Document:

Exhibit 4.47

Private & Confidential

	
 

	
 

	
 

	
 

	
Dated as of 6 April 2009

	
 

	
 

	

	
 

SECOND SUPPLEMENTAL AGREEMENT

relating to a 

loan of (originally) US$40,000,000

to

KERASIES SHIPPING CORPORATION

provided by

THE ROYAL BANK OF SCOTLAND PLC

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

	
5

	
 

	
 

	
6 Conditions

	
7

	
 

	
 

	
7 Relevant
 Parties’ Confirmation

	
7

	
 

	
 

	
8 Expenses

	
7

	
 

	
 

	
9 Miscellaneous
 and notices

	
8

	
 

	
 

	
10 Applicable law

	
9

	
 

	
 

	
Schedule 1
 Documents and evidence required as conditions precedent

	
10

	
 

	
 

	
 

	
      THIS SECOND SUPPLEMENTAL
AGREEMENT is dated as of 6 April 2009 and
 made BETWEEN:

	
 

	
 

	
      (1)

	
KERASIES 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 PLC of 5-10 Great Tower Street,
 London EC3P 3HX, England (the “Bank”).

	
 

	
 

	
      WHEREAS:

	
 

	
 

	
      (A)

	
this Agreement is
 supplemental to a loan agreement dated 13 December 2007 made between
 (1) the Borrower and (2) the Bank (the “Original Agreement”) as
 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, the “Principal Agreement”)
 relating to a multi-currency loan of (originally) Forty million Dollars
 ($40,000,000), advanced by the Bank to the Borrower, of which the principal
 amount outstanding at the date hereof is $38,400,000;

	
 

	
 

	
 

	
      (B)

	
this Agreement is
 also supplemental to a 1992 Principal Master Agreement dated 13 December 2007
 (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 AGREED as 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:

	
 

	
 

	
 

	
“Borrower’s
 Account” means an interest bearing Dollar account of the Borrower
 opened with the Bank designated RBSPAKER-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 date, 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 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;

2

	
 

	
 

	
 

	
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;

	
 

	
 

	
 

	
 

	
“Borrower’s
 Account” means an interest bearing Dollar account of the Borrower
 opened with the Bank designated RBSPAKER-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;

3

	
 

	
 

	
 

	
 

	
(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

	
 

	
 

	
 

	
 

	
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 

4

	
 

	
 

	
 

	
 

	
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 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

	
 

	
 

	
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;

	
 

	
 

	
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

	
 

	
 

	
      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 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).

7

	
 

	
 

	
 

	
 

	
   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

	
 

	
 

	
9.1.3

	
be sent:

	
 

	
 

	
 

	
 

	
(a)

	
if to the Relevant
 Parties or any of them:

	
 

	
 

	
 

	
 

	
 

	
32 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.

8

	
 

	
 

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

9

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;

	
 

	
 

	
 

	
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;

10

	
 

	
 

	
 

	
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.

11

	
 

	
 

	
 

	
EXECUTED as a DEED

	
)

	
 

	
by KONSTANTINOS
 ADAMOPOULOS

	
)

	
 

	
for and on behalf
 of

	
)

	
/s/ Konstantinos Adamopoulos 

	
KERASIES 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

	
 

	
 

	
 

	
 

	
 

	
EXECUTED as 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

	
 

	
 

	
 

	
 

	
 

	
EXECUTED as 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

	
 

	
 

12

	
 

	
 

	
 

	
EXECUTED as 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

	
 

	
 

13Exhibit 4.50

	
 

	
 

	
DATED 

	
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: 04.141)

CONTENTS

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
1

	
Definitions
 and Interpretation

	
2

	
 

	
 

	
 

	
2

	
Representations
 and Warranties

	
4

	
 

	
 

	
 

	
3

	
Guarantee
 and Indemnity

	
6

	
 

	
 

	
 

	
4

	
Preservation
 of Guarantor’s Liability

	
6

	
 

	
 

	
 

	
5

	
Preservation
 of Lender’s Rights

	
8

	
 

	
 

	
 

	
6

	
Undertakings

	
10

	
 

	
 

	
 

	
7

	
Payments

	
13

	
 

	
 

	
 

	
8

	
Currency

	
15

	
 

	
 

	
 

	
9

	
Set-Off

	
15

	
 

	
 

	
 

	
10

	
Application
 of Moneys

	
16

	
 

	
 

	
 

	
11

	
Partial
 Invalidity

	
16

	
 

	
 

	
 

	
12

	
Further
 Assurance

	
17

	
 

	
 

	
 

	
13

	
Miscellaneous

	
17

	
 

	
 

	
 

	
14

	
Notices

	
17

	
 

	
 

	
 

	
15

	
Counterparts

	
17

	
 

	
 

	
 

	
16

	
Law and
 Jurisdiction

	
18

GUARANTEE AND INDEMNITY

	
 

	
 

	
Dated:

	
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 Marindou Shipping Corporation (the “Borrower”) an amount not exceeding forty
 two million Dollars ($42,000,000) (the “Loan”)
 on the terms and subject to the conditions set out in a secured
 multi-currency reducing revolving credit facility agreement dated 11 January
 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 11 January 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,
 clause 13.2.13 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 

2

	
 

	
 

	
 

	
 

	
 

	
 

	
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.

	
 

	
 

	
 

	
 

	
 

	
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.

3

	
 

	
 

	
 

	
 

	
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:

	
 

	
 

	
 

	
 

	
 

	
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 

4

	
 

	
 

	
 

	
 

	
 

	
 

	
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

	
 

	
 

	
 

	
 

	
 

	
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.

5

	
 

	
 

	
 

	
 

	
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 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

6

	
 

	
 

	
 

	
 

	
 

	
 

	
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.

	
 

	
 

	
 

	
 

	
 

	
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

7

	
 

	
 

	
 

	
 

	
 

	
 

	
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.

	
 

	
 

	
 

	
 

	
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 

8

	
 

	
 

	
 

	
 

	
 

	
 

	
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 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.

9

	
 

	
 

	
 

	
 

	
 

	
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 Guarantee and Indemnity, and any security taken by
 the Guarantor notwithstanding this 

10

	
 

	
 

	
 

	
 

	
 

	
 

	
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 13.2.22 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 

11

	
 

	
 

	
 

	
 

	
 

	
 

	
basis,
 signed by two directors of the Guarantor, setting out (in reasonable detail)
 computations as to compliance with clause 13.2.22 of Facility Agreement as at
 the date at which those financial statements were drawn up.

	
 

	
 

	
 

	
 

	
 

	
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:-

12

	
 

	
 

	
 

	
 

	
 

	
 

	
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).”

	
 

	
 

	
 

	
 

	
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

13

	
 

	
 

	
 

	
 

	
 

	
 

	
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.

	
 

	
 

	
 

	
 

	
 

	
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

14

	
 

	
 

	
 

	
 

	
 

	
 

	
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 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 

15

	
 

	
 

	
 

	
 

	
 

	
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.

	
 

	
 

	
 

	
 

	
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.

16

	
 

	
 

	
 

	
 

	
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

	
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.

17

	
 

	
 

	
 

	
 

	
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

18

	
 

	
 

	
 

	
 

	
 

	
 

	
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

	
)

	
/S/ IOANNIS
 FOTEINOS

	
 

	
)

	
 

	
its duly
 authorised attorney-in-fact

	
)

	
 

	
 

	
)

	
 

	
in the
 presence of: NIGEL BOWEN-MORRIS

	
)

	
 

/S/ NIGEL BOWEN-MORRIS

STEPHENSON HARWOOD

ARISTON BUILDING

2 FILELLINON STR. & AKTI MIAOULI

PIRAEUS 185 36

VAT. NO. 998711156

TEL 2104295160

19

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