Document:

EXHIBIT
      10.15

    

    Deutsche
      Schiffsbank

     

    
      	
              TELEFAX

               

              Staloudi
                Shipping Corporation

              c/o
                Safety Management Overseas S.A., Voula

              Attn.:
                Mr. George Papadopoulos

            	
              Hans-Jürgen
                Schulte / st

              International
                Loans

               

              Direct
                Line +49 421 3609-255

              Telefax      
                 +49
                421 3609-329

              hans-juergen.schulte@schiffsbank.com

            
	
              Fax
                0030 210 895 6900

            	 
	 	
              3rd
                December 2007

            
	
              Page(s):
                1 (incl. address page)

            	 

    

     

    MT
      “STALO”

    Loan
      Agreement dated 29 May 2006

    

    We
      refer
      to your today’s telephone conversation with Mr. Schulte and herewith confirm
      that as per your request and according to clause 2 of the Loan Agreement we
      agreed to have Tranche A of the Loan, i.e. CHF 29,247,000 converted into USD
      for
      value 30.11.2007 at the rate of 1 USD = 1.1135 CHF. Therefore the balance
      outstanding of the Loan of 30.11.2007 is as follows:

    

    
      	
              Tranche
                A

            	
              USD
                26,265,828.47

            
	
              Tranche
                B

            	
              USD
                  4,162,500.00

            

    

    

    Interest
      rate for the next interest period has been confirmed separately.

    

    Without
      prejudice to our rights under the Loan Agreement the Loan shall be repaid as
      follows:

    

    
      	 	 	
              Tranche
                A

            	 	
              Tranche
                B

            	 	
              Total
                Loan

            	 
	 	 	
              USD 

            	 	
              USD

            	 	
              USD

            	 
	
              Balance
                outstanding

            	 	 	
              26,265,828.47

            	 	 	
              4,162,500

            	 	 	
              30,428,328.47

            	 
	
              Intalment
                4th–20th

            	 	 	
              687,500.00

            	 	 	
              112,500

            	 	 	
              800,000.00

            	 
	
              Ballon

            	 	 	
              14,578,328.47

            	 	 	
              2,250,000

            	 	 	
              16,828,328.47

            	 

    

    

    Following
      your request we further confirm:

    

    -        to
      waive
      the requirement of the Pledged Deposit and

    -        to
      have
      the margin increased from 0.55% p.a to 0.65% p.a. as of 30.11.2007.

    

    The
      Loan
      Agreement and as far as applicable the Security Documents shall be deemed to
      be
      amended accordingly.

     

        
        

      

    
      
      

    

     

    2

     

    Please
      confirm by return fax.

    

    Best
      regards,

    Deutsche
      Schiffsbank

    Aktiengesellschaft

    

    Deutsche
      Schiffsbank Aktiengesellschaft

    

    
      	
              Domshof
                17

              D-28195
                Bremen

              P.O.
                Box 106269

              D-28062
                Bremen

            	
              Telephone
                +49 421 3609-0

              Telefax
                +49 421 3609-326

              Telex
                24 48 70

              SWIFT
                DESBDE22

            	
              Head
                Offices

              Bremen
                and Hamburg

              Commercial
                Register

              Local
                Court Bremen HRB 4062

              Local
                Court Hamburg HRB 42653

              VAT
                Reg. No. DB153094769

            	
              Chairman
                of the Supervisory Board

              Nicholas
                Teller

              Board
                of Managing Directors

              Jürgen
                Bentiaga

              W.
                Ellerback Ulrich

              Tobias
                Müllerc52273_ex10-13new.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

EXHIBIT 10.16

 

	
To:		 		
Staloudi Shipping Corporation	
	 	 	32 Karamanli Avenue

	 		 		
166 05 Voula	
	 		 		
Greece	

May 2008

Dear Sirs

Supplemental Letter

	
1      		
We refer to the loan agreement dated 29 May 2006 (the “Loan Agreement”) made between (1) Staloudi Shipping Corporation as borrower (the
“Borrower”) and (2) Deutsche Schiffsbank as lender (the “Bank”), pursuant to which the Bank agreed
(inter alia) to make available (and has made available) to the Borrower a multicurrency loan of Thirty six million Dollars ($30,000,000) upon the terms and conditions contained
therein.

	
	 
	
2      		
Words and expressions defined in the Loan Agreement shall, unless the context otherwise requires, have the same meaning where used in this Letter.

	
	 
	
3      		
The Bank hereby confirms its consent to the entry by the Borrower and the Manager into a new management agreement in respect of the Ship, pursuant to the terms described in the Borrower’s letter of 6 February
2008 addressed to the Bank and subsequent discussions. The Bank, the Borrower and the Manager hereby agree and acknowledge that references in the Manager’s Undertaking and the other Security Documents to the “Management Agreement”
shall be deemed to be references to such new management agreement referred to above, in substitution of the Management Agreement currently referred to therein.

	
	 
	
4      		
At the Borrower’s request, the Bank and the Borrower hereby agree that the Loan Agreement shall, with effect on and from the Effective Date (as defined below), be (and it is hereby) amended in accordance with
the following provisions (and the Loan Agreement (as so amended) will continue to be binding upon each of the parties thereto upon such terms as so amended):

	
	 
	 	
(a)      		
By inserting the following new definition of “HoldCo” in the correct alphabetical order in clause 2.2

	
	 
	 	 	
““HoldCo” means Safe Bulkers, Inc. of the Marshall Islands and it includes its successors in title;”;

	
	 
	 	
(b)      		
by deleting the definition of “Management Agreement” in clause 12.1 (j) and by inserting the following new definition of “Management

	
	 

1

	 	 	Agreement” in
    the correct alphabetical order in clause 2.2: 
	 	 	 
	 	 	““Management
        Agreement” means, together, the agreement
        dated 2008 entered into between HoldCo and the Manager and the agreement
        dated               2008 entered into between the Borrower and the Manager, providing
        (inter alia) for the Manager to manage the Ship, as amended and supplemented
    from time to time;”; 
	 	 	 
	 	
(c)      		
by deleting clause 13.1 (n) in its entirety and by inserting in its place the following new clause 13.1. (n):
	
	 
	 	 	
(n)      		
if without the prior written consent of the Bank the Borrower ceases to be owned by the Holdco and the Vessel ceases to be managed by the Manager,
	
	 
	 	
(d)      		
By inserting the following new clause 14.6
	
	 
	 	 	
“The Borrower will send to the Bank:

	
	 
	 	 	
(a)      		
as soon as possible, but in no event later than 180 days after the end of each financial year, its unaudited financial statements for that financial year;
	
	 
	 	 	
(b)      		
as soon as possible, but in no event later than 180 days after the end of each financial year the consolidated audited financial statements of HoldCo for that financial year;
	
	 
	 	 	
(c)      		
from time to time, and on demand, such additional financial or other information relating to the Borrower / HoldCo and/or the Ship as may reasonably be requested by the Lender.”
	
	 

	
5      		
The Bank and the Borrower hereby agree that the agreement of the Bank contained in paragraph 3 above and the amendments to the Loan Agreement set out in paragraph 4 above shall become effective on the date (the
“Effective Date”) when the Borrower and the Manager have executed this Letter; provided that following the Effective Date, the Borrower shall promptly deliver to the Bank such
documents and evidence of the type referred to in the Agreement as reasonably required by the Bank, in respect of this Letter, and the transactions contemplated herein and therein.

	
	 
	
6      		
The Bank and the Borrower shall promptly execute such further documentation and take all such other actions as may be reasonably required to reflect the Bank’s consent, evidenced by this letter, to the various
changes of ownership involved in the Reorganization and the Offering (as such capitalized terms are defined in the Borrower’s letter to the Bank of 6 February, 2008), as well as any exchange of,

	
	 

2

	 	
and corporate actions in connection with the exchange of, bearer shares for registered shares.

	
	 
	
7      		
Save as amended by this Letter, the provisions of the Loan Agreement shall continue in full force and effect and the Loan Agreement and this Letter shall be read and construed as one instrument.
	
	 
	
8      		
Each of the other Security Documents and the obligations of the Security Parties thereunder shall remain and continue in full force and effect notwithstanding the amendments to the Loan Agreement contained in this
Letter.
	
	 
	
9      		
References to the “Agreement” or the “Loan Agreement” in any of the Security Documents shall henceforth be references to the Loan Agreement as amended by this Letter and as from time to time
hereafter amended and shall also be deemed to include this Letter and the obligations of the Security Parties hereunder.
	
	 
	
10      		
This Letter is governed by, and shall be construed in accordance with, the laws of the Federal Republic of Germany and any dispute hereunder shall be resolved in the same courts as provided for in clause 23 of the
Loan Agreement.
	
	 
	 

	 	
Deutsche Schiffsbank		 
	 	
Aktiengesellschaft		 
	 	 	 
	 		 

We acknowledge receipt of this letter and agree in full to the terms and conditions set out above and the amendments of the Loan Agreement contained therein. 

	
EXECUTED		
)		 		 	
	
by		
)		 		 	
	
for and on behalf of		
)		 		 	
	
STALOUDI SHIPPING CORPORATION		
)		 		
Attorney-in-fact	
	
In the presence of:		
)		 		 	

 

 

	 
	Witness 

      Name: 

      Address: 

      Occupation:

 

3

	
EXECUTED		
)		 		 	
	
by		
)		 		 	
	
for and on behalf of		
)		 		 	
	
SAFETY MANAGEMENT OVERSEAS S.A.		
)		 		
Attorney-in-fact	
	
In the presence of:		
)		 		 	

 

	 
	Witness 

        Name: 

        Address: 

        Occupation:

 

4

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