|                                  
|----------------------------------
|Exhibit 4.18                      
|                                  
|Dated as of 6 April 2009          
|                                  
|                                  
|SECOND SUPPLEMENTAL AGREEMENT     
|relating to a                     
|loan of (originally) US$30,400,000
|                                  
|to                                
|MARINOUKI SHIPPING CORPORATION    
|                                  
|provided by                       
|THE ROYAL BANK OF SCOTLAND PLC    

(NORTON ROSE LOGO)

---



Contents

|                                                                    |                                          |    |     
|------------------------------------------------------------------- | ---------------------------------------- | -- | ----
|Clause                                                              |                                          |    | Page
|                                                                    |                                          |    |     
|1                                                                   | Definitions                              |    | 1   
|                                                                    |                                          |    |     
|2                                                                   | Agreement of the
 Bank                   |    | 3   
|                                                                    |                                          |    |     
|3                                                                   | Amendments to
 Principal Agreement       |    | 3   
|                                                                    |                                          |    |     
|4                                                                   | Amendment to
 Principal Master Agreement |    | 5   
|                                                                    |                                          |    |     
|5                                                                   | Representations
 and warranties          |    | 6   
|                                                                    |                                          |    |     
|6                                                                   | Conditions                               |    | 7   
|                                                                    |                                          |    |     
|7                                                                   | Relevant Parties
 Confirmation          |    | 7   
|                                                                    |                                          |    |     
|8                                                                   | Expenses                                 |    | 8   
|                                                                    |                                          |    |     
|9                                                                   | Miscellaneous and
 notices               |    | 8   
|                                                                    |                                          |    |     
|10                                                                  | Applicable law                           |    | 9   
|                                                                    |                                          |    |     
|Schedule 1
 Documents and evidence required as conditions precedent |                                          | 11

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|    |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                 
|--- | -------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | THIS
 SECOND SUPPLEMENTAL AGREEMENTis dated as of 6 April 2009 and made BETWEEN:
|    |                                                                                 
|    | (1)                                                                              | MARINOUKI
 SHIPPING CORPORATION,a corporation incorporated in the Republic of
 Liberia with its registered office at 80 Broad Street, Monrovia, Liberia (the
 Borrower);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | (2)                                                                              | SAFETY
 MANAGEMENT OVERSEAS S.A.,a corporation incorporated in the Republic of
 Panama with its registered office at Edificio Torre Universal, Piso 12,
 Avenida Federico Boyd, P.O. Box 8807, Panama, Republic of Panama (the Manager);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | (3)                                                                              | SAFE
 BULKERS, INC.,a corporation incorporated in The Republic of the
 Marshall Islands with its registered office at Trust Company Complex,
 Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the Guarantor); and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | (4)                                                                              | THE
 ROYAL BANK OF SCOTLAND PLCof 5-10 Great Tower Street, London EC3P 3HX,
 England (the Bank).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | WHEREAS:                                                                        
|    |                                                                                 
|    | (A)                                                                              | this Agreement is
 supplemental to a loan agreement dated 1 March 2006 made between (1) the
 Borrower and (2) the Bank (the Original
 Agreement) as supplemented by a supplemental letter dated 24
 April 2008 made between the Borrower and the Bank (the Supplemental Letter) and as further
 supplemented by a first supplemental agreement dated 23 May 2008 made between
 the Borrower, the Bank and the Manager (the First
 Supplemental Agreement and, together with the Original Agreement
 and the Supplemental Letter, the Principal
 Agreement) relating to a multi-currency loan of (originally)
 Thirty million four hundred thousand Dollars ($30,400,000) (which was
 increased by $4,000,000 pursuant to the Supplemental Letter), advanced by the
 Bank to the Borrower, of which the principal amount outstanding at the date
 hereof is $31,530,000;
|    |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | (B)                                                                              | this Agreement is
 also supplemental to a 1992 Principal Master Agreement dated 1 March 2006
 (the Principal Master Agreement)
 made between the Borrower and the Bank; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | (C)                                                                              | this Agreement
 sets out the terms and conditions upon which the Bank provides, at the
 request of the Borrower, its consent to:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                  | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | certain amendments
 to the terms and conditions applicable to the Loan and the Principal
 Agreement agreed to by the Borrower and the Bank; and                                 
|    |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                 
|    |                                                                                  | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | certain
 consequential changes to the Principal Agreement and the Principal Master
 Agreement required in connection with the above and agreed to by the Borrower
 and the Bank.
|    |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                 
|    | NOW
 IT IS HEREBY AGREEDas follows:                                             
|    |                                                                                 
|1   |                                                                                  | Definitions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.1 |                                                                                  | Defined
 expressions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                  | Words and
 expressions defined in the Principal Agreement shall unless the context
 otherwise requires or unless otherwise defined herein, have the same meanings
 when used in this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.2 |                                                                                  | Definitions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                  | In this Agreement,
 unless the context otherwise requires:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

