Document:

Exhibit 4.55

F04.156

DATED 31 MARCH 2009

EFRAGEL SHIPPING CORPORATION

(as borrower)

-and-

DnB NOR BANK ASA

(as lender)

-and-

SAFE BULKERS INC. 

(as corporate guarantor)

-and-

PELEA SHIPPING LTD.

MARINDOU SHIPPING CORPORATION

AVSTES SHIPPING CORPORATION

ENIADEFHI SHIPPING CORPORATION

ENIAPROHI SHIPPING CORPORATION

(as group guarantors)

	
 

	

	
 

	
SECOND SUPPLEMENTAL AGREEMENT TO

 SECURED MULTI-CURRENCY REDUCING REVOLVING CREDIT FACILITY

 AGREEMENT DATED 11 JANUARY 2008 AS AMENDED AND SUPPLEMENTED BY A

 FIRST SUPPLEMENTAL AGREEMENT DATED 22 MAY 2008

	
 

	

STEPHENSON HARWOOD

One, St. Paul’s Churchyard

London EC4M 8SH

Tel: +44 (0)20 7329 4422

Fax: +44 (0)20 7329 7100

Ref: F04.156

CONTENTS

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
1

	
Interpretation

	
2

	
 

	
 

	
 

	
2

	
Conditions

	
3

	
 

	
 

	
 

	
3

	
Additional
 Prepayments during the Waiver Period

	
5

	
 

	
 

	
 

	
4

	
Covenants

	
7

	
 

	
 

	
 

	
5

	
Representations
 and Warranties

	
8

	
 

	
 

	
 

	
6

	
Amendments
 to Original Facility Agreement and Corporate Guarantee

	
8

	
 

	
 

	
 

	
7

	
Confirmation
 and Undertaking

	
10

	
 

	
 

	
 

	
8

	
Notices, Law
 and Jurisdiction

	
11

	
 

	
 

	
 

	
9

	
Costs and
 Expenses

	
11

SECOND SUPPLEMENTAL AGREEMENT

Dated: 31 March 2009

BETWEEN:

	
 

	
 

	
(1)

	
EFRAGEL SHIPPING CORPORATION,
 a company incorporated under the laws of the Republic of Liberia whose
 registered office is at 80 Broad Street, Monrovia, Liberia (the “Borrower”);
 and

	
 

	
 

	
(2)

	
SAFE BULKERS INC.,
 a company incorporated according to the laws of the Republic of Marshall
 Islands whose registered office is at Trust Company Complex, Ajeltake Road,
 Ajeltake Island, Majuro, Marshall Islands MH 96960, Republic of Marshall
 Islands (the “Corporate Guarantor”); and

	
 

	
 

	
(3)

	
PELEA SHIPPING LTD., MARINDOU SHIPPING
 CORPORATION, AVSTES SHIPPING CORPORATION, ENIADEFHI SHIPPING CORPORATION and
 ENIAPROHI SHIPPING CORPORATION, each a company
 incorporated according to the laws of the Republic of Liberia whose
 registered office is at 80 Broad Street, Monrovia, Republic of Liberia
 (together, the “Group Guarantors” and each a “Group
 Guarantor” and together with the Corporate Guarantor, the “Guarantors”
 and each a “Guarantor”); and

	
 

	
 

	
(4)

	
DnB NOR BANK ASA,
 acting through its office at 20 St. Dunstan’s Hill, London EC3R 8HY, England
 (in that capacity, the “Lender”).

	
 

	
 

SUPPLEMENTAL TO
a secured multi-currency reducing revolving credit facility agreement dated 11
January 2008 as amended and supplemented by a first supplemental agreement
dated 22 May 2008 each made between the Borrower and the Lender (together, the
“Original
Facility Agreement” and together with this Second Supplemental
Agreement (hereinafter defined) as the same may be further amended,
supplemented and/or novated from time to time, the “Facility Agreement”), on the
terms and subject to the conditions of which the Lender has agreed to advance
to the Borrower an aggregate amount not exceeding forty two million Dollars ($42,000,000)
(the “Loan”) for the purposes described therein.

WHEREAS:

	
 

	
 

	
(A)

	
The
 Corporate Guarantor has agreed to comply with the financial covenants in
 accordance with the terms and conditions as set out in clause 6.10 of the
 Corporate Guarantee, including the Consolidated Group Leverage, Debt to
 EBITDA ratio and Net Worth, and the Borrower has agreed to procure that the
 Corporate Guarantor complies with such financial covenants pursuant to clause
 13.2.22 of the Original Facility Agreement.

	
 

	
 

	
 

	
(B)

	
(i) The
 Corporate Guarantor is currently in breach of the financial covenants as set
 out in clause 6.10.1 and 6.10.3 of the Corporate Guarantee and (ii) the
 Borrower is currently in breach of clause 11.14 (Additional security) of
 the Original Facility Agreement, accordingly, an Event of Default has been
 triggered pursuant to Clause 14.1.2 of the Original Facility Agreement.

	
 

	
 

	
(C)

	
The Borrower
 and the Corporate Guarantor have requested that the Lender agree to waive the
 requirements in clauses 13.2.22(a) (Consolidated Group Leverage), 13.2.22(b)
 (Debt
 to EBITDA ratio) and 13.2.22(c) (Net Worth) of the Original
 Facility Agreement and clauses 6.10.1 (Consolidated Group Leverage), 6.10.2 (Debt to
 EBITDA ratio) and 6.10.3 (Net Worth) of the Corporate Guarantee
 respectively during the Waiver Period.

	
 

	
 

	
(D)

	
The Borrower
 has requested that the Lender agree to waive the requirements in clause 11.14
 (Additional
 security) of the Original Facility Agreement from the Effective
 Date until the Next Rollover Date.

	
 

	
 

	
(E)

	
The Lender
 is willing to agree to all the foregoing subject to the terms and conditions
 set forth in this Second Supplemental Agreement, including, but not limited
 to, (i) the amendments to be made to the Original Facility Agreement and the
 Corporate Guarantee and (ii) the payment of any and all Additional
 Prepayments (as may be required during the Waiver Period) to be initially
 credited to the Cash Collateral Account and subsequently applied in
 satisfaction of the Indebtedness on the relevant Additional Prepayment
 Application Date in accordance with the terms and conditions contained
 herein.

IT IS AGREED THAT:

	
 

	
 

	
 

	
1

	
Interpretation

	
 

	
 

	
 

	
 

	
 

	
 

	
1.1

	
In this
 Second Supplemental Agreement:

	
 

	
 

	
 

	
 

	
 

	
“Additional
 Prepayments” means any prepayment made during the Waiver Period in
 the amount necessary in order to ensure that the market value of the Vessel
 shall be no less than the requisite percentage of the amount of the
 Loan (as stated in Clause 11.14 of the Facility Agreement) during the
 relevant time of the Waiver Period.

	
 

	
 

	
 

	
 

	
 

	
“Additional
 Prepayment Application Date” means, in respect of the first
 Additional Prepayment to be made during the Waiver Period, on the Next
 Rollover Date and, in respect of all subsequent Additional Prepayments, on
 the last day of the next relevant Interest Period.

	
 

	
 

	
 

	
 

	
 

	
“Cash Flow
 Budget” means the cash flow budget demonstrating that the Group
 has the necessary cash resources to meet its Newbuilding commitments (such
 cash flow budget to assume no more than fifteen million Dollars ($15,000,000)
 of bank financing in respect of any Newbuilding that

	
 

	
 

	
 

2

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
does not
 have committed financing in a place as at the date of providing such
 cash flow budget) while at all times maintaining a Minimum Cash Balance.

	
 

	
 

	
 

	
 

	
 

	
“Effective
 Date” means the date on which the Lender confirms to the Borrower
 that all of the conditions referred to in Clause 2.1 have been satisfied,
 which confirmation the Lender shall be under no obligation to give if an
 Event of Default or a Default shall have occurred.

	
 

	
 

	
 

	
 

	
 

	
“Group
 Charter” means any charter or other contract of employment in
 respect of a vessel of the Group.

	
 

	
 

	
 

	
 

	
 

	
“Minimum
 Cash Balance” means in respect of the Group a cash amount of not
 less than twenty five million Dollars ($25,000,000).

	
 

	
 

	
 

	
 

	
 

	
“Newbuilding”
 means each newbuilding that has been, or will be, ordered or that is in the
 process of being constructed for any member of the Group during the Facility
 Period.

	
 

	
 

	
 

	
 

	
 

	
“Next
 Rollover Date” means 17 July 2009.

	
 

	
 

	
 

	
 

	
 

	
“Second
 Supplemental Agreement” means the agreement contained herein.

	
 

	
 

	
 

	
 

	
 

	
“Supplemental
 Signing Date” means the date, falling no later than 31 March 2009,
 on which this Second Supplemental Agreement has been duly executed by all
 parties hereto.

	
 

	
 

	
 

	
 

	
 

	
“Waiver Period” the period
 commencing on the Supplemental Signing Date and expiring on 31 March 2010
 (inclusive).

	
 

	
 

	
 

	
 

	
1.2

	
In this
 Second Supplemental Agreement “Security Parties” means all parties to this
 Second Supplemental Agreement other than the Lender.

	
 

	
 

	
 

	
 

	
1.3

	
Unless
 otherwise defined, all words and expressions defined in the Original Facility
 Agreement shall have the same meaning when used in this Second Supplemental
 Agreement unless the context otherwise requires, and clause 1.2 of the
 Original Facility Agreement shall apply to the interpretation of this Second
 Supplemental Agreement as if it was set out in full.

	
 

	
 

	
 

	
2

	
Conditions

	
 

	
 

	
 

	
 

	
2.1

	
As
 conditions for the agreement of the Lender to the requests specified in
 Recitals (C) and (D) above and for the effectiveness of Clause 6, the Borrowers
 shall deliver or cause to be delivered to or to the order of the Lender the
 following documents and evidence:

	
 

	
 

	
 

	
 

	
 

	
 

	
2.1.1

	
Officer’s certificates

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
A
 certificate of a duly authorised officer of each Security Party confirming
 that none of the documents delivered to the Lender pursuant to Schedule 1
 Part I, 1(a), (b), (c) 

3

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
and (e) of
 the Original Facility Agreement have been amended, modified or revoked in any
 way since the date of their delivery to the Lender; and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
A
 certificate of a duly authorised officer of each Security Party certifying
 that each copy document relating to it specified in this Clause 2.1.2 is
 correct, complete and in full force and effect as at a date no earlier than
 the date of this Second Supplemental Agreement and setting out the names of
 the directors, officers and, other than in respect of the Corporate
 Guarantor, the names of the shareholders of that Security Party and the
 proportion of shares held by each shareholder;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.1.2

	
Board and Shareholders Resolutions the
 original resolution of the directors and the shareholders of each Security
 Party (other than a resolution of the shareholders in respect of the
 Corporate Guarantor) (together, where
 appropriate, with signed waivers of notice of any directors’ or shareholders’
 meetings) approving, and authorising or ratifying the execution of, this
 Second Supplemental Agreement and any document to be executed by that
 Security Party pursuant to this Second Supplemental Agreement;

	
 

	
 

	
 

	
 

	
 

	
 

	
2.1.3

	
Powers of attorney
 A notarially attested and legalised (as applicable) power of attorney of each
 of the Security Parties under which this Second Supplemental Agreement and
 any documents required pursuant to it are to be executed by that Security
 Party;

	
 

	
 

	
 

	
 

	
 

	
 

	
2.1.4

	
Certificates of goodstanding
 A certificate of good standing in respect of each Security Party;

	
 

	
 

	
 

	
 

	
 

	
 

	
2.1.5

	
Second Supplemental Agreement The
 Second Supplemental Agreement duly executed by all parties thereto, together
 with all other documents required by any of them;

	
 

	
 

	
 

	
 

	
 

	
 

	
2.1.6

	
Additional Prepayment Evidence
 to the absolute satisfaction of the Lender that the amount of the Additional
 Prepayment (such amount to be calculated utilising the valuation obtained in
 December 2008 in accordance with Clause 2.1.7 and mutually agreed to between
 the Borrower and the Lender) has been transferred by the Borrower to the Cash
 Collateral Account (reducing the requisite amount of the Additional
 Prepayment by any amount that has already been prepaid by the Borrower to the
 Lender);

	
 

	
 

	
 

	
 

	
 

	
 

	
2.1.7

	
Valuation The
 latest valuation of the market value of the Vessel which was provided by the
 Borrower to the Lender in December 2008 in accordance with clauses 11.11 and
 11.12 of the Original Facility Agreement;

	
 

	
 

	
 

	
 

	
 

	
 

	
2.1.8

	
Legal opinions Confirmation
 satisfactory to the Lender that all legal opinions required by the Lender
 will be given substantially in the form required by the Lender;

4

	
 

	
 

	
 

	
 

	
 

	
 

	
2.1.9

	
Process agent Evidence
 that the process agent referred to in clause 22.5 of the Original Facility
 Agreement has accepted it appointment in respect of this Second Supplemental
 Agreement;

	
 

	
 

	
 

	
 

	
 

	
 

	
2.1.10

	
Restructuring fee
 Evidence that the fee in the amount of fifteen thousand Dollars ($15,000) and
 any other costs and expenses due and payable pursuant to the Facility
 Agreement have been paid by the Supplemental Signing Date; and

	
 

	
 

	
 

	
 

	
 

	
 

	
2.1.11

	
Other authorisations
 a copy of any other consent, licence, approval, authorisation or other
 document, opinion or assurance which the Agent considers to be necessary or
 desirable (if it has notified the relevant Security Party accordingly) in
 connection with the entry into and performance of the transactions
 contemplated by this Second Supplemental Agreement or for the validity and enforceability
 of this Second Supplemental Agreement.

	
 

	
 

	
 

	
 

	
 

	
2.2

	
Conditions subsequent The
 Borrower shall deliver or cause to be delivered to or to the order of the
 Lender on, or as soon as practicable after the Supplemental Signing Date, the
 following documents and evidence:-

	
 

	
 

	
 

	
 

	
 

	
2.2.1

	
Legal opinions
 Such of the legal opinions specified in Clause 2.1.8 as have not already been provided to the
 Lender.

	
 

	
 

	
 

	
 

	
 

	
2.3

	
All
 documents and evidence delivered to the Lender pursuant to this Clause shall:

	
 

	
 

	
 

	
 

	
 

	
2.3.1

	
be in form
 and substance acceptable to the Lender;

	
 

	
 

	
 

	
 

	
 

	
 

	
2.3.2

	
be
 accompanied, if required by the Lender, by translations into the English
 language, certified in a manner acceptable to the Lender; and

	
 

	
 

	
 

	
 

	
 

	
 

	
2.3.3

	
if required
 by the Lender, be certified, notarised, legalised or attested in a
 manner acceptable to the Lender.

	
 

	
 

	
 

	
 

	
3

	
Additional Prepayments during the Waiver Period

	
 

	
 

	
 

	
3.1

	
Amount of the first Additional Prepayment In
 the event that the amount of the Additional Prepayment made in accordance with
 Clause 2.1.6 (such amount calculated utilising the valuation obtained in
 December 2008 pursuant to Clause 2.1.7) is less than the amount of the
 Additional Prepayment required (such amount calculated utilising the
 valuations obtained pursuant to Clause 3.8), the Borrower shall credit the
 amount of the shortfall to the Cash Collateral Account on demand.

	
 

	
 

	
 

	
 

	
 

	
 

	
3.2

	
Release of surplus
 In the event that the amount of the Additional Prepayment made in accordance
 with Clause 2.1.6 (such amount calculated utilising the valuation already
 obtained in December 2008 pursuant to Clause 2.1.7) is greater than the
 amount of the Additional Prepayment required

	
 

5

	
 

	
 

	
 

	
 

	
 

	
(such amount
 calculated utilising the valuations obtained pursuant to Clause 3.8), any
 amount remaining to the credit of the Cash Collateral Account following the
 making of any transfer required by Clause 3.6 shall (unless a Default or an
 Event of Default shall have occurred and be continuing) be released to or to
 the order of the Borrower.

	
 

	
 

	
 

	
 

	
3.3

	
Further Additional Prepayments
 Subsequent to the first Additional Prepayment to be made pursuant to Clause
 2.1.7 and 3.1 of this Second Supplemental Agreement, if, semi-annually
 thereafter during the Waiver Period, the market value of the Vessel (based on
 the relevant valuation obtained pursuant to Clause 3.8) is less than the
 requisite percentage of the amount of the Loan (as stated in Clause 11.14 of
 the Facility Agreement), the Borrower shall forthwith make an Additional
 Prepayment in the requisite amount in accordance to the provisions of Clause
 11.14 of the Facility Agreement.

	
 

	
 

	
 

	
 

	
3.4

	
No reborrowing Any
 Additional Prepayments made during the Waiver Period may not be redrawn.

	
 

	
 

	
 

	
 

	
3.5

	
Transfers to Cash Collateral Account In
 the event that an Additional Prepayment is made pursuant to the terms and
 conditions of this Second Supplemental Agreement on a day other than on the
 relevant Additional Prepayment Application Date, the Borrower shall forthwith
 credit the amount of the Additional Prepayment to the Cash Collateral
 Account.

	
 

	
 

	
 

	
 

	
3.6

	
Transfers from Cash Collateral Account On
 the relevant Additional Prepayment Application Date, the Borrower shall
 procure that there is transferred from the Cash Collateral Account to the
 Lender, the amount of the Additional Prepayment and irrevocably authorises
 the Lender to make those transfers.

	
 

	
 

	
 

	
 

	
3.7

	
Application The
 Borrower irrevocably authorises the Lender to apply any Additional
 Prepayments in satisfaction of the next three (3) repayments/reductions of
 the Loan in the order of maturity and pro-rata against all remaining
 repayments/reductions (including the balloon) (all pro-rata calculations
 shall be rounded up to the next thousand) of the Loan each due in accordance
 with Clause 3.4 of the Facility Agreement, such application to be made until
 the amount of such Additional Prepayment has been fully depleted and shall
 reduce the Maximum Amount accordingly.

	
 

	
 

	
 

	
 

	
3.8

	
Valuations during the Waiver Period
 All valuations during the Waiver Period (other than the valuation already
 obtained in December 2008 pursuant to Clause 2.1.7) shall be provided by an
 independent broker mutually acceptable to the Borrowers, the Corporate
 Guarantor and the Lender, who shall report directly to the Lender. All
 valuations pursuant to this Clause shall be made on the basis of a sale of
 the Vessel for prompt delivery for cash at arm’s length on normal commercial
 terms by a willing seller to a willing buyer and free of any existing charter
 or other contract of employment. The Borrower and the Lender agree to accept
 each valuation obtained

	
 

	
 

	
 

6

	
 

	
 

	
 

	
 

	
 

	
pursuant to
 this Clause as conclusive evidence of the Vessel’s market value at the date
 of such valuation.

	
 

	
 

	
 

	
 

	
3.9

	
Cost of valuation
 In addition to any valuations required pursuant to the terms and conditions
 of the Original Loan Agreement, the Borrower shall be liable for all costs
 and expenses incurred by the Lender in respect of obtaining two (2)
 additional valuations during the Waiver Period, one valuation prior to each
 Additional Prepayment Application Date (each such valuation to be dated
 within fifteen (15) days Additional Prepayment Application Date.

	
 

	
 

	
 

	
 

	
3.10

	
Blocked Cash Collateral Account
 Nothwithstanding any provision in the Facility Agreement, the Borrower will
 not be entitled to withdraw all or any part of the account balance of the
 Cash Collateral Account without the prior written consent of the Lender.

	
 

	
 

	
 

	
4

	
Covenants

	
 

	
 

	
 

	
4.1

	
Dividends and free cash If
 during the Waiver Period, any Group Charter has been cancelled and/or
 terminated or any of its terms have been waived or if (in the opinion of the Lender in its absolute
 discretion) any of the Group Charters have been deteriorated (such event or
 circumstance to be notified to the Lender pursuant to the terms and
 conditions of Clause 4.4), the Borrower shall procure that the Corporate
 Guarantor does not and the Corporate Guarantor shall not be permitted to
 issue any dividends or make any distributions to shareholders unless the
 Corporate Guarantor can demonstrate that the Group maintains a Cash Flow
 Budget to the absolute satisfaction of the Lender.

	
 

	
 

	
 

	
 

	
4.2

	
Assessment of the Cash Flow Budget
 If, during the Waiver Period, any Group Charter has been cancelled and/or
 terminated or any of its terms have been waived or if (in the opinion of the
 Lender in its absolute discretion) any term of a Group Charter has been
 deteriorated, the Corporate Guarantor shall provide a Cash Flow Budget to be
 assessed utilising the Accounting Information to be issued by Corporate
 Guarantor in accordance with Clause 13.1.4 of the Loan Agreement and on any
 other information required by the Lender (which shall be provided by the
 Group on demand upon request of the Lender) in order to make such assessment.

	
 

	
 

	
 

	
 

	
4.3

	
Further Group Charter cancellation and/or
 termination, waiver of terms or deterioration Once
 the Corporate Guarantor has demonstrated that the Group maintains a Cash Flow
 Budget to the absolute satisfaction of the Lender in accordance with Clause
 4.1, then, if subsequently during the Waiver Period, any of the events or
 circumstances set out in Clause 4.1 reoccurs in respect of any Group Charter,
 then the Borrower shall procure that the Corporate Guarantor does not and the
 Corporate Guarantor shall not be permitted to continue issuing any dividends
 or making any distributions to shareholders unless the Corporate Guarantor
 can again demonstrate that the Group maintains a Cash Flow Budget (to be
 assessed in accordance with Clause 4.2) to the absolute satisfaction of the
 Lender.

	
 

	
 

	
 

7

	
 

	
 

	
 

	
 

	
4.4

	
Notification of Group Charter cancellation
 and/or termination, waiver of terms or deterioration
 If, during the Waiver Period, any of the events or circumstances set out in
 Clause 4.1 occurs in respect of any Group Charter, then the Borrower shall
 procure that the Corporate Guarantor gives and the Corporate Guarantor shall
 give notice to the Lender of such event or circumstance, at least two (2)
 Business Days prior to the provision by the Corporate Guarantor of the
 interim financial statements set out in clause 13.1.4 of the Loan Agreement.

	
 

	
 

	
 

	
5

	
Representations and Warranties

	
 

	
 

	
 

	
Each of the
 representations and warranties contained in clause 12 of the Original
 Facility Agreement, clause 2 of the Corporate Guarantee and clause 2 of each
 Group Guarantee shall be deemed repeated by the Borrower, the Corporate
 Guarantor and the relevant Group Guarantor respectively on the Supplemental
 Signing Date and at the Effective Date, by reference to the facts and
 circumstances then pertaining, as if references to the Finance Documents
 included this Second Supplemental Agreement.

	
 

	
 

	
 

	
6

	
Amendments to Original Facility Agreement and Corporate Guarantee

	
 

	
 

	
 

	
With effect
 from the Effective Date:

	
 

	
 

	
 

	
6.1

	
the
 following additional definitions shall be inserted in clause 1.1 of the Original
 Facility Agreement and the alphabetical order of the remaining definitions in
 such clause shall be amended accordingly

	
 

	
 

	
 

	
 

	
 

	
““Eniadefhi”
 means Eniadfhi Shipping Corporation, a company incorporated according to the
 laws of the Republic of Liberia or such other company which shall be its
 successor in title.”

	
 

	
 

	
 

	
 

	
 

	
“Eniadfhi
 Guarantee’ means the guarantee of Eniadefhi referred to in Clause
 11.1.10.”

	
 

	
 

	
 

	
 

	
 

	
““Eniaprohi”
 means Eniaprohi Shipping Corporation, a company incorporated according to the
 laws of the Republic of Liberia or such other company which shall be its
 successor in title.”

	
 

	
 

	
 

	
 

	
 

	
“Eniaprohi
 Guarantee’ means the guarantee of Eniaprohi referred to in Clause
 11.1.9.”

	
 

	
 

	
 

	
 

	
 

	
“Next
 Rollover Date’ means 17 July 2009.”;

	
 

	
 

	
 

	
 

	
6.2

	
The
 definitions of Group Guarantees set out in clause 1.1 of the Original
 Facility Agreement shall be deleted and replaced by the following new
 definition:-

	
 

	
 

	
 

	
 

	
 

	
“‘Group
 Guarantees’ means the Pelea Guarantee, the Marindou Guarantee, the
 Avstes Guarantee, the Eniaprohi Guarantee and the Eniadefhi Guarantee and “Group
 Guarantee” means any one of them.”

	
 

	
 

	
 

8

	
 

	
 

	
 

	
 

	
 

	
 

	
6.3

	
The
 definitions of Group Guarantors set out in clause 1.1 of the Original
 Facility Agreement shall be deleted and replaced by the following new
 definition:-

	
 

	
 

	
 

	
 

	
 

	
“‘Group
 Guarantors’ means Pelea, Marindou, Avstes, Eniaprohi and Eniadefhi
 and “Group
 Guarantor” means any one of them.”

	
 

	
 

	
 

	
 

	
6.4

	
the words
 “or any other amount acceptable to the Lender in its absolute discretion” in
 Clause 6.1 of the Original Facility Agreement shall be inserted after the
 words “one million Dollars ($1,000,000)” and the words “and any repaid amount
 shall be available for reborrowing.” shall be added at the end of Clause 6.1
 of the Original Facility Agreement;

	
 

	
 

	
 

	
 

	
6.5

	
Clause 6.2
 of the Original Facility Agreement shall be deleted.

	
 

	
 

	
 

	
 

	
6.6

	
An
 additional clause 11.1.9 shall be added to the Original Facility Agreement
 which shall be read and construed as follows:-

	
 

	
 

	
 

	
 

	
 

	
“11.1.9 a guarantee
 and indemnity from Eniaprohi dated 25 September 2008; and”

	
 

	
 

	
 

	
 

	
6.7

	
An
 additional clause 11.1.10 shall be added to the Original Facility Agreement
 which shall be read and construed as follows:-

	
 

	
 

	
 

	
 

	
 

	
“11.1.10 a
 guarantee and indemnity from Eniadefhi dated 25 September 2008.”

	
 

	
 

	
 

	
 

	
6.8

	
clause 11.12
 of the Original Facility Agreement shall be deleted and replaced as follows:-

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Cost of
 valuation The Borrower shall be liable for all costs and expenses
 incurred by the Lender in obtaining all valuations to be provided pursuant to
 this Clause, such valuations to be provided by the Borrower (i) semiannually
 throughout the Facility Period at a time which shall coincide with the
 provision of the Compliance Certificate in accordance with Clause 13.1.4and
 13.1.2 (the first such valuation to be provided within six (6) months after
 the Signing Date) and (ii) if requested by the Lender, semi-annually
 throughout the Facility Period commencing six (6) months after the Next
 Rollover Date, unless there is an Event of Default in which case the Borrower
 shall be liable for all costs and expenses incurred by the Lender in
 obtaining any number of valuations required by it pursuant to Clause 11.11
 and shall reimburse the Lender in respect of all such costs and expenses on
 demand.”;

	
 

	
 

	
 

	
 

	
6.9

	
the word
 “repay” in the first sentence of clause 11.14 (c) of the Original Facility
 Agreement shall be deleted and replaced by the word “prepay”;

	
 

	
 

	
 

	
 

	
6.10

	
an
 additional provision shall be inserted at the end of clause 11.14 of the
 Original Facility Agreement which shall be read and construed as follows:-

	
 

	
 

	
 

	
 

	
 

	
 

	
“Any amount prepaid pursuant to this Clause shall not be available
 for reborrowing.”;

9

	
 

	
 

	
 

	
 

	
6.11

	
an
 additional clause 6.11 shall be incorporated into the Corporate Guarantee
 which shall be read and construed as follows:-

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“6.11 In the
 event that the Borrower is not in compliance with the terms and conditions of
 clause 11.14 of the Facility Agreement and the amount of the shortfall
 thereunder is equal to or greater than one million Dollars ($1,000,000), the
 Guarantor shall make a prepayment in the requisite amount to ensure
 compliance to the absolute satisfaction of the Lender with such clause.
 Clauses 7.2, 7.3 and 7.4 of the Facility Agreement shall apply, mutatis
 mutandis, to any repayment made pursuant to this Clause as if references to
 the Borrower were references to the Guarantor.”;

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.12

	
all
 references to “this Agreement” in the Original Facility Agreement shall be
 references to the Original Facility Agreement as amended and/or supplemented
 by this Second Supplemental Agreement and as further amended and/or
 supplemented and/or varied and/or novated from time to time;

	
 

	
 

	
 

	
 

	
6.13

	
all
 references in all other Finance Documents to the Agreement (however it may be
 defined) shall be read and construed as the Original Facility Agreement as
 supplemented and amended by this Second Supplemental Agreement; and

	
 

	
 

	
 

	
 

	
6.14

	
all other
 terms and conditions of the Original Facility Agreement and the other Finance
 Documents shall remain unaltered and in full force and effect.

	
 

	
 

	
 

	
7

	
Confirmation and Undertaking

	
 

	
 

	
 

	
 

	
7.1

	
Each of the
 Security Parties confirms that all of its respective obligations under or
 pursuant to each of the Security Documents to which it is a party remain in
 full force and effect, despite the amendments to the Original Facility
 Agreement made in this Second Supplemental Agreement, as if all references in
 any of the Security Documents to the Original Facility Agreement (however
 described) were references to the Original Facility Agreement as amended and
 supplemented by this Second Supplemental Agreement.

	
 

	
 

	
 

	
 

	
7.2

	
The
 definition of any term defined in any of the Finance Documents shall, to the
 extent necessary, be modified to reflect the amendments to the Original
 Facility Agreement made in this Second Supplemental Agreement.

	
 

	
 

	
 

	
 

	
7.3

	
For the
 avoidance of doubt, each of the Security Parties confirms that, if the
 Borrower and/or the Corporate Guarantor do not comply with any provision of
 this Second Supplemental Agreement, such event or circumstance shall
 constitute an Event of Default under clause 14.1.2 of the Facility Agreement.

	
 

	
 

	
 

10

	
 

	
 

	
 

	
 

	
7.4

	
With effect from 31
 December 2008, the Lender waives all Events of Default that may have occurred
 between 31 December 2008 and 30 March 2009 (inclusive) under any of the
 Security Documents relating to:

	
 

	
 

	
 

	
 

	
 

	
 

	
7.4.1

	
any breach
 of clause 11.14 (Additional Security) of the Facility Agreement;

	
 

	
 

	
 

	
 

	
 

	
 

	
7.4.2

	
any breach
 of clause 13.2.22 (Financial Covenants) of the Facility Agreement; or

	
 

	
 

	
 

	
 

	
 

	
 

	
7.4.3

	
any breach
 of clause 6.10 of the Corporate Guarantee; or

	
 

	
 

	
 

	
 

	
 

	
 

	
7.4.4

	
the payment
 of any dividend prior to the date of this First Supplemental Agreement.

	
 

	
 

	
 

	
 

	
 

	
 

	
This Clause
 does not affect any right of the Lender in relation to (i) any Default or
 Event of Default that occurs from and including 31 March 2009 and is not
 covered by this First Supplemental Agreement and (ii) any Default or Event of
 Default which occurs after 31 March 2010.

	
 

	
 

	
 

	
8

	
Notices, Law and Jurisdiction

	
 

	
 

	
 

	
The
 provisions of clauses 18 and 22 of the Original Facility Agreement shall
 apply to this Second Supplemental Agreement as if they were set out in full
 and as if references to the Original Facility Agreement were references to
 this Second Supplemental Agreement and references to the Borrower were
 references to the Security Parties.

	
 

	
 

	
9

	
Costs and Expenses

	
 

	
 

	
 

	
The Security
 Parties shall, on demand of the Lender and upon a full indemnity basis,
 reimburse the Lender for all costs and expenses (including legal fees and
 disbursements plus any value added tax payable thereon) incurred by the
 Lender in connection with the preparation, negotiation and execution of this
 Second Supplemental Agreement and any other documents required.

	
 

	
 

11

IN WITNESS
of which the parties to this Second Supplemental Agreement have executed this
Second Supplemental Agreement as a deed the day and year first before written.

	
 

	
 

	
 

	
SIGNED and DELIVERED as a DEED by

	
)

	
 

	
EFRAGEL SHIPPING CORPORATION

	
)

	
 

	
(as
 borrower)

	
)

	
 

	
acting by Konstantinos
 Adamopoulos

	
)

	
/s/ Konstantinos
 Adamopoulos

	
its duly
 authorised attorney-in-fact

	
)

	
 

	
in the
 presence of:

	
)

	
 

	
Christodoulos Vartzis

	
 

	
/s/
 Christodoulos Vartzis

	
 

	
 

	
 

	
SIGNED and DELIVERED as a DEED by

	
)

	
 

	
SAFE BULKERS INC.

	
)

	
 

	
(as
 corporate guarantor)

	
)

	
 

	
acting by Konstantinos
 Adamopoulos

	
)

	
/s/
 Konstantinos Adamopoulos

	
its duly
 authorised attorney-in-fact

	
)

	
 

	
in the
 presence of:

	
)

	
 

	
Christodoulos Vartzis

	
 

	
/s/
 Christodoulos Vartzis

	
 

	
 

	
 

	
SIGNED and DELIVERED as a DEED by

	
)

	
 

	
PELEA SHIPPING LTD.

	
)

	
 

	
(as a group
 guarantor)

	
)

	
 

	
acting by Konstantinos
 Adamopoulos

	
)

	
/s/
 Konstantinos Adamopoulos

	
its duly
 authorised attorney-in-fact

	
)

	
 

	
in the
 presence of:

	
)

	
 

	
Christodoulos Vartzis

	
 

	
/s/
 Christodoulos Vartzis

	
 

	
 

	
 

	
SIGNED and DELIVERED as a DEED by

	
)

	
 

	
MARINDOU SHIPPING CORPORATION

	
)

	
 

	
(as a group
 guarantor)

	
)

	
 

	
acting by Konstantinos
 Adamopoulos

	
)

	
/s/
 Konstantinos Adamopoulos

	
its duly
 authorised attorney-in-fact

	
)

	
 

	
in the
 presence of:

	
)

	
 

	
Christodoulos Vartzis

	
 

	
/s/
 Christodoulos Vartzis

	
 

	
 

	
 

	
SIGNED and DELIVERED as a DEED by

	
)

	
 

	
AVESTES SHIPPING CORPORATION

	
)

	
 

	
(as a group
 guarantor)

	
)

	
 

	
acting by Konstantinos
 Adamopoulos

	
)

	
/s/
 Konstantinos Adamopoulos

	
its duly
 authorised attorney-in-fact

	
)

	
 

	
in the
 presence of:

	
)

	
 

	
Christodoulos Vartzis

	
 

	
/s/
 Christodoulos Vartzis

12

	
 

	
 

	
 

	
SIGNED and DELIVERED as a DEED by

	
)

	
 

	
ENIADEFHI SHIPPING CORPORATION

	
)

	
 

	
(as a group
 guarantor)

	
)

	
 

	
acting by Konstantinos
 Adamopoulos

	
)

	
/s/
 Konstantinos Adamopoulos

	
its duly
 authorised attorney-in-fact

	
)

	
 

	
in the
 presence of:

	
)

	
 

	
Christodoulos Vartzis

	
 

	
/s/
 Christodoulos Vartzis

	
 

	
 

	
 

	
SIGNED and DELIVERED as a DEED by

	
)

	
 

	
ENIAPROHI SHIPPING CORPORATION

	
)

	
 

	
(as a group
 guarantor)

	
)

	
 

	
acting by Konstantinos
 Adamopoulos

	
)

	
/s/
 Konstantinos Adamopoulos

	
its duly
 authorised attorney-in-fact

	
)

	
 

	
in the
 presence of:

	
)

	
 

	
Christodoulos Vartzis

	
 

	
/s/
 Christodoulos Vartzis

	
 

	
 

	
 

	
SIGNED and DELIVERED as a DEED by

	
)

	
 

	
DnB NOR BANK ASA

	
)

	
 

	
(as lender)

	
)

	
 

	
acting by Christodoulos
 Vartzis

	
)

	
/s/
 Christodoulos Vartzis

	
its duly
 authorised attorney-in-fact

	
)

	
 

	
in the
 presence of:

	
)

	
 

	
Konstantinos Karachazlos

	
 

	
/s/
 Konstantinos Karachazlos

13Exhibit 4.58

	
 

	
 

	
 

	
 

	
 

	
 

	
DATED

	
3 June

	
2008

	
 

	
 

	

	

	

	
 

SAFE BULKERS INC.

- to -

DnB NOR BANK ASA

	
 

	

GUARANTEE AND
INDEMNITY

	
 

	

STEPHENSON HARWOOD

One, St Paul’s Churchyard

London EC4M 8SH

Tel: +44 020 7329 4422

Fax: +44 020 7329 7100

(Ref: 04.138)

CONTENTS

Page

	
 

	
 

	
 

	
 

	
1

	
Definitions
 and Interpretation

	
 

	
2

	
 

	
 

	
 

	
 

	
2

	
Representations
 and Warranties

	
 

	
3

	
 

	
 

	
 

	
 

	
3

	
Guarantee
 and Indemnity

	
 

	
5

	
 

	
 

	
 

	
 

	
4

	
Preservation
 of Guarantor’s Liability

	
 

	
6

	
 

	
 

	
 

	
 

	
5

	
Preservation
 of Lender’s Rights

	
 

	
8

	
 

	
 

	
 

	
 

	
6

	
Undertakings

	
 

	
9

	
 

	
 

	
 

	
 

	
7

	
Payments

	
 

	
12

	
 

	
 

	
 

	
 

	
8

	
Currency

	
 

	
13

	
 

	
 

	
 

	
 

	
9

	
Set-Off

	
 

	
14

	
 

	
 

	
 

	
 

	
10

	
Application
 of Moneys

	
 

	
14

	
 

	
 

	
 

	
 

	
11

	
Partial
 Invalidity

	
 

	
15

	
 

	
 

	
 

	
 

	
12

	
Further
 Assurance

	
 

	
15

	
 

	
 

	
 

	
 

	
13

	
Miscellaneous

	
 

	
15

	
 

	
 

	
 

	
 

	
14

	
Notices

	
 

	
15

	
 

	
 

	
 

	
 

	
15

	
Counterparts

	
 

	
16

	
 

	
 

	
 

	
 

	
16

	
Law and
 Jurisdiction

	
 

	
16

GUARANTEE AND INDEMNITY

	
 

	
 

	
 

	
 

	
DATED

	
3 June

	
2008

	
 

BY:

	
 

	
 

	
(1)

	
SAFE BULKERS INC.,
 a company incorporated according to the law of the Republic of Marshall
 Islands whose registered office is at Trust Company Complex, Ajeltake Road,
 Ajeltake Island, Majuro, Marshall Islands MH 96960 (the “Guarantor”)

	
 

	
 

	
IN FAVOUR OF:

	
 

	
(2)

	
DnB NOR BANK ASA,
 acting through its office at 20 St. Dunstan’s Hill, London EC3R 8HY, England
 (the “Lender”).

	
 

	
 

	
WHEREAS:

	
 

	
(A)

	
The Lender
 has agreed to lend to Avstes Shipping Corporation (the “Borrower”) an amount not
 exceeding thirty six million Dollars ($36,000,000) (the “Loan”) on the terms and
 subject to the conditions set out in a secured multi-currency reducing
 revolving credit facility agreement dated 17 April 2008 made between the Lender
 (as lender) and the Borrower (as borrower) (the “Original Facility Agreement”)
 as amended and supplemented by a supplemental agreement dated 22 May 2008
 (the “Supplemental
 Agreement” and together with the Original Facility Agreement as
 the same may be further amended, supplemented, replaced and/or novated from
 time to time, the “Facility Agreement”).

	
 

	
 

	
(B)

	
The Borrower
 and the Lender have also entered into, an ISDA Master Agreement together with
 the Schedule thereto, each dated 17 April 2008, pursuant to which the
 Borrower may enter into one or more Transactions the terms and conditions of
 which shall be specified in a Confirmation sent or to be sent by the Lender
 to the Borrower.

	
 

	
 

	
(C)

	
The Borrower
 has informed the Lender that it wishes to enter into a series of transactions
 (the “Reorganisation”)
 as a result of which (a) the Borrower’s shares will cease to be wholly owned
 by its present shareholders; (b) the Guarantor will own 100% of the
 Borrower’s shares; and (c) the Borrower’s ownership structure will change
 following the initial public offering of the common stock of the Guarantor on
 the New York Stock Exchange (the “Offering”).

	
 

	
 

	
 

	
(D)

	
The Borrower
 has requested the Lender to proceed in amending, inter alia, clauses 13.2.17
 and 14.1.8 of the Original Facility Agreement, which would otherwise be
 breached upon the occurrence of the Reorganisation and the Offering, and to
 delete, inter alia, clause 13.2.14 and to amend, inter alia, clauses 13.2.13
 and 13.2.20 of the Original Facility Agreement.

	
 

	
 

	
 

	
(E)

	
The Lender
 is willing to accede to such requests as listed in Recital D above and has
 agreed to amend the Original Facility Agreement and the Security Documents
 (as applicable) on the terms and conditions contained in the Supplemental
 Agreement.

	
 

	
 

	
(F)

	
Pursuant to
 the Facility Agreement, and as a condition precedent to the obligation of the
 Lender to make the Loan available to the Borrower, the Borrower has, amongst
 other things, agreed to procure that the Guarantor execute and deliver this
 Guarantee and Indemnity in favour of the Lender.

	
 

	
 

	
THIS DEED WITNESSES
 as follows:

	
 

	
1

	
Definitions and Interpretation

	
 

	
 

	
 

	
1.1

	
In this
 Guarantee and Indemnity:

	
 

	
 

	
 

	
 

	
 

	
“Default
 Rate” means interest at the rate calculated in accordance with
 clause 8.8 of the Facility Agreement.

	
 

	
 

	
 

	
 

	
 

	
“GAAP”
 means generally accepted accounting principles in the United States of
 America.

	
 

	
 

	
 

	
 

	
 

	
“Guarantor’s
 Liabilities” means all of the liabilities and obligations of the
 Guarantor to the Lender under or pursuant to this Guarantee and Indemnity,
 from time to time, whether in respect of principal, interest, costs or
 otherwise and whether present, future, actual or contingent.

	
 

	
 

	
 

	
 

	
 

	
“Indebtedness”
 means the aggregate from time to time of: the amount of the Loan outstanding;
 all accrued and unpaid interest on the Loan; and all other sums of any nature
 (together with all accrued and unpaid interest on any of those sums) payable
 by the Borrower to the Lender under all or any of the Finance Documents.

2

	
 

	
 

	
 

	
 

	
 

	
1.2

	
Unless
 otherwise specified in this Guarantee and Indemnity, or unless the context
 otherwise requires, all words and expressions defined in the Facility
 Agreement shall have the same meaning when used in this Guarantee and
 Indemnity.

	
 

	
 

	
 

	
 

	
1.3

	
In this
 Guarantee and Indemnity:

	
 

	
 

	
 

	
 

	
 

	
1.3.1

	
words
 denoting the plural number include the singular and vice versa;

	
 

	
 

	
 

	
 

	
 

	
 

	
1.3.2

	
words
 denoting persons include corporations, partnerships, associations of persons
 (whether incorporated or not) or governmental or quasi-governmental bodies or
 authorities and vice versa;

	
 

	
 

	
 

	
 

	
 

	
 

	
1.3.3

	
references
 to Clauses are references to clauses of this Guarantee and Indemnity;

	
 

	
 

	
 

	
 

	
 

	
 

	
1.3.4

	
references
 to this Guarantee and Indemnity include the recitals to this Guarantee and
 Indemnity;

	
 

	
 

	
 

	
 

	
 

	
 

	
1.3.5

	
the headings
 and contents page(s) are for the purpose of reference only, have no legal or
 other significance, and shall be ignored in the interpretation of this
 Guarantee and Indemnity;

	
 

	
 

	
 

	
 

	
 

	
 

	
1.3.6

	
references
 to any document (including, without limitation, to any of the Finance
 Documents) are, unless the context otherwise requires, references to that
 document as amended, supplemented, novated or replaced from time to time;

	
 

	
 

	
 

	
 

	
 

	
 

	
1.3.7

	
references
 to statutes or provisions of statutes are references to those statutes, or
 those provisions, as from time to time amended, replaced or reenacted;

	
 

	
 

	
 

	
 

	
 

	
 

	
1.3.8

	
references
 to the Lender include its successors, transferees and assignees; and

	
 

	
 

	
 

	
 

	
 

	
 

	
1.3.9

	
words and
 expressions defined in the Master Agreement, unless the context otherwise
 requires, have the same meaning.

	
 

	
 

	
 

	
 

	
2

	
Representations and Warranties

	
 

	
 

	
 

	
The
 Guarantor represents and warrants to the Lender at the date of this Guarantee
 and Indemnity and, save for Clauses 2.4, 2.9 and 2.13, (by reference to the
 facts and circumstances then pertaining) on each day throughout the Facility
 Period that:

3

	
 

	
 

	
 

	
 

	
2.1

	
all
 representations and warranties given by the Borrower in the Facility
 Agreement in respect of the Guarantor and/or this Guarantee and Indemnity are
 and will remain correct and none of them is or will become misleading; and

	
 

	
 

	
 

	
 

	
2.2

	
the
 Guarantor is a corporation, duly incorporated and validly existing under the
 law of its jurisdiction of incorporation and has the power to own its assets
 and to carry on its business as it is being conducted; and

	
 

	
 

	
 

	
 

	
2.3

	
the
 Guarantor has the power to enter into and perform this Guarantee and
 Indemnity and has taken all necessary action to authorise its entry into and
 performance of this Guarantee and Indemnity; and

	
 

	
 

	
 

	
 

	
2.4

	
the
 Guarantor is not insolvent or in liquidation or administration or subject to
 any other formal or informal insolvency procedure, and no receiver,
 administrative receiver, administrator, liquidator, trustee or analogous
 officer has been appointed in respect of the Guarantor or all or any part of
 its assets; and

	
 

	
 

	
 

	
 

	
2.5

	
this
 Guarantee and Indemnity constitutes legal, valid, binding and enforceable obligations of the Guarantor; and

	
 

	
 

	
 

	
 

	
2.6

	
all
 consents, licences, approvals and authorisations of, or registrations with or
 declarations to, any governmental authority, bureau or agency which may be
 required in connection with the entry into, performance, validity or
 enforceability of this Guarantee and Indemnity have been obtained or made and
 remain in full force and effect and the Guarantor is not aware of any event
 or circumstance which could reasonably be expected adversely to affect the
 right of the Guarantor to hold and/or obtain renewal of any such consents,
 licences, approvals or authorisations; and

	
 

	
 

	
 

	
 

	
2.7

	
no
 litigation, arbitration or administrative proceeding of or before any court,
 arbitral body or agency which if adversely determined, might reasonably be
 expected to have a material adverse effect on the business or financial
 condition of the Guarantor
 have (to the best of the Guarantor’s knowledge and belief) been started or
 threatened against the Guarantor; and

	
 

	
 

	
 

	
 

	
2.8

	
the entry
 into and performance of this Guarantee and Indemnity will not conflict with
 the constitutional documents of the Guarantor or any law or regulation or
 document applicable to, or binding on, the Guarantor or any of its assets;
 and

4

	
 

	
 

	
 

	
 

	
2.9

	
the
 Guarantor is not required to make any deduction or withholding from any
 payment which it may be obliged to make to the Lender under or pursuant to
 this Guarantee and Indemnity; and

	
 

	
 

	
 

	
 

	
2.10

	
it is not
 necessary to ensure the legality, validity, enforceability or admissibility
 in evidence of this Guarantee and Indemnity that it be filed, recorded or
 enrolled with any court or other authority in any country or that any stamp,
 registration or similar tax be paid on or in relation to this Guarantee and
 Indemnity; and

	
 

	
 

	
 

	
 

	
2.11

	
the
 Guarantor is not in breach of or default under, any agreement of any sort binding on it or on all or any part of its
 assets; and

	
 

	
 

	
 

	
 

	
2.12

	
the
 Guarantor is not aware of any material facts or circumstances which have not
 been disclosed to the Lender and which might, if disclosed, have adversely
 affected the decision of a person considering whether or not to make loan
 facilities of the nature contemplated by the Facility Agreement available to
 the Borrower; and

	
 

	
 

	
 

	
 

	
2.13

	
the
 Guarantor has received a copy of the Facility Agreement and approves of, and
 agrees to, the terms and conditions of the Facility Agreement.

	
 

	
 

	
 

	
3

	
Guarantee and Indemnity

	
 

	
 

	
 

	
The
 Guarantor:

	
 

	
 

	
 

	
3.1

	
irrevocably
 and unconditionally guarantees the due and punctual payment of each and every
 part of the Indebtedness in accordance with the terms of the Finance
 Documents so that, if any of the Indebtedness is not paid when it is due and
 payable, whether on maturity or otherwise, the Guarantor will, immediately on
 demand, make such payment to the Lender in the manner specified by the
 Lender, together with interest on the amount demanded at the rate accruing on
 the same under the Facility Agreement from the date of demand until the date
 of payment, both before and after judgment; and

	
 

	
 

	
 

	
3.2

	
agrees, as a
 separate and independent obligation, that, if any of the Indebtedness is not
 recoverable from the Guarantor under Clause 3.1 for any reason, the Guarantor
 will be liable as a principal debtor by way of indemnity for the same amount
 as that for which the Guarantor would have been liable had that Indebtedness
 been recoverable, and agrees to discharge its liability under this Clause 3.2
 by making payment to the Lender 

5

	
 

	
 

	
 

	
 

	
 

	
 

	
immediately
 on demand together with interest on the amount demanded at the rate accruing
 on the same under the Facility Agreement from the date of demand until the
 date of payment, both before and after judgment.

	
 

	
 

	
 

	
4

	
Preservation of Guarantor’s Liability

	
 

	
 

	
 

	
4.1

	
This
 Guarantee and Indemnity is a continuing security for the full amount of the
 Indebtedness from time to time until the expiry of the Facility Period.

	
 

	
 

	
 

	
 

	
 

	
4.2

	
The Lender
 may without the Guarantor’s consent and without notice to the Guarantor and
 without in any way releasing or reducing the Guarantor’s Liabilities:

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2.1

	
amend, vary,
 novate, or replace any of the Finance Documents (other than this Guarantee
 and Indemnity); and/or

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2.2

	
agree with
 the Borrower to increase or reduce the amount of the Loan, or vary the terms
 and conditions for its repayment or prepayment (including, without
 limitation, the rate and/or method of calculation of interest payable on the
 Loan); and/or

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2.3

	
allow any
 time or other indulgence to any of the other Security Parties under or in
 connection with any of the Finance Documents; and/or

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2.4

	
renew, vary,
 release or refrain from enforcing any of the Finance Documents (other than
 this Guarantee and Indemnity); and/or

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2.5

	
compound
 with any of the other Security Parties; and/or

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2.6

	
enter into,
 renew, vary or terminate any other agreement or arrangement with any of the
 other Security Parties; and/or

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2.7

	
do or omit
 or neglect to do anything which might, but for this provision, operate to
 release or reduce the liability of the Guarantor under this Guarantee and
 Indemnity.

6

	
 

	
 

	
 

	
 

	
 

	
4.3

	
The
 Guarantor’s Liabilities shall not be affected by:

	
 

	
 

	
 

	
 

	
 

	
 

	
4.3.1

	
the absence
 of, or any defective, excessive or irregular exercise of, any of the powers
 of any of the other Security Parties; nor

	
 

	
 

	
 

	
 

	
 

	
 

	
4.3.2

	
any security
 given or payment made to the Lender by any of the other Security Parties
 being avoided or reduced under any law (whether English or foreign) relating
 to bankruptcy or insolvency or analogous circumstance in force from time to
 time; nor

	
 

	
 

	
 

	
 

	
 

	
 

	
4.3.3

	
any change
 in the constitution of the Guarantor or of any of the other Security Parties
 or of the Lender or the absorption of or amalgamation by the Lender in or
 with any other entity or the acquisition of all or any part of the assets or
 undertaking of the Lender by any other entity; nor

	
 

	
 

	
 

	
 

	
 

	
 

	
4.3.4

	
the
 liquidation, administration, receivership, bankruptcy or insolvency of the
 Guarantor or any of the other Security Parties; nor

	
 

	
 

	
 

	
 

	
 

	
 

	
4.3.5

	
any of the
 Finance Documents (other than this Guarantee and Indemnity) being defective,
 void or unenforceable, or the failure of any other person to provide the Lender
 with any security, guarantee or indemnity envisaged by the Facility
 Agreement; nor

	
 

	
 

	
 

	
 

	
 

	
 

	
4.3.6

	
any
 composition, assignment or arrangement being made by any of the other
 Security Parties with any of its creditors; nor

	
 

	
 

	
 

	
 

	
 

	
 

	
4.3.7

	
anything
 which would, but for this provision, have released or reduced the liability
 of the Guarantor to the Lender.

	
 

	
 

	
 

	
 

	
 

	
4.4

	
The Lender
 may continue the account(s) of the Borrower or open one or more new accounts
 for the Borrower notwithstanding any demand under this Guarantee and
 Indemnity, and the Guarantor’s liability at the date of demand shall not be
 released or affected by any subsequent payment into or out of any of the
 Borrower’s accounts with the Lender.

7

	
 

	
 

	
 

	
 

	
5

	
Preservation of Lender’s Rights

	
 

	
 

	
 

	
5.1

	
This Guarantee
 and Indemnity is in addition to any other security, guarantee or indemnity
 now or in the future held by the Lender in respect of the Indebtedness,
 whether from the Borrower, the Guarantor or any other person, and shall not
 merge with, prejudice or be prejudiced by, any such security, guarantee or
 indemnity or any contractual or legal right of the Lender.

	
 

	
 

	
 

	
 

	
5.2

	
Any release,
 settlement, discharge or arrangement relating to the Guarantor’s Liabilities
 shall be conditional on no payment, assurance or security received by the
 Lender in respect of the Indebtedness being avoided or reduced under any law
 (whether English or foreign) in force from time to time relating to
 bankruptcy, insolvency or any (in the opinion of the Lender) analogous
 circumstance, and, after any such avoidance or reduction, the Lender shall be
 entitled to exercise all of its rights, powers, discretions and remedies
 under or pursuant to this Guarantee and Indemnity and/or any other rights,
 powers, discretions or remedies which it would otherwise have been entitled
 to exercise, as if no release, settlement, discharge or arrangement had taken
 place.

	
 

	
 

	
 

	
 

	
5.3

	
Following
 the full payment of the Indebtedness, the Lender shall be entitled to retain
 this Guarantee and Indemnity and any security which it may hold for the
 Guarantor’s Liabilities until the Lender is satisfied in its discretion that
 it will not have to make any payment under any law referred to in Clause 5.2.

	
 

	
 

	
 

	
 

	
 

	
5.4

	
Until the
 expiry of the Facility Period the Guarantor shall not:

	
 

	
 

	
 

	
 

	
 

	
 

	
5.4.1

	
be entitled
 to participate in any sums received by the Lender in respect of any of the
 Indebtedness; nor

	
 

	
 

	
 

	
 

	
 

	
 

	
5.4.2

	
be entitled
 to participate in any security held by the Lender in respect of any of the
 Indebtedness nor stand in the place of, or be subrogated for, the Lender in
 respect of any such security; nor

	
 

	
 

	
 

	
 

	
 

	
 

	
5.4.3

	
take any
 step to enforce any claim against any of the other Security Parties (or their
 respective estates or effects), nor claim or exercise any right of set off or
 counterclaim against any of the other Security Parties, nor make any claim in
 the bankruptcy or liquidation of any of the other Security Parties, in
 respect of any sums paid by the Guarantor to the Lender or in respect of any
 sum which 

8

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
includes the
 proceeds of realisation of any security at any time held by the Lender in
 respect of any of the Guarantor’s Liabilities; nor

	
 

	
 

	
 

	
 

	
 

	
 

	
5.4.4

	
take any
 steps to enforce any other claim which it may have against any of the other
 Security Parties without the prior written consent of the Lender, and then
 only on such terms and subject to such conditions as the Lender may impose.

	
 

	
 

	
 

	
 

	
 

	
5.5

	
The Lender
 may, but shall not be obliged to, resort for its own benefit to any other
 means of payment at any time and in any order it thinks fit without releasing
 or reducing the Guarantor’s Liabilities.

	
 

	
 

	
 

	
 

	
 

	
5.6

	
The Lender
 may enforce this Guarantee and Indemnity either before or after resorting to
 any other means of payment without entitling the Guarantor to any benefit
 from or share in any such other means of payment until the expiry of the
 Facility Period.

	
 

	
 

	
 

	
 

	
 

	
5.7

	
The
 Guarantor agrees that it is, and will throughout the Facility Period remain,
 a principal debtor in respect of the Guarantor’s Liabilities.

	
 

	
 

	
 

	
 

	
 

	
5.8

	
No failure
 to exercise, nor any delay in exercising, on the part of the Lender, any
 right or remedy under this Guarantee and Indemnity shall operate as a waiver,
 nor shall any single or partial exercise of any right or remedy prevent any
 further or other exercise or the exercise of any other right or remedy. The
 rights and remedies provided in this Guarantee and Indemnity are cumulative
 and not exclusive of any rights or remedies provided by law.

	
 

	
 

	
 

	
 

	
6

	
Undertakings

	
 

	
 

	
 

	
6.1

	
The
 Guarantor shall pay to the Lender on demand on a full indemnity basis all
 documented costs and expenses incurred by the Lender in or about or
 incidental to the exercise by it of its rights under this Guarantee and
 Indemnity, together with interest at the Default Rate on the amount demanded
 from the date of demand until the date of payment, both before and after
 judgment, which interest shall be compounded with the amount demanded at the
 end of such periods as the Lender may reasonably select.

	
 

	
 

	
 

	
 

	
6.2

	
The
 Guarantor has not taken, and will not take without the prior written consent
 of the Lender (and then only on such terms and subject to such conditions as
 the Lender may impose), any security from any of the other Security Parties
 in connection with this 

9

	
 

	
 

	
 

	
 

	
 

	
 

	
Guarantee
 and Indemnity, and any security taken by the Guarantor notwithstanding this
 Clause shall be held by the Guarantor in trust for the Lender absolutely as a
 continuing security for the Guarantor’s Liabilities.

	
 

	
 

	
 

	
 

	
6.3

	
The
 Guarantor will observe and perform any and all covenants and undertakings in
 the Facility Agreement whose observance and performance by the Guarantor the
 Borrower has undertaken to procure.

	
 

	
 

	
 

	
 

	
6.4

	
The
 Guarantor will not without the Lender’s prior written consent:

	
 

	
 

	
 

	
 

	
 

	
6.4.1

	
create nor
 permit to arise any Encumbrance or other third party rights over any of its
 shares in the Borrower other than in favour of the Lender; nor

	
 

	
 

	
 

	
 

	
 

	
 

	
6.4.2

	
permit the
 Borrower to acquire any new vessels nor permit the Borrower to create or
 permit to arise or continue any Encumbrance or other third party right on or
 over all or any part of its present or future assets or undertakings.

	
 

	
 

	
 

	
 

	
 

	
6.5

	
The
 Guarantor shall supply to the Lender as soon as the same become available,
 but in any event within one hundred and eighty (180) days after the end of
 each of its financial years, its audited consolidated financial statements
 for that financial year, together with a Compliance Certificate, signed by
 two directors of the Guarantor, setting out (in reasonable detail) computations
 as to compliance with clause 13.2.23 of the Facility Agreement as at the date
 at which those financial statements were drawn up. Each set of financial
 statements shall be:-

	
 

	
 

	
 

	
 

	
 

	
6.5.1

	
prepared
 using GAAP; and

	
 

	
 

	
 

	
 

	
 

	
 

	
6.5.2

	
certified by
 a director of the Guarantor as fairly representing its financial condition as
 at the date at which those financial statements were drawn up; and

	
 

	
 

	
 

	
 

	
 

	
6.6

	
The
 Guarantor shall supply to the Lender as soon as the same become available,
 but in any event within ninety (90) days after the end of each quarter during
 each of the Guarantor’s financial years, its unaudited consolidated quarterly
 financial statements for that quarter, together with a Compliance Certificate
 to be provided on a semi-annual basis, signed by two directors of the
 Guarantor, setting out (in reasonable detail) computations as to compliance
 with clause 13.2.23 of Facility Agreement as at the date at which those
 financial statements were drawn up.

10

	
 

	
 

	
 

	
 

	
 

	
6.7

	
The
 Guarantor shall supply to the Lender:

	
 

	
 

	
 

	
 

	
 

	
6.7.1

	
all
 documents dispatched by the Guarantor to its shareholders (or any class of
 them) or its creditors generally at the same time as they are dispatched
 other than any documents that are subject to any confidentiality restrictions
 pursuant to the New York Stock Exchange regulations that may prohibit such
 dissemination;

	
 

	
 

	
 

	
 

	
 

	
 

	
6.7.2

	
promptly
 upon becoming aware of them, details of any litigation, arbitration or
 administrative proceedings which are current, threatened or pending against
 any Security Party, and which might, if adversely determined, have a
 materially adverse effect on the business, assets, financial condition or
 credit worthiness of that Security Party; and

	
 

	
 

	
 

	
 

	
 

	
 

	
6.7.3

	
promptly,
 such further information regarding the financial condition, business and
 operations of any Security Party as the Lender may reasonably request.

	
 

	
 

	
 

	
 

	
 

	
6.8

	
The
 Guarantor shall permit the inspection of its financial records and accounts
 from time to time by the Lender or its nominee.

	
 

	
 

	
 

	
 

	
 

	
6.9

	
The
 Guarantor shall remain directly or indirectly beneficially owned at a minimum
 of fifty one per cent (51%) by its Current Shareholders or any of them as of
 the date of the Side Letter.

	
 

	
 

	
 

	
 

	
6.10

	
The
 Guarantor shall on a consolidated basis comply with the following financial
 covenants to be assessed on a semi-annual basis based on the Accounting
 Information received by the Lender in accordance with clauses 13.1.1 and
 13.1.4 of the Facility Agreement:-

	
 

	
 

	
 

	
 

	
 

	
6.10.1

	
Consolidated Group Leverage
 The Consolidated Group Leverage shall be equal to or less than seventy per
 cent (70%).

	
 

	
 

	
 

	
 

	
 

	
 

	
6.10.2

	
Debt to EBITDA ratio
 The ratio of Debt to EBITDA on a trailing twelve (12) month’s basis shall not
 at any time exceed 5.5:1.

	
 

	
 

	
 

	
 

	
 

	
 

	
6.10.3

	
Net Worth The Net
 Worth shall not at any time be less than one hundred and seventy five million
 Dollars ($175,000,000).”

11

	
 

	
 

	
 

	
7

	
Payments

	
 

	
 

	
 

	
7.1

	
All amounts
 payable by the Guarantor under or pursuant to this Guarantee and Indemnity
 shall be paid to such accounts at such banks as the Lender may from time to
 time direct to the Guarantor in the relevant currency in same day funds for
 immediate value. Payment shall be deemed to have been received on the date on
 which the Lender receives authenticated advice of receipt, unless that advice
 is received by the Lender on a day other than a Business Day or at a time of
 day (whether on a Business Day or not) when the Lender in its discretion
 considers that it is impossible or impracticable to utilise the amount
 received for value that same day, in which event the payment in question
 shall be deemed to have been received on the Business Day next following the
 date of receipt of advice by the Lender.

	
 

	
 

	
 

	
 

	
7.2

	
All payments
 to be made by the Guarantor pursuant to this Guarantee and Indemnity shall,
 subject only to Clause 7.3, be made free and clear of and without deduction
 for or on account of any taxes or other deductions, withholdings,
 restrictions, conditions or counterclaims of any nature, and the Guarantor
 will not claim any equity in respect of any payment due from it to the Lender
 under or in relation to this Guarantee and Indemnity.

	
 

	
 

	
 

	
 

	
7.3

	
If at any
 time any law requires (or is interpreted to require) the Guarantor to make
 any deduction or withholding from any payment, or to change the rate or
 manner in which any required deduction or withholding is made, the Guarantor
 will promptly notify the Lender and, simultaneously with making that payment,
 will pay whatever additional amount (after taking into account any additional
 taxes on, or deductions or withholdings from, or restrictions or conditions
 on, that additional amount) is necessary to ensure that, after making the
 deduction or withholding, the Lender receives a net sum equal to the sum
 which it would have received had no deduction or withholding been made.

	
 

	
 

	
 

	
 

	
7.4

	
If at any
 time the Guarantor is required by law to make any deduction or withholding
 from any payment to be made by it pursuant to this Guarantee and Indemnity,
 the Guarantor will pay the amount required to be deducted or withheld to the
 relevant authority within the time allowed under the applicable law and will,
 no later than thirty days after making that payment, deliver to the Lender an
 original receipt issued by the relevant authority, or other evidence
 acceptable to the Lender, evidencing the payment to that authority of all
 amounts required to be deducted or withheld.

12

	
 

	
 

	
 

	
 

	
7.5

	
If the
 Guarantor pays any additional amount under Clause 7.3, and the Lender
 subsequently receives a refund or allowance from any tax authority which the
 Lender identifies as being referable to that increased amount so paid by the
 Guarantor, the Lender shall, as soon as reasonably practicable, pay to the
 Guarantor an amount equal to the amount of the refund or allowance received,
 if and to the extent that it may do so without prejudicing its right to
 retain that refund or allowance and without putting itself in any worse
 financial position than that in which it would have been had the relevant
 deduction or withholding not been required to have been made. Nothing in this
 Clause 7.5 shall be interpreted as imposing any obligation on the Lender to
 apply for any refund or allowance nor as restricting in any way the manner in
 which the Lender organises its tax affairs, nor as imposing on the Lender any
 obligation to disclose to the Guarantor any information regarding its tax
 affairs or tax computations.

	
 

	
 

	
 

	
 

	
7.6

	
Any
 certificate or statement signed by an authorised signatory of the Lender
 purporting to show the amount of the Indebtedness or of the Guarantor’s
 Liabilities (or any part of any of them) or any other amount referred to in
 any of the Finance Documents shall, save for manifest error or on any
 question of law, be conclusive evidence as against the Guarantor of that
 amount.

	
 

	
 

	
 

	
8

	
Currency

	
 

	
 

	
 

	
 

	
8.1

	
The Guarantor’s
 liability under this Guarantee and Indemnity is to discharge the Indebtedness
 in the currency in which it is expressed to be payable (the “Agreed
 Currency”).

	
 

	
 

	
 

	
 

	
8.2

	
If at any
 time the Lender receives (including by way of set off) any payment by or on
 behalf of the Guarantor in a currency other than the Agreed Currency, that
 payment shall take effect as a payment to the Lender of the amount in the
 Agreed Currency which the Lender is able to purchase (after deduction of any
 relevant costs) with the amount of the payment so received in accordance with
 its usual practice.

	
 

	
 

	
 

	
 

	
8.3

	
To the
 extent that any payment to the Lender (whether by the Guarantor or any other
 person and whether under any judgment or court order or otherwise) in a
 currency other than the Agreed Currency shall on actual conversion into the
 Agreed Currency fall short of the relevant amount of the Indebtedness
 expressed in the Agreed Currency, then the 

13

	
 

	
 

	
 

	
 

	
 

	
Guarantor as
 a separate and independent obligation will indemnify the Lender against the
 shortfall.

	
 

	
 

	
9

	
Set-Off

	
 

	
 

	
 

	
 

	
 

	
The
 Guarantor irrevocably authorises the Lender at any time to set off without
 notice any sums then due and payable by the Guarantor to the Lender under
 this Guarantee and Indemnity (irrespective of the branch or office, currency
 or place of payment) against any credit balance from time to time standing on
 any account of the Guarantor (whether current or otherwise, whether or not
 subject to notice and whether or not that credit balance is then due to the
 Guarantor) with any branch of the Lender in or towards satisfaction of the
 Guarantor’s Liabilities and, in the name of the Lender or the Guarantor, to
 do all acts (including, without limitation, purchasing or converting or
 exchanging any currency) which may be required to effect such set-off. Notice
 of such set-off shall be given to the Guarantor after such set-off has taken
 place.

	
 

	
 

	
 

	
10

	
Application of Moneys

	
 

	
 

	
 

	
10.1

	
All sums
 which the Lender receives under or in connection with this Guarantee and
 Indemnity shall, unless otherwise agreed by the Lender or otherwise provided
 in the Facility Agreement, be applied by the Lender in or towards
 satisfaction, or by way of retention on account, of the Guarantor’s
 Liabilities, in such manner as the Lender may in its discretion determine.

	
 

	
 

	
 

	
10.2

	
The Lender
 may place any money received by it under or in connection with this Guarantee
 and Indemnity to the credit of a suspense account on such terms and subject
 to such conditions as the Lender may in its discretion determine for so long
 as the Lender thinks fit without any obligation in the meantime to apply that
 money in or towards discharge of the Indebtedness, and, despite such payment,
 the Lender may claim against any of the other Security Parties or prove in
 the bankruptcy, liquidation or insolvency of any of the other Security
 Parties for the whole of the Indebtedness at the date of the Lender’s demand
 for payment pursuant to this Guarantee and Indemnity, together with all
 interest, commission, charges and expenses accruing subsequently.

14

	
 

	
 

	
 

	
11

	
Partial Invalidity

	
 

	
 

	
 

	
If, at any
 time, any provision of this Guarantee and Indemnity is or becomes illegal,
 invalid or unenforceable in any respect under any law of any jurisdiction,
 neither the legality, validity or enforceability of the remaining provisions
 nor the legality, validity or enforceability of such provision under the law
 of any other jurisdiction will in any way be affected or impaired.

	
 

	
 

	
12

	
Further Assurance

	
 

	
 

	
 

	
The
 Guarantor agrees that from time to time on the written request of the Lender
 it will immediately execute and deliver to the Lender all further documents
 which the Lender may require for the purpose of perfecting or protecting the
 security intended to be created by this Guarantee and Indemnity.

	
 

	
 

	
13

	
Miscellaneous

	
 

	
 

	
 

	
13.1

	
All the
 covenants and agreements of the Guarantor in this Guarantee and Indemnity
 shall bind the Guarantor and its successors and permitted assignees and shall
 inure to the benefit of the Lender and its successors, transferees and assignees.

	
 

	
 

	
 

	
 

	
13.2

	
The
 representations and warranties on the part of the Guarantor contained in this
 Guarantee and Indemnity shall survive the execution of this Guarantee and
 Indemnity.

	
 

	
 

	
 

	
 

	
13.3

	
No variation
 or amendment of this Guarantee and Indemnity shall be valid unless in writing
 and signed on behalf of the Guarantor and the Lender.

	
 

	
 

	
 

	
 

	
13.4

	
A person who
 is not a party to this Guarantee and Indemnity has no right under the
 Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit
 of any term of this Guarantee and Indemnity.

	
 

	
 

	
 

	
14

	
Notices

	
 

	
 

	
 

	
The
 provisions of clause 18 of the Facility Agreement shall apply (mutatis
 mutandis) to this Guarantee and Indemnity as if it were set out in full with
 references to this Guarantee and Indemnity substituted for references to the
 Facility Agreement and with references to the Guarantor substituted for
 references to the Borrower.

15

	
 

	
 

	
 

	
 

	
15

	
Counterparts

	
 

	
 

	
 

	
This Guarantee and
 Indemnity may be executed in any number of counterparts, and this has the
 same effect as if the signatures on the counterparts were on a single copy of
 this Guarantee and Indemnity.

	
 

	
 

	
16

	
Law and Jurisdiction

	
 

	
 

	
 

	
16.1

	
This
 Guarantee and Indemnity shall in all respects be governed by and interpreted
 in accordance with English law.

	
 

	
 

	
 

	
 

	
16.2

	
For the
 exclusive benefit of the Lender, the Guarantor irrevocably agrees that the
 courts of England are to have jurisdiction to settle any disputes which may
 arise out of or in connection with this Guarantee and Indemnity and that any
 proceedings may be brought in those courts.

	
 

	
 

	
 

	
 

	
16.3

	
Nothing
 contained in this Clause shall limit the right of the Lender to commence any
 proceedings against the Guarantor in any other court of competent
 jurisdiction nor shall the commencement of any proceedings against the
 Guarantor in one or more jurisdictions preclude the commencement of any
 proceedings in any other jurisdiction, whether concurrently or not.

	
 

	
 

	
 

	
 

	
16.4

	
The
 Guarantor irrevocably waives any objection which it may now or in the future
 have to the laying of the venue of any proceedings in any court referred to
 in this Clause and any claim that those proceedings have been brought in an
 inconvenient or inappropriate forum, and irrevocably agrees that a judgment
 in any proceedings commenced in any such court shall be conclusive and
 binding on it and may be enforced in the courts of any other jurisdiction.

	
 

	
 

	
 

	
 

	
16.5

	
Without
 prejudice to any other mode of service allowed under any relevant law, the
 Guarantor:

	
 

	
 

	
 

	
 

	
 

	
16.5.1

	
irrevocably
 appoints Mr. Savvas Savvides, 24 Exeter Road, London N14 5JY, England
 (tel/fax: +44 208 361 2606) as its agent for service of process in relation
 to any proceedings before the English courts; and

16

	
 

	
 

	
 

	
 

	
16.5.2

	
agrees that
 failure by a process agent to notify the Guarantor of the process will not
 invalidate the proceedings concerned.

IN WITNESS
of which this Guarantee and Indemnity has been duly executed and delivered as a
deed the day and year first before written.

	
 

	
 

	
 

	
SIGNED and DELIVERED

	
)

	
 

	
as a DEED

	
)

	
 

	
by SAFE
 BULKERS INC.

	
)

	
 

	
acting by
           Ioannis Foteinos

	
)

	
 

	
 

	
)

	
 

	
its duly
 authorised attorney-in-fact

	
)

	
 

	
 

	
)

	
 

	
in the
 presence of:          Nigel
 Bowen-Morris

	
)

	
 

17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}]]