1986, Alassia bought two sistership 40,000 TDW bulk carriers both built 1977 which it sold in 2000. Those two ships bought in 1986 were actually the last vessels the group purchased as second-hand ships until late 2012 when the company purchased again a second-hand ship after 26 years.

Since 1993 the company has focused on newbuilding vessels with repeat orders of sister-ships starting with 2 newbuilding panamax bulk carriers of 73000 DWT at Samsung shipyard in Korea. In 1995, Alassia's operations were taken over by SAFETY MANAGEMENT OVERSEAS S.A. a newly incorporated company organized in a modern way.

Based on the experienced personnel of the predecessor the company gradually expanded and its size has almost doubled the recent years. New personnel, new infrastructure and modernized internal structures have increased the company’s ability to handle multiple tasks in the areas of interest.

Safety Management Overseas and Alassia Steamship Company have managed over the years more than 55 ships.

Safety Management Overseas has entered into a new management contract to provide exclusive technical, administrative and commercial services to Safe Bulkers Inc., a company listed in the New York Stock Exchange during its Initial Public Offering in May 2008, under the symbol "SB".

Safety Management Overseas was incorporated in Panama in 1994, inheriting the experience and practically being the descendant of Alassia Steamship Company Ltd., a company with a very long dry-bulk shipping history since its foundation in 1965.

Over the years, Safety Management Overseas has built a strong reputation in the dry-bulk shipping community by providing customized, high-quality management services in an efficient and risk-adverse manner.

Safety Management Overseas has incorporated all recent developments in the marine industry including ISM, ISPS and has established an excellent track record. One of the company's primary concerns is to improve continuously the safety and management skills of its personnel ashore and aboard ship, including preparing them for emergencies related to safety and environmental protection.

Safety Management Overseas has entered into a new management contract with Safe Bulkers Inc., a company listed in the New York Stock Exchange during its Initial Public Offering in 2008, under the symbol "SB". According to this management agreement Safety Management Overseas will provide exclusive technical, administrative and commercial services to Safe Bulkers and its subsidiaries including the supervision of sales, acquisitions and newbuild construction