1

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|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 
|----- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|      |  | Borrowers
 Accountmeans an interest bearing Dollar account of the Borrower opened with
 the Bank designated RBSPAMAR-USDA and includes any other account designated
 in writing by the Bank to be a Borrowers Account for the purposes of this
 Agreement;                                                                                                                                                                                                                                                                                    
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      |  | Borrowers
 Account Pledgemeans the first priority pledge executed or (as
 the context may require) to be executed by the Borrower in favour of the Bank
 in respect of the Borrowers Account in such form as the Bank may in its
 absolute discretion require;                                                                                                                                                                                                                                                                                
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      |  | Effective
 Datemeans the gate, no later than 27 April 2009, on which the Bank has received
 the documents and evidence specified in clause 6 and schedule 1 in a form and
 substance satisfactory to it;                                                                                                                                                                                                                                                                                                                                        
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      |  | Government
 Entitymeans and includes (whether having a distinct legal personality or
 not) any national or local government authority, board, commission,
 department, division, organ, instrumentality, court or agency and any
 association, organisation or institution of which any of the foregoing is a
 member or to whose jurisdiction any of the foregoing is subject or in whose
 activities any of the foregoing is a participant;                                                                                                   
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      |  | Indebtednessmeans any obligation for the
 payment or repayment of money, whether as principal or as surety and whether
 present or future, actual or contingent;                                                                                                                                                                                                                                                                                                                                                                                
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      |  | Loan
 Agreementmeans the Principal Agreement as amended by this Agreement; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      |  | Relevant
 Partiesmeans, together, the Borrower, the Manager and the Corporate Guarantor
 or, where the context so requires or permits, means any of them.                                                                                                                                                                                                                                                                                                                                                                                       
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|1.3   |  | Principal
 Agreement and Principal Master Agreement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      |  | References in the
 Principal Agreement and in the Principal Master Agreement to this Agreement
 shall, with effect from the Effective Date and unless the context otherwise
 requires, be references to the Principal Agreement and the Principal Master
 Agreement in either case as amended by this Agreement and words such as
 herein, hereof, hereunder, hereafter, hereby and hereto, where
 they appear in the Principal Agreement or, as the case may be, in the
 Principal Master Agreement, shall be construed accordingly.
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|1.4   |  | Headings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      |  | Clause headings
 and the table of contents are inserted for convenience of reference only and
 shall be ignored in the interpretation of this Agreement.                                                                                                                                                                                                                                                                                                                                                                                          
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|1.5   |  | Construction
 of certain terms                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      |  | In this Agreement,
 unless the context otherwise requires:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|1.5.1 |  | references to
 clauses and schedules are to be construed as references to clauses of, and
 schedules to, this Agreement and references to this Agreement includes its
 schedules;                                                                                                                                                                                                                                                                                                                                                                 
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|1.5.2 |  | references to (or
 to any specified provision of) this Agreement or any other document shall be
 construed as references to this Agreement, that provision or that document as
 in force for the time being and as amended in accordance with terms thereof,
 or, as the case may be, with the agreement of the relevant parties;                                                                                                                                                                                                                 
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|1.5.3 |  | references to a regulation include any present or
 future regulation, rule, directive, requirement, request or guideline
 (whether or not having the force of law) of any agency, authority, central                                                                                                                                                                                                                                                                                                                                            

2

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|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                    
|----- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |  | bank or government
 department or any self-regulatory or other national or supra-national
 authority;                                                                                                                                                                                                                                                                                                                                
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                      
|1.5.4 |  | words importing
 the plural shall include the singular and vice versa;                                                                                                                                                                                                                                                                                                                                                               
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                      
|1.5.5 |  | references to a
 time of day are to London time;                                                                                                                                                                                                                                                                                                                                                                                     
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                      
|1.5.6 |  | references to a
 person shall be construed as references to an individual, firm, company,
 corporation, unincorporated body of persons or any Government Entity;                                                                                                                                                                                                                                                                     
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                      
|1.5.7 |  | references to a guarantee include references to an
 indemnity or other assurance against financial loss including, without
 limitation, an obligation to purchase assets or services as a consequence of
 a default by any other person to pay any Indebtedness and guaranteed shall be construed
 accordingly; and                                                                                                              
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                      
|1.5.8 |  | references to any
 enactment shall be deemed to include references to such enactment as
 reenacted, amended or extended.                                                                                                                                                                                                                                                                                                             
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                      
|2     |  | Agreement of
 the Bank                                                                                                                                                                                                                                                                                                                                                                                                               
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |  | The Bank, relying
 upon the representations and warranties on the part of the Borrower contained
 in clause 5, agrees with the Borrower that, subject to the terms and
 conditions of this Agreement and with effect on the Effective Date, the Bank
 consents and agrees to the amendment of (a) the Principal Agreement on the
 terms set out in clause 3 and (b) the Principal Master Agreement on the terms
 set out in clause 4.
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                      
|3     |  | Amendments to
 Principal Agreement                                                                                                                                                                                                                                                                                                                                                                                                   
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                      
|3.1   |  | Amendments
 to Principal Agreement                                                                                                                                                                                                                                                                                                                                                                                                   
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |  | The Principal
 Agreement shall, with effect on and from the Effective Date, be deemed (and
 is hereby deemed) to have been amended as of 13 March 2009 in accordance with
 the following provisions (and the Principal Agreement (as so deemed to have
 been amended) will continue to be binding upon each of the parties hereto
 upon such terms as so deemed to have been amended):                                               
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                      
|3.1.1 |  | by deleting in clause
 1.2 of the Principal Agreement the definitions of Margin and Supplemental
 Agreement;                                                                                                                                                                                                                                                                                                                     
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                      
|3.1.2 |  | by inserting in
 clause 1.2 of the Principal Agreement the following new definitions of Approved Charter, Borrowers
Account,
 Borrowers Account Pledge, First Supplemental Agreement, Margin,
 Second Supplemental Agreement, Supplemental AgreementsandSuspension Notice in the
correct
 alphabetical order:                                                                                                      
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |  | Approved
 Chartermeans, at any relevant time, any charter or other contract of
 employment entered into by the Borrower in respect of the Ship, which:                                                                                                                                                                                                                                                                             
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |  | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                   | is entered into
 with a charterer which, is at the time of execution thereof as well as at
 such relevant time, acceptable to the Bank in its sole discretion; and                 
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                    
|      |  | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                   | has such other
 terms and conditions which, at the time of execution thereof as well as at
 such relevant time, are in all respects acceptable to the Bank in its sole
 discretion;

3

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|      |  |                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|----- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |  | Borrowers
 Accountmeans an interest bearing Dollar account of the Borrower opened with
 the Bank designated RBSPAMAR-USDA and includes any other account designated
 in writing by the Bank to be a Borrowers Account for the purposes of this
 Agreement;    
|      |  |                                                                                                                                                                                                                                                                   
|      |  | Borrowers
 Account Pledgemeans the first priority pledge executed or (as the
 context may require) to be executed by the Borrower in favour of the Bank in
 respect of the Borrowers Account in such form as the Bank may in its
 absolute discretion require;
|      |  |                                                                                                                                                                                                                                                                   
|      |  | First
 Supplemental Agreementmeans the agreement dated 23 May 2008 made between
 the Borrower, the Manager and the Bank supplemental to this Agreement;                                                                                                         
|      |  |                                                                                                                                                                                                                                                                   
|      |  | Marginmeans:                                                                                                                                                                                                                                                    
|      |  |                                                                                                                                                                                                                                                                   
|      |  | (a)                                                                                                                                                                                                                                                                | subject to
 paragraph (b) below, one point two five per cent (1.25%) per annum;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|      |  |                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|      |  | (b)                                                                                                                                                                                                                                                                | if on the first
 day of an Interest Period (i) there is a credit balance in the Borrowers
 Account which is a minimum amount of $1,000,000 and an integral multiple of
 $1,000,000 or any other amount agreed between the Borrower and the Bank,
 placed on deposit for a period equal to that Interest Period but in any case
 not less than three (3) months and (ii) no Suspension Notice has been given
 under clause 3.7 that remains effective on any day of such Interest Period,
 the Margin applicable for such Interest Period to a part of the Loan equal to
 such credit balance shall be one point one five per cent (1.15%) per annum
 and that applicable to the balance of the Loan shall be one point two five
 per cent (1.25%) per annum;
|      |  |                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|      |  | Second
 Supplemental Agreementmeans the agreement dated as of 6 April 2009 made
 between the Borrower, the Manager, the Corporate Guarantor and the Bank
 supplemental to this Agreement;                                                                       
|      |  |                                                                                                                                                                                                                                                                   
|      |  | Supplemental
 Agreementsmeans, together, the First Supplemental Agreement and the Second
 Supplemental Agreement; and                                                                                                                                           
|      |  |                                                                                                                                                                                                                                                                   
|      |  | Suspension
 Noticehas the meaning ascribed thereto in clause 3.7;;                                                                                                                                                                                             
|      |  |                                                                                                                                                                                                                                                                   
|3.1.3 |  | by deleting in the
 definition of Security Documents
 in clause 1.2 of the Principal Agreement the words Supplemental Agreement
 and by inserting in their place the words Supplemental Agreements, the
 Borrowers Account Pledge;                         
|      |  |                                                                                                                                                                                                                                                                   
|3.1.4 |  | by inserting at
 the end of the definition of Security
 Value in clause 1.2 of the Principal Agreement the words or the
 Borrowers Account;                                                                                                                  
|      |  |                                                                                                                                                                                                                                                                   
|3.1.5 |  | by inserting the
 following new clause 3.7:                                                                                                                                                                                                                       
|      |  |                                                                                                                                                                                                                                                                   
|      |  | 3.7
 Suspension of reduced Margin                                                                                                                                                                                                                                
|      |  |                                                                                                                                                                                                                                                                   
|      |  | If:                                                                                                                                                                                                                                                               
|      |  |                                                                                                                                                                                                                                                                   
|      |  | 3.7.1                                                                                                                                                                                                                                                              | the result of any
 change in, or in the interpretation or application of, or the introduction
 of, any law or any regulation, request or requirement (whether or not having
 the force of law, but, if not having the force of law, with which the Bank
 or, as the case may be, its holding company habitually complies), is to
 change the capital adequacy treatment of the Borrowers Account Pledge from
 that applicable on the date of this Agreement in a manner which the Bank
 considers detrimental for the Bank; or                                                                                                                                                                                                                              

4

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|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|----- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |  | 3.7.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | it is determined
 by a Government Entity or banking supervisory authority, that the capital
 adequacy treatment of the Borrowers Account Pledge is not the one that the
 Bank was of the view it was on the date of this Agreement and such
 determination is in the Banks opinion detrimental for the Bank,                                                                                                                                                                                                                                                                                                                                                                                             
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | the Bank shall
 forthwith give notice (the Suspension
 Notice) to the Borrower that the reduced Margin to be made available
 to the Borrower under certain conditions in respect to a part of the Loan
 equal to the moneys standing to the credit of the Borrowers Account at any
 relevant point of time, shall not be available to the Borrower under this
 Agreement from the date specified in the Suspension Notice until such time as
 the Bank notifies the Borrower that none of the circumstances specified in
 sub-clauses 3.7.1 or 3.7.2 above continues to exist, whereupon the reduced
 Margin shall be again available to the Borrower always on the terms provided
 in this Agreement.;
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|3.1.6 |  | by deleting in the
 fifth line of clause 9.2.2 of the Principal Agreement the words without
 taking into account the benefit of any charterparty or other engagement
 concerning the Ship and by inserting in their place the words by taking
 into account the benefit or detriment of any Approved Charter Provided however that the benefit of
 such Approved Charter shall not be taken into account if a breach of a term
 of such Approved Charter has occurred allowing the charterer to terminate the
 Approved Charter and such breach is subsisting on the date of such
 valuation;
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|3.1.7 |  | by inserting in
 the second line of clause 15.3 after the words to the credit of the Cash
 Collateral Account the words or the Borrowers Account; and                                                                                                                                                                                                                                                                                                                                                                                                                                       
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|3.1.8 |  | by inserting the
 following new clauses 15.5 and 15.6:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |  | 15.5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Borrowers
 Account: withdrawals                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Unless the Bank
 otherwise agrees in writing, the Borrower shall not be entitled to withdraw
 any moneys from the Borrowers Account at any time from 13 March 2009 and so
 long as any moneys are owing under the Security Documents save that, unless
 and until a Default shall occur and the Bank shall direct to the contrary,
 the Borrower may request that moneys are released from the Borrowers Account
 subject always to the provisions of clause 9.2.7.                                                                                                                                                                                                                                      
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      |  | 15.6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Charging of
 Borrowers Account                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | The Borrowers
 Account and all amounts from time to time standing to the credit thereof
 shall be subject to the security constituted and the rights conferred by the
 Borrowers Account Pledge..                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|3.2   |  | Continued
 force and effect                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |  | Save as amended by
 this Agreement, the provisions of the Principal Agreement and the other
 Security Documents shall continue in full force and effect and the Principal
 Agreement and this Agreement shall be read and construed as one instrument.                                                                                                                                                                                                                                                                                                                                           
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|4     |  | Amendment to
 Principal Master Agreement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|4.1   |  | Amendment
 to Principal Master Agreement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |  | The Principal
 Master Agreement shall, with effect from the Effective Date, be deemed (and
 is hereby deemed) to have been amended as of 13 March 2009 (and the Principal
 Master Agreement (as so deemed to have been amended) will continue to be
 binding upon the Bank and the Borrower upon such terms as so deemed to have
 been amended) by inserting at the end of                                                                                                                                                                                                                       

5

---



|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 
|----- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|      |  | the definition of
 Loan Facility in Part 5, paragraph (e) of the Schedule to the Principal
 Master Agreement the words as amended, supplemented and/or novated from time
 to time.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|4.2   |  | Continued
 force and effect                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      |  | Save as amended by
 this Agreement the provisions of the Principal Master Agreement shall
 continue in full force and effect and the Principal Master Agreement and this
 Agreement shall be read and construed as one document.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|5     |  | Representations
 and warranties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|5.1   |  | Primary
 representations and warranties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      |  | The Borrower
 represents and warrants to the Bank that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|5.1.1 |  | Existing
 representations and warranties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      |  | the
 representations and warranties set out in clause 8 of the Principal Agreement
 were true and correct on the date of the Principal Agreement and are true and
 correct, including to the extent that they may have been or shall be amended
 by this Agreement, as if made at the date of this Agreement with reference to
 the facts and circumstances existing at such date;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|5.1.2 |  | Corporate power                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      |  | each of the
 Relevant Parties has power to execute, deliver and perform its obligations
 under this Agreement; all necessary corporate, shareholder and other action
 has been taken by each of the Relevant Parties to authorise the execution,
 delivery and performance of this Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|5.1.3 |  | Binding
 obligations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      |  | this Agreement
 constitutes valid and legally binding obligations of each of the Relevant
 Parties enforceable in accordance with its terms;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|5.1.4 |  | No conflict with
 other obligations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      |  | the execution,
 delivery and performance of this Agreement by each of the Relevant Parties
 will not (i) contravene any existing law, statute, rule or regulation or any
 judgment, decree or permit to which any of the Relevant Parties is subject,
 (ii) conflict with, or result in any breach of any of the terms of, or
 constitute a default under, any agreement or other instrument to which any of
 the Relevant Parties is a party or is subject or by which any of the Relevant
 Parties or any of its property is bound or (iii) contravene or conflict with
 any provision of the constitutional documents of any of the Relevant Parties
 or (iv) result in the creation or imposition of or oblige any of the Relevant
 Parties to create any Encumbrance on any of their undertakings, assets,
 rights or revenues of any of the Relevant Parties;
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|5.1.5 |  | No filings
 required                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      |  | it is not
 necessary to ensure the legality, validity, enforceability or admissibility
 in evidence of this Agreement that it or any other instrument be notarised,
 filed, recorded, registered or enrolled in any court, public office or
 elsewhere in any Relevant Jurisdiction or that any stamp, registration or
 similar tax or charge be paid in any Relevant Jurisdiction on or in relation
 to this Agreement and this Agreement is in proper form for its enforcement in
 the courts of the Relevant Jurisdiction;                                                                                                                                                                                                                                                                                                                                      

6

---



|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 
|----- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|5.1.6 |  | Choice of law                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |  | the choice of English
 law to govern this Agreement and the submissions by the Relevant Parties to
 the non-exclusive jurisdiction of the English courts are valid and binding;
 and                                                                                                                                                                                                                                                                                                                                                                                                                          
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|5.1.7 |  | Consents obtained                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |  | every consent,
 authorisation, licence or approval of, or registration or declaration to,
 governmental or public bodies or authorities or courts required by any of the
 Relevant Parties in connection with the execution, delivery, validity,
 enforceability or admissibility in evidence of this Agreement or the performance
 by each Relevant Party of its obligations under this Agreement has been
 obtained or made and is in full force and effect and there has been no
 default in the observance of any conditions or restrictions (if any) imposed
 in, or in connection with, any of the same.
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|5.2   |  | Repetition
 of representations and warranties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |  | Each of the
 representations and warranties contained in clause 5.1 of this Agreement and
 clause 8 of the Principal Agreement (as amended by this Agreement) shall be
 deemed to be repeated by the Borrower on the Effective Date as if made with
 reference to the facts and circumstances existing on such day.                                                                                                                                                                                                                                                                                           
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|6     |  | Conditions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|6.1   |  | Documents
 and evidence                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |  | The agreement of
 the Bank referred to in clause 2 shall be subject to the receipt by the Bank
 or its duly authorised representative of the documents and evidence specified
 in schedule 1 in form and substance satisfactory to the Bank.                                                                                                                                                                                                                                                                                                                                                                  
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|6.2   |  | General
 conditions precedent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |  | The agreement of
 the Bank referred to in clause 2 shall be further subject to:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|6.2.1 |  | the
 representations and warranties in clause 5 being true and correct on the
 Effective Date as if each was made with respect to the facts and
 circumstances existing at such time; and                                                                                                                                                                                                                                                                                                                                                                                                                     
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|6.2.2 |  | no Default having
 occurred and continuing at the time of the Effective Date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|6.3   |  | Waiver
 of conditions precedent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |  | The conditions
 specified in this clause 6 are inserted solely for the benefit of the Bank
 and may be waived by the Bank in whole or in part with or without conditions.                                                                                                                                                                                                                                                                                                                                                                                                                                     
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|7     |  | Relevant
 Parties Confirmation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |  | Each of the
 Relevant Parties acknowledges and agrees, for the avoidance of doubt, that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|7.1   |  | each of the
 Security Documents to which it is a party, and its obligations thereunder,
 shall remain in full force and effect notwithstanding the amendments made to
 the Principal Agreement and the Principal Master Agreement by this Agreement;
 and                                                                                                                                                                                                                                                                                                                                                     
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|7.2   |  | with effect from
 the Effective Date, references to the Agreement or the Loan Agreement in
 any of the other Security Documents to which it is a party shall henceforth
 be references to the Principal Agreement as amended by this Agreement and as
 from time to time hereafter amended                                                                                                                                                                                                                                                                                                                

7

---



|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|----- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |  | and references to
 the Master Swap Agreement in any of the other Security Documents shall
 henceforth be references to the Principal Master Agreement as amended by this
 Agreement and as from time to time hereafter amended and shall also be deemed
 to include the obligations of the Borrower hereunder.                                                                                                                                                                                                                                                                                                                                        
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|8     |  | Expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|8.1   |  | Expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|      |  | The Borrower
 agrees to pay to the Bank on a full indemnity basis on demand all
 expenses (including legal and out-of-pocket expenses) incurred by the Bank:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|8.1.1 |  | in connection with
 the negotiation, preparation, execution and, where relevant, registration of
 this Agreement and of any amendment or extension of, or the granting of any
 waiver or consent under, this Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                 
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|8.1.2 |  | in contemplation
 of, or otherwise in connection with, the enforcement of, or preservation of
 any rights under this Agreement or otherwise in respect of the monies owing
 and obligations incurred under this Agreement,                                                                                                                                                                                                                                                                                                                                                                                                                              
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|      |  | together with
 interest at the rate referred to in clause 3.4 of the Principal Agreement
 from the date on which such expenses were incurred to the date of payment (as
 well after as before judgement).                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|8.2   |  | Value
 Added Tax                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|      |  | All expenses
 payable pursuant to this clause 8 shall be paid together with value added tax
 or any similar tax (if any) properly chargeable thereon.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|8.3   |  | Stamp
 and other duties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|      |  | The Borrower
 agrees to pay to the Bank on demand all stamp, documentary, registration or
 other like duties or taxes (including any duties or taxes payable by the
 Bank) imposed on or in connection with this Agreement and shall indemnify the
 Bank against any liability arising by reason of any delay or omission by the
 Borrower to pay such duties or taxes.                                                                                                                                                                                                                                                                                 
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|9     |  | Miscellaneous
 and notices                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|9.1   |  | Notices                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|      |  | Every notice,
 request, demand or other communication under this Agreement shall:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|9.1.1 |  | be in writing,
 delivered personally or by first-class prepaid letter (airmail if available)
 or telefax or other means of telecommunication in permanent written form;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|9.1.2 |  | be deemed to have
 been received, subject as otherwise provided in the relevant
 Security Document, in the case of a letter, when delivered personally or three
 (3) days after it has been put into the post and, in the case of a facsimile
 transmission or other means of telecommunication in permanent written form,
 at the time of despatch (provided that if the date of despatch is not a
 business day in the country of the addressee or, if the time of despatch is
 after the close of business in the country of the addressee, it shall be
 deemed to have been received at the opening of business on the next such
 business day); and

8

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|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                             |                          
|----- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | -------------------------
|9.1.3 |  | be sent:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                            
|      |  | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | if to the Relevant
 Parties or any of them:
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                            
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Karamanli Avenue                           
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 166 05 Voula                               
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Greece                                     
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                            
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Fax No:                                     | +30 210 8956900          
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Attention:                                  | Constantine
 Adamopoulos 
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                            
|      |  | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | if to the Bank at:                         
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                            
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | The Shipping
 Business Centre              
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 5-10 Great Tower
 Street                   
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | London, EC3P 3HX                           
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | England                                    
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                            
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Fax:                                        | +44 207 085 7132         
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Attention:                                  | Shipping Business
 Centre
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                            
|9.2   |  | Counterparts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                            
|      |  | This Agreement may
 be executed in any number of counterparts and by the different parties on
 separate counterparts, each of which when so executed and delivered shall be
 an original but all counterparts shall together constitute one and the same
 instrument.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                            
|10    |  | Applicable law                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                            
|10.1  |  | Law                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                            
|      |  | This Agreement
 (and any non-contractual obligations connected with it) is governed by, and
 shall be construed in accordance with, English law.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                            
|10.2  |  | Submission
 to jurisdiction                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                            
|      |  | Each of the
 Relevant Parties agrees, for the benefit of the Bank, that any legal action
 or proceedings arising out of or in connection with this Agreement (including
 any legal action or proceedings arising out of or in connection with any
 non-contractual obligations connected with it) against any of their assets
 may be brought in the English courts. Each of the Relevant Parties
 irrevocably and unconditionally submits to the jurisdiction of such courts
 and irrevocably designates, appoints and empowers Mr. Savvas Savvides at
 present of 24 Exeter Road, London N14 5JY England to receive for it and on
 its behalf, service of process issued out of the English courts in any such
 legal action or proceedings and each of the Relevant Parties further
 undertakes that, in the event that such individual passes away or cannot be
 found, each of the Relevant Parties hereby irrevocably and unconditionally
 authorises the Bank to designate, appoint and empower, on each of the Relevant
 Parties behalf, Messrs Cheeswrights or Messrs Saville & Co. at their
 then principal place of business in London, as substitute process agents of
 Mr. Savvas Savvides for the purposes of this clause. The submission to such
 jurisdiction shall not (and shall not be construed so as to) limit the right
 of the Bank to take proceedings against any of the Relevant Parties in the
 courts of any other competent jurisdiction nor shall the taking of
 proceedings in any one or more jurisdictions preclude the taking of proceedings
 in any other jurisdiction, whether concurrently or not. Each of the Relevant
 Parties further agrees that only the courts of England and not those of any
 other state shall have jurisdiction to determine any claim which any of the
 Relevant Parties may have against the Bank arising out of or in connection
 with

9

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|     |  |                                                                                                                                                    
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------
|     |  | this Agreement
 (including any claim arising out of or in connection with any non-contractual
 obligations connected with it).                     
|     |  |                                                                                                                                                    
|10.3 |  | Contracts
 (Rights of Third Parties) Act 1999                                                                                                      
|     |  |                                                                                                                                                    
|     |  | No term of this
 Agreement is enforceable under the Contracts (Rights of Third Parties) Act
 1999 by a person who is not a party to this Agreement.

IN
WITNESSwhereof the parties hereto have caused this Agreement to be duly executed as a
deed on the date first above written.

10

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Schedule 1 
Documents and evidence required as conditions precedent

(referred to in clause 6.1)

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                         
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1 | Corporate
 authorisations                                                                                                                                                                                                                                                                                                                                                                                                                         
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                         
|  | In relation to
 each of the Relevant Parties:                                                                                                                                                                                                                                                                                                                                                                                                     
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                         
|  | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                | Constitutional
 documents                                                                                                                                                                                                                                                                                                                                                                                                                                      
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                         
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    | copies certified
 by an officer of each of the Relevant Parties, as a true, complete and up to
 date copies, of all documents which contain or establish or relate to the
 constitution of that party or a secretarys certificate confirming that there
 have been no changes or amendments to the constitutional documents certified
 copies of which were previously delivered to the Bank pursuant to the
 Principal Agreement;                            
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                         
|  | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                | Resolutions                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                         
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    | copies of
 resolutions of each of its board of directors and, if required following
 advice by the Banks counsel, its shareholders approving this Agreement and
 the terms and conditions hereof and authorising the signature, delivery and
 performance of each such partys obligations thereunder, certified (in a certificate
 dated no earlier than five (5) Banking Days prior to the date of this
 Agreement) by an officer of such Relevant Party as:
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                         
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                             | being true and
 correct;                                                                                                                                                
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                         
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                             | being duly passed
 at meetings of the directors of such Relevant Party and, as the case may be,
 of the shareholders of such Relevant Party each duly convened and held;
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                         
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (3)                                                                                                                                                                                                                                                                                                                                                                                                                                                             | not having been
 amended, modified or revoked; and                                                                                                                      
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                         
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                             | being in full
 force and effect,                                                                                                                                        
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                         
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    | together with
 originals or certified copies of any powers of attorney issued by any party
 pursuant to such resolutions; and                                                                                                                                                                                                                                                                                                                                  
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                         
|  | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                | Certificate
 of incumbency                                                                                                                                                                                                                                                                                                                                                                                                                                     
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                         
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    | a list of
 directors and officers of each Relevant Party specifying the names and
 positions of such persons, certified (in a certificate dated no earlier than
 five (5) Banking Days prior to the date of this Agreement) by an officer of
 such Relevant Party to be true, complete and up to date;                                                                                                                                                         
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                         
|2 | Consents                                                                                                                                                                                                                                                                                                                                                                                                                                          
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                         
|  | a certificate
 (dated no earlier than five (5) Banking Days prior to the date of this
 Agreement) from an officer of each of the Relevant Parties stating that no
 consents, authorisations, licences or approvals are necessary for such
 Relevant Party to authorise, or are required by each of the Relevant Parties
 or any other party (other than the Bank) in connection with, the execution,
 delivery, and performance of this Agreement;

11

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|  |                                                                                                                                                                                                                              
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|3 | Legal
 opinions                                                                                                                                                                                                              
|  |                                                                                                                                                                                                                              
|  | such legal
 opinions in relation to the laws of the Republic of Liberia, the Republic of
 the Marshall Islands and the Republic of Panama and any other legal opinions
 as the Bank shall in its absolute discretion require;
|  |                                                                                                                                                                                                                              
|4 | Borrowers
 Account Pledge                                                                                                                                                                                                   
|  |                                                                                                                                                                                                                              
|  | the Borrowers
 Account Pledge duly executed; and                                                                                                                                                                            
|  |                                                                                                                                                                                                                              
|5 | Process
 agent                                                                                                                                                                                                               
|  |                                                                                                                                                                                                                              
|  | a letter from each
 Relevant Partys agent for receipt of service of proceedings accepting its
 appointment under this Agreement as such Relevant Partys process agent.                                                     

12

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|                                 |                          |                               | 
|-------------------------------- | ------------------------ | ----------------------------- | 
|EXECUTEDas
 a DEED               | )                        |                              
|by KONSTANTINOS
 ADAMOPOULOS     | )                        |                              
|for and on behalf
 of            | )                        | /s/ Konstantinos
 Adamopoulos
|MARINOUKI
 SHIPPING CORPORATION  | )                        |                              
|as Borrower                      | )                        | Attorney-in-fact             
|in the presence
 of:             | )                        |                              
|                                 |                          |                              
|/s/ Pinelopi-Anna
 Miliou        |                          |                              
|                                 |                          |                              
|Witness                          |                          |                              
|Name:                            | Pinelopi
 - Anna Miliou  |                               | 
|Address:                         | Norton Rose LLP,
 Athens |                               | 
|Occupation:                      | Trainee
 Solicitor       |                               | 
|                                 |                          |                               | 
|EXECUTEDas
 a DEED               | )                        |                              
|by ANTONIOS
 PRIGKIS             | )                        |                              
|for and on behalf
 of            | )                        | /s/ Antonios
 Prigkis        
|SAFETY
 MANAGEMENT OVERSEAS S.A. | )                        |                              
|as Manager                       | )                        | Attorney-in-fact             
|in the presence
 of:             | )                        |                              
|                                 |                          |                              
|/s/ Pinelopi-Anna
 Miliou        |                          |                              
|                                 |                          |                              
|Witness                          |                          |                              
|Name:                            | Pinelopi
 - Anna Miliou  |                               | 
|Address:                         | Norton Rose LLP,
 Athens |                               | 
|Occupation:                      | Trainee
 Solicitor       |                               | 
|                                 |                          |                              
|EXECUTEDas
 a DEED               | )                        |                              
|by KONSTANTINOS
 ADAMOPOULOS     | )                        |                              
|for and on behalf
 of            | )                        | /s/ Konstantinos
 Adamopoulos
|SAFE
 BULKERS, INC.              | )                        |                              
|as Corporate
 Guarantor          | )                        | Attorney-in-fact             
|in the presence
 of:             | )                        |                              
|                                 |                          |                              
|/s/ Pinelopi-Anna
 Miliou        |                          |                              
|                                 |                          |                              
|Witness                          |                          |                              
|Name:                            | Pinelopi
 - Anna Miliou  |                               | 
|Address:                         | Norton Rose LLP,
 Athens |                               | 
|Occupation:                      | Trainee
 Solicitor       |                               | 
|                                 |                          |                              

13

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|                                |                          |                       | 
|------------------------------- | ------------------------ | --------------------- | 
|EXECUTEDas
 a DEED              | )                        |                      
|by FOTIS BRATIMOS               | )                        |                      
|for and on behalf
 of           | )                        | /s/ Fotis Bratimos   
|THE
 ROYAL BANK OF SCOTLAND plc | )                        |                      
|as Bank                         | )                        | Authorised
 Signatory
|in the presence
 of:            | )                        |                      
|                                |                          |                      
|/s/ Pinelopi-Anna
 Miliou       |                          |                      
|                                |                          |                      
|Witness                         |                          |                      
|Name:                           | Pinelopi
 - Anna Miliou  |                       | 
|Address:                        | Norton Rose LLP,
 Athens |                       | 
|Occupation:                     | Trainee
 Solicitor       |                       | 

14

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