<SEC-DOCUMENT>0000930413-13-002874.txt : 20130510
<SEC-HEADER>0000930413-13-002874.hdr.sgml : 20130510
<ACCEPTANCE-DATETIME>20130510150513
ACCESSION NUMBER:		0000930413-13-002874
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		23
CONFORMED PERIOD OF REPORT:	20130510
FILED AS OF DATE:		20130510
DATE AS OF CHANGE:		20130510

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAFE BULKERS, INC.
		CENTRAL INDEX KEY:			0001434754
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34077
		FILM NUMBER:		13832993

	BUSINESS ADDRESS:	
		STREET 1:		32 AVENUE KARAMANLI, P.O. BOX 70837
		STREET 2:		16605 VOULA
		CITY:			ATHENS
		STATE:			J3
		ZIP:			16605
		BUSINESS PHONE:		011-30-210-895-7070

	MAIL ADDRESS:	
		STREET 1:		32 AVENUE KARAMANLI, P.O. BOX 70837
		STREET 2:		16605 VOULA
		CITY:			ATHENS
		STATE:			J3
		ZIP:			16605
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>c73723_6-k.htm
<TEXT>

<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=CENTER><FONT SIZE=4><B>UNITED STATES <BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR><FONT SIZE=2><B>Washington, D.C. 20549</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=5><B>FORM 6-K</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR<BR>
</B><B>15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>For the month of May 2013</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=5><B>SAFE BULKERS, INC.</B></FONT><BR><FONT SIZE=2>(Translation
of registrant&#146;s name into English)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>32 Avenue Karamanli, P.O. Box 70837, 16605 Voula,
Athens, Greece <BR>
</B>(Address of principal
executive office)</FONT></P>

<P><FONT SIZE=2>Indicate by check mark
whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="7%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="81%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP COLSPAN=2>
 <P><FONT SIZE=2>Form 20-F&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2 FACE=WINGDINGS>x</FONT></P>
 </TD>
 <TD VALIGN=TOP COLSPAN=2>
 <P><FONT SIZE=2>Form 40-F&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>Indicate
by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Indicate
by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Indicate
by check mark whether the registrant by furnishing the information contained in
the Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="89%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP COLSPAN=2>
 <P><FONT SIZE=2>Yes&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP COLSPAN=2>
 <P><FONT SIZE=2>No&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2 FACE=WINGDINGS>x</FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>If
&#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>EXHIBIT INDEX</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>99.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Proxy Statement for the 2013 Annual Meeting of Stockholders</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>99.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Proxy for the 2013 Annual Meeting of Stockholders</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>99.3</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>2012 Annual Report</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>SIGNATURES</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized. </FONT></P>

<P><FONT SIZE=2>Date: May 10, 2013</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>SAFE BULKERS, INC.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Konstantinos
 Adamopoulos</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Name:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Konstantinos Adamopoulos</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Title:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chief Financial Officer</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c73723_ex99-1.htm
<TEXT>

<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=RIGHT><FONT SIZE=2><B>Exhibit 99.1</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>SAFE BULKERS, INC. <BR>
30-32 Avenue Karamanli <BR>
P.O. Box 70837 <BR>
16605 Voula <BR>
Athens, Greece</B></FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2>May 10, 2013 </FONT></P>

<P><FONT SIZE=2>Dear Stockholder: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are
cordially invited to attend the 2013 Annual Meeting of Stockholders of Safe
Bulkers, Inc., which will be held on Monday, June 3, 2013 at 12:00 p.m. Greek
local time at our principal executive offices at 30-32 Avenue Karamanli, 16605
Voula, Athens, Greece. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following Notice of 2013 Annual Meeting of Stockholders and Proxy Statement
describe the items to be considered by the stockholders at such meeting and
contain certain information about us and our executive officers and directors. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please sign
and return the enclosed proxy card as soon as possible in the envelope provided
so that your shares can be voted at the meeting in accordance with your
instructions. Even if you plan to attend the meeting, we urge you to sign and
promptly return the enclosed proxy card. You can revoke the proxy at any time
prior to voting, or vote your shares personally if you attend the meeting. We
look forward to seeing you. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="52%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="48%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Sincerely, </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><img src="c73723001_v1.jpg" alt="(-s- Polys Hajioannou)"></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Polys Hajioannou </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chairman and
 Chief Executive Officer </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2><B>YOUR VOTE IS IMPORTANT. IN ORDER TO ENSURE
YOUR REPRESENTATION AT THE 2013 ANNUAL MEETING OF STOCKHOLDERS AND THAT A
QUORUM WILL BE PRESENT, WE URGE YOU TO COMPLETE, SIGN, DATE AND RETURN YOUR
PROXY CARD AS SOON AS POSSIBLE. A PROMPT RESPONSE IS HELPFUL AND YOUR
COOPERATION WILL BE APPRECIATED. THE RETURN OF THIS PROXY CARD WILL NOT AFFECT
YOUR RIGHT TO VOTE IN PERSON, SHOULD YOU DECIDE TO ATTEND THE 2013 ANNUAL
MEETING OF STOCKHOLDERS. </B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>SAFE BULKERS, INC. <BR>
30-32 Avenue Karamanli <BR>
P.O. Box 70837 <BR>
16605 Voula <BR>
Athens, Greece</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>NOTICE OF 2013 ANNUAL MEETING OF
 STOCKHOLDERS <BR>
 TO BE HELD ON MONDAY, JUNE 3, 2013</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE IS
HEREBY GIVEN that the 2013 Annual Meeting of Stockholders of Safe Bulkers,
Inc., a Marshall Islands corporation, will be held at 12:00 p.m. Greek local
time, on Monday, June 3, 2013 at our principal executive offices at 30-32
Avenue Karamanli, 16605 Voula, Athens, Greece for the following purposes: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>To elect two Class II directors to hold office until the annual
 meeting of stockholders in 2016 and until their respective successors have
 been duly elected and qualified; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>2.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>To ratify the appointment of our independent auditors; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>3.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>To transact such other business as may properly come before the 2013
 Annual Meeting of Stockholders and any adjournments or postponements thereof.
 </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
holders of record of our common stock, par value $0.001 per share, at the close
of business on May 2, 2013 will be entitled to receive notice of, and to vote
at, the 2013 Annual Meeting of Stockholders and at any adjournments or
postponements thereof. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are
cordially invited to attend the 2013 Annual Meeting of Stockholders. Whether or
not you expect to attend the 2013 Annual Meeting of Stockholders in person,
please fill out, sign, date and return at your earliest convenience, in the
envelope provided, the enclosed proxy card, which is being solicited on behalf
of our Board of Directors. The proxy card shows the form in which your shares
of common stock are registered. Your signature must be in the same form. The
return of the proxy card does not affect your right to vote in person, should
you decide to attend the 2013 Annual Meeting of Stockholders. We look forward
to seeing you. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="52%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="48%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By Order of
 the Board of Directors</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><img src="c73723002_v1.jpg" alt="(-s- Dr. Loukas Barmparis)"></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Dr. Loukas Barmparis</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President
 and Secretary</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Athens,
 Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>May 10, 2013</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>SAFE BULKERS, INC. <BR>
30-32 Avenue Karamanli <BR>
P.O. Box 70837 <BR>
16605 Voula <BR>
Athens, Greece</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>PROXY STATEMENT FOR 2013 ANNUAL MEETING OF
 STOCKHOLDERS TO BE <BR>
 HELD ON MONDAY, JUNE 3, 2013</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>INFORMATION CONCERNING SOLICITATION AND
 VOTING</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><U>GENERAL </U></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
enclosed proxy is solicited on behalf of the Board of Directors (the &#147;Board&#148;)
of Safe Bulkers, Inc., a Marshall Islands corporation (the &#147;Company&#148;), for use
at the 2013 Annual Meeting of Stockholders to be held at 12:00 p.m. Greek local
time, on Monday, June 3, 2013 at the Company&#146;s principal executive offices at
30-32 Avenue Karamanli, 16605 Voula, Athens, Greece, or at any adjournment or
postponement thereof (the &#147;Meeting&#148;), for the purposes set forth herein and in
the accompanying Notice of 2013 Annual Meeting of Stockholders. This Proxy
Statement, the accompanying proxy card and the Company&#146;s 2012 annual report are
expected to be mailed on or about May 10, 2013 to the stockholders of the
Company entitled to vote at the Meeting. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><U>VOTING RIGHTS AND OUTSTANDING SHARES </U></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May 2,
2013 (the &#147;Record Date&#148;), the Company had outstanding 76,676,508 shares of
common stock, par value $0.001 per share (the &#147;Common Stock&#148;). As of the Record
Date, Vorini Holdings Inc., a Marshall Islands corporation controlled by the
family of Polys Hajioannou, owned 46,426,015 shares of common stock,
constituting approximately 60.55% of outstanding shares. Each stockholder of
record at the close of business on the Record Date is entitled to one vote for
each share of Common Stock then held. A majority of the Common Stock issued and
outstanding and entitled to vote at the Meeting, the holders of which are
present in person or represented by proxy, shall constitute a quorum for the
transaction of business at the Meeting. The Common Stock represented by any
proxy in the enclosed form will be voted in accordance with the instructions
given on the proxy if the proxy is properly executed and is received by the
Company prior to the close of voting at the Meeting. Any proxies returned
without instructions will be voted FOR the proposals set forth on the Notice of
2013 Annual Meeting of Stockholders. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Common Stock is listed on the New York Stock Exchange (the &#147;NYSE&#148;) under the
symbol &#147;SB.&#148; </FONT></P>

<P><FONT SIZE=2><U>REVOCABILITY OF PROXIES </U></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Stockholder giving a proxy may revoke it at any time before it is exercised. A
proxy may be revoked by filing with the Secretary of the Company at the
Company&#146;s principal </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>executive offices at 30-32 Avenue Karamanli, 16605 Voula, Athens,
Greece, a written notice of revocation by a duly executed proxy bearing a later
date, or by attending the Meeting and voting in person. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>PROPOSAL ONE</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ELECTION OF DIRECTORS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
currently has seven directors divided into three classes. As provided in the
Company&#146;s First Amended and Restated Articles of Incorporation, as amended,
each director is elected to serve for a three-year term until the annual
meeting for the year in which his or her term expires and until his or her
successor has been duly elected and qualified. The Board has nominated Dr.
Loukas Barmparis and John Gaffney, each a Class II Director, for re-election as
Class II Directors for terms expiring at the 2016 annual meeting and until
their successors have been duly elected and qualified. The Board has determined
that Mr. Gaffney is independent within the current meanings of independence
employed by the corporate governance rules of the NYSE and the Securities and
Exchange Commission (the &#147;SEC&#148;). </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the
proxy is marked to indicate that such authorization is expressly withheld, the
persons named in the enclosed proxy card intend to vote the shares authorized
thereby FOR the election of the following two nominees. It is expected that
each of these nominees will be able to serve, but if before the election it
develops that any of the nominees is unavailable, the persons named in the
enclosed proxy card will vote for the election of such substitute nominee or
nominees as the current Board may recommend. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors
shall be elected by a plurality of the votes cast at the Meeting. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>NOMINEES FOR ELECTION</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="33%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Name</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Age (1)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Positions</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Class</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Term to <BR>
 Expire</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Director <BR>
 Since</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Dr. Loukas Barmparis</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>50</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President, Secretary and
 Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Class
 II</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>2016</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>2008</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>John Gaffney (2), (3)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>52</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Class
 II</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>2016</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>2009</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(1)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>As of February 15, 2013. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(2)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Member of corporate
 governance, nominating and compensation committee. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(3)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Member of audit committee.
 </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><B>Nominees for Election </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
has nominated the following individuals to serve as Class II directors for a
three-year term expiring at the 2016 annual meeting and until their successors
have been duly elected and qualified: </FONT></P>

<P><FONT SIZE=2><B>Dr. Loukas Barmparis <BR>
President, Secretary and Class II Director </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr. Loukas
Barmparis is the Company&#146;s President and Secretary and has been a member of the
Board since 2008. Dr. Barmparis also serves as the technical manager of Safety
Management Overseas S.A., the Company&#146;s manager, which he joined in February
2006. Until 2009 he was the project development manager of the affiliated
Alasia Development S.A., responsible for renewable energy projects. Prior to
joining the Company&#146;s manager and Alasia </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>Development S.A., from 1999 to 2005 and from 1993 to 1995, Dr.
Barmparis was employed at N. Daskalantonakis Group, Grecotel, one of the
largest hotel chains in Greece, as technical manager and project development
general manager. During the interim period between 1995 and 1999, Dr. Barmparis
was employed at Exergia S.A. as an energy consultant. Dr. Barmparis holds a
master of business administration (&#147;M.B.A.&#148;) from the Athens Laboratory of
Business Administration, a doctorate from the Imperial College of Science
Technology and Medicine, a master of applied science from the University of
Toronto and a diploma in mechanical engineering from the Aristotle University
of Thessaloniki. </FONT></P>

<P><FONT SIZE=2><B>John Gaffney <BR>
Class II Director </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John
Gaffney has been a member of the Board and of the Company&#146;s audit committee,
and a member and chairman of the Company&#146;s corporate governance, nominating and
compensation committee, since October 2009. Mr. Gaffney joined the law firm of
Gibson, Dunn &amp; Crutcher LLP as a partner in November 2011. From January
2010 through September 2011, Mr. Gaffney was a Senior Vice President, Corporate
Affairs and General Counsel of Solyndra, Inc., where he led Solyndra&#146;s
corporate affairs and legal activities. From January 2008 through December
2009, Mr. Gaffney was an Executive Vice President at First Solar, where he led
First Solar&#146;s corporate development, legal, sustainable development and
environmental affairs activities. Prior to joining First Solar, Mr. Gaffney
practiced law at the firm of Cravath, Swaine &amp; Moore LLP, where he was a
partner from 1993 to 2008. Mr. Gaffney is a graduate of The George Washington
University, where he received a B.A. degree, and of New York University, where
he received his J.D. and M.B.A. degrees. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>DIRECTORS CONTINUING IN OFFICE</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="33%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Name</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Age (1)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Positions</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Class</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Term to <BR>
 Expire</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Director <BR>
 Since</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Polys Hajioannou</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>46</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chief Executive Officer
 and Chairman of the Board</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Class
 I</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>2015</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>2008</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Ioannis Foteinos</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>54</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chief Operating Officer
 and Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Class
 I</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>2015</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>2009</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Ole Wikborg (2), (3)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>57</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Class
 I</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>2015</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>2008</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Konstantinos Adamopoulos</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>50</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chief Financial Officer
 and Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Class
 III</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>2014</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>2008</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Frank Sica (2), (3)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>62</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Class
 III</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>2014</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>2008</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(1)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>As of February 15, 2013. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(2)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Member of corporate
 governance, nominating and compensation committee. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(3)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Member of audit committee.
 </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following directors will continue in office: </FONT></P>

<P><FONT SIZE=2><B>Class I Directors&#151;Term to Expire in 2015 </B></FONT></P>

<P><FONT SIZE=2><B>Polys Hajioannou <BR>
Chief Executive Officer, Chairman of the Board and Class I Director </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polys
Hajioannou is the Company&#146;s Chief Executive Officer and has been Chairman of
the Board since 2008. Mr. Hajioannou also serves with the Company&#146;s manager
and, prior to its inception, its predecessor Alassia Steamship Co., Ltd., which
he joined in 1987. Mr. Hajioannou was elected as a member of the board of
directors of the Union of Greek Shipowners in 2006 and served on the board
until February 2009. Mr. Hajioannou is also a founding member of the Union of
Cyprus Shipowners. Mr. Hajioannou is a member of the Lloyd&#146;s Register Hellenic
Advisory Committee. In 2011, Mr. Hajioannou was appointed to the board of
directors of the Hellenic Mutual War Risks Association (Bermuda) Limited. Mr.
Hajioannou holds a Bachelor of Science degree in nautical studies from
Sunderland University. </FONT></P>

<P><FONT SIZE=2><B>Ioannis Foteinos <BR>
Chief Operating Officer and Class I Director </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ioannis
Foteinos is the Company&#146;s Chief Operating Officer and has been a member of the
Board since February 2009. Mr. Foteinos has 25 years of experience in the
shipping industry. After obtaining a bachelor&#146;s degree in nautical studies from
Sunderland University, he joined the predecessor of the Company&#146;s manager in
1984, where he presently serves and will continue to serve as Chartering
Manager. </FONT></P>

<P><FONT SIZE=2><B>Ole Wikborg <BR>
Class I Director </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ole Wikborg
has been a member of the Board and of the Company&#146;s audit committee and
corporate governance, nominating and compensation committee since 2008. Mr.
Wikborg has been involved in the marine and shipping industry in various
capacities for over 30 years. Since 2002, Mr. Wikborg has served as a director,
senior underwriter and member of the management </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>team of the Norwegian Hull Club, based in Oslo, Norway. From 2002 to
2006, Mr. Wikborg also served as a member and chairman of the Ocean Hull
Committee of the International Union of Marine Insurance (&#147;IUMI&#148;). Since 2006,
he has served as Vice President and a member of the Executive Board of the
IUMI, and in 2010 he was elected as President of IUMI. Since 1997, Mr. Wikborg
has served as a board member of the Central Union of Marine Insurers, based in
Oslo, and is presently that organization&#146;s Chairman. From 1997 until 2002, Mr.
Wikborg served as the senior vice president and manager of the marine and
energy division of the Zurich Protector Insurance Company ASA, based in Oslo
and Zurich, and from 1993 until 1997, he served as a senior underwriter for the
marine division of Protector Insurance Company ASA, based in Oslo. Prior to his
career in the field of marine insurance, Mr. Wikborg served in the Royal
Norwegian Navy, attaining the rank of Lieutenant Commander. </FONT></P>

<P><FONT SIZE=2><B>Class III Directors&#151;Term to Expire in 2014 </B></FONT></P>

<P><FONT SIZE=2><B>Konstantinos Adamopoulos <BR>
Chief Financial Officer and Class III Director </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Konstantinos
Adamopoulos is the Company&#146;s Chief Financial Officer and has been a member of
the Board since 2008. Prior to joining the Company, Mr. Adamopoulos was
employed at Calyon, a financial institution, as a senior relationship manager
in shipping finance for 14 years. Prior to this, from 1990 to 1993, Mr.
Adamopoulos was employed by the National Bank of Greece in London as an account
officer for shipping finance and in Athens as deputy head of the export finance
department. Prior to this, from 1987 to 1989, Mr. Adamopoulos served as a
finance officer in the Greek Air Force. Mr. Adamopoulos holds an M.B.A. in
finance from the City University Business School and a Bachelor of Science degree
in business administration from the Athens School of Economics and Business
Science. </FONT></P>

<P><FONT SIZE=2><B>Frank Sica <BR>
Class III Director </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frank Sica
has been a member of the Board and of the Company&#146;s corporate governance,
nominating and compensation committee, and a member and chairman of the
Company&#146;s audit committee, since 2008. Mr. Sica has served as a Managing
Partner at Tailwind Capital, a private equity firm since 2006. From 2004 to
2005, Mr. Sica was a Senior Advisor to Soros Private Funds Management. From 1998
to 2003, Mr. Sica worked at Soros Fund Management where he oversaw the direct
real estate and private equity investment activities of Soros. From 1988 to
1998, Mr. Sica was a Managing Director at Morgan Stanley. Mr. Sica is a
graduate of Wesleyan University, where he received a B.A. degree, and of the
Amos Tuck School of Business at Dartmouth College, where he received his M.B.A.
Mr. Sica is also director of CSG Systems International, an account management
and billing software company for communication industries, JetBlue Airways
Corporation, a commercial airline, and Kohl&#146;s Corporation, an owner and
operator of department stores. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><B>Independence </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board has determined that each of Messrs. Sica, Gaffney and Wikborg are
independent within the current meanings of independence employed by the
corporate governance rules of the NYSE and the SEC. </FONT></P>

<P><FONT SIZE=2><B>Committees of the Board </B></FONT></P>

<P><FONT SIZE=2><I>Audit committee </I></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s audit committee consists of Ole Wikborg, John Gaffney and Frank Sica,
as chairman. The Board has determined that Frank Sica qualifies as an audit
committee &#147;financial expert,&#148; as such term is defined in Regulation S-K
promulgated by the SEC. The audit committee is responsible for: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>the appointment, compensation, retention and oversight of independent
 auditors and approving any non-audit services performed by such auditor;
 </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>assisting the Board in monitoring the integrity of the Company&#146;s
 financial statements, the independent auditors&#146; qualifications and
 independence, the performance of the independent accountants and the
 Company&#146;s internal audit function and the Company&#146;s compliance with legal and
 regulatory requirements; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>annually reviewing an independent auditors&#146; report describing the
 auditing firm&#146;s internal quality-control procedures, and any material issues
 raised by the most recent internal quality control review, or peer review, of
 the auditing firm; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>discussing the annual audited financial and quarterly statements with
 management and the independent auditors; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>discussing earnings press releases, as well as financial information
 and earnings guidance provided to analysts and rating agencies; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>discussing policies with respect to risk assessment and risk
 management; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>&#149;</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>meeting separately, and periodically, with management, internal
 auditors and the independent auditor;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>reviewing with the independent auditor any audit problems or
 difficulties and management&#146;s responses; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>setting clear hiring policies for employees or former employees of
 the independent auditors; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>annually reviewing the adequacy of the audit committee&#146;s written
 charter, the internal audit charter, the scope of the annual internal audit
 plan and the results of internal audits; </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>reporting regularly
 to the full Board; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>handling
 such other matters that are specifically delegated to the audit committee by
 the Board from time to time. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><I>Corporate governance, nominating and
compensation committee </I></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s corporate governance, nominating and compensation committee consists
of Ole Wikborg, Frank Sica and John Gaffney, as chairman. The corporate
governance, nominating and compensation committee is responsible for: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>nominating candidates, consistent with criteria approved by the full
 Board, for the approval of the full Board to fill Board vacancies as and when
 they arise, as well as putting in place plans for succession, in particular,
 of the Chairman of the Board and executive officers; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>selecting, or recommending that the full Board select, the director
 nominees for the next annual meeting of stockholders; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>developing and recommending to the full Board corporate governance
 guidelines applicable to the Company and keeping such guidelines under review;
 </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>overseeing the evaluation of the Board and management; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>handling such other matters that are specifically delegated to the
 corporate governance, nominating and compensation committee by the Board from
 time to time. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN="JUSTIFY"><FONT SIZE=2><B>THE BOARD UNANIMOUSLY RECOMMENDS A VOTE IN
FAVOR OF THE PROPOSED DIRECTORS. UNLESS REVOKED AS PROVIDED ABOVE, PROXIES
RECEIVED BY MANAGEMENT WILL BE VOTED IN FAVOR OF THE PROPOSED DIRECTORS UNLESS
A CONTRARY VOTE IS SPECIFIED. </B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>PROPOSAL TWO</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>RATIFICATION OF APPOINTMENT OF INDEPENDENT
AUDITORS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
is submitting for ratification at the Meeting the appointment of Deloitte,
Hadjipavlou, Sofianos &amp; Cambanis S.A. as the Company&#146;s independent auditors
for the fiscal year ending December 31, 2013. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deloitte,
Hadjipavlou, Sofianos &amp; Cambanis S.A. has advised the Company that the firm
does not have any direct or indirect financial interest in the Company, nor has
such firm had any such interest in connection with the Company during the past
three fiscal years other than in its capacity as the Company&#146;s independent
auditors. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
services rendered by the independent auditors are subject to review by the
Company&#146;s audit committee. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of
Proposal Two requires the majority of the votes cast at the Meeting. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THE BOARD UNANIMOUSLY RECOMMENDS A VOTE FOR
RATIFICATION OF THE APPOINTMENT OF DELOITTE, HADJIPAVLOU, SOFIANOS &amp;
CAMBANIS S.A. AS INDEPENDENT AUDITORS OF THE COMPANY FOR THE FISCAL YEAR ENDING
DECEMBER 31, 2013. UNLESS REVOKED AS PROVIDED ABOVE, PROXIES RECEIVED BY
MANAGEMENT WILL BE VOTED IN FAVOR OF SUCH APPROVAL UNLESS A CONTRARY VOTE IS
SPECIFIED. </B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><U>SOLICITATION </U></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cost of
preparing and soliciting proxies will be borne by the Company. Solicitation
will be made primarily by mail, but stockholders may be solicited by telephone,
e-mail, or personal contact. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>OTHER MATTERS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No other
matters are expected to be presented for action at the Meeting. Should any
additional matter come before the Meeting, it is intended that proxies in the
accompanying form will be voted in accordance with the judgment of the person
or persons named in the proxy. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="48%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="48%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By Order of
 the Board of Directors </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
  <P><FONT SIZE=2><img src="c73723003_v1.jpg" alt="(-s- Dr. Loukas Barmparis)"></FONT></P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Dr. Loukas Barmparis </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President
 and Secretary</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>May 10, 2013
 </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Athens,
 Greece</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>10</FONT></P>

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<SEQUENCE>6
<FILENAME>c73723_ex99-2.htm
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<P ALIGN="RIGHT"><FONT SIZE="2" FACE=ARIAL><B>Exhibit 99.2</B> </FONT></P>


<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>

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<P ALIGN=RIGHT><FONT SIZE="3" face=symbol><b>&#255;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></FONT></P>
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<P ALIGN=CENTER><FONT SIZE=4 FACE=ARIAL><B>SAFE BULKERS, INC.</B></FONT></P>
</TD>
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<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
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<P ALIGN=CENTER><FONT SIZE=3 FACE=ARIAL><B>THIS PROXY IS BEING SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS </B></FONT></P>
</TD>
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<P  ALIGN=JUSTIFY><FONT  SIZE=2   FACE=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxy
card for use at the 2013 Annual Meeting of Stockholders or any adjournment or
postponement thereof (the &#147;Meeting&#148;) of Safe Bulkers, Inc., a Marshall
Islands company (the &#147;Company&#148;), to be held on Monday, June 3, 2013 at
12:00 p.m. Greek local time, at the Company&#146;s principal executive offices at
30-32 Avenue Karamanli, 16605 Voula, Athens, Greece.</FONT></P>

<P   ALIGN=JUSTIFY><FONT   SIZE=2   FACE=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
person signing on the reverse of this card, being a holder of shares of common
stock of the Company, hereby appoints as his/her/its proxy at the Meeting, Polys
Hajioannou and Konstantinos Adamopoulos, or either one of them acting alone,
with full power of substitution, and directs such proxy to vote (or abstain from
voting) at the Meeting all of his, her or its shares of common stock as
indicated on the reverse of this card or, to the extent that no such indication
is given, to vote as set forth herein, and authorizes such proxy to vote in his
discretion on such other business as may properly come before the
Meeting.</FONT></P>

<P   ALIGN=JUSTIFY><FONT   SIZE=2   FACE=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please indicate on the reverse of this card how the shares of common stock represented by this proxy are to be voted. If this card is
returned duly signed but without any indication as to how the shares of common stock are to be voted in respect of any of the
resolutions described on the reverse, the stockholder will be deemed to have directed the proxy to vote (1) FOR the election of all
the Class II director nominees to the Board of Directors to hold office for a three-year term until the annual meeting for the year
in which their terms expire and until their successors are duly elected and qualified and (2) FOR ratification of appointment of
Deloitte, Hadjipavlou, Sofianos &amp; Cambanis S.A. as the Company&#146;s independent auditors for the year ending December 31, 2013.</FONT></P>

<P ALIGN=CENTER><FONT FACE="ARIAL" SIZE="2"><B>(Continued and to be signed on the reverse side.)</B> </FONT></P>

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<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>14475</FONT></P>
</TD>

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<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=3 FACE=ARIAL><B>2013 ANNUAL MEETING OF STOCKHOLDERS OF</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=6 FACE=ARIAL><B>SAFE BULKERS, INC.</B></FONT></P>

<P ALIGN=CENTER><FONT  SIZE=3 FACE=ARIAL><B>June 3, 2013</B></FONT></P>

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 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>GO GREEN</B></FONT></P>
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 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=1 FACE=ARIAL>e-Consent makes it easy to go paperless. With e-Consent, you can quickly access your proxy material, statements and other
eligible documents online, while reducing costs, clutter and paper waste. Enroll today via www.amstock.com to enjoy online access.</FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
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<P ALIGN=CENTER><FONT FACE="ARIAL" SIZE="2"><B><U>NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIAL</U>:</B><BR>The Notice of Meeting, proxy statement and proxy card<BR>are available at www.sb.agmdocuments.com </FONT></P>
<BR><BR>
<P ALIGN=CENTER><FONT  SIZE=5 FACE=ARIAL>Please sign, date and mail<BR>your proxy card in the<BR>envelope provided as soon<BR>as possible.</FONT></P>
<BR><BR>
<P ALIGN=CENTER><FONT size=2 FACE="WINGDINGS">&#234;</FONT><FONT  SIZE=1 FACE=ARIAL>&nbsp;Please detach along perforated line and mail in the envelope provided.&nbsp;</FONT><FONT size=2 FACE="WINGDINGS">&#234;</FONT></P>

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  <P Style="margin-left:4%"><FONT SIZE=3 face=arial>20230000000000000000 0</FONT></P>
  </TD>
<TD  VALIGN=TOP>
  <P><FONT SIZE=3 face=arial>060313</FONT></P>
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  <P ALIGN=CENTER><FONT FACE="ARIAL" style="font-size:6.5pt"><BR><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE ELECTION OF EACH OF THE DIRECTOR NOMINEES AND &#147;FOR&#148; PROPOSAL 2.<BR>PLEASE SIGN, DATE
AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.  PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE&nbsp;</B></FONT><FONT FACE="WINGDINGS" SIZE="1"><B>x</B> </FONT></P>
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<DIV style="position:relative; float:left; width:49%">

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  <P><FONT SIZE=1 face=arial>1.</FONT></P>
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  <P ALIGN="JUSTIFY"><FONT SIZE=1 face=arial>Election of the Class II directors listed below to hold office for a three-year term until the annual meeting for the year in which
their terms expire and until their successors are duly elected and qualified.</FONT></P>
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  <P ALIGN="LEFT"><FONT SIZE="1" face=arial><B>NOMINEES:</B> </FONT></P>
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<P ALIGN="LEFT"><FONT SIZE="3" face=wingdings>o</FONT></P>
  </TD>
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  <P ALIGN="LEFT"><FONT FACE="arial" SIZE="1"><B>FOR ALL NOMINEES</B> </FONT></P>
  </TD>
  <TD  VALIGN=middle>
<P ALIGN="LEFT"><FONT SIZE="2" FACE=WINGDINGS>&#161;</FONT></P>
  </TD>
  <TD  COLSPAN="2"  VALIGN=middle>
  <P><FONT SIZE=1 FACE="arial">Dr. Loukas Barmparis</FONT></P>
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<P ALIGN="LEFT"><FONT SIZE="2" FACE=WINGDINGS>&#161;</FONT></P>
  </TD>
  <TD  COLSPAN="2"  VALIGN=middle>
  <P><FONT SIZE=1 FACE="arial">John Gaffney</FONT></P></td>
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<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
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<P ALIGN="LEFT"><FONT SIZE="3" face=wingdings>o</FONT></P>
  </TD>
  <TD  VALIGN=MIDDLE colspan=2>
  <P ALIGN="LEFT"><FONT FACE="arial" SIZE="1"><B>WITHHOLD AUTHORITY<BR>FOR ALL NOMINEES</B> </FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
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  <P><FONT SIZE=1>&nbsp;</FONT></P>
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  <P><FONT SIZE=1>&nbsp;</FONT></P>
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  <P><FONT SIZE=1>&nbsp;</FONT></P>
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<P ALIGN="LEFT"><FONT SIZE="3" face=wingdings>o</FONT></P>
  </TD>
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  <P ALIGN="LEFT"><FONT FACE="arial" SIZE="1"><B>FOR ALL EXCEPT</B><BR>(See instructions below)</FONT></P>
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  <P><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></P>
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  <P><FONT size=2>&nbsp;</FONT></P>
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  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  style="border-right: solid black 1px" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
<TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
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  <P><FONT size=2>&nbsp;</FONT></P>
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  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  style="border-right: solid black 1px" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>


 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT size=2>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  style="border-right: solid black 1px" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT size=2>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  style="border-right: solid black 1px" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P ALIGN="LEFT"><FONT FACE="ARIAL" SIZE="1"><U><B>INSTRUCTIONS</B>:</U>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="6" VALIGN=TOP>
  <P ALIGN="JUSTIFY"><FONT FACE="ARIAL" SIZE="1">To withhold authority to vote for any individual nominee(s), mark &#147;<B>FOR ALL EXCEPT</B>&#148; and fill in the circle next to each nominee you
wish to withhold, as shown here:</FONT> <FONT FACE="WINGDINGS" SIZE="2"><B>&#108;</B> </FONT></P>
  </TD>
  <TD  style="border-right: solid black 1px" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>

 <TR style="font-size:1 px">
  <TD  VALIGN=TOP >&nbsp;


  </TD>
  <TD  COLSPAN="3" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  style="border-right: solid black 1px;border-bottom:solid black 1px" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
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  <P><FONT SIZE=1>&nbsp;</FONT></P>
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  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  style="border-right: solid black 1px" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
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  <TD  VALIGN=TOP>
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  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  style="border-right: solid black 1px" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>


 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
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  <P><FONT SIZE=1>&nbsp;</FONT></P>
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  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  style="border-right: solid black 1px" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR><TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
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  <P><FONT SIZE=1>&nbsp;</FONT></P>
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  </TD>
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  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  style="border-right: solid black 1px" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
<TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  style="border-right: solid black 1px" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
<TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=3>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  style="border-right: solid black 1px" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>


 <TR style="font-size:1 px">
  <TD  VALIGN=TOP>&nbsp;


  </TD>
  <TD  COLSPAN="7" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


</TD>
<TD  style="border-right: solid black 1px;border-bottom:solid black 1px" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD  VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD  COLSPAN="7" VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=1 FACE=ARIAL>To change the address on your account, please check the box at right and indicate your new address in the address space above.
Please note that changes to the registered name(s) on the account may not be submitted via this method.</FONT></P>
</TD>
<TD colspan=2>
<P ALIGN=right><FONT SIZE=3    FACE=WINGDINGS>o</FONT></P>
  </TD>
  <TD  VALIGN=TOP style="border-right: solid black 1px">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
<TR style="font-size:1 px">
  <TD  VALIGN=TOP >&nbsp;


  </TD>
  <TD  COLSPAN="7" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  style="border-right: solid black 1px;border-bottom:solid black 1px" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
</TABLE>
</div>



<DIV style="position:relative; float:right; width:49%">
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="4%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="60%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="6%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
  <TR style="font-size:5px">
  <TD VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
</tr>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT size=1 FACE=ARIAL>FOR</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT  size=1 FACE=ARIAL>AGAINST</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT  size=1 FACE=ARIAL>ABSTAIN</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP nowrap>
  <P><FONT SIZE=1 FACE=ARIAL>2.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN="JUSTIFY"><FONT SIZE=1 FACE=ARIAL>Ratification of appointment of Deloitte, Hadjipavlou, Sofianos &amp;
Cambanis S.A. as the Company&#146;s independent auditors for the
year ending December 31, 2013.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=3 FACE=WINGDINGS>o</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=3 FACE=WINGDINGS>o</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=3 FACE=WINGDINGS>o</FONT></P>
  </TD>
  </TR>
<tr>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=4>&nbsp;</FONT></P>
  </TD>
 </TR>
<TR>

  <TD  VALIGN=TOP COLSPAN=7>
<P ALIGN="JUSTIFY"><FONT FACE="ARIAL" SIZE="1"><B>PLEASE INDICATE WITH AN
&#147;X&#148; IN THE APPROPRIATE SPACE HOW YOU WISH YOUR SHARES TO BE VOTED. IF
NO INDICATION IS GIVEN, PROXIES WILL BE VOTED FOR THE ELECTION OF ALL THE
NOMINEES TO THE BOARD OF DIRECTORS AND FOR PROPOSAL TWO, IN ACCORDANCE WITH THE
RECOMMENDATION OF THE BOARD OF DIRECTORS.</B> </FONT></P>
  </TD>
   <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>

</TABLE>
</div>

<BR clear="all">

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" STYLE="BORDER-COLLAPSE:COLLAPSE">
 <TR style="font-size:4px">
  <TD WIDTH="10%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="16%"  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%"  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%"  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%"  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="8%"  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="16%"  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%"  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%"  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=bottom nowrap>
  <P><FONT SIZE=1 FACE=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature of Stockholder&nbsp;</FONT></P>
  </TD>
  <TD  style="border: solid black 1px" VALIGN=TOP>
  <P><FONT SIZE=3>&nbsp;</FONT></P>
  </TD>
  <TD VALIGN=bottom>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=bottom>
  <P><FONT SIZE=1 FACE=ARIAL>Date:&nbsp;</FONT></P>
  </TD>
  <TD  style="border: solid black 1px" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=bottom nowrap>
  <P><FONT SIZE=1 FACE=ARIAL>&nbsp;Signature of Stockholder&nbsp;</FONT></P>
  </TD>
  <TD  style="border: solid black 1px" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD VALIGN=bottom>
  <P><FONT SIZE=1 FACE=ARIAL>&nbsp;&nbsp;Date:&nbsp;</FONT></P>
  </TD>
  <TD  style="border: solid black 1px" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="2%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1 FACE=ARIAL><B>&nbsp;&nbsp;&nbsp;Note:&nbsp;&nbsp;</B></FONT></P>
  </TD>
  <TD  ROWSPAN="3" VALIGN=TOP>
<P STYLE="margin-right:10px" ALIGN="JUSTIFY"><FONT SIZE=1 FACE=ARIAL>Please sign
exactly as your name or names appear on this Proxy. When shares are held
jointly, each holder should sign. When signing as executor, administrator,
attorney, trustee or guardian, please give full title as such. If the signer is
a corporation, please sign full corporate name by duly authorized officer,
giving full title as such. If signer is a partnership, please sign in
partnership name by authorized person.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
<TD  VALIGN=TOP bgcolor="#000000">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
<TD  VALIGN=TOP bgcolor="#000000">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>

</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>7
<FILENAME>c73723_ex99-3.htm
<TEXT>

<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>Exhibit 99.3</B> </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><img src="c73723004_v1.jpg" alt="(GRAPHIC)"></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><img src="c73723005_v1.jpg" alt="(GRAPHIC)"></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="24%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="73%" VALIGN=TOP>
<P ALIGN=JUSTIFY>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN="RIGHT"><FONT SIZE=2><img src="c73723006_v1.jpg" alt="(GRAPHIC)"></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT COLOR="#36497C" FACE=ARIAL STYLE="FONT-SIZE:45PT">company<BR>profile</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="24%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="73%" VALIGN=TOP>
<P ALIGN=JUSTIFY>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=4 COLOR="#006FAC" FACE=ARIAL>Recently, Safe<BR>Bulkers, Inc., has<BR>selectively invested in<BR>
secondhand vessels<BR>at prices it considers<BR>attractive, taking<BR>into account that<BR>
secondhand prices<BR>have reached the 50%<BR>level of the ten year<BR>historical average.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Safe
Bulkers, Inc. is an international provider of marine drybulk transportation
services, transporting bulk cargoes, particularly coal, grain and iron ore,
along worldwide shipping routes for some of the world&#146;s largest consumers of
such services.<BR>
<BR>
We are listed on the New York Stock Exchange and trade under the symbol &#147;SB&#148;.<BR><BR>We
are a successor to a business that first invested in shipping in 1958 and
has been involved in the drybulk sector uninterrupted for decades since.<BR><BR>As
of February 15, 2013, the Company&#146;s operational fleet was comprised of 25
drybulk vessels with an aggregate carrying capacity of 2,282,400 dwt and an
average age of 4.8 years making ours one of the world&#146;s youngest fleets of
Panamax, Kamsarmax, Post-Panamax and Capesize class vessels. The Company has
also contracted for six additional drybulk newbuilds and one secondhand
vessel with deliveries scheduled through 2015.<BR>
<BR>
The Company invests in young and modern vessels, with advanced designs and
technological specifications, which subsequently are chartered to
well-established customers with whom we maintain long&#150;lasting relationships. <BR>
<BR>
Recently, Safe Bulkers, Inc., has selectively invested in secondhand vessels
at prices it considers attractive, taking into account that secondhand prices
have reached the 50% level of the ten year historical average. As of
February 15, 2013, the contracted employment of the Company&#146;s fleet was 65%
of fleet ownership days for 2013, 26% for 2014 and 13% for 2015, including
vessels which are scheduled to be delivered to us in the future.<BR>
<BR>
We have paid dividends to our stockholders, each quarter since our initial
public offering in 2008, including an aggregate amount of $37.5 million over
the four quarters of 2012, which is a total of approximately $0.50 per share.
We also declared a dividend of $0.05 per share, which is scheduled to be paid
on March 8, 2013, to our shareholders of record as of March 4, 2013.<BR>
<BR>
We currently intend to use a portion of our free cash to pay dividends to our
stockholders. Our future liquidity needs will impact our dividend policy. The
declaration and payment of dividends, if any, will always be subject to the
discretion of our board of directors. The timing and amount of any dividends
declared will depend on, among other things: (i) our earnings, financial
condition and cash requirements and available sources of liquidity, (ii)
decisions in relation to our growth strategies, (iii) provisions of Marshall
Islands and Liberian law governing the payment of dividends, (iv) restrictive
covenants in our existing and future debt instruments and (v) global
financial conditions. Dividends might be reduced or not be paid in the
future.</FONT></P>
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<P>&nbsp;</P>
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<TR>
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<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>3</FONT></P>
</TD>
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<P><FONT SIZE=1>&nbsp;</FONT></P>
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<P><FONT SIZE=1>&nbsp;</FONT></P>
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<P ALIGN=JUSTIFY>&nbsp;</P>
</TD>
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<P ALIGN="RIGHT"><FONT SIZE=2><img src="c73723006_v1.jpg" alt="(GRAPHIC)"></FONT></P>
</TD>
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<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT COLOR="#36497C" FACE=ARIAL STYLE="FONT-SIZE:45PT">chairman&#146;s<BR>letter</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

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<TR STYLE="FONT-SIZE:1PX">
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</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="73%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR HEIGHT=598 STYLE='HEIGHT:448.7PT'>
<TD HEIGHT=598 VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN;HEIGHT:448.7PT'>
<P ALIGN="RIGHT"><FONT SIZE=2><img src="c73723007_v1.jpg" alt="(PHOTO OF POLYS HAJIOANNOU)"><BR><BR>
<FONT SIZE=4 COLOR="#006FAC" FACE=ARIAL>Polys Hajioannou is<BR>
our Chief Executive<BR>
Officer and has been<BR>
Chairman of our<BR>
board of directors<BR>
since 2008.</FONT></FONT></P>
</TD>
<TD HEIGHT=598 VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN;HEIGHT:448.7PT'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD HEIGHT=598 VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN;HEIGHT:448.7PT'>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Fellow
Shareholders,<FONT FACE=ARIAL><BR>
<BR>
</FONT><FONT FACE=ARIAL>During 2012, we have operated in an adverse market environment. The weakness
of the global economy and excess supply of newbuild vessels suppressed the
charter market at low levels. Many companies have faced liquidity problems as
well as problems with their financial covenants. Bank financing has become
expensive and increasingly selective to specific companies, and as a result,
the ability to obtain equity financing is an advantage. <BR>
<BR>
In this environment, we reduced our dividend to levels we considered
appropriate to further strengthen our balance sheet, while continuing to
reward our investors with meaningful and regular payouts. On March 8th we
paid a dividend of $0.05 per share, our nineteenth consecutive quarterly
dividend since our initial public offering. <BR>
<BR>
As of year-end, we are in full compliance with our financial covenants. We
managed to reduce our dependence on banking loans by obtaining additional
funding for new acquisitions through equity financing. Our intention is to
continue to gradually deleverage our company and cautiously expand our fleet.
During 2012, our fleet expanded by 29% in terms of deadweight tonnage, and,
as of February 15, 2013, our fleet consisted of 25 vessels with an average
age of 4.8 years. With our present newbuilding program, we have contracted to
expand our fleet to 32 vessels by 2015.</FONT><FONT FACE=ARIAL><BR>
<BR>
</FONT><FONT FACE=ARIAL>We reduced our counterparty risk by accepting early redelivery
of three vessels, receiving substantial cash compensation of $25.1 million
against contracted revenues. We pushed back newbuild deliveries, reducing
capital expenditure requirements over the next couple of years. We exercised
our contractual right to cancel one capsize newbuild due to excessive
construction delays.</FONT><FONT FACE=ARIAL><BR>
<BR>
</FONT><FONT FACE=ARIAL>We tapped the secondhand market which has bottomed to 50%
of the ten year historical average and presents opportunities. In this
respect we have acquired three secondhand Japanese built vessels through
equity financing. <BR>
<BR>
Our lean operations contribute to our earnings. Our daily operating expenses
together with our daily general and administrative expenses, including
management fees, are among the lowest in the industry: $5,765 during 2012;
$5.767 during 2011; and $5,660 during 2010. We have also maintained low
financing costs by meeting financial covenants, thus preserving low-spread
loans contracted in the past, and by contracting additional low-cost loans
from Japanese governmental financial institutions for newbuild financing.</FONT><FONT FACE=ARIAL><BR>
<BR>
</FONT><FONT FACE=ARIAL>As a result of our hands-on approach, we have managed to
achieve net income of $96.1 million and EPS of $1.27. With respect to those
operational</FONT></FONT></P>
</TD>
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<P>&nbsp;</P>
</TD>
<TD WIDTH="99%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>4</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
<P><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
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<BR>

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<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="24%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="73%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>and chartering indicators that
demonstrate our operational and chartering performance, our fleet utilization
was 99.2% and our time charter equivalent rate was $22,979 during 2012.<FONT FACE=ARIAL><BR>
<BR>
</FONT><FONT FACE=ARIAL>We currently prefer to employ more vessels that come off
charter into the spot market, which offers upside potential compared to the
weak period time charter market, which does not provide such flexibility. As
of February 15, 2013, the contracted employment of the Company&#146;s fleet was
65% of fleet ownership days for 2013, 26% for 2014 and 13% for 2015,
including vessels that are scheduled to be delivered to us in the future.</FONT><FONT FACE=ARIAL><BR>
<BR>
</FONT><FONT FACE=ARIAL>During 2013, we will be focused mainly on the secondhand
market for further expansion of our fleet. We expect that we can operate such
vessels more profitably in low charter market conditions compared to our
peers due to our lean structure. Our intention is to be well-positioned for
the next shipping cycle with our existing fleet, additional secondhand
vessels acquired at the bottom of the previous cycle and newbuilds of the
latest design. <BR>
<BR>
Having invested along with you, and solely through Safe Bulkers in ship
owning activities, we will continue to focus on profitably growing our
business, and maximizing the Company&#146;s value. <BR>
<BR>
With these words, we are proud to present our 2012 Annual Report, which
provides detailed information about our business and financial performance.<BR><BR>We
would like to thank all of our stockholders for their continued support and
interest in our company.</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
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<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>Polys Hajioannou</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Chief Executive Officer and
Chairman of the Board</FONT></P>
</TD>
</TR>
</TABLE>

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<P>&nbsp;</P>
</TD>
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<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
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<P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
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</TD>
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<P ALIGN=JUSTIFY>&nbsp;</P>
</TD>
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<P ALIGN="RIGHT"><FONT SIZE=2><img src="c73723006_v1.jpg" alt="(GRAPHIC)"></FONT></P>
</TD>
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<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT COLOR="#36497C" FACE=ARIAL STYLE="FONT-SIZE:45PT">operational<BR>highlights</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

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<TR STYLE="FONT-SIZE:1PX">
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<P>&nbsp;</P>
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<P>&nbsp;</P>
</TD>
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<P>&nbsp;</P>
</TD>
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<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=4 COLOR="#006FAC" FACE=ARIAL>Our newbuild<BR>deliveries in 2012.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=4 COLOR="#006FAC" FACE=ARIAL>Company Awards</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><img src="c73723008_v1.jpg" alt="(GRAPHIC)"></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><img src="c73723009_v1.jpg" alt="(GRAPHIC)"></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2><img src="c73723010_v1.jpg" alt="(GRAPHIC)"></FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:6PX">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><I>M|V Efrossini, Panamax,<BR>
DWT 75.000.</I></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><I>M|V Pedhoulas Farmer, Kamsarmax,<BR>
DWT 81.600.</I></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="JUSTIFY"><FONT SIZE=1 FACE=ARIAL><I>Safe Bulkers, Inc. has been ranked &#145;&#145;The
Fourth Best Performing Shipping Company for the Year 2011&#146;&#146; by Marine Money International.</I></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><img src="c73723011_v1.jpg" alt="(GRAPHIC)"></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><img src="c73723012_v1.jpg" alt="(GRAPHIC)"></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2><img src="c73723013_v1.jpg" alt="(GRAPHIC)"></FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:6PX">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><I>M|V Venus Horizon, Post-Panamax<BR>DWT
95.800.</I></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><I>M|V Pedhoulas Builder, Kamsarmax,<BR>DWT
81.600.</I></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><I>Our President Dr. Loukas Barmparis
receives the Marine Money Award.</I></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><img src="c73723014_v1.jpg" alt="(GRAPHIC)"></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:6PX">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT FACE="ARIAL" SIZE="1"><I>M|V Pedhoulas Fighter, Kamsarmax,<BR>
DWT 81.600.</I> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
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<BR>

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<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
<P>&nbsp;</P>
</TD>
<TD WIDTH="99%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>6</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
<P><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
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</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="73%" VALIGN=TOP>
<P ALIGN=JUSTIFY>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN="RIGHT"><FONT SIZE=2><img src="c73723006_v1.jpg" alt="(GRAPHIC)"></FONT></P>
</TD>
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<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT COLOR="#36497C" FACE=ARIAL STYLE="FONT-SIZE:45PT">financial<BR>highlights<SUP>(*)</SUP></FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2><img src="c73723015_v1.jpg" alt="(BAR CHART)"></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
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<P ALIGN=JUSTIFY>&nbsp;</P>
</TD>
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<TR>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL><I> (*) Definitions: </I></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL><I>- EBITDA represents net income before interest, income tax expense,
depreciation and amortization. </I></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL><I>- Adjusted net income, Adjusted EPS and Adjusted EBITDA represent, respectively,
Net Income, EPS and EBITDA before early redelivery income/(cost) and
gain/(loss) on derivatives and foreign currency. EBITDA, adjusted EBITDA,
adjusted net income and adjusted EPS are not recognized measurements under US
GAAP. </I></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL><I>- EPS and Adjusted EPS for the twelve month periods ended December
31, 2012 and 2011 was calculated on a weighted average number of shares of
75,468,465 and of 69,463,093, respectively.</I></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL><I>- Daily vessel operating expenses include the costs for crewing,
insurance, lubricants, spare parts, provisions, stores, repairs, maintenance,
statutory and classification expense, drydocking, intermediate and special
surveys, tonnage taxes and other miscellaneous items. Daily vessel operating
expenses are calculated by dividing vessel operating expenses by ownership
days for the relevant period.</I></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL><I>- Daily general and administrative expenses (&#147;Daily G &amp; A
Expenses&#148;) include daily management fees and the costs payable to third
parties in relation to our operation as a public company. Daily G &amp; A
Expenses are calculated by dividing general and administrative expenses by
ownership days for the relevant period. Daily management fees include the
fixed and the variable fees payable to our Manager. Daily management fees are
calculated by dividing management fees by ownership days for the relevant
period. </I></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="99%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="24%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="73%" VALIGN=TOP>
<P ALIGN=JUSTIFY>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN="RIGHT"><FONT SIZE=2><img src="c73723006_v1.jpg" alt="(GRAPHIC)"></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT COLOR="#36497C" FACE=ARIAL STYLE="FONT-SIZE:45PT">fleet<BR>profile</FONT></P>
</TD>
</TR>
</TABLE>

<BR>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" STYLE="BORDER-COLLAPSE: COLLAPSE">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="25%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="25%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="25%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="25%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR STYLE=PADDING:6PX>
<TD VALIGN=TOP BGCOLOR="#77A0D0" STYLE='BORDER-TOP: NONE;BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID WHITE 1PX;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#77A0D0;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Vessel Name</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#77A0D0" STYLE='BORDER-TOP: NONE;BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID WHITE 1PX;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#77A0D0;'>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Vessel Type</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#77A0D0" STYLE='BORDER-TOP: NONE;BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID WHITE 1PX;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#77A0D0;'>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>DWT</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#77A0D0" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID WHITE 1PX;BACKGROUND:#77A0D0;'>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Year Built**</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#C3D2EA" STYLE='BORDER-TOP: NONE;BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID WHITE 1PX;BACKGROUND:#C3D2EA;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Current Fleet</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#C3D2EA" STYLE='BORDER-TOP: NONE;BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID WHITE 1PX;BACKGROUND:#C3D2EA;'>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#C3D2EA" STYLE='BORDER-TOP: NONE;BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID WHITE 1PX;BACKGROUND:#C3D2EA;'>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#C3D2EA" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID WHITE 1PX;BACKGROUND:#C3D2EA;'>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND: #D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Paraskevi</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>74,300</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2003</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Maria</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>76,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2003</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Koulitsa</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>76,900</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2003</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Vassos</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>76,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2004</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Katerina</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>76,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2004</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Maritsa</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>76,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2005</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Efrossini</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>75,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2012</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Pedhoulas Merchant</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Kamsarmax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>82,300</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2006</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Pedhoulas Trader</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Kamsarmax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>82,300</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2006</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Pedhoulas Leader</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Kamsarmax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>82,300</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2007</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Pedhoulas Commander</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Kamsarmax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>83,700</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2008</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Pedhoulas Builder</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Kamsarmax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>81,600</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2012</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Pedhoulas Fighter</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Kamsarmax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>81,600</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2012</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Pedhoulas Farmer</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Kamsarmax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>81,600</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2012</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Stalo</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Post-Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>87,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2006</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Marina</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Post-Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>87,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2006</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Sophia</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Post-Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>87,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2007</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Eleni</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Post-Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>87,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2008</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Martine</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Post-Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>87,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2009</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Andreas K</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Post-Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>92,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2009</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Panayiota K</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Post-Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>92,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2010</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Venus Heritage</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Post-Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>95,800</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2010</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Venus History</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Post-Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>95,800</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2011</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Venus Horizon</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Post-Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>95,800</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2012</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Kanaris</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Capesize</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>178,100</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2010</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>Pelopidas</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Capesize</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>176,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2011</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER-TOP: NONE;BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID WHITE 1PX;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Total</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER-TOP: NONE;BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID WHITE 1PX;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER-TOP: NONE;BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID WHITE 1PX;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>2,366,100</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#C3D2EA" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID WHITE 1PX;BACKGROUND:#C3D2EA;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Newbuilds</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#C3D2EA" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID WHITE 1PX;BACKGROUND:#C3D2EA;'>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#C3D2EA" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID WHITE 1PX;BACKGROUND:#C3D2EA;'>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#C3D2EA" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID WHITE 1PX;BACKGROUND:#C3D2EA;'>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND: #D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>TBN*</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>75,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2013</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>TBN*</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>76,600</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2014</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>TBN*</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>76,600</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2014</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>TBN*</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Post-Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>84,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2015</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>TBN*</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Post-Panamax</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>84,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2015</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>TBN*</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>Capesize</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>181,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7E7E8" STYLE='BORDER:NONE;BACKGROUND:#E7E7E8;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL>2014</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Total</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BORDER-RIGHT:SOLID WHITE 1PX;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>577,200</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#D1D2D4" STYLE='BORDER:NONE;BACKGROUND:#D1D2D4;'>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN=4 VALIGN=TOP BGCOLOR="#77A0D0" STYLE='BACKGROUND:#77A0D0;'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN=4 VALIGN=TOP BGCOLOR="#77A0D0" STYLE='BACKGROUND:#77A0D0;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 COLOR="#006FAC" FACE=ARIAL>*</FONT>&nbsp;<FONT SIZE=1 FACE=ARIAL>To be Named</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:2PX">
<TD COLSPAN=4 VALIGN=TOP BGCOLOR="#77A0D0" STYLE='BACKGROUND:#77A0D0;'>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN=4 VALIGN=TOP BGCOLOR="#77A0D0" STYLE='BACKGROUND:#77A0D0;'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 COLOR="#006FAC" FACE=ARIAL>**</FONT>&nbsp;<FONT SIZE=1 FACE=ARIAL>Expected Delivery Date for Newbuilds and for Secondhand</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN=4 VALIGN=TOP BGCOLOR="#77A0D0" STYLE='BACKGROUND:#77A0D0;'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>


<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
<P>&nbsp;</P>
</TD>
<TD WIDTH="99%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>8</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
<P><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

 <P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=CENTER><FONT FACE="ARIAL" SIZE="4" COLOR="#006FAC"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION <BR>
<U>Washington, D.C. 20549</U></B> </FONT></P>

<P ALIGN=CENTER><FONT FACE="ARIAL" SIZE="5" COLOR="#006FAC"><B>FORM 20-F</B> </FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B> (Mark One)</B></I></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Registration statement pursuant
 to Section 12(b) or (g) of the Securities Exchange Act of 1934</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=WINGDINGS>x</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Annual Report pursuant to Section
 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended
 December 31, 2012</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Transition Report pursuant to
 Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Shell Company Report pursuant to
 Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Commission File Number 001-34077</B></FONT></P>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:DOTTED #006FAC 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=5  COLOR="#36497C" FACE=ARIAL><B>SAFE
 BULKERS, INC.</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><I><B> (Exact name of Registrant as
 specified in its charter)</B></I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL><B>Not Applicable</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT FACE="ARIAL" SIZE="2"><B><I> (Translation of Registrant&#146;s name into English)</I></B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 COLOR="#006FAC"  FACE=ARIAL><B>Republic of The Marshall Islands</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><I><B> (Jurisdiction of incorporation or
 organization)</B></I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>30-32 Avenue Karamanli<BR>
 P.O. Box 70837<BR>
 16605 Voula<BR>
 Athens, Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><I><B> (Address of principal executive
 offices)</B></I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>Dr. Loukas Barmparis<BR>
 President<BR>
 30-32 Avenue Karamanli<BR>
 P.O. Box 70837<BR>
 16605 Voula<BR>
 Athens, Greece<BR>
 Telephone : +30 210 899 4980<BR>
 Facsimile : +30 210 895 4159</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><I><B> (Name, Address, Telephone Number
 and Facsimile Number of Company contact person)</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Securities registered or to be registered
pursuant to Section 12(b) of the Act:</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL><B>Title of Each Class</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL><B>Name of Each Exchange
 on Which Registered</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>Common Stock, $0.001 par value per share</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>New York Stock Exchange</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>Preferred stock purchase rights</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>New York Stock Exchange</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Securities
registered pursuant to Section 12(g) of the Act: None</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>Indicate
the number of outstanding shares of each of the issuer&#146;s classes of capital or
common stock as of the close of the period covered by the annual report. As of
December 31, 2012, there were 76,661,451 shares of the registrant&#146;s common
stock outstanding.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>Indicate by
check mark if the registrant is a well-known seasoned issuer, as defined in
Rule 405 of the Securities Act. <FONT COLOR="#36497C"><B>Yes </B></FONT><FONT COLOR="#36497C" FACE=WINGDINGS>o</FONT><FONT COLOR="#36497C" FACE=ARIAL><B> No </B></FONT><FONT COLOR="#36497C" FACE=WINGDINGS>x</FONT></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>If this
report is an annual or transition report, indicate by check mark if the
registrant is not required to file reports pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934. <FONT COLOR="#36497C"><B>Yes</B> </FONT><FONT COLOR="#36497C" FACE=WINGDINGS>o</FONT><FONT COLOR="#36497C" FACE=ARIAL> <B>No</B> </FONT><FONT COLOR="#36497C" FACE=WINGDINGS>x</FONT></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>Indicate by
check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. <FONT COLOR="#36497C"><B>Yes</B> </FONT><FONT COLOR="#36497C" FACE=WINGDINGS>x</FONT><FONT COLOR="#36497C" FACE=ARIAL> <B>No</B> </FONT><FONT COLOR="#36497C" FACE=WINGDINGS>o</FONT></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>Indicate by
check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files). <FONT COLOR="#36497C"><B>Yes</B> </FONT><FONT COLOR="#36497C" FACE=WINGDINGS>x</FONT><FONT COLOR="#36497C" FACE=ARIAL> <B>No</B> </FONT><FONT COLOR="#36497C" FACE=WINGDINGS>o</FONT></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>Indicate by
check mark whether the registrant is a large accelerated filer, an accelerated
filer, or a non-accelerated filer. See definition of &#147;accelerated filer and
large accelerated filer&#148; in Rule 12b-2 of the Exchange Act. (Check one):</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL><B>Large accelerated
 filer</B> <FONT  COLOR="#36497C" FACE=WINGDINGS>o</FONT><FONT  COLOR="#36497C" FACE=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Accelerated filer</B> </FONT><FONT COLOR="#36497C"  FACE=WINGDINGS>x</FONT><FONT COLOR="#36497C"  FACE=ARIAL> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Non-accelerated filer</B> </FONT><FONT COLOR="#36497C"  FACE=WINGDINGS>o</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>Indicate by
check mark which basis of accounting the registrant has used to prepare the
financial statements included in this filing. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>U.S. GAAP <FONT COLOR="#36497C" FACE=WINGDINGS>x</FONT><FONT FACE=ARIAL>
International Financial Reporting Standards as issued by the International
Accounting Standards Board </FONT><FONT COLOR="#36497C" FACE=WINGDINGS>o</FONT><FONT FACE=ARIAL> Other </FONT><FONT COLOR="#36497C" FACE=WINGDINGS>o</FONT></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>If &#147;Other&#148;
has been checked in response to the previous question, indicate by check mark
which financial statement item the registrant has elected to follow. <FONT COLOR="#36497C"><B>Item 17</B> </FONT><FONT COLOR="#36497C" FACE=WINGDINGS>o</FONT><FONT COLOR="#36497C" FACE=ARIAL> <B>Item 18</B> </FONT><FONT COLOR="#36497C" FACE=WINGDINGS>o</FONT></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>If this is
an annual report, indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-2 of the Exchange Act). <FONT COLOR="#36497C"><B>Yes</B> </FONT><FONT COLOR="#36497C" FACE=WINGDINGS>o</FONT><FONT COLOR="#36497C" FACE=ARIAL> <B>No</B> </FONT><FONT COLOR="#36497C" FACE=WINGDINGS>x</FONT></FONT></P>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>11</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

 <P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>TABLE OF CONTENTS</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="82%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Page</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a001_v1">ITEM 1.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a001_v1">IDENTITY OF DIRECTORS, SENIOR
 MANAGEMENT AND ADVISERS</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a002_v1">ITEM 2.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a002_v1">OFFER STATISTICS AND EXPECTED
 TIMETABLE</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a003_v1">ITEM 3.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a003_v1">KEY INFORMATION</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a004_v1">ITEM 4.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a004_v1">INFORMATION ON THE COMPANY</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>33</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a005_v1">ITEM 4A.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a005_v1">UNRESOLVED STAFF COMMENTS</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>45</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a006_v1">ITEM 5.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a006_v1">OPERATING AND FINANCIAL REVIEW
 AND PROSPECTS</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>45</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a007_v1">ITEM 6.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a007_v1">DIRECTORS, SENIOR MANAGEMENT AND
 EMPLOYEES</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>59</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a008_v1">ITEM 7.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a008_v1">MAJOR SHAREHOLDERS AND RELATED
 PARTY TRANSACTIONS</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>63</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a009_v1">ITEM 8.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a009_v1">FINANCIAL INFORMATION</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>67</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a010_v1">ITEM 9.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a010_v1">THE OFFER AND LISTING</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>68</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a011_v1">ITEM 10.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a011_v1">ADDITIONAL INFORMATION</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>69</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a012_v1">ITEM 11.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a012_v1">QUANTITATIVE AND QUALITATIVE
 DISCLOSURES ABOUT MARKET RISK</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>80</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a013_v1">ITEM 12.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a013_v1">DESCRIPTION OF SECURITIES OTHER
 THAN EQUITY SECURITIES</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>81</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a014_v1">ITEM 13.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a014_v1">DEFAULTS, DIVIDEND ARREARAGES
 AND DELINQUENCIES</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>81</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a015_v1">ITEM 14.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a015_v1">MATERIAL MODIFICATIONS TO THE
 RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>81</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a016_v1">ITEM 15.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a016_v1">CONTROLS AND PROCEDURES</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>81</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a017_v1">ITEM 16.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a017_v1">[RESERVED]</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>83</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a018_v1">ITEM 16A.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a018_v1">AUDIT COMMITTEE FINANCIAL EXPERT</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>83</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a019_v1">ITEM 16B.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a019_v1">CODE OF ETHICS</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>83</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a020_v1">ITEM 16C.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a020_v1">PRINCIPAL ACCOUNTANT FEES AND
 SERVICES</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>83</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a021_v1">ITEM 16D.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a021_v1">EXEMPTIONS FROM THE LISTING
 STANDARDS FOR AUDIT COMMITTEES</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>84</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a022_v1">ITEM 16E.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a022_v1">PURCHASES OF EQUITY SECURITIES
 BY THE ISSUER AND AFFILIATED PURCHASERS</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>84</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a023_v1">ITEM 16F.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a023_v1">CHANGE IN REGISTRANT&#146;S
 CERTIFYING ACCOUNTANT</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>84</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a024_v1">ITEM 16G.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a024_v1">CORPORATE GOVERNANCE</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>84</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a025_v1">ITEM 16H.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a025_v1">MINE SAFETY DISCLOSURE</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>85</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a026_v1">ITEM 17.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a026_v1">FINANCIAL STATEMENTS</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>85</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a027_v1">ITEM 18.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a027_v1">FINANCIAL STATEMENTS</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>85</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a028_v1">ITEM 19.</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723a028_v1">EXHIBITS</a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>85</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:DOTTED #006FAC 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3px;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>ABOUT THIS REPORT</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In this
 annual report, &#147;Safe Bulkers,&#148; &#147;the Company,&#148; &#147;we,&#148; &#147;us&#148; and &#147;our&#148; are
 sometimes used for convenience where references are made to Safe Bulkers,
 Inc. and its subsidiaries (as well as the predecessors of the foregoing).
 These expressions are also used where no useful purpose is served by
 identifying the particular company or companies. Our affiliated management
 company, Safety Management Overseas S.A., a company incorporated under the
 laws of the Republic of Panama, is sometimes referred to in this annual
 report as &#147;Safety Management&#148; or our &#147;Manager.&#148;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3px;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>FORWARD-LOOKING STATEMENTS</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>All
 statements in this annual report that are not statements of historical fact
 are &#147;forward-looking statements&#148; within the meaning of the United States
 Private Securities Litigation Reform Act of 1995. The disclosure and analysis
 set forth in this annual report includes assumptions, expectations,
 projections, intentions and beliefs about future events in a number of
 places, particularly in relation to our operations, cash flows, financial
 position, plans, strategies, business prospects, changes and trends in our
 business and the markets in which we operate. These statements are intended
 as forward-looking statements. In some cases, predictive, future-tense or
 forward-looking words such as &#147;believe,&#148; &#147;intend,&#148; &#147;anticipate,&#148; &#147;estimate,&#148;
 &#147;project,&#148; &#147;forecast,&#148; &#147;plan,&#148; &#147;potential,&#148; &#147;may,&#148; &#147;should,&#148; and &#147;expect&#148; and
 similar expressions are intended to identify forward-looking statements, but
 are not the exclusive means of identifying such statements. In addition, we
 and our representatives may from time to time make other oral or written
 statements which are forward-looking statements, including in our periodic
 reports that we file with the Securities and Exchange Commission (&#147;SEC&#148;),
 other information sent to our security holders, and other written materials.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Forward-looking
 statements include, but are not limited to, such matters as:</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>future
 operating or financial results and future revenues and expenses;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>future,
 pending or recent acquisitions, business strategy, areas of possible
 expansion and expected capital spending or operating expenses;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>availability
 of key employees, crew, length and number of off-hire days, drydocking
 requirements and fuel and insurance costs;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>general
 market conditions and shipping industry trends, including charter rates,
 vessel values and factors affecting supply and demand;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>our
 financial condition and liquidity, including our ability to make required
 payments under our credit facilities, comply with our loan covenants and
 obtain additional financing in the future to fund capital expenditures,
 acquisitions and other corporate activities;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 overall health and condition of the U.S. and global financial markets,
 including the value of the U.S. dollar relative to other currencies;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>our
 expectations about availability of vessels to purchase, the time that it may
 take to construct and deliver new vessels or the useful lives of our vessels;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>our
 continued ability to enter into period time charters with our customers and
 secure profitable employment for our vessels in the spot market;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>our
 expectations relating to dividend payments and ability to make such payments;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>our
 ability to leverage our Manager&#146;s relationships and reputation within the
 drybulk shipping industry to our advantage;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>our
 anticipated general and administrative expenses;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>environmental
 and regulatory conditions, including changes in laws and regulations or
 actions taken by regulatory authorities;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>risks
 inherent in vessel operation, including terrorism, piracy and discharge of
 pollutants;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>potential
 liability from future litigation; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>other
 factors discussed in &#147;Item 3. Key Information &#151; D. Risk Factors&#148; of this
 annual report.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We caution that the forward-looking statements included in this annual
report represent our estimates and assumptions only as of the date of this
annual report and are not intended to give any assurance as to future results.
Assumptions, expectations, projections, intentions and beliefs about future
events may, and often do, vary from actual results </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>13</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

 <P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>and these
differences can be material. The reasons for this include the risks,
uncertainties and factors described under &#147;Item 3. Key Information &#151; D. Risk
Factors.&#148; As a result, the forward-looking events discussed in this annual
report might not occur and our actual results may differ materially from those
anticipated in the forward-looking statements. Accordingly, you should not
unduly rely on any forward-looking statements.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>We
undertake no obligation to update or revise any forward-looking statements
contained in this annual report, whether as a result of new information, future
events, a change in our views or expectations or otherwise. New factors emerge
from time to time, and it is not possible for us to predict all of these
factors. Further, we cannot assess the impact of each such factor on our
business or the extent to which any factor, or combination of factors, may
cause actual results to be materially different from those contained in any
forward-looking statement.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:DOTTED #006FAC 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=4 COLOR="#36497C" FACE=ARIAL><B>PART I</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3px;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a name=c73723a001_v1></a>TEM 1. IDENTITY OF DIRECTORS, SENIOR
 MANAGEMENT AND ADVISERS</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>Not applicable.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3px;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a name=c73723a002_v1></a>TEM 2. OFFER STATISTICS AND EXPECTED
 TIMETABLE</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>Not applicable.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3px;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a name=c73723a003_v1></a>TEM 3. KEY INFORMATION</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>A. Selected Financial Data</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>The
following table presents selected consolidated financial and other data of Safe
Bulkers, Inc. for each of the five years in the five year period ended December
31, 2012. The table should be read together with &#147;Item 5. Operating and
Financial Review and Prospects.&#148; The selected consolidated financial data of
Safe Bulkers, Inc. is a summary of, is derived from, and is qualified by
reference to, our audited consolidated financial statements and notes thereto,
which have been prepared in accordance with U.S. generally accepted accounting
principles, or &#147;U.S. GAAP.&#148; </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>Our audited
consolidated statements of income, shareholders&#146; equity and cash flows for the
years ended December 31, 2010, 2011 and 2012 and the consolidated balance
sheets at December 31, 2011 and 2012, together with the notes thereto, are
included in &#147;Item 18. Financial Statements&#148; and should be read in their
entirety.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="39%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=18 VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Year Ended December 31,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2008</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 2PX;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2009</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 2PX;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 2PX;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 2PX;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 2PX;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 2PX;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 2PX;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2012</B></FONT></P>
 </TD>
<TD BGCOLOR="#E5FFFF" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=18 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B> (In thousands of U.S. dollars except share data)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>STATEMENT OF INCOME</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" >
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Revenues</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>208,411</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>168,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>159,698</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>172,036</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>187,557</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Commissions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(7,639</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(3,794</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(2,678</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(3,128</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(3<FONT SIZE=1>,</FONT><FONT FACE=ARIAL>261</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Net
 revenues</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>200,772</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>164,606</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>157,020</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>168,908</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>184,296</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Voyage
 expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(273</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(577</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(610</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1,987</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(7,286</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Vessel
 operating expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(17,615</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(19,628</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(23,128</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(26,066</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(34,540</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Depreciation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(10,614</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(13,893</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(19,673</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(23,637</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(32,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>General
 and administrative expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Management
 fee to related party</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(4,420</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(4,436</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(4,880</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(6,026</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(7,726</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Third
 party expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(3,625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(2,610</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(2,138</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(2,463</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(2,220</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Early
 redelivery (cost)/income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(565</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>74,951</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>132</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>207</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11,677</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Loss on
 asset purchase cancellations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(20,699</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Gain on
 sale of assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15,199</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Operating
 income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>163,660</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>177,714</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>121,922</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>108,936</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>111,951</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Interest
 expense</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(16,392</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(10,342</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(6,423</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(5,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(9,072</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Other
 finance costs</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(408</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(442</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(330</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1,055</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1,268</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Interest
 income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,492</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,164</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,627</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,046</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,122</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Loss on
 derivatives</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(19,509</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(4,416</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(8,164</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(12,491</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(5,384</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Foreign
 currency (loss)/gain</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(9,501</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>838</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>281</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(799</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Amortization
 and write-off of deferred finance charges</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(131</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(106</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(266</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(653</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1,226</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Net
 income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>119,211</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>165,410</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>109,647</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>89,734</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>96,120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Earnings
 per share, basic and diluted</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2.19</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3.03</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.73</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.29</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Cash
 dividends declared per share</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3.83</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>0.60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>0.60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>0.60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>0.50</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Weighted
 average number of shares outstanding, basic and diluted</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>54,500,889</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>54,510,587</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>63,300,466</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>69,463,093</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>75,468,465</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>15</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

 <P><FONT SIZE=1><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="39%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=14 VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL COLOR=WHITE><B>Year Ended December 31,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2008</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2009</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=14 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>(In thousands of U.S. dollars except share data)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>OTHER FINANCIAL DATA</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Net cash
 provided by operating activities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>259,597</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>211,338</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>118,147</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>107,189</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>105,065</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Net cash
 (used in) investing activities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(148,223</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(191,863</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(131,709</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(125,889</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(158,145</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Net cash
 (used in)/provided by financing activities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(83,672</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(28,742</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>60,136</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(18,514</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>127,683</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Net
 increase/(decrease) in cash and cash equivalents</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>27,702</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(9,267</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>46,574</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(37,214</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>74,603</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="39%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=14 VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL COLOR=WHITE><B>Year Ended December 31,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2008</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2009</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=14 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>(In thousands of U.S. dollars except share data)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>BALANCE SHEET DATA</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Total
 current assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>88,086</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>105,648</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>104,276</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>37,959</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>171,829</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Total
 fixed assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>387,296</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>467,513</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>640,258</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>777,663</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>849,903</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Other
 non-current assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6,900</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>55,563</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>60,838</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>61,649</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>60,482</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Total assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>482,282</B></FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>628,724</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>805,372</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>877,271</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>1,082,214</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Total
 current liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>70,863</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>65,551</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>52,983</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>51,673</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>47,493</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Derivative
 liabilities&#151;Long-term</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>21,716</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15,510</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9,787</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10,130</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8,978</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Long-term
 debt, net of current portion</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>413,483</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>420,994</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>467,070</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>465,805</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>596,468</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Unearned
 revenue&#151;Long-term</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11,765</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>29,450</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>31,399</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>17,821</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,419</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Total
 shareholders&#146; (deficit)/equity</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(35,545</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>97,219</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>244,133</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>331,842</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>425,826</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Total liabilities and shareholders&#146; equity</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>482,282</B></FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>628,724</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>805,372</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>877,271</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>1,082,214</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>B. Capitalization and
Indebtedness</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Not applicable.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>C. Reasons for the
Offer and Use of Proceeds</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Not applicable.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>D. Risk Factors</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>SOME OF THE FOLLOWING RISKS RELATE PRINCIPALLY TO THE INDUSTRY IN WHICH
WE OPERATE AND OUR BUSINESS IN GENERAL. OTHER RISKS RELATE PRINCIPALLY TO THE
SECURITIES MARKET AND OWNERSHIP OF OUR COMMON STOCK, INCLUDING THE TAX
CONSEQUENCES OF OWNERSHIP OF OUR COMMON STOCK. THE OCCURRENCE OF ANY OF THE
EVENTS DESCRIBED IN THIS SECTION COULD SIGNIFICANTLY AND NEGATIVELY AFFECT OUR
BUSINESS, FINANCIAL CONDITION OR OPERATING RESULTS OR THE TRADING PRICE OF OUR
COMMON STOCK.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER-BOTTOM:DOTTED #36497C 1PX'>
 <P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>Risks Inherent in Our Industry and Our
 Business</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>The
international drybulk shipping industry is cyclical and volatile, and charter
rates are significantly lower than their highs in the middle of 2008; these
factors may lead to further reductions and volatility in our charter rates,
vessel values and results of operations.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The drybulk shipping industry is cyclical with attendant volatility in
charter rates, vessel values and profitability. Because we charter some of our
vessels pursuant to short-term time charters, and we expect that the number of
vessels in our fleet that we charter pursuant to short-term time charters will
increase during 2013 as period time charters contracted during past periods
expire, we are exposed to changes in spot market and short-term time charter
rates for drybulk carriers and such changes may affect our earnings and the
value of our drybulk carriers at any given time. The spot market is highly competitive
and volatile, while period time charter contracts of longer duration provide
income at predetermined rates over more extended periods of time. We may be
unable to keep our vessels fully employed in these short-term markets. Charter
rates available in the spot market may be insufficient to enable our vessels to
be operated </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-bottom:dotted #006FAC 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report<B> 2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>profitably. A significant decrease in charter rates would affect asset
values and adversely affect our profitability, cash flows and ability to pay
dividends.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During 2012, the Baltic Dry Index, or &#147;BDI,&#148; remained volatile, reaching
a high of 1,624 on January 3, 2012 and a low of 647 on February 3, 2012.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of February 15, 2013, 17 of our 25 drybulk vessels were deployed or
scheduled to be deployed on period time charters of more than three months
term. In addition, we have contracted to acquire seven vessels comprised of six
newbuilds and one secondhand vessel, scheduled to be delivered through 2015,
six of which do not currently have contracted charters. As more vessels become
available for employment, we may have difficulty entering into additional
multi-year, fixed-rate time charters for our vessels, and as a result, our cash
flows may be subject to instability in the long-term. We may be required to
enter into additional variable rate charters, as opposed to contracts based on
fixed rates, which could result in a decrease in our cash flows and net income
in periods when the market for drybulk shipping is depressed. If low charter
rates in the drybulk market prevail during periods when we must replace our
existing charters, it will have an adverse effect on our revenues,
profitability, cash flows and our ability to comply with the financial
covenants in our loan and credit facilities.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The factors affecting the supply and demand for drybulk vessels are
outside of our control and are difficult to predict with confidence. As a
result, the nature, timing, direction and degree of changes in industry
conditions are also unpredictable.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Factors
that influence demand for vessel capacity include:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>demand
 for and production of drybulk products;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>global
 and regional economic and political conditions;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>environmental
 and other regulatory developments;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 distance drybulk cargoes are to be moved by sea; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>changes
 in seaborne and other transportation patterns.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Factors
that influence the supply of vessel capacity include:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the size
 of the newbuilding orderbook;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 number of newbuild deliveries, which among other factors relates to the
 ability of shipyards to deliver newbuilds by contracted delivery dates and
 the ability of purchasers to finance such newbuilds;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 scrapping rate of older vessels;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>port and
 canal congestion;</FONT></P>
 </TD>
 </TR>
 <TR>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
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 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 number of vessels that are in or out of service, including due to vessel
 casualties; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>changes
 in environmental and other regulations that may limit the useful lives of
 vessels.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We anticipate that the future demand for our drybulk vessels and, in
turn, drybulk charter rates, will be dependent, among other things, upon
economic growth in the world&#146;s developing economies, seasonal and regional
changes in demand, changes in the capacity of the global drybulk vessel fleet
and the sources and supply of drybulk cargo to be transported by sea. A decline
in demand for commodities transported in drybulk vessels or an increase in
supply of drybulk vessels could cause a significant decline in charter rates,
which could materially adversely affect our business, financial condition and
results of operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>A
negative change in global economic or regulatory conditions, especially in the
Asian region, which includes countries like China, Japan or India, could reduce
drybulk trade and demand, which could reduce charter rates and have a material
adverse effect on our business, financial condition and results of operations.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We expect that a significant number of the port calls made by our
vessels will involve the loading or discharging of raw materials in ports in
the Asian region, particularly China, Japan and India. As a result, a negative
change in economic or regulatory conditions in any Asian country, particularly
China, Japan or, to some extent, India, can have a material adverse effect on
our business, financial position and results of operations, as well as our
future prospects, by reducing demand and, as a result, charter rates and
affecting our ability to charter our vessels. If economic growth declines in
China, Japan, India and other major countries in the Asian region, or if the
regulatory environment in these countries changes adversely for our industry,
we may face decreases in such drybulk trade and demand. Moreover, a slowdown in
the United States economy or the economies of countries within the European
Union will likely adversely affect economic growth in China, Japan, India and
other major countries in the Asian region. Such an economic downturn in any of
these countries could have a material adverse effect on our business, financial
condition and results of operations.</FONT></P>

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 <P>&nbsp;</P>
 </TD>
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 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>17</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
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 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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 <P><FONT SIZE=1><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>The
ongoing uncertainty and volatility in the financial markets related to the
European sovereign debt crisis, and the state of the global economic recovery
may adversely affect our operating results.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The world has recently experienced a global macroeconomic downturn, and
if economic and financial market conditions in the United States or other key
markets, including Europe, remain uncertain, persist or deteriorate further,
our customers may respond by suspending, delaying or reducing their operations,
which may adversely affect our business, operating results, and financial
condition. The uncertain financial climate in Greece could also result in
further changes to tax and other laws to which we may be subject.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>An
oversupply of drybulk vessel capacity may lead to reductions in charter rates
and profitability.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The market supply of drybulk vessels has been increasing, and the number
of drybulk vessels on order as of December 31, 2012, was approximately 29.9%
for Panamax class vessels, 15.7% for Post-Panamax class vessels and 12.5% for
Capesize class vessels of the then-existing global drybulk fleet in terms of
deadweight tons (&#147;dwt&#148;), with the majority of new deliveries expected mainly
during 2013. As a result, the drybulk fleet continues to grow. An oversupply of
drybulk vessel capacity will likely result in a reduction of charter hire
rates. We will be exposed to changes in charter rates with respect to our
existing fleet and our remaining newbuilds and secondhand vessels, depending on
the ultimate growth of the global drybulk fleet. If we cannot enter into period
time charters on acceptable terms, we may have to secure charters in the spot
market, where charter rates are more volatile and revenues are, therefore, less
predictable, or we may not be able to charter our vessels at all. Eight vessels
in our current fleet will be available for employment in the first half of
2013. Additionally we have not yet arranged charters for our newbuild vessel
and our secondhand vessel scheduled to be delivered to us during 2013. A material
increase in the net supply of drybulk vessel capacity without corresponding
growth in drybulk vessel demand could have a material adverse effect on our
fleet utilization and our charter rates generally, and could, accordingly,
materially adversely affect our business, financial condition and results of
operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>The
market values of our vessels may decrease, which could cause us to breach
covenants in our credit and loan facilities, and could have a material adverse
effect on our business, financial condition and results of operations.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our credit and loan facilities, which are secured by mortgages on our
vessels, require us to comply with collateral coverage ratios and satisfy
certain financial and other covenants, including those that are affected by the
market value of our vessels. The market value of drybulk vessels has generally
experienced a steady decrease. The market prices for secondhand and newbuild
drybulk vessels in the recent past have declined from higher to lower levels
within a short period of time. The market value of our vessels fluctuates
depending on a number of factors, including:</FONT></P>

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 <P>&nbsp;</P>
 </TD>
 </TR>
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 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>general economic and market
 conditions affecting the shipping industry;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>prevailing level of charter
 rates;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>competition from other shipping
 companies;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>configurations, sizes and ages of
 vessels;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>cost of newbuilds;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>governmental or other
 regulations; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>technological advances.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We were in compliance with our covenants as of December 31, 2011 and
December 31, 2012. If the market value of our vessels or newbuilds declines
upon their delivery to us, we may breach some of the covenants contained in our
credit and loan facilities. If we do breach such covenants and we are unable to
remedy or our lenders refuse to waive the relevant breach, our lenders could
accelerate our indebtedness and foreclose on the vessels in our fleet securing
those loan and credit facilities. As a result of cross-default provisions
contained in our loan and credit facility agreements, this could in turn lead
to additional defaults under our loan agreements and the consequent
acceleration of the indebtedness thereunder and the commencement of similar
foreclosure proceedings by other lenders. If our indebtedness were accelerated
in full or in part, it would be difficult for us to refinance our debt or
obtain additional financing and we could lose our vessels if our lenders
foreclose their liens, which would adversely affect our ability to continue our
business.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>The
international drybulk shipping industry is highly competitive, and we may not
be able to compete successfully for charters with new entrants or established
companies with greater resources.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We employ our vessels in a highly competitive market that is capital
intensive and highly fragmented. Competition arises primarily from other vessel
owners, some of which have substantially greater resources than we do.
Competition for the transportation of drybulk cargo by sea is intense and
depends on price, customer relationships, operating expertise, professional
reputation and size, age, location and condition of the vessel. Due in part to
the highly fragmented mar-</FONT></P>

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 </TD>
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 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
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 </TD>
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</TABLE>


<BR>
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<BR>

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 </TD>
 </TR>
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 <TD VALIGN=TOP STYLE='BORDER-bottom:dotted #006FAC 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report<B> 2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>ket, additional competitors with greater resources could enter the
drybulk shipping industry and operate larger fleets through consolidations or
acquisitions and may be able to offer lower charter rates than we are able to
offer, which could have a material adverse effect on our fleet utilization and,
accordingly, our profitability.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Rising
crew costs may adversely affect our profits.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Crew costs are a significant expense for us under our charters. There is
a limited supply of well-qualified crew. We generally bear crewing costs under
our charters. Increases in crew costs may adversely affect our profitability.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>We
are subject to regulation and liability under environmental laws that could
require significant expenditures and affect our cash flow and net income.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our business and the operation of our vessels are regulated under
international conventions, national, state and local laws and regulations in
force in the jurisdictions in which our vessels operate, as well as in the
country or countries of their registration, in order to protect against
potential environmental impacts. Government regulation of vessels, particularly
in the area of environmental requirements, can be expected to become more
stringent in the future and could require us to incur significant capital
expenditures on our vessels to keep them in compliance, or even to scrap or
sell certain vessels altogether. For example, various jurisdictions that do not
already regulate management of ballast waters are considering regulating the
management of ballast waters to prevent the introduction of non-indigenous
species that are considered invasive. Such regulations could, if implemented,
require us to make changes to the ballast water management plans we currently
have in place and to install new equipment on board. Various jurisdictions are
also regulating or considering the regulation of emissions of sulfur oxides,
nitrogen oxides and greenhouse gases from vessels. Additional conventions, laws
and regulations may be adopted which could limit our ability to do business or
increase the cost of our doing business and which may materially adversely
affect our business, financial condition and results of operations. Because
such conventions, laws and regulations are often revised, or the required
additional measures for compliance are still under development, we cannot
predict the ultimate cost of complying with such conventions, laws and
regulations or the impact thereof on the resale prices or useful lives of our
vessels. We are also required by various governmental and quasi-governmental
agencies to obtain certain permits, licenses, certificates and financial assurances
with respect to our operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>These requirements can also affect the resale prices or useful lives of
our vessels or require reductions in cargo capacity, ship modifications or
operational changes or restrictions. Failure to comply with these requirements
could lead to decreased availability of or more costly insurance coverage for
environmental matters or result in the denial of access to certain
jurisdictional waters or ports, or detention in certain ports. Under local,
national and foreign laws, as well as international treaties and conventions,
we could incur material liabilities, including cleanup obligations and claims
for natural resource, personal injury and property damages in the event that
there is a release of petroleum or other hazardous materials from our vessels
or otherwise in connection with our operations. Violations of, or liabilities
under, environmental regulations can result in substantial penalties, fines and
other sanctions, including, in certain instances, seizure or detention of our
vessels. Events of this nature would have a material adverse effect on our
business, financial condition and results of operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The operation of our vessels is affected by the requirements set forth
in the United Nations&#146; International Maritime Organization&#146;s International
Management Code for the Safe Operation of Ships and for Pollution Prevention,
or &#147;ISM Code.&#148; Under the ISM Code we are required to develop and maintain an
extensive Safety Management System (&#147;SMS&#148;) that includes the adoption of a
safety and environmental protection policy. Failure to comply with the ISM Code
may subject us to increased liability, invalidate existing insurance or
decrease available insurance coverage for the affected vessels and result in a
denial of access to, or detention in, certain ports. Currently, each of the
vessels in our current fleet is ISM Code- certified. If we fail to maintain ISM
Code certification for our vessels, we may also breach covenants in certain of
our credit and loan facilities that require that our vessels be ISM
Code-certified. If we breach such covenants due to failure to maintain ISM Code
certification and are unable to remedy the relevant breach, our lenders could
accelerate our indebtedness and foreclose on the vessels in our fleet securing
those credit facilities.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Increased
inspection procedures, tighter import and export controls and survey
requirements could increase costs and disrupt our business.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>International shipping is subject to various security and customs
inspections and related procedures in countries of origin and destination.
Inspection procedures can result in the seizure of the contents of our vessels,
delays in the loading, offloading or delivery and the levying of customs
duties, fines and other penalties against us.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>It is possible that changes to inspection procedures could impose
additional financial and legal obligations on us. </FONT></P>

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 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>19</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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 <P><FONT SIZE=1><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Furthermore, changes to inspection procedures could also impose
additional costs and obligations on our customers and may, in certain cases,
render the shipment of certain types of cargo impractical. Any such changes or
developments may have a material adverse effect on our business, financial
condition and results of operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The hull and machinery of every commercial vessel must be certified as
safe and seaworthy in accordance with applicable rules and regulations, and
accordingly vessels must undergo regular surveys. If any vessel does not
maintain its class and/or fails any annual survey, intermediate survey or
special survey, the vessel will be unable to trade between ports and will be
unemployable and we would be in violation of certain covenants in our credit
and loan facilities. This would also negatively impact our revenues.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Our
vessels are exposed to operational risks, including terrorism and piracy, that
may not be adequately covered by our insurance.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The operation of any vessel includes risks such as weather conditions,
mechanical failure, collision, fire, contact with floating objects, cargo or
property loss or damage and business interruption due to political
circumstances in foreign countries, piracy, terrorist attacks, armed
hostilities and labor strikes. Such occurrences could result in death or injury
to persons, loss, damage or destruction of property or environmental damage,
delays in the delivery of cargo, loss of revenues from or termination of
charter contracts, governmental fines, penalties or restrictions on conducting
business, higher insurance rates and damage to our reputation and customer
relationships generally. In the past, political conflicts have also resulted in
attacks on vessels, mining of waterways and other efforts to disrupt
international shipping, particularly in the Arabian Gulf region. Acts of
terrorism and piracy have also affected vessels trading in regions such as the
South China Sea, the Gulf of Aden and parts of Indian Ocean and West Africa. If
these attacks and other disruptions result in areas where our vessels are
deployed being characterized by insurers as &#147;war risk&#148; zones or Joint War
Committee &#147;war, strikes, terrorism and related perils&#148; listed areas, as parts
of Indian Ocean currently is, premiums payable for such coverage could increase
significantly and such insurance coverage may be more difficult or impossible
to obtain. In addition, there is always the possibility of a marine disaster,
including oil spills and other environmental damage. Although our vessels carry
a relatively small amount of the oil used for fuel (&#147;bunkers&#148;), a spill of oil
from one of our vessels or losses as a result of fire or explosion could be
catastrophic under certain circumstances.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We may not be adequately insured against all risks, and our insurers may
not pay particular claims. With respect to war risks insurance, which we
usually obtain for certain of our vessels making port calls in designated war
zone areas, such insurance may not be obtained prior to one of our vessels
entering into an actual war zone, which could result in that vessel not being
insured. Even if our insurance coverage is adequate to cover our losses, we may
not be able to timely obtain a replacement vessel in the event of a loss. Under
the terms of our credit facilities, we will be subject to restrictions on the
use of any proceeds we may receive from claims under our insurance policies.
Furthermore, in the future, we may not be able to maintain or obtain adequate
insurance coverage at reasonable rates for our fleet. We may also be subject to
calls, or premiums, in amounts based not only on our own claim records but also
the claim records of all other members of the protection and indemnity
associations through which we receive indemnity insurance coverage for tort
liability. Our insurance policies also contain deductibles, limitations and
exclusions which, although we believe are standard in the shipping industry,
may nevertheless increase our costs in the event of a claim or decrease any
recovery in the event of a loss. If the damages from a catastrophic oil spill
or other marine disaster exceeded our insurance coverage, the payment of those damages
could have a material adverse effect on our business and could possibly result
in our insolvency.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In general, we do not carry loss of hire insurance. Occasionally, we may
decide to carry loss of hire insurance when our vessels are trading in areas where
a history of piracy has been reported. Loss of hire insurance covers the loss
of revenue during extended vessel off-hire periods, such as those that occur
during an unscheduled drydocking or unscheduled repairs due to damage to the
vessel. Accordingly, any loss of a vessel or any extended period of vessel off-
hire, due to an accident or otherwise, could have a material adverse effect on
our business, financial condition and results of operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>The
operation of drybulk vessels has certain unique operational risks; failure to
adequately maintain our vessels could have a material adverse effect on our
business, financial condition and results of operations.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>With a drybulk vessel, the cargo itself and its interaction with the
vessel may create operational risks. By their nature, drybulk cargoes are often
heavy, dense and easily shifted, and they may react badly to water exposure. In
addition, drybulk vessels are often subjected to battering treatment during
unloading operations with grabs, jackhammers (to pry encrusted cargoes out of
the hold) and small bulldozers. This treatment may cause damage to the vessel.
Vessels damaged due to treatment during unloading procedures may be more
susceptible to breach while at sea. Breaches of a drybulk vessel&#146;s hull may
lead to the flooding of the vessel&#146;s holds. If a drybulk vessel suffers
flooding in its forward holds, the </FONT></P>

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 <P><FONT SIZE=2 FACE=ARIAL>20</FONT></P>
 </TD>
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 </TD>
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 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report<B> 2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>bulk cargo may become so dense and waterlogged that its pressure may
buckle the vessel&#146;s bulkheads, leading to the loss of a vessel. If we do not
adequately maintain our vessels, we may be unable to prevent these events. The
occurrence of any of these events could have a material adverse effect on our
business, financial condition and results of operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Maritime
claimants could arrest one or more of our vessels, which could interrupt our
cash flow.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Crew members, suppliers of goods and services to a vessel, shippers of
cargo and other parties may be entitled to a maritime lien against a vessel, or
other assets of the relevant vessel-owning company, for unsatisfied debts,
claims or damages. In many jurisdictions, a claimant may seek to obtain
security for its claim by arresting a vessel through foreclosure proceedings.
The arrest or attachment of one or more of our vessels, or other assets of the
relevant vessel-owning company or companies, could cause us to default on a
charter, breach covenants in certain of our credit facilities, interrupt our
cash flow and require us to pay large sums of money to have the arrest or attachment
lifted. In addition, in some jurisdictions, such as South Africa, under the
&#147;sister ship&#148; theory of liability, a claimant may arrest both the vessel which
is subject to the claimant&#146;s maritime lien and any &#147;associated&#148; vessel, which
is any vessel owned or controlled by the same owner. Claimants could attempt to
assert &#147;sister ship&#148; liability against one vessel in our fleet for claims
relating to another of our vessels.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Governments
could requisition our vessels during a period of war or emergency, resulting in
a loss of earnings.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>A government could requisition one or more of our vessels for title or
for hire. Requisition for title occurs when a government takes control of a
vessel and becomes its owner, while requisition for hire occurs when a government
takes control of a vessel and effectively becomes its charterer at dictated
charter rates. Generally, requisitions occur during periods of war or
emergency, although governments may elect to requisition vessels in other
circumstances. Even if we would be entitled to compensation in the event of a
requisition of one or more of our vessels, the amount and timing of payment
would be uncertain. Government requisition of one or more of our vessels may
cause us to breach covenants in certain of our credit facilities, and could
have a material adverse effect on our business, financial condition and results
of operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Changes
in fuel prices may adversely affect our profits.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Upon redelivery of vessels at the end of a time charter, we may be
obligated to repurchase bunkers on board at prevailing market prices, which
could be materially higher than fuel prices at the inception of the charter
period. In addition, although we rarely deploy our vessels on voyage charters,
fuel is a significant, if not the largest, expense that we would incur with
respect to vessels operating on voyage charter. As a result, an increase in the
price of fuel may adversely affect our profitability. The price and supply of
fuel is volatile and fluctuates based on events outside our control, including
geopolitical developments, supply and demand for oil and gas, actions by OPEC
and other oil and gas producers, war and unrest in oil producing countries and
regions, regional production patterns and environmental concerns and
regulations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Seasonal
fluctuations in industry demand could have a material adverse effect on our
business, financial condition and results of operations and the amount of
available cash with which we can pay dividends.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We operate our vessels in markets that have historically exhibited
seasonal variations in demand and, as a result, in charter rates. This
seasonality may result in quarter-to-quarter volatility in our results of
operations, which could affect the amount of dividends, if any, that we pay to
our stockholders from quarter to quarter. The market for marine drybulk
transportation services is typically stronger in the fall and winter months in
anticipation of increased consumption of coal and other raw materials in the
northern hemisphere during the winter months. In addition, unpredictable
weather patterns in these months tend to disrupt vessel scheduling and supplies
of certain commodities. This seasonality could have a material adverse effect
on our business, financial condition and results of operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Charterers
may renegotiate or default on period time charters, which could reduce our
revenues and have a material adverse effect on our business, financial
condition and results of operations.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The ability and willingness of each of our counterparties to perform its
obligations under a period time charter agreement with us will depend on a
number of factors that are beyond our control and may include, among other
things, general economic conditions, the condition of the drybulk shipping
industry and the overall financial condition of the counterparties. If we enter
into period time charters with charterers when charter rates are high and
charter rates subsequently fall significantly, charterers may seek to
renegotiate financial terms or may default on their obligations. Additionally,
charterers may attempt to bring claims against us based on vessel performance
or cargo loading or unloading operations, seeking to renegotiate financial
terms or avoid payments. Also, our charterers may experience financial </FONT></P>

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 <P>&nbsp;</P>
 </TD>
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 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>21</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P><FONT SIZE=1><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>difficulties due to prevailing economic conditions or for other reasons,
and as a result may default on their obligations. In recent years the industry
has experienced numerous incidents of charterers renegotiating their charters
or defaulting on their obligations thereunder. We have agreed to certain early
redeliveries at the request of charterers. See &#147;Operating and Financial Review
and Prospects.&#148; If a charterer defaults on a charter, we will, to the extent
commercially reasonable, seek the remedies available to us, which may include
arbitration or litigation to enforce the contract, although such efforts may
not be successful. Should a charterer default on a period time charter, we may
have to enter into a charter at a lower charter rate, which would reduce our
revenues. If we cannot enter into a new period time charter, we may have to
secure a charter in the spot market, where charter rates are volatile and
revenues are less predictable. It is also possible that we would be unable to
secure a charter at all, which would also reduce our revenues, and could have a
material adverse effect on our business, financial condition, results of
operations, loan and credit facility covenants and cash flows.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>We
depend upon a limited number of customers for a large part of our revenues and
the loss of one or more of these customers could have a material adverse effect
on our business, financial condition and results of operations.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We expect to derive a significant part of our revenues from a limited
number of customers. During the year ended December 31, 2012, approximately
62.9% of our revenues were derived from two charterers, namely Daiichi Chuo
Kisen Kaisha (&#147;Daiichi&#148;) and Kawasaki Kisen Kaisha, with each one accounting
for more than 10% of total revenues. We could lose a customer for many
different reasons,</FONT></P>

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 </TD>
 </TR>
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 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>including
 failures of the customer to make charter payments because of its financial
 inability, disagreements with us or otherwise;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 customer&#146;s termination of its charters because of our non-performance,
 including serious deficiencies with the vessels we provide to that customer
 or prolonged periods of off-hire; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>in
 certain cases, a prolonged force majeure event affecting the customer,
 including damage to or destruction of relevant production facilities, war or
 political unrest, prevents us from performing services for that customer.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>If we lose a key customer, we may be unable to obtain period time
charters on comparable terms with charterers of comparable standing or may have
increased exposure to the volatile spot market, which is highly competitive and
subject to significant price fluctuations. We would not receive any revenues
from such a vessel while it remained unchartered, but we may be required to pay
expenses necessary to maintain the vessel in proper operating condition, insure
it and service any indebtedness secured by such vessel. The loss of any of our
key customers, a decline in payments under our charters or the failure of a key
customer to perform under its charters with us could have a material adverse
effect on our business, financial condition and results of operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Daiichi accounted for 46.5% of our revenues in 2012, and as of the date
hereof, six of our vessels are chartered to Daiichi, all at charter rates that
are higher than rates currently available in the spot market. Recently, Daiichi
announced plans to reduce the number of vessels it operates, both newbuilds and
chartered in vessels and to pare its fleet to weather a decline in drybulk
shipping rates due in part to expanding capacity, slowing demand and higher
fuel prices. Given the importance of this charterer to our business, any
deterioration of Daiichi&#146;s business or of its ability or willingness to perform
its obligations under its charters with us could have an adverse effect on our
business, financial condition and results of operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>We
may have difficulty properly managing our planned growth through acquisitions
of additional vessels.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We intend to grow our business through the acquisition of our six
contracted newbuilds and one contracted secondhand vessel scheduled to be
delivered through 2015. We may contract additional newbuild vessels or make
selective acquisitions of additional secondhand vessels. Our future growth will
primarily depend on our ability to locate and acquire suitable vessels, enlarge
our customer base, operate and supervise any newbuilds we may order and obtain
required debt or equity financing on acceptable terms.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>A delay in the delivery to us of any such vessel, or the failure of the
shipyard to deliver a vessel at all, could cause us to breach our obligations
under a related charter and could adversely affect our earnings. In addition,
the delivery of any of these vessels with substantial defects could have
similar consequences.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>A shipyard could fail to deliver a newbuild on time or at all because
of:</FONT></P>

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 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>work
 stoppages or other hostilities, political or economic disturbances that
 disrupt the operations of the shipyard;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>quality
 or engineering problems;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>bankruptcy
 or other financial crisis of the shipyard;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>a backlog
 of orders at the shipyard;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

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 </TD>
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 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>22</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
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 </TD>
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 <P>&nbsp;</P>
 </TD>
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 <TD VALIGN=TOP STYLE='BORDER-bottom:dotted #006FAC 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report<B> 2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>disputes
 between the Company and the shipyard regarding contractual obligations;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>weather
 interference or catastrophic events, such as major earthquakes or fires;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>our
 requests for changes to the original vessel specifications; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>shortages
 of or delays in the receipt of necessary construction materials, such as
 steel, or equipment, such as main engines, electricity generators and propellers.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>A third-party seller could fail to deliver a secondhand vessel on time
or at all because of:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>bankruptcy
 or other financial crisis of the third-party seller;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>quality
 or engineering problems;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>disputes
 between the Company and the third-party seller regarding contractual
 obligations; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>weather
 interference or catastrophic events, such as major earthquakes or fires.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In addition, we may seek to terminate a vessel acquisition contract due
to market conditions, financing limitations or other reasons. The outcome of
contract termination negotiations may require us to forego deposits on
construction or acquisition, as applicable, and pay additional cancellation
fees. In addition, where we have already arranged a future charter with respect
to the terminated contract, we may incur liabilities to such charter
counterparty depending on the terms of such charter.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During periods in which charter rates are high, vessel values generally
are high as well, and it may be difficult to consummate vessel acquisitions or
enter into newbuild contracts at favorable prices. During periods when charter
rates are low, we may be unable to fund the acquisition of vessels, whether
through lending or cash on hand. For these reasons, we may be unable to execute
our growth plans or avoid significant expenses and losses in connection with
our future growth efforts.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>As we
expand our business, we will need to improve or expand our operations and
financial systems, staff and crew; if we cannot improve these systems or
recruit suitable employees, our performance may be adversely affected.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our current operating and financial systems may not be adequate as we
implement our plan to expand the size of our fleet, and our Manager&#146;s attempts
to improve those systems may be ineffective. In addition, as we expand our
fleet, we will have to rely on our Manager to recruit additional seafarers and
shoreside administrative and management personnel. Our Manager may not be able
to continue to hire suitable employees or a sufficient number of employees as
we expand our fleet. If our Manager&#146;s unaffiliated crewing agents encounter
business or financial difficulties, we may not be able to adequately staff our
vessels. We may also have to increase our customer base to provide continued employment
for most of our new vessels. If we are unable to operate our financial system,
our Manager is unable to operate our operations systems effectively or to
recruit suitable employees in sufficient numbers or we are unable to increase
our customer base as we expand our fleet, our performance may be adversely
affected.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Unless
we set aside reserves for vessel replacement, at the end of a vessel&#146;s useful
life, our revenue will decline, which would adversely affect our cash flows and
income.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of February 15, 2013, the vessels in our current fleet had an average
age of 4.8 years. Unless we maintain cash reserves for vessel replacement, we
may be unable to replace the vessels in our fleet upon the expiration of their
useful lives. We estimate the useful life of our vessels to be 25 years from
the date of initial delivery from the shipyard. Our cash flows and income are
dependent on the revenues we earn by chartering our vessels to customers. If we
are unable to replace the vessels in our fleet upon the expiration of their
useful lives, our business, financial condition and results of operations will
be materially adversely affected. Any reserves set aside for vessel replacement
would not be available for other cash needs or dividends.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>If we
are unable to obtain additional secured indebtedness, we may default on our
commitments relating to our contracted newbuilds, and we may not be able to
finance our future fleet expansion program, which would have a material adverse
effect on our business, financial condition and results of operations.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The net remaining unpaid balance of the contract prices for our six
newbuilds and our one secondhand vessel was $198.8 million as of February 15,
2013. We anticipate that our primary sources of funds to satisfy these
commitments will be from existing cash and time deposits, operating cash
surplus and available borrowings under our existing credit facilities and our
floating rate note facility. As of February 15, 2013, the company has two
existing vessels unencumbered and a $50 million long-term floating rate note
facility against which additional loan and credit facilities can be drawn, as
well as $73.7 million in cash and short-term time deposits and restricted cash,
and $68.9 million available under existing revolving credit facilities. Our
ability to obtain bank financing or to access the capital markets for future </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>23</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

 <P><FONT SIZE=1><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>offerings may be limited by our financial condition at the time of any
such financing or offering, including the actual or perceived credit quality of
our charterers and the market value of our fleet, as well as by adverse market
conditions resulting from, among other things, general economic conditions,
weakness in the financial markets and contingencies and uncertainties that are
beyond our control. To the extent that we are unable to enter into new credit
facilities and obtain such additional secured indebtedness on terms acceptable
to us, we will need to find alternative financing. If we are unable to find
alternative financing, we will not be capable of funding all of our commitments
for capital expenditures relating to our contracted newbuilds. A failure to
fulfill our commitments generally results in a forfeiture of the advance we
paid to the shipyard or the third-party seller with respect to the contracted
newbuild or secondhand vessel and a write-off of expenses capitalized. In
addition, we may also be liable for other damages for breach of contract.
Examples of such liabilities could include payments to the shipyard or the
third-party seller for the difference between the forfeited advance and the
amount that remains to be paid by us if the shipyard or the third-party seller
cannot locate a third-party buyer that is willing to pay an amount equal to the
difference or compensatory payments by us to charter parties with whom we have
entered into charters with respect to such vessels. Such events, if they
occurred, would adversely affect our business, financial condition and results
of operation.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>The
aging of our fleet and our acquisitions of secondhand vessels may result in
increased operating costs in the future, which could adversely affect our
ability to operate our vessels profitably.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In general, the costs to maintain a vessel in good operating condition
increase with the age of the vessel. As of February 15, 2013, the average age
of the vessels in our current fleet was 4.8 years. As our vessels age, they may
become less fuel efficient and more costly to maintain and will not be as
advanced as more recently constructed vessels due to improvements in design and
engine technology. Rates for cargo insurance, paid by charterers, also increase
with the age of a vessel, making older vessels less desirable to charterers.
Governmental regulations, safety or other equipment standards related to the
age of vessels may require expenditures for alterations, or the addition of new
equipment, to our vessels and may restrict the type of activities in which our
vessels may engage. As our vessels age, market conditions may not justify those
expenditures or enable us to operate our vessels profitably during the
remainder of their useful lives.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In 2012, we took delivery of one 2003 built, secondhand Panamax class
vessel, and in January 2013, we took delivery of another 2003 built, secondhand
Panamax class vessel. In January 2013, we contracted to acquire a third
secondhand 2008 built Kamsarmax class vessel, scheduled to be delivered to us
in March 2013. We may encounter higher operating and maintenance costs due to
the age and condition of those vessels. Secondhand vessels may also develop
unexpected mechanical and operational problems despite adherence to regular
survey schedules and proper maintenance. We cannot obtain the same knowledge
about the condition of a secondhand vessel compared to a newbuild through the
performed inspection prior to the purchase of such secondhand vessel nor about
the cost of any required (or anticipated) repairs that we would have had if
this vessel had been built for and operated exclusively by us. We will have the
benefit of warranties on newly constructed vessels; we may not receive the
benefit of warranties on secondhand vessels.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Because
we generate substantially all of our revenues in U.S. dollars but incur a
material portion of our expenses in other currencies, and may, in the future,
also incur a material portion of our indebtedness and our capital expenditure
requirements in other currencies, exchange rate fluctuations could have a
material adverse effect on our business, financial condition and results of
operations.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We generate substantially all of our revenues in U.S. dollars, but in
2012 we incurred approximately 26.42% of our vessel operating expenses in
currencies other than the U.S. dollar, of which 64.25% was denominated in euro
amounts. Although as of December 31, 2012, all of our indebtedness and the vast
majority of the amounts due under our newbuild contracts were denominated in
U.S. Dollars, we have also entered into shipbuilding contracts whereby part of
the contract price is payable in Japanese yen. In addition, certain of our existing
credit facilities allow us to convert the outstanding loan amount or any part
thereof into currencies other than the U.S. dollar. Also, in the future, we may
enter into new credit facilities or newbuild contracts that are denominated in
or permit conversion into currencies other than the U.S. dollar. The use of
different currencies could lead to fluctuations in our net income due to
changes in the value of the U.S. dollar relative to other currencies, in
particular the euro and the Japanese yen. We have not hedged our currency
exposure, and, as a result, our results of operations and financial condition,
denominated in U.S. dollars, and our ability to pay dividends, could suffer.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Restrictive
covenants in our existing credit facilities impose, and any future credit
facilities will impose, financial and other restrictions on us, and any breach
of these covenants could result in the acceleration of our indebtedness and
foreclosure on our vessels.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our existing credit facilities impose, and any future credit facility
will impose, operating and financial restrictions on us. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
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 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>24</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-bottom:dotted #006FAC 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report<B> 2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>These restrictions in our existing credit facilities generally limit our
ability to, among other things, and subject to exceptions set forth in such
credit facility:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>pay
 dividends if an event of default has occurred and is continuing or would
 occur as a result of the payment of such dividend;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>enter
 into certain long-term charters;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>incur
 additional indebtedness, including through the issuance of guarantees;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>change
 the flag, class or management of the vessel mortgaged under such facility or
 terminate or materially amend the management agreement relating to such
 vessel;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>create
 liens on their assets;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>make
 loans;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>make
 investments;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>make
 capital expenditures;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>undergo a
 change in ownership or control or permit a change in ownership and control of
 our Manager;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>sell the
 vessel mortgaged under such facility; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>permit
 our chief executive officer to change.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Therefore, we may need to seek permission from our lenders in order to
engage in some corporate actions. Our lenders&#146; interests may be different from
ours, and we cannot guarantee that we will be able to obtain our lenders&#146;
permission when needed. This may limit our ability to pay dividends to our
stockholders, finance our future operations or pursue business opportunities.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Certain of our existing credit facilities require our subsidiaries to
maintain financial ratios and satisfy financial covenants. Depending on the
credit facility, certain of our subsidiaries are subject to financial ratios
and covenants requiring that these subsidiaries:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>ensure
 that the market value of the vessel mortgaged under the applicable credit
 facility, determined in accordance with the terms of that facility, does not
 fall below 100% to 120%, as applicable, of the outstanding amount of the
 loan;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>ensure
 that outstanding amounts in currencies other than the U.S. dollar do not
 exceed 100% or 110%, as applicable, of the U.S. dollar equivalent amount
 specified in the relevant credit agreement for the applicable period by, if
 necessary, providing cash collateral security in an amount necessary for the
 outstanding amounts to meet this threshold;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>maintain
 a cash collateral deposit or minimum cash balance per vessel with the
 respective lender; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>ensure
 that we comply with certain financial covenants under the guarantees
 described below.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In addition, under guarantees we have entered into with respect to
certain of our subsidiaries&#146; existing credit facilities, we are subject to
financial covenants. Depending on the guarantee, these financial covenants
include the following:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>our total
 liabilities (on a consolidated basis, including those of our subsidiaries)
 divided by our total consolidated assets (based on the market value of all
 vessels owned by our subsidiaries, and the book value of all other assets, on
 an adjusted basis as set out in the relevant guarantee) must not exceed 80%
 or 85% (depending on the relevant guarantee);</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the ratio
 of our aggregate debt to EBITDA must not at any time exceed 5.5:1 on a
 trailing 12 months&#146; basis or the ratio of our aggregate debt after deducting
 cash to EBITDA must not at any time exceed 8.5:1 on a trailing 12 months&#146;
 basis;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>our
 consolidated net worth (consolidated total assets less consolidated total
 liabilities) must not at any time be less than $150.0 million, as adjusted to
 reflect, among other things, the market value of our vessels as set out in
 the relevant guarantee;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>maintenance
 of minimum free liquidity of $500,000 on deposit with the relevant lender on
 a per vessel basis; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>payment
 of dividends is subject to no event of default having occurred.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In connection with these guarantees, we have also undertaken to ensure
that a minimum of 51% of our shares shall remain directly or indirectly
beneficially owned by the Hajioannou family for the duration of the relevant
credit facilities.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>A failure to meet our payment and other obligations or to maintain compliance
with the applicable financial covenants </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>25</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

 <P><FONT SIZE=1><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>could lead to defaults under our secured credit facilities. Our lenders
could then accelerate our indebtedness and foreclose on the vessels in our
fleet securing those credit facilities. The loss of these vessels would have a
material adverse effect on our business, financial condition, and results of
operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>The
declaration and payment of dividends will always be subject to the discretion
of our board of directors and will depend on a number of factors. Our board of
directors may not declare dividends in the future.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The declaration and payment of dividends, if any, will always be subject
to the discretion of our board of directors. The timing and amount of any
dividends declared will depend on, among other things: (i) our earnings,
financial condition and cash requirements and available sources of liquidity,
(ii) decisions in relation to our growth strategies, (iii) provisions of
Marshall Islands and Liberian law governing the payment of dividends, (iv)
restrictive covenants in our existing and future debt instruments, and (v)
global financial conditions. Dividends might be reduced or not be paid in the
future.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>There may be a high degree of variability from period to period in the
amount of cash, if any, that is available for the payment of dividends based
upon, among other things:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the rates
 we obtain from our charters as well as the rates obtained upon the expiration
 of our existing charters;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the level
 of our operating costs;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the level
 of our general and administrative costs;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 number of unscheduled off-hire days and the timing of, and number of days
 required for, scheduled drydocking of our ships;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>vessel
 acquisitions and related financings;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>restrictions
 in our loan and credit facilities and in any future debt facilities;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>prevailing
 global and regional economic and political conditions;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 effect of governmental regulations and maritime self-regulatory organization
 standards on the conduct of our business;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 amount of cash reserves established by our board of directors; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>restrictions
 under Marshall Islands and Liberian law.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We may incur expenses or liabilities or be subject to other
circumstances in the future that reduce or eliminate the amount of cash that we
have available for distribution as dividends, if any. Our growth strategy
contemplates that we will finance the acquisition of our newbuilds or selective
acquisitions of additional vessels in addition to our contracted newbuilds through
a combination of our operating cash flow and debt financing or equity
financing. If financing is not available to us on acceptable terms, our board
of directors may decide to finance or refinance such acquisitions with a
greater percentage of cash from operations to the extent available, which would
reduce or even eliminate the amount of cash available for the payment of
dividends. We may also enter into other agreements that will restrict our
ability to pay dividends.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Under the terms of certain of our existing credit facilities, we are not
permitted to pay dividends if an event of default has occurred and is
continuing or would occur as a result of the payment of such dividend. We
expect that any future credit facilities will also have restrictions on the
payment of dividends.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The laws of the Republic of Liberia and of the Republic of The Marshall
Islands, where our vessel-owning subsidiaries are incorporated, generally
prohibit the payment of dividends other than from surplus or net profits, or
while a company is insolvent or would be rendered insolvent by the payment of
such a dividend. Our subsidiaries may not have sufficient funds, surplus or net
profits to make distributions to us. In addition, under guarantees we have
entered into with respect to certain of our subsidiaries&#146; existing credit
facilities, we are subject to financial and other covenants, which may limit
our ability to pay dividends. We also may not have sufficient surplus or net
profits in the future to pay dividends.<BR><BR>The amount of cash we generate from our
operations may differ materially from our net income or loss for the period,
which will be affected by non-cash items. We may incur other expenses or
liabilities that could reduce or eliminate the cash available for distribution
as dividends. As a result of these and the other factors mentioned above, we
may pay dividends during periods when we record losses and may not pay
dividends during periods when we record net income.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>We
are a holding company, and we depend on the ability of our subsidiaries to
distribute funds to us in order to make dividend payments.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We are a holding company and our subsidiaries, which are all
wholly-owned by us, conduct all of our operations and own all of our operating
assets. We have no significant assets other than the equity interests in our
wholly-owned sub-</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
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 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>26</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-bottom:dotted #006FAC 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report<B> 2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>sidiaries, cash and cash equivalents and long-term investment held by
us. As a result, our ability to make dividend payments depends on our
subsidiaries and their ability to distribute funds to us. The ability of a
subsidiary to make these distributions could be affected by a claim or other
action by a third party, including a creditor, and the laws of the Republic of
Liberia and of the Republic of The Marshall Islands, where our vessel-owning
subsidiaries are incorporated, which regulate the payment of dividends by
companies. If we are unable to obtain funds from our subsidiaries, our board of
directors may exercise its discretion not to declare or pay dividends.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>We
depend on our Manager to operate our business and our business could be harmed
if our Manager failed to perform its services satisfactorily.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Pursuant to our management agreement, as amended, (the &#147;Management
Agreement&#148;) our Manager provides us with our executive officers and with
technical, administrative and commercial services (including vessel
maintenance, crewing, purchasing, shipyard supervision, insurance, assistance
with regulatory compliance, financial services and office space). Our
operational success depends significantly upon our Manager&#146;s satisfactory
performance of these services. Our business would be harmed if our Manager
failed to perform these services satisfactorily. In addition, if the Management
Agreement were to be terminated or if its terms were to be altered, our
business could be adversely affected, as we may not be able to immediately
replace such services, and even if replacement services were immediately
available, the terms offered could be less favorable than those under our
Management Agreement.<BR><BR>Our ability to compete for and enter into charters and to
expand our relationships with our existing charterers will depend largely on
our relationship with our Manager and its reputation and relationships in the
shipping industry. If our Manager suffers material damage to its reputation or
relationships, it may harm our ability to:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>renew existing charters upon
 their expiration;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>obtain new charters;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>successfully interact with
 shipyards during periods of shipyard construction constraints;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>obtain financing on commercially
 acceptable terms;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>maintain satisfactory
 relationships with our charterers and suppliers; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>successfully execute our business
 strategies.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>If our ability to do any of the things described above is impaired, it
could have a material adverse effect on our business, financial condition and
results of operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Although we may have rights against our Manager if it defaults on its
obligations to us, investors in us will have no recourse against our Manager.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our Manager has provided in the past certain management services to an
affiliated and to an unaffiliated company under the specific restrictions of
our Management Agreement. Although our Manager is required to provide
preferential treatment to our vessels with respect to chartering arrangements
under the Management Agreement, our Manager&#146;s time and attention may be
diverted from the management of our vessels in such circumstances.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Currently, our Manager does not provide any services to any company other
than us.<BR><BR>Further, we will need to seek approval from our lenders to change our
Manager.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Management
fees are payable to our Manager regardless of our profitability, which could
have a material adverse effect on our business, financial condition and results
of operations.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Pursuant to our Management Agreement, we pay our Manager a fixed fee of
$700 per day per vessel for providing commercial, technical and administrative
services and a variable fee of 1.25% on gross freight, charter hire, ballast
bonus and demurrage. In addition, we pay our Manager certain commissions and
fees with respect to vessel purchases, sales and newbuilds. The management fees
do not cover expenses such as voyage expenses, vessel operating expenses,
maintenance expenses, crewing costs, insurance premiums, commissions and
certain public company expenses such as directors&#146; and officers&#146; liability
insurance, legal and accounting fees and other similar third party expenses,
which are reimbursed by us. The management fees can be adjusted annually on May
29 of each year, the anniversary of our entry into the Management Agreement.
The management fees are payable whether or not our vessels are employed, and
regardless of our profitability, and we have no ability to require our Manager
to reduce the management fees if our profitability decreases, which could have
a material adverse effect on our business, financial condition and results of
operations.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>27</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

 <P><FONT SIZE=1><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Our
Manager is a privately held company, and there is little or no publicly
available information about it; an investor could have little advance warning
of problems affecting our Manager that could have a material adverse effect on
us.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The ability of our Manager to continue providing services for our
benefit will depend in part on its own financial strength. Circumstances beyond
our control could impair our Manager&#146;s financial strength. Because our Manager
is privately held, it is unlikely that information about its financial strength
would become public or available to us prior to any default by our Manager
under the Management Agreement. As a result, our investors might have little
advance warning of problems that affect our Manager, even though those problems
could have a material adverse effect on us.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Our
chief executive officer also controls our Manager, which could create conflicts
of interest between us and our Manager.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our chief executive officer, Polys Hajioannou, controls our Manager.
Polys Hajioannou, together with his family, also controls Vorini Holdings Inc.,
which owns approximately 60.55% of our outstanding common stock. These
relationships could create conflicts of interest between us, on the one hand,
and our Manager, on the other hand. These conflicts may arise in connection
with the chartering, purchase, sale and operation of the vessels in our fleet
versus vessels owned or chartered-in by other companies affiliated with our
Manager or our chief executive officer. To the extent we elect not to exercise
our right of first refusal with respect to any drybulk vessel that may be acquired
by companies affiliated with our chief executive officer, such companies could
acquire and operate such drybulk vessels under the management of our Manager in
competition with us. Although under our Management Agreement our Manager will
be required to first provide us any chartering opportunities in the drybulk
sector, our Manager is not prohibited from giving preferential treatment in
other areas of its management to vessels that are beneficially owned by related
parties. These conflicts of interest may have an adverse effect on our
business, financial condition and results of operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Our
business depends upon certain employees who may not necessarily continue to
work for us; if such employees were no longer to be affiliated with us, our
business, financial condition and results of operation could suffer.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our future success depends, to a significant extent, upon our chief
executive officer, Polys Hajioannou, and certain other members of our senior
management and of our Manager. Polys Hajioannou has substantial experience in
the drybulk shipping industry and for 26 years has worked with us, our Manager
and its predecessor. He and other members of our senior management and of our
Manager manage our business and their performance is crucial to the execution
of our business strategies and to the growth and development of our business.
If these individuals were no longer to be affiliated with us or our Manager, or
if we were to otherwise cease to receive advisory services from them, we may be
unable to recruit other employees with equivalent talent and experience, and
our business and financial condition could suffer. We do not intend to maintain
&#147;key man&#148; life insurance on any of our executive officers.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>The
provisions in our restrictive covenant arrangement with our chief executive
officer restricting his ability to compete with us, like restrictive covenants
generally, may not be enforceable.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our chief executive officer, Polys Hajioannou, has entered into a
restrictive covenant agreement with us under which he is precluded during the
term of his service with us as executive and director and for one year
thereafter (and for the term of our Management Agreement with our Manager and
one year thereafter, if longer) from owning and operating drybulk vessels and from
acquiring, investing in or controlling any business that owns or operates such
vessels. Courts generally do not favor the enforcement of such restrictions,
particularly when they involve individuals and could be construed as infringing
on such individuals ability to be employed or to earn a livelihood. Our ability
to enforce these restrictions, should it ever become necessary, will depend
upon the circumstances that exist at the time enforcement is sought. A court
may not enforce the restrictions as written by way of an injunction and we may
not necessarily be able to establish a case for damages as a result of a
violation of the restrictive covenants.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Our
vessels call on ports located in Iran and Syria which are identified by the
United States government as state sponsors of terrorism and are subject to
United States export controls and economic sanctions, which could be viewed
negatively by investors and adversely affect the trading price of our common
stock.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>From time to time, vessels in our fleet have called and/or may call on
ports located in countries identified by the United States government as state
sponsors of terrorism and subject to United States export controls. From
January 1, 2005 through December 31, 2011, vessels in our fleet have made 20
calls to ports in Iran and three calls to ports in Syria out of a total of
2,327 calls on worldwide ports. From January 1, 2012 through December 31, 2012,
vessels in our fleet have not made any calls to ports in Iran or to ports in
Syria. Iran and Syria are identified by the United States government as state
sponsors of terrorism. Although these designations and controls do not prevent
our vessels from making calls to ports in these countries, potential investors
could view such port calls negatively, which could adversely affect our
reputation and the market for our common stock. Investor perception of the
value of our common stock may be adversely affected </FONT></P>

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 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report<B> 2012</B></FONT></P>
 </TD>
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</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>by the consequences of war, the effects of terrorism, civil unrest and
governmental actions in these and surrounding countries.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Additionally, the United States government imposes economic sanctions
that may be applied in certain circumstances to non-United States entities
conducting transactions involving targeted countries and their governments.
United States sanctions have been imposed on Iran and Syria, among other
countries in which our vessels may make port calls. On January 2, 2013,
President Obama signed the National Defense Authorization Act for Fiscal Year
2013 (the &#147;NDAA&#148;), which, among other things, expands U.S. sanctions on
non-U.S. business with Iran. In particular, Section 1244 of the NDAA targets,
among other businesses, those determined, after July 1, 2013, to be part of the
shipping sector of Iran and those providing goods or services in support of any
activity or transaction on behalf of or for the benefit of, among others,
persons determined to be part of the shipping sector of Iran or certain Iranian
persons designated by the U.S. Department of the Treasury, Office of Foreign
Assets Control (&#147;OFAC&#148;). Section 1244 also includes a humanitarian exception
that prohibits the imposition of sanctions with respect to any person for
conducting or facilitating a transaction for the sale of agricultural
commodities, food, medicine, or medical devices to Iran or the provision of
humanitarian assistance to the people of Iran.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our policy going forward is for our vessels to avoid making calls to
ports in Iran or Syria unless the charterer provides information certifying
that its cargo is licensed by OFAC.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>We
are incorporated in the Republic of The Marshall Islands, which does not have a
well-developed body of corporate law; therefore, you may have more difficulty
protecting your interests than stockholders of a U.S. corporation.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our corporate affairs are governed by our articles of incorporation, our
bylaws and by The Marshall Islands Business Corporations Act, or the &#147;BCA.&#148; The
provisions of the BCA resemble provisions of the corporation laws of a number
of states in the United States. However, there have been few judicial cases in
the Republic of The Marshall Islands interpreting the BCA. The rights and
fiduciary responsibilities of directors under the laws of the Republic of The
Marshall Islands are not as clearly established as the rights and fiduciary
responsibilities of directors under statutes or judicial precedent in existence
in certain United States jurisdictions. The rights of stockholders of companies
incorporated in the Republic of The Marshall Islands may differ from the rights
of stockholders of companies incorporated in the United States. While the BCA
provides that it is to be interpreted according to the laws of the State of
Delaware and other states with substantially similar legislative provisions,
there have been few, if any, court cases interpreting the BCA in the Republic
of The Marshall Islands and we cannot predict whether Marshall Islands courts
would reach the same conclusions as United States courts. Thus, you may have
more difficulty in protecting your interests in the face of actions by our
management, directors or controlling stockholders than would stockholders of a
corporation incorporated in a United States jurisdiction which has developed a
more substantial body of case law in the corporate law area.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>It
may be difficult to serve us with legal process or enforce judgments against
us, our directors or our management.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We are incorporated under the laws of the Republic of The Marshall
Islands, and our Manager&#146;s business is operated primarily from our offices in
Athens, Greece. In addition, a majority of our directors and officers are or
will be non-residents of the United States, and all of our assets and a
substantial portion of the assets of these non-residents are located outside
the United States. As a result, it may be difficult or impossible for you to
bring an action against us or against these individuals in the United States if
you believe that your rights have been infringed under the securities laws or
otherwise. You may also have difficulty enforcing, both within and outside of
the United States, judgments you may obtain in the United States courts against
us or these persons in any action, including actions based upon the civil
liability provisions of United States federal or state securities laws. There
is also substantial doubt that the courts of the Republic of The Marshall
Islands or Greece would enter judgments in original actions brought in those
courts predicated on United States federal or state securities laws.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>We
are involved in an ongoing arbitration dispute, which, if determined adversely
to us, could cause us to incur a significant financial loss, harm our
reputation and/or have a material effect on us.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We are involved in an ongoing arbitration dispute in London, England,
with Zhoushan Jinhaiwan Shipyard Co., Ltd. (the &#147;Shipyard&#148;). We had entered
into an agreement with the Shipyard for the construction, sale and delivery by
the Shipyard to us of one 180,000 DWT Capesize class newbuild vessel <I>(Hull No. J0131) </I>in exchange for USD $53 million.
In December 2012, after having paid $31.8 million in advances during
construction, we exercised our termination right under the agreement due to the
Shipyard&#146;s excessive construction delays and delivered demands to each of the
Shipyard and the refund guarantor, The Export Import Bank of China (a bank
rated Aa3 by Moody&#146;s Investor Services), pursuant to the agreement and the
refund guarantees, respectively, for a refund of the full amount of advances
paid, with interest.</FONT></P>

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 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>29</FONT></P>
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 <P><FONT SIZE=1><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In response, in January 2013, the Company received a notice of
arbitration, and arbitration proceedings with the shipyard were initiated in
London, England. The Shipyard alleges that our termination constitutes a breach
of the agreement and argues that we are not entitled to a refund of any of the
advances paid or interest. Arbitration is inherently uncertain, and an award
against us would require us to record the related liability and incur the cost
thereof, which includes the amount of advances already paid, the capitalized expenses
recorded and any further damages to the Shipyard without receipt of the vessel.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We are not otherwise involved in any legal proceedings which may have,
or have had, a significant effect on our business, financial position, results
of operations or liquidity, nor are we aware of any other proceedings that are
pending or threatened which may have a significant effect on our business,
financial position, results of operations or liquidity.<BR><BR>The nature of our
business exposes us to the risk of lawsuits for damages or penalties relating
to, among other things, personal injury, property casualty and environmental
contamination. From time to time, we may be subject to legal proceedings and
claims in the ordinary course of business, principally personal injury and
property casualty claims. We expect that these claims would be covered by
insurance, subject to customary deductibles. However, such claims, even if
lacking merit, could result in the expenditure of significant financial and
managerial resources.</FONT></P>

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 <TD VALIGN=TOP STYLE='BORDER-BOTTOM:DOTTED #36497C 1PX'>
 <P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>Risks Relating to Our Common Stock</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Vorini
Holdings Inc., our principal stockholder, controls the outcome of matters on
which our stockholders are entitled to vote and its interests may be different
from yours.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Vorini Holdings Inc., which is controlled by our chief executive
officer, Polys Hajioannou and his family, owns approximately 60.55% of our
outstanding common stock. This stockholder is able to control the outcome of
matters on which our stockholders are entitled to vote, including the election
of our entire board of directors and other significant corporate actions. The
interests of this stockholder may be different from yours.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>We
are a &#147;controlled company&#148; under the New York Stock Exchange rules, and as such
we are entitled to exemption from certain New York Stock Exchange corporate
governance standards, and you may not have the same protections afforded to
stockholders of companies that are subject to all of the New York Stock
Exchange corporate governance requirements.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We are a &#147;controlled company&#148; within the meaning of the New York Stock
Exchange corporate governance standards. Under the New York Stock Exchange
rules, a company of which more than 50% of the voting power is held by another
company or group is a &#147;controlled company&#148; and may elect not to comply with
certain New York Stock Exchange corporate governance requirements, including:
(a) the requirement that a majority of the board of directors consist of
independent directors, (b) the requirement that the nominating committee be
composed entirely of independent directors and have a written charter
addressing the committee&#146;s purpose and responsibilities, (c) the requirement
that the compensation committee be composed entirely of independent directors
and have a written charter addressing the committee&#146;s purpose and
responsibilities and (d) the requirement of an annual performance evaluation of
the corporate governance, nominating and compensation committees. We may
utilize these exemptions. As a result, non-independent directors, including
members of our management who also serve on our board of directors, will
comprise the majority of our board of directors and may serve on the corporate
governance, nominating and compensation committee of our board of directors
which, among other things, reviews the compensation of certain members of our
management and resolves governance issues regarding our company. Accordingly,
you may not have the same protections afforded to stockholders of companies
that are subject to all of the New York Stock Exchange corporate governance
requirements.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Future
sales of our common stock could cause the market price of our common stock to
decline and our existing stockholders may experience significant dilution.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We may issue additional shares of our common stock in the future and our
stockholders may elect to sell large numbers of shares held by them from time
to time.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In March 2010, we issued and sold 10,350,000 shares of common stock in a
public offering. Concurrently with this public offering, we issued and sold
1,000,000 shares of common stock to Vorini Holdings Inc. in a private
placement. The gross proceeds of the March 2010 public offering and private
placement were $79.45 million. In April 2011, we issued and sold 5,000,000
shares of common stock in a public offering. The gross proceeds of the April
2011 public offering were $42 million. In March 2012, we issued and sold
5,750,000 shares of common stock in a public offering. The gross proceeds of
the March 2012 public offering were approximately $37.4 million.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Sales of a substantial number of shares of our common stock in the
public market, or the perception that these sales </FONT></P>

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 <P><FONT SIZE=2 FACE=ARIAL>30</FONT></P>
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 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report<B> 2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>could occur, may depress the market price for our common stock. These
sales could also impair our ability to raise additional capital through the
sale of our equity securities in the future.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our existing stockholders may also experience significant dilution in
the future as a result of any future offering.<BR><BR>We also entered into a
registration rights agreement in connection with our initial public offering
with Vorini Holdings Inc., our principal stockholder, pursuant to which we have
granted it and certain of its transferees the right, under certain
circumstances and subject to certain restrictions, to require us to register
under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), shares of
our common stock held by them. Under the registration rights agreement, Vorini
Holdings Inc. and certain of its transferees have the right to request us to
register the sale of shares held by them on their behalf and may require us to
make available shelf registration statements permitting sales of shares into
the market from time to time over an extended period. In addition, those
persons have the ability to exercise certain piggyback registration rights in
connection with registered offerings initiated by us. Registration of such
shares under the Securities Act would, except for shares purchased by
affiliates, result in such shares becoming freely tradable without restriction
under the Securities Act immediately upon the effectiveness of such
registration.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Anti-takeover
provisions in our organizational documents could make it difficult for our
stockholders to replace or remove our current board of directors and together
with our adoption of a stockholder rights plan could have the effect of
discouraging, delaying or preventing a merger or acquisition, which could
adversely affect the market price of the shares of our common stock.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Several provisions of our articles of incorporation and bylaws could
make it difficult for our stockholders to change the composition of our board
of directors in any one year, preventing them from changing the composition of
our management. In addition, the same provisions may discourage, delay or prevent
a merger or acquisition that stockholders may consider favorable. These
provisions:</FONT></P>

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 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
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 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>authorize
 our board of directors to issue &#147;blank check&#148; preferred stock without
 stockholder approval;</FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
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 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>provide
 for a classified board of directors with staggered, three-year terms;</FONT></P>
 </TD>
 </TR>
 <TR>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
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 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>prohibit
 cumulative voting in the election of directors;</FONT></P>
 </TD>
 </TR>
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 </TD>
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 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>authorize
 the removal of directors only for cause;</FONT></P>
 </TD>
 </TR>
 <TR>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 </TD>
 </TR>
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 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>prohibit
 stockholder action by written consent unless the written consent is signed by
 all stockholders entitled to vote on the action;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
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 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>establish
 advance notice requirements for nominations for election to our board of
 directors or for proposing matters that can be acted on by stockholders at
 stockholder meetings; and</FONT></P>
 </TD>
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 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>provide
 that special meetings of our stockholders may only be called by the chairman
 of our board of directors, chief executive officer or a majority of our board
 of directors.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We have adopted a stockholder rights plan pursuant to which our board of
directors may cause the substantial dilution of the holdings of any person that
attempts to acquire us without the approval of our board of directors.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>These anti-takeover provisions, including the provisions of our
prospective stockholder rights plan, could substantially impede the ability of
public stockholders to benefit from a change in control and, as a result, may
adversely affect the market price of our common stock and your ability to
realize any potential change of control premium.</FONT></P>

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 </TD>
 <TD VALIGN=TOP STYLE='BORDER-bottom:dotted #36497C 1px'>
 <P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>Tax Risks</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In addition to the following risk factors, you should read &#147;Item 10.
Additional Information&#151;E. Tax Considerations&#151;Marshall Islands Tax
Considerations,&#148; &#147;Item 10. Additional Information&#151;E. Tax
Considerations&#151;Liberian Tax Considerations,&#148; and &#147;Item 10. Additional
Information &#151;E. Tax Considerations&#151;United States Federal Income Tax
Considerations&#148; for a more complete discussion of expected material Marshall
Islands, Liberian and United States federal income tax consequences of owning
and disposing of our common stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>We
may earn shipping income that will be subject to United States income tax,
thereby reducing our cash available for distributions to you.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Under United States tax rules, 50% of our gross income attributable to
shipping that begins or ends in the United States will be subject to a 4% United
States federal income tax (without allowance for deductions). The amount of
this income may fluctuate, and we will not qualify for any exemption from this
United States tax. Many of our charters contain provisions that obligate the
charterers to reimburse us for this 4% United States tax. To the extent we are
not reimbursed by </FONT></P>

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 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>31</FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P><FONT SIZE=1><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>our charterers, the 4% United States tax will decrease our cash that is
available for dividends.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>For a more complete discussion, see the section entitled &#147;Item 10.
Additional Information&#151;Tax Considerations&#151;E. United States Federal Income Tax
Considerations&#151;Taxation of Our Shipping Income.&#148;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>United
States tax authorities could treat us as a &#147;passive foreign investment
company,&#148; which could have adverse United States federal income tax
consequences to United States holders.</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>A non-United States corporation will be treated as a &#147;passive foreign
investment company,&#148; or PFIC, for United States federal income tax purposes if
either (a) at least 75% of its gross income for any taxable year consists of
certain types of &#147;passive income&#148; or (b) at least 50% of the average value of
the corporation&#146;s assets produce or are held for the production of those types
of &#147;passive income.&#148; For purposes of these tests, &#147;passive income&#148; includes dividends,
interest and gains from the sale or exchange of investment property and rents
and royalties other than rents and royalties that are received from unrelated
parties in connection with the active conduct of a trade or business. For
purposes of these tests, income derived from the performance of services does
not constitute &#147;passive income.&#148; United States stockholders of a PFIC are
subject to a disadvantageous United States federal income tax regime with
respect to the income derived by the PFIC, the distributions they receive from
the PFIC, and the gain, if any, they derive from the sale or other disposition
of their shares in the PFIC. In particular, United States holders who are
individuals would not be eligible for preferential tax rates otherwise applicable
to qualified dividends.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Based on our current operations and anticipated future operations, we
believe that it is more likely than not that we currently will not be treated
as a PFIC. In this regard, we intend to treat gross income we derive or are deemed
to derive from our period time chartering activities as services income, rather
than rental income. Accordingly, we believe that our income from our period
time chartering activities should not constitute &#147;passive income,&#148; and that the
assets we own and operate in connection with the production of that income do
not constitute passive assets.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>There are legal uncertainties involved in this determination. A recent
case decided by the United States Court of Appeals for the Fifth Circuit held
that, contrary to the position of the United States Internal Revenue Service,
or the &#147;IRS,&#148; in that case, and for purposes of a different set of rules under
the Internal Revenue Code of 1986, or the &#147;Code,&#148; income received under a
period time charter of vessels should be treated as rental income rather than
services income. If the reasoning of this case were extended to the PFIC
context, the gross income we derive or are deemed to derive from our period
time chartering activities would be treated as rental income, and we would
probably be a PFIC. In recent guidance, however, the IRS stated that it
disagreed with the holding in the Fifth Circuit case, and specified that income
from period time charters should be treated as services income. In light of
these authorities, the IRS or a United States court may not accept the position
that we are not a PFIC, and there is a risk that the IRS or a United States
court could determine that we are a PFIC. Moreover, we may constitute a PFIC
for a future taxable year if there were to be changes in our assets, income or
operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>If the IRS were to find that we are or have been a PFIC for any taxable
year, our United States stockholders will face adverse United States tax
consequences. See &#147;Item 10. Additional Information&#151;E. Tax Considerations&#151;United
States Federal Income Tax Considerations&#151;United States Federal Income Taxation
of United States Holders&#148; for a more comprehensive discussion of the United
States federal income tax consequences to United States stockholders if we are
treated as a PFIC.</FONT></P>

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 </TD>
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 <P><FONT SIZE=2 FACE=ARIAL>32</FONT></P>
 </TD>
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<BR>

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 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report<B> 2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<A NAME="c73723a004_v1"></A>TEM 4. INFORMATION ON THE COMPANY</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>A. History and
Development of the Company</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Safe Bulkers, Inc. was incorporated in the Republic of The Marshall
Islands on December 11, 2007, under The Marshall Islands Business Corporations
Act, for the purpose of acquiring ownership of various subsidiaries that either
owned or were scheduled to own vessels. We are controlled by the Hajioannou
family, which has a long history of operating and investing in the
international shipping industry, including a long history of vessel ownership.
Vassos Hajioannou, the late father of Polys Hajioannou, our chief executive
officer, first invested in shipping in 1958. Polys Hajioannou has been actively
involved in the industry since 1987, when he joined the predecessor of Safety
Management.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Over the past 18 years under the leadership of Polys Hajioannou, we have
renewed our fleet by selling eleven drybulk vessels during periods of what we
viewed as favorable secondhand market conditions and contracting to acquire 42
drybulk newbuilds and three drybulk secondhand vessels. Also under his
leadership, we have expanded the classes of drybulk vessels in our fleet and
the aggregate carrying capacity of our fleet has grown from 887,900 deadweight tons
prior to our initial public offering in May 28, 2008 to 2,282,400 dwt
currently. The quality and size of our current fleet, together with our
long-term relationships with several of our charter customers, are, we believe,
the results of our long-term strategy of maintaining a young, high quality
fleet, our broad knowledge of the drybulk industry and our strong management
team. In addition to benefiting from the experience and leadership of Polys
Hajioannou, we also benefit from the expertise of our Manager which, along with
its predecessor, has specialized in drybulk shipping since 1965, providing
services to over 41 drybulk vessels. A number of our Managers&#146; key management
and operational personnel have been continuously employed with Safety
Management and its predecessor company for over 26 years. In June 2008, we
completed an initial public offering of our common stock in the United States
and our common stock began trading on the New York Stock Exchange. We maintain
our offices at 30-32 Avenue Karamanli, P.O. Box 70837, 16673 Voula, Athens,
Greece. Our telephone number at that address is +30-210-899-4980. Our
registered address in the Republic of The Marshall Islands is Trust Company
Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall
Islands MH96960. The name of our registered agent at such address is The Trust
Company of The Marshall Islands, Inc.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>B. Business Overview</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We are an international provider of marine drybulk transportation
services, transporting bulk cargoes, particularly coal, grain and iron ore,
along worldwide shipping routes for some of the world&#146;s largest consumers of
marine drybulk transportation services. As of February 15, 2013, we had a fleet
of 25 drybulk vessels, with an aggregate carrying capacity of 2,282,400 dwt and
an average age of 4.8 years, making us one of the world&#146;s youngest fleets of
Panamax, Kamsarmax, Post-Panamax and Capesize class vessels. Our fleet is
expected to grow through 2015 as the result of the delivery of six further
contracted newbuilds and one secondhand vessel, comprised of three Panamax
class vessels, one secondhand Kamsarmax class vessel, two Post-Panamax class
vessels and one Capesize class vessel. Upon delivery of the last of our
contracted newbuilds, our fleet will be comprised of 32 vessels, having an
aggregate carrying capacity of 2,943,300 dwt.<BR><BR>We employ our vessels on both
period time charters and spot time charters, according to our assessment of
market conditions, with some of the world&#146;s largest consumers of marine drybulk
transportation services. The vessels we deploy on period time charters provide
us with relatively stable cash flow and high utilization rates, while the
vessels we deploy in the spot market allow us to maintain our flexibility in
low charter market conditions.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>General</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of February 15, 2013 our fleet comprised 25 vessels, of which seven
are Panamax class vessels, six are Kamsarmax class vessels, ten are
Post-Panamax class vessels and two are Capesize class vessels, with an
aggregate carrying capacity of 2,282,400 dwt and an average age of 4.8 years.
Assuming delivery of the last of our contracted vessels in 2015, our fleet will
be comprised of ten Panamax class vessels, seven Kamsarmax class vessels, 12
Post-Panamax class vessels and three Capesize class vessels, and the aggregate
carrying capacity of our 32 vessels will be 2,943,300 dwt. As of February 15,
2013, the average remaining duration of the charters for our existing fleet was
1.82 years.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The majority of vessels in our fleet have sister ships with similar
specifications in our existing or newbuild fleet. We believe using sister ships
provides cost savings because it facilitates efficient inventory management and
allows for the substitution of sister ships to fulfill our period time charter
obligations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>Our Fleet and Newbuilds</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The table below presents additional information with respect to our
drybulk vessel fleet, including our newbuilds, and its deployment as of
February 15, 2013.</FONT></P>

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 <P>&nbsp;</P>
 </TD>
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 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>33</FONT></P>
 </TD>
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</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="15%" VALIGN=BOTTOM>
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 <TD WIDTH="1%" VALIGN=BOTTOM>
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 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
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 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
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 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT  SIZE=1 FACE=ARIAL><B>Vessel Name</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Dwt</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year <BR>
 Built<SUP>(1)</SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Country of<BR>
 Construction</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Charter<BR>
 Type</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Charter<BR>
 Rate<SUP>(2)</SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Commiss-<BR>
 ions<SUP>(3)</SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Charter Period<SUP>(4)</SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Sister <BR>
 Ship<SUP>(5)</SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=19 VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=1  COLOR=WHITE FACE=ARIAL><B>CURRENT FLEET</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=19 VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Panamax</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Maria</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>76,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2003</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Spot</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Feb. 2013 &#150; Mar 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Koulitsa</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>76,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2003</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Dec. 2012 &#150; Feb. 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Paraskevi</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>74,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2003</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Spot</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Jan. 2013 &#150; Apr. 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Vassos</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>76,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2004</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Nov. 2008 &#150; Oct. 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Katerina</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>76,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2004</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Feb. 2011 &#150; Feb. 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Maritsa</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>76,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2005</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Jan. 2013 &#150; Dec. 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Efrossini</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Spot</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Mar. 2013 &#150; May. 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>B</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=19 VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Kamsarmax</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pedhoulas Merchant</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>82,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2006</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,350</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.50</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Aug. 2011 &#150; Jul. 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>C</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pedhoulas Trader</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>82,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2006</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period <SUP>(6)</SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Aug. 2011 &#150; Jul. 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>C</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period <SUP>(7)</SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>BPI + 6.5%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.50</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Aug. 2013 &#150; Jul. 2015</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pedhoulas Leader</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>82,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Jun. 2012 &#150; May 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>C</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pedhoulas Builder</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>81,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>China</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,450</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Oct. 2012 &#150; Nov. 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>D</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(BPI + 4%<FONT FACE=ARIAL>)</FONT><FONT  FACE=ARIAL>-</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pedhoulas Fighter</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>81,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>China</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period <SUP>(8)</SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Aug. 2012 &#150; Sep. 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>D</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pedhoulas Farmer</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>81,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>China</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Sep. 2012 &#150; Sep. 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>D</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=19 VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Post-Panamax</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Stalo</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>87,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2006</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>34,160</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Mar. 2010 &#150; Feb. 2015</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>E</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Marina</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>87,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2006</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Dec. 2011 &#150; Dec. 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>E</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Sophia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>87,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>34,720</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Oct. 2008 &#150; Sep. 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>E</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Eleni</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>87,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>34,160</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Apr. 2010 &#150; Mar. 2015</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>E</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Martine</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>87,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2009</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Jan. 2013 &#150; Mar. 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>E</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Andreas K</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>92,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2009</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>South Korea</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Dec. 2012 &#150; Feb. 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>F</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Panayiota K</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>92,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>South Korea</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Spot</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Dec. 2012 &#150; Feb. 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>F</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Venus Heritage</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>95,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Spot</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Feb. 2013 &#150; Mar. 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>G</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Venus History</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>95,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Spot</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Sep. 2012 &#150; Jan. 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>G</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Venus Horizon</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>95,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Spot</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Feb. 2013 &#150; Apr.2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>G</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=19 VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Capesize</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Kanaris</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>178,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>China</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25,928</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.50</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Sep. 2011 &#150; Jun. 2031</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pelopidas</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>176,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>China</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>38,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Feb. 2012 &#150; Dec. 2021</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" BGCOLOR="#E5FFFF">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Subtotal</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>2,282,400</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" BGCOLOR="#AEE1F9">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=19 VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=1  COLOR=WHITE FACE=ARIAL><B>NEW BUILDS</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=19 VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Panamax</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Hull No. 814</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2H 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>B</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Hull No. 1659</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>76,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>1H 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>H</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Hull No. 1660</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>76,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>1H 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>H</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=19 VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Post-Panamax</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Hull No. 2396</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>84,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2H 2015</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>I</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Hull No. 2397</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>84,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>1H 2015</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>I</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=19 VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Capesize</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Hull No. 8126</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>181,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>1H 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE ROWSPAN=2>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Period<SUP>(9)</SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Jan. 2014 &#150; Jul. 2016</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>

 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24,810</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>Jul. 2016 &#150; Jan.2024</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=19 VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=1  COLOR=WHITE FACE=ARIAL><B>SECONDHAND</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=19 VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Kamsarmax</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT'><FONT  SIZE=1 FACE=ARIAL>TBN Pedhoulas<BR>Commander</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>83,700</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>2008<SUP>(10)</SUP></FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Japan</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP BGCOLOR=WHITE STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Subtotal</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>660,900</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" BGCOLOR="#AEE1F9">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;



 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>TOTAL</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>2,943,300</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" BGCOLOR="#AEE1F9">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
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 <P><FONT SIZE=2 FACE=ARIAL>34</FONT></P>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOTTED #006FAC 1PX">&nbsp;

 </TD>
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 </TD>
 </TR>
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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="47%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="48%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(1)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>For newbuilds, the dates shown reflect the expected delivery dates.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(2)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>Quoted charter rates are gross charter rates. Gross charter rates are
 inclusive of commissions. Net charter rates are charter rates after the
 payment of commissions. Charter agreements may provide for additional
 payments, namely ballast bonus, to compensate for vessel repositioning. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(3)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>Commissions reflect payments made to third-party brokers or our charterers,
 and do not include the 1.25% fee payable on gross freight, charter hire,
 ballast bonus and demurrage to our Manager pursuant to our vessel management
 agreements with our Manager.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(4)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>The start dates listed reflect either actual start dates or, in the
 case of contracted charters that had not commenced as of February 15, 2013,
 scheduled start dates. Actual start dates and redelivery dates may differ
 from the scheduled start and redelivery dates depending on the terms of the
 charter and market conditions.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(5)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>Each vessel with the same letter is a &#147;sister ship&#148; of each other
 vessel that has the same letter, and under certain of our charter contracts,
 may be substituted with its &#147;sister ships.&#148; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(6)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>Fifth year charter rate of a five year charter agreement which
 provided for variable charter rates.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(7)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>A period time charter with a forward delivery date in August of 2013
 at a gross daily charter rate linked to the Baltic Panamax Index (&#147;BPI&#148;) plus
 a premium of 6.5%.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(8)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>A period time charter at a gross daily charter rate linked to the BPI
 plus a premium of 4%. Net daily charter rate payable is being reduced by an
 amount equal to $1,000 per day.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(9)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>The charter agreement grants the charterer the option to extend the
 period time charter for an additional twelve months at a time, at a gross
 daily charter rate of $26,330, less 1.25% total commissions, which option may
 be exercised by the charterer a maximum of two times. The charter agreement
 also grants the charterer an option to purchase the vessel at any time
 beginning at the end of the seventh year of the period time charter period,
 at a price of $39 million less 1.00% commission, decreasing thereafter on a
 pro-rated basis by $1.5 million per year. The Company holds a right of first
 refusal to buy back the vessel in the event that the charterer exercises its
 option to purchase the vessel and subsequently offers to sell such vessel to
 a third party.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(10)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>Vessel is scheduled to be delivered to us in March 2013.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>From the beginning of 1995 through February 15, 2013, we have taken
delivery of 33 newbuilds and two secondhand vessels. As of February 15, 2013,
we were contracted to take delivery of six Japanese-built newbuilds and one
Japanese-built secondhand vessel, comprised of three Panamax class vessels, one
Kamsarmax class vessel, two Post-Panamax class vessels and one Capesize class
vessel. As of February 15, 2013, our remaining capital expenditure requirements
were $198.8 million, of which $69.7 million is payable in 2013, $76.1 million
in 2014 and $53.0 million in 2015.</FONT></P>

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 </TD>
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 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR="#35497C" FACE=ARIAL><I>Chartering of Our Fleet</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our
 vessels are used to transport bulk cargoes, particularly coal, grain and iron
 ore, along worldwide shipping routes. We may employ our vessels in time
 charters or in voyage charters.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>A time charter is a contract to charter a vessel for a fixed period of
time at a set daily rate and can last from a few days up to several years,
where the vessel performs one or more voyages between load port(s) and
discharge port(s). Based on the duration of vessel&#146;s employment, a time charter
can be either a long-term, or period, time charter with duration of more than
three months, or a short-term, or spot, time charter with duration of up to
three months. Under our time charters the charterer pays for most voyage expenses,
such as port, canal and fuel costs, agents&#146; fees, extra war risks insurance and
any other expenses related to the cargoes, and we pay for vessel operating
expenses, which include, among other costs, cos nd intermediate and special
surveys. During 2012, all of our vessels were employed under time charter
contracts.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Voyage charters are generally contracts to carry a specific cargo from a
load port to a discharge port, including positioning the vessel at the load
port. Under a voyage charter, the charterer pays an agreed upon total amount or
on a per cargo ton basis, and we pay for both vessel operating expenses and
voyage expenses. We infrequently enter into voyage charters. Voyage charters
together with spot time charterers are referred to in our industry as
employement in the spot market.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL> We intend to employ our vessels
on both period time charters and spot time charters, according to our
assessment of market conditions, with some of the world&#146;s largest consumers of
marine drybulk transportation services. The vessels we deploy on period time
charters provide us with relatively stable cash flow and high utilization
rates, while the vessels we deploy in the spot market allow us to maintain our
flexibility in low charter market conditions.</FONT></P>

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 <P><FONT SIZE=2 COLOR="#35497C" FACE=ARIAL><I><B>Our Customers</B></I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Since
 2005 our customers have included over 30 national, regional and international
 companies, including Bunge, Cargill, Daiichi, Intermare Transport G.m.b.H.,
 Eastern Energy Pte. Ltd., NYK, NS United Kaiun Kaisha, Kawasaki Kisen Kaisha,
 Oldendorff Carriers or their affiliates. During 2012, two of our charterers
 accounted for 62.9% of our revenues, namely Daiichi and Kawasaki Kisen
 Kaisha, with each one accounting for more than 10% of total revenues. During
 2011, two of our charterers accounted for 66.1% of our revenues, namely
 Daiichi and Kawasaki Kisen Kaisha, with each one accounting for more than 10%
 of total revenues. During 2010, three of our charterers accounted for 76.3%
 of our revenues, namely Daiichi, Kawasaki Kisen Kaisha and Cargill, with each
 one accounting for more than 10% of total revenues. </FONT></P>
 </TD>
 </TR>
</TABLE>

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 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>35</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
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 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
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 <P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We seek to charter our vessels primarily to charterers who intend to use
our vessels without sub-chartering them to third parties. A prospective
charterer&#146;s financial condition and reliability are also important factors in
negotiating employment for our vessels.</FONT></P>

<P><FONT SIZE=2 COLOR="#35497C" FACE=ARIAL><I><B>Management of Our Fleet</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We have a management agreement pursuant to which our Manager provides us
with technical, administrative, commercial and certain other services for an
initial term of two years with automatic one-year renewals for an additional
eight years, during which the management fees can be adjusted every year upon
agreement between us and our Manager. The management agreement can be
terminated if we provide notice of non- renewal 12 months prior to the end of
the then-current term. The initial two year term expired on May 28, 2010. We
have not provided notice of termination to our Manager. Our arrangements with
our Manager and its performance are reviewed by our board of directors. Our
chief executive officer, president, chief financial officer and chief operating
officer, collectively referred to in this annual report as our &#147;executive
officers,&#148; provide strategic management for our company and also supervise the
management of our day-to-day operations by our Manager. Our Manager reports to
us and our board of directors through our executive officers.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In return for providing such services our Manager receives a fixed
management fee of $700 per day per vessel. In return for chartering services
rendered to us, our Manager also receives a variable fee of 1.25% on all
freight, charter hire, ballast bonus and demurrage for each vessel. Our Manager
also receives a sales fee of 1.0% based on the contract price of any vessel
sold by it on our behalf, and an acquisition fee of 1.0% based on the contract
price of any vessel bought by it on our behalf, including the acquisition of
each of our contracted newbuilds. We also pay our Manager a supervision fee of
$550,000 per newbuild, of which 50% is payable upon the signing of the relevant
supervision agreement, and 50% upon successful completion of the sea trials of
each newbuild, which we capitalize, for the on-premises supervision by selected
engineers and others on the Manager&#146;s staff of newbuilds we have agreed to
acquire pursuant to shipbuilding contracts, memoranda of agreement, or
otherwise.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our Manager has agreed that, during the term of our management agreement
and for a period of one year following its termination, our Manager will not
provide management services to, or with respect to, any drybulk vessels other
than (a) on our behalf or (b) with respect to drybulk vessels that are owned or
operated by companies affiliated with our chief executive officer or his
brother Nicolaos Hadjioannou, and drybulk vessels that are acquired, invested
in or controlled by companies affiliated with our chief executive officer or
Nicolaos Hadjioannou subject in each case to compliance with, or waivers of,
the restrictive covenant agreements entered into between us and such companies.
Our Manager has also agreed that if one of our drybulk vessels and a drybulk
vessel owned or operated by any such company are both available and meet the
criteria for a charter being arranged by our Manager, our drybulk vessel will
receive such charter.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Historically our Manager has rarely provided services to third parties.
Currently our Manager does not provide management services to any third party
vessels.</FONT></P>

<P><FONT SIZE=2 COLOR="#35497C" FACE=ARIAL><I><B>Competition</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We operate in highly competitive markets that are based primarily on
supply and demand. Our business fluctuates in line with the main patterns of
trade of the major drybulk cargoes and varies according to changes in the
supply and demand for these items. We believe we differentiate ourselves from
our competition by providing young, modern vessels with advanced designs and
technological specifications. As of February 15, 2013 our fleet had an average
age of 4.8 years compared to an industry average of approximately ten years.
Upon delivery of our contracted newbuilds and secondhand vessel, the majority
of our fleet will have been built in Japanese shipyards, which we believe
provides us with an advantage in attracting large, well-established customers,
including Japanese customers.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The drybulk sector is characterized by relatively low barriers to entry,
and ownership of drybulk vessels is highly fragmented. In general, we compete
with other owners of Panamax class or larger drybulk vessels for charters based
upon price, customer relationships, operating expertise, professional
reputation and size, age, location and condition of the vessel.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#35497C" FACE=ARIAL><I><B>Crewing
and Shore Employees</B></I></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>Our
management team consists of our chief executive officer, president, chief
financial officer and chief operating officer, all of whom are provided by our
Manager. In addition, we employ a legal representative for our office in
Greece. Our Manager is responsible for the technical management of our fleet
and therefore also handles the recruiting, either directly or through crewing
agents, of the senior officers and all other crew members for our vessels. As
of December 31, </FONT></P>



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 <P><FONT SIZE=2 FACE=ARIAL>36</FONT></P>
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 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
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 <P>&nbsp;</P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOTTED #006FAC 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
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</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>2012, approximately 506 people served on board the vessels in our fleet,
and our Manager employed approximately 48 people on shore.</FONT></P>

<P><FONT SIZE=2 COLOR="#35497C" FACE=ARIAL><I><B>Permits and Authorizations</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We are required by various governmental and other agencies to obtain
certain permits, licenses, certificates and financial assurances with respect
to each of our vessels. The kinds of permits, licenses, certificates and
financial assurances required by governmental and other agencies depend upon
several factors, including the commodity being transported, the waters in which
the vessel operates, the nationality of the vessel&#146;s crew and the type and age
of the vessel. All permits, licenses, certificates and financial assurances
currently required to operate our vessels have been obtained. Additional laws
and regulations, environmental or otherwise, may be adopted which could limit
our ability to do business or increase the cost of doing business.</FONT></P>

<P><FONT SIZE=2 COLOR="#35497C" FACE=ARIAL><I><B>Risk of Loss and
Liability Insurance</B></I></FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>General</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The operation of our fleet involves risks such as mechanical failure,
collision, property loss, cargo loss or damage as well as personal injury,
illness and loss of life. In addition, the operation of any oceangoing vessel
is subject to the inherent possibility of marine disaster, including oil spills
and other environmental mishaps, the risk of piracy and the liabilities arising
from owning and operating vessels in international trade. The U.S. Oil
Pollution Act of 1990 (&#147;OPA 90&#148;), which imposes virtually unlimited liability
upon owners, operators and demise charterers of vessels trading in the United
States exclusive economic zone for certain oil pollution accidents in the
United States, has made liability insurance more expensive for vessel owners
and operators trading in the United States market.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our Manager is responsible for arranging insurance for all our vessels
on terms specified in our Management Agreement, which we believe are in line
with standard industry practice. In accordance with our Management Agreement,
our Manager procures and maintains hull and machinery insurance, war risks
insurance, freight, demurrage and defense coverage and protection and indemnity
coverage with mutual assurance associations. Due to our low incident rate and
the young age of our fleet, we are generally able to procure relatively low
rates for all types of insurance. <BR><BR>While our insurance coverage for our drybulk
vessel fleet is in amounts that we believe to be prudent to protect us against
normal risks involved in the conduct of our business and consistent with
standard industry practice, our Manager may not be able to maintain this level
of coverage throughout a vessel&#146;s useful life. Furthermore, all risks may not
be adequately insured against, any particular claim may not be paid and
adequate insurance coverage may not always be obtainable at reasonable rates.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Hull and machinery insurance</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our marine hull and machinery insurance covers risks of partial loss or
actual or constructive total loss from collision, fire, grounding, engine
breakdown and other insured risks up to an agreed amount per vessel. Our
vessels will each be covered up to at least their fair market value after
meeting certain deductibles per incident per vessel. We also maintain increased
value coverage for each of our vessels. Under this increased value coverage, in
the event of the total loss of a vessel, we are entitled to recover amounts in
excess of the total loss amount recoverable under our hull and machinery
policy.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Protection and
indemnity insurance</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Protection and indemnity insurance is a form of mutual indemnity
insurance provided by mutual marine protection and indemnity associations, or
&#147;P&amp;I Associations,&#148; formed by vessel owners to provide protection from
large financial loss to one club member by contribution towards that loss by
all members.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Protection and indemnity insurance covers our third-party liabilities in
connection with our shipping activities. This includes third-party liability
and other related expenses of injury or death of crew members, passengers and
other third parties, loss or damage to cargo, claims arising from collisions
with other vessels, damage to other third party property, pollution arising
from oil or other substances, and salvage, towing and other related costs,
including wreck removal. Our coverage, except for pollution, will be unlimited.
Furthermore, within this aggregate limit, club coverage is also limited to the
amount of the member&#146;s legal liability.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our protection and indemnity insurance coverage for pollution is limited
to $1.0 billion per vessel per incident. Our protection and indemnity insurance
coverage in respect of passengers is limited to $2.0 billion and in respect of
passengers and seamen is limited to $3.0 billion per vessel per incident. The
13 P&amp;I Associations that comprise the International </FONT></P>


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 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>37</FONT></P>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
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<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
 <P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Group of P&amp;I Clubs (the &#147;International Group&#148;) insure approximately
90% of the world&#146;s commercial blue-water tonnage and have entered into a
pooling agreement to reinsure each P&amp;I Association&#146;s liabilities. As a
member of a P&amp;I Association that is a member of the International Group, we
are subject to calls payable to the P&amp;I Association based on the
International Group&#146;s claim records, as well as the claim records of all other
members of the individual associations. <BR><BR>Although the P&amp;I Associations
compete with each other for business, they have found it beneficial to
mutualise their larger risks among themselves through the International Group.
This is known as the &#147;Pool.&#148; This pooling is regulated by a contractual
agreement which defines the risks that are to be covered and how claims falling
on the Pool are to be shared among the participants in the International Group.
The Pool provides a mechanism for sharing all claims in excess of $8.0 million
up to $60.0 million. For claims in excess of $60.0 million, the International
Group purchases reinsurance from the commercial market of up to $2.06 billion
per vessel per incident in excess of $60.0 million and additional overspill
insurance of $1.0 billion in excess of $2.05 billion in respect of passengers
and seamen, per vessel per incident.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>War risks insurance</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our war risk insurance covers risks of partial loss or actual or
constructive total loss from confiscations, seizure, capture, vandalism,
sabotage and other war related risks and is $500.0 million per vessel per
incident.</FONT></P>

<P><FONT SIZE=2 COLOR="#35497C" FACE=ARIAL><B>Inspection by Classification Societies</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Every oceangoing vessel must be &#147;classed&#148; by a classification society.
The classification society certifies that the vessel is &#147;in class,&#148; signifying
that the vessel has been built and maintained in accordance with the rules and
regulations of the classification society. In addition, each vessel must comply
with all applicable laws, rules and regulations of the vessel&#146;s country of
registry, or &#147;flag state,&#148; as well as the international conventions of which
that flag state is a member. A vessel&#146;s compliance with international
conventions and corresponding laws and ordinances of its flag state can be
confirmed by the applicable flag state, port state control or, upon application
or by official order, the classification society, acting on behalf of the
authorities concerned.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The classification society also undertakes, upon request, other surveys
and checks that are required by regulations and requirements of the flag state.
These surveys are subject to agreements made in each individual case or to the
regulations of the country concerned.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>All areas subject to survey as defined by the classification society are
required to be surveyed at least once per class period, unless shorter
intervals between surveys are prescribed elsewhere. The period between two
subsequent surveys of each area must not exceed five years. The maintenance of
class, regular and extraordinary surveys of a vessel&#146;s hull and machinery,
including the electrical plant, and any special equipment classed are required
to be performed as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL><I><B>&#149;</B></I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Annual Surveys.</B></I><FONT  FACE=ARIAL> For
 oceangoing vessels, annual surveys are conducted for their hulls and
 machinery, including the electrical plants, and for any special equipment
 classed, at intervals of 12 months from the date of commencement of the class
 period indicated in the certificate.</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL><I><B>&#149;</B></I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Intermediate Surveys.</B></I><FONT  FACE=ARIAL> Extended
 annual surveys are referred to as &#147;intermediate surveys&#148; and typically are
 conducted on the occasion of the second or third annual survey after
 commissioning and after each class renewal.</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL><I><B>&#149;</B></I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Class Renewal / Special Surveys.</B></I><FONT  FACE=ARIAL> Class
 renewal surveys, also known as &#147;special surveys,&#148; are more extensive than
 intermediate surveys and are carried out at the end of each five-year period.
 During the special survey the vessel is thoroughly examined, including
 thickness-gauging to determine any diminution in the steel structures. Should
 the thickness be found to be less than class requirements, the classification
 society would prescribe steel renewals. It may be expensive to have steel
 renewals pass a special survey if the vessel is aged or experiences excessive
 wear and tear. A vessel owner has the option of arranging with the
 classification society for the vessel&#146;s machinery to be on a continuous
 survey cycle, according to which all machinery would be surveyed within a
 five-year cycle. At an owner&#146;s application, the surveys required for class
 renewal may be split according to an agreed schedule to extend over the
 entire period of class.</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Vessels are drydocked during intermediate and special surveys for
repairs of their underwater parts. If &#147;in water survey&#148; notation is assigned by
class, as is the case for our vessels, the vessel owner has the option of
carrying out an underwater inspection of the vessel in lieu of drydocking,
subject to certain conditions. In the event that an &#147;in water survey&#148; notation
is assigned as part of a particular intermediate survey, drydocking would be
required for the following special survey thereby generally achieving a higher
utilization for the relevant vessel. Drydocking can be undertaken as part of a
special survey if the drydocking occurs within 15 months prior to the special
survey deadline. The following table lists the dates by which we expect to
carry out the next drydockings and special surveys for the vessels in our
current drybulk vessel fleet:</FONT></P>



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 <P><FONT SIZE=2 FACE=ARIAL>38</FONT></P>
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 </TD>
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</TABLE>


<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOTTED #006FAC 1PX">&nbsp;

 </TD>
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 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="44%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="23%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="23%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Vessel Name</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Drydocking</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Special Survey</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Maria</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>January 2016</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>April 2013</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Vassos</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>November 2013</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>February 2014</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Katerina</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>May 2014</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>May 2014</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Maritsa</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>January 2015</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>January 2015</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Efrossini</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>February 2016</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>February 2017</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Koulitsa</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>April 2013</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>April 2013</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Paraskevi</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>January 2016</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>January 2018</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Pedhoulas Merchant</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>October 2015</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>March 2016</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Pedhoulas Trader</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>October 2015</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>May 2016</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Pedhoulas Leader</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>November 2015</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>February 2017</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Pedhoulas Builder</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>May 2016</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>May 2017</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Pedhoulas Fighter</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>August 2016</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>August 2017</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Pedhoulas Farmer</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>September 2016</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>September 2017</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Stalo</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>September 2015</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>January 2016</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Marina</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>August 2015</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>January 2016</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Sophia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>June 2016</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>June 2017</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Eleni</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>November 2013</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>November 2013</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Martine</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>February 2014</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>February 2014</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Andreas K</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>August 2013</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>August 2014</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Kanaris</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>March 2014</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>March 2015</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Panayiota K</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>April 2014</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>April 2015</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Venus Heritage</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>December 2014</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>December 2015</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Venus History</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>September 2015</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>September 2016</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Venus Horizon</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>February 2016</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>February 2017</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Pelopidas</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>November 2015</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>November 2016</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="49%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Following an incident or a scheduled survey, if any defects are found,
the classification surveyor will issue a &#147;recommendation or condition of class&#148;
which must be rectified by the vessel owner within the prescribed time limits.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In general, insurance underwriters make it a condition for insurance
coverage that a vessel be certified as &#147;in class&#148; by a classification society
which is a member of the International Association of Classification Societies
(&#147;IACS&#148;). All of our vessels are certified as being &#147;in class&#148; by either
Lloyd&#146;s Register of Shipping, the American Bureau of Shipping or Nippon Kaiji
Kyokai, each of which is a member of IACS.</FONT></P>

<P><FONT SIZE=2 COLOR="#35497C" FACE=ARIAL><B>Environmental and Other Regulations</B></FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>General</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Government regulation significantly affects the ownership and operation
of our vessels. Our vessels are subject to international conventions and
national, state and local laws and regulations in force in international waters
and the countries in which they operate or are registered, including
environmental protection requirements governing the management and disposal of
hazardous substances and wastes, the cleanup of oil spills and the management
of other contamination, air emissions, water discharges and ballast water.
These laws and regulations include the International Convention for Prevention
of Pollution from Ships, the International Convention for Safety of Life at Sea
(&#147;SOLAS&#148;) and implementing regulations adopted by the International Maritime
Organization (&#147;IMO&#148;), the European Union (&#147;EU&#148;) and other international,
national and local regulatory bodies. They also include laws and regulations in
the jurisdictions where our vessels travel and in the ports where our vessels
call. In the U.S., the requirements include OPA 90, the U.S. Comprehensive
Environmental Response, Compensation, and Liability Act (&#147;CERCLA&#148;), the U.S.
Clean Water Act (&#147;CWA&#148;) and Clean Air Act (&#147;CAA&#148;). Compliance with these
environmental protection requirements can impose significant cost and expense,
including the cost of vessel modifications and implementation of certain
operating procedures. Our fleet is young and modern and complies with all
current requirements and we do not anticipate incurring significant vessel
modification expenditures in the current or subsequent fiscal year to comply
with such requirements. Under our Management Agreement, our Manager has assumed
technical management responsibility for our fleet, including compliance with
all ap-</FONT></P>


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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>plicable government and other regulations. If the Management Agreement
with our Manager terminates, we would attempt to hire another party to assume
this responsibility. In the event of termination, we might be unable to hire
another party to perform these and other services for the present fee structure
and related costs. However, due to the nature of our relationship with our
Manager, we do not expect our Management Agreement to be terminated early. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>A variety of governmental and private entities subject our vessels to
both scheduled and unscheduled inspections. These entities include the local
port authorities (such as the U.S. Coast Guard, harbor master or equivalent),
classification societies, flag state administration (country of registry),
charterers and terminal operators. Certain of these entities require us to
obtain permits, licenses, financial assurances and certificates for the
operation of our vessels. Failure to maintain necessary permits or approvals
could require us to incur substantial costs or result in the temporary
suspension of the operation of one or more of our vessels.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We believe that the heightened level of environmental and quality
concerns among insurance underwriters, regulators and charterers is leading to
greater inspection and safety requirements on all vessels and may accelerate
the scrapping of older vessels throughout the drybulk shipping industry.
Increasing environmental concerns have created a demand for vessels that
conform to the stricter environmental standards. We are required to maintain
operating standards for all of our vessels that emphasize operational safety,
quality maintenance, continuous training of our officers and crews and
compliance with U.S. and international regulations. We believe that the
operation of our vessels is in substantial compliance with all environmental
laws and regulations applicable to us as of the date of this annual report.
However, because such laws and regulations are subject to frequent change and
may impose increasingly stricter requirements, such future requirements could
limit our ability to do business, increase our operating costs, force the early
retirement of our vessels and/or affect their resale value, all of which could
have a material adverse effect on our financial condition and results of
operations. However, we believe that because our fleet is young and modern, we
will not be exposed to the same level of risk faced by owners of older, less
modern vessels.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>The International Maritime Organization</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our vessels are subject to standards imposed by the IMO, the United
Nations agency for maritime safety and the prevention of pollution by ships.
The IMO has adopted regulations to reduce pollution in international waters,
both from accidents and routine operations, and has negotiated international
conventions that impose liability for oil pollution in international waters and
a signatory&#146;s territorial waters. For example, Annex III of the International
Convention for the Prevention of Pollution from Ships (&#147;MARPOL&#148;) regulates the
transportation of marine pollutants and imposes standards on packing, marking,
labeling, documentation, stowage, quantity limitations and pollution
prevention. These requirements have been expanded by the International Maritime
Dangerous Goods Code, which imposes additional standards for all aspects of the
transportation of dangerous goods and marine pollutants by sea.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In 1997, the IMO adopted Annex VI to MARPOL to address air pollution from
vessels. Annex VI became effective in 2005, and sets limits on sulfur oxide and
nitrogen oxide emissions from vessel exhausts and prohibits deliberate
emissions of ozone depleting substances, such as chlorofluorocarbons. Annex VI
also includes a global cap on the sulfur content of marine fuels and allows for
the establishment of Emission Control Areas (&#147;ECAs&#148;) with more stringent
controls on sulfur emissions. An ECA for North America took effect in 2012 and
an ECA for the Caribbean will take effect in 2014. In 2008, the IMO Marine
Environment Protection Committee adopted amendments to Annex VI regarding
particulate matter, nitrogen oxides and sulfur oxide emissions. These
amendments, which entered into force in 2010, are designed to reduce air
pollution from vessels by, among other things, (i) implementing a progressive
reduction of sulfur oxide emissions from ships; and (ii) establishing new tiers
of stringent nitrogen oxide emissions standards for new marine engines,
depending on their date of installation. In addition, the European Union has
established separate limitations on the sulfur content of marine fuels, and
some European Union countries may be declared Emission Control Areas in the
future, pursuant to Annex VI and its amendments. We have obtained International
Air Pollution Prevention Certificates for all our vessels, and believe that
maintaining compliance with the existing and known future Annex VI requirements
will not have an adverse financial impact on the operation of our vessels.
However, additional or new requirements, conventions, laws or regulations,
including the adoption of additional ECAs, or other new or more stringent
emissions requirements adopted by the IMO, the European Union, the United
States or individual states, or other jurisdictions in which we operate, could
require vessel modifications or otherwise increase the costs of our operations.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>The IMO
adopted vessel energy efficient requirements, which took effect in January
2013. The requirements impose energy efficiency design on new vessels and
require energy efficiency management plans for existing vessels. We do not
expect these requirements to have a material effect on our operations.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>The IMO
adopted new guidelines in 2012 under the revised Annex V to MARPOL, which
prohibit discharge of garbage </FONT></P>



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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>into the open sea, with certain exceptions, and require vessels to
dispose of garbage at port garbage reception facilities. These guidelines
became effective in January 2013. We do not expect these requirements to have a
material effect on our operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In 2001, the IMO adopted the International Convention on Civil Liability
for Bunker Oil Pollution Damage, or the &#147;Bunker Convention,&#148; which imposes
strict liability on ship owners for pollution damage in jurisdictional waters
of ratifying states caused by discharges of bunker fuel. The Bunker Convention
also requires registered owners of ships over 1,000 gross tons to maintain
insurance in specified amounts to cover their liability for relevant pollution
damage. The Bunker Convention became effective on November 21, 2008. The IMO
recently adopted a requirement that vessels traveling through the Antarctic
region (waters south of latitude 60 degrees south) must use lower density fuel.
We do not expect this requirement to affect our operations, which do not
involve Antarctic travel.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The operation of our vessels is also affected by the requirements set
forth in the IMO&#146;s International Safety Management (&#147;ISM&#148;) Code. The ISM Code
requires vessel owners or any other person, such as a manager or bareboat
charterer, who has assumed responsibility for the operation of a vessel from
the vessel owner and on assuming such responsibility has agreed to take over
all the duties and responsibilities imposed by the ISM Code, to develop and
maintain an extensive SMS that includes the adoption of a safety and
environmental protection policy setting forth instructions and procedures for
safe operation and describing procedures for dealing with emergencies. The ISM
Code requires that vessel operators obtain a &#147;Safety Management Certificate&#148;
for each vessel they operate from the government of the vessel&#146;s flag state.
The certificate verifies that the vessel operates in compliance with its
approved SMS. Currently, our Manager has the requisite documents of compliance
and safety management certificates for each of the vessels in our fleet for
which the certificates are required by the IMO. Our Manager is required to
renew these documents of compliance and safety management certificates every
five years. Compliance is externally verified on an annual basis for the
Manager and between the second and third years for each vessel by the
applicable flag state.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Although all our vessels are currently ISM Code-certified, such
certification may not be maintained by all our vessels at all times. Non
compliance with the ISM Code may subject such party to increased liability,
invalidate existing insurance or decrease available insurance coverage for the
affected vessels and result in a denial of access to, or detention in, certain
ports. For example, the U.S. Coast Guard and EU authorities have indicated that
vessels not in compliance with the ISM Code will be prohibited from trading in
U.S. and EU ports.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>The Maritime Labour Convention</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The International Labour Organization&#146;s Maritime Labour Convention was
adopted in 2006 (&#147;MLC 2006&#148;). The basic aims of the MLC 2006 are to ensure
comprehensive worldwide protection of the rights of seafarers (the Convention
is sometimes called the Seafarers&#146; Bill of Rights) and, to establish a level
playing field for countries and ship owners committed to providing decent
working and living conditions for seafarers, protecting them from unfair
competition on the part of substandard ships. The Convention was ratified on August
20, 2012, and all vessels need to be certified by August 20, 2013. We do not
expect that the MLC 2006 requirements to have a material effect on our
operations.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>The U.S. Oil Pollution Act of 1990</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The OPA 90 established an extensive regulatory and liability regime for
the protection of the environment from oil spills and cleanup of oil spills.
OPA 90 applies to discharges of any oil from a vessel, including discharges of
fuel and lubricants. OPA 90 affects all owners and operators whose vessels
trade in the United States, its territories and possessions or whose vessels
operate in U.S. waters, which includes the United States&#146; territorial sea and
its two hundred nautical mile exclusive economic zone. While our vessels do not
carry oil as cargo, they do carry lubricants and fuel oil, or &#147;bunkers,&#148; which
subjects our vessels to the requirements of OPA 90.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Under OPA 90, vessel owners, operators and bareboat charterers are
&#147;responsible parties&#148; and are jointly, severally and strictly liable (unless
the discharge of pollutants results solely from the act or omission of a third
party, an act of God or an act of war) for all containment and clean-up costs
and other damages arising from discharges, or threatened discharges, of
pollutants from their vessels, including bunkers.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>OPA 90 preserves the right to recover damages under other existing laws,
including maritime tort law.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Effective July 31, 2009, the U.S. Coast Guard adopted regulations that
adjust the limits of liability of responsible parties under OPA 90 to the
greater of $1,000 per gross ton or $854,400 per non-tank vessel and established
a procedure for adjusting the limits for inflation every three years. These
limits of liability do not apply if an incident was directly caused by
violation of applicable U.S. safety, construction or operating regulations or
by a responsible party&#146;s gross negligence </FONT></P>


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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>or willful misconduct, or if the responsible party fails or refuses to
report the incident or to cooperate and assist in connection with oil removal
activities. As a result of the oil spill in the Gulf of Mexico resulting from
the explosion of the Deepwater Horizon drilling rig, bills have been introduced
in the U.S. Congress to increase the limits of OPA liability for all vessels,
including tanker vessels.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>All owners and operators of vessels over 300 gross tons are required to
establish and maintain with the U.S. Coast Guard evidence of financial
responsibility sufficient to meet their potential aggregate liabilities under
OPA 90 and CERCLA, which is discussed below. An owner or operator of a fleet of
vessels is required only to demonstrate evidence of financial responsibility in
an amount sufficient to cover the vessel in the fleet having the greatest
maximum liability under OPA 90 and CERCLA. We have complied with these
requirements by providing a financial guarantee evidencing sufficient
self-insurance. We have satisfied these requirements and obtained a U.S. Coast
Guard certificate of financial responsibility for all of our vessels.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The U.S. Coast Guard&#146;s regulations concerning certificates of financial
responsibility provide, in accordance with OPA 90, that claimants may bring
suit directly against an insurer or guarantor that furnishes certificates of
financial responsibility and that the insurer or guarantor may only assert
limited defenses. Certain organizations that had typically provided
certificates of financial responsibility under pre-OPA 90 laws, including the
major protection and indemnity organizations, have declined to furnish evidence
of insurance for vessel owners and operators if they are subject to direct
actions or required to waive insurance policy defenses. This requirement may
limit the availability of coverage required by the U.S. Coast Guard and could
increase our costs of obtaining this insurance for our fleet, as well as the
costs of our competitors that also require such coverage.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We currently maintain, for each of our vessels, oil pollution liability
coverage insurance in the amount of $1.0 billion per incident. Although our
vessels carry a relatively small amount of bunkers, a spill of oil from one of
our vessels could be catastrophic under certain circumstances. We also carry
hull and machinery protection and indemnity insurance to cover the risks of
fire and explosion. Losses as a result of fire or explosion could be
catastrophic under some conditions. While we believe that our existing
insurance coverage is adequate, not all risks can be insured and there can be
no guarantee that any specific claim will be paid, or that we will always be
able to obtain adequate insurance coverage at reasonable rates. If the damages
from a catastrophic spill exceed our insurance coverage, the payment of those
damages could have a severe, adverse effect on us and could possibly result in
our insolvency.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>OPA 90 requires the owner or operator of any non-tank vessel of 400
gross tons or more that carries oil of any kind as a fuel for main propulsion,
including bunkers, to prepare and submit a response plan for each vessel. These
vessel response plans include detailed information on actions to be taken by
vessel personnel to prevent or mitigate any discharge or substantial threat of
such a discharge of ore from the vessel due to operational activities or
casualties. All of our vessels have U.S. Coast Guard-approved response plans.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>OPA 90 specifically permits individual states to impose their own
liability regimes with regard to oil pollution incidents occurring within their
boundaries, and some states have enacted legislation providing for unlimited
liability for oil spills. In some cases, states which have enacted such
legislation have not yet issued implementing regulations defining vessels
owners&#146; responsibilities under these laws. We intend to comply with all
applicable state regulations in the ports where our vessels call.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>The U.S. Comprehensive Environmental
Response, Compensation, and Liability Act</I></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>CERCLA
applies to spills or releases of hazardous substances other than petroleum or
petroleum products, whether on land or at sea. CERCLA imposes joint and several
liability, without regard to fault, on the owner or operator of a ship, vehicle
or facility from which there has been a release, and on other specified
parties. Liability under CERCLA is generally limited to the greater of $300 per
gross ton or $0.5 million per vessel carrying non-hazardous substances ($5.0
million for vessels carrying hazardous substances), unless the incident is
caused by gross negligence, willful misconduct or a violation of certain
regulations, in which case liability is unlimited. As described above, owners
and operators of vessels must establish and maintain with the U.S. Coast Guard
evidence of financial responsibility sufficient to meet their potential
liabilities under CERCLA.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>The U.S. Clean Water Act</I></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>The CWA
prohibits the discharge of oil or hazardous substances in navigable waters and
imposes strict liability in the form of penalties for any unauthorized
discharges. It also imposes substantial liability for the costs of removal,
reme-</FONT></P>



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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>diation and damages and complements the remedies available under the
more recently enacted OPA 90 and CERCLA, discussed above. The U.S.
Environmental Protection Agency (&#147;EPA&#148;) regulates the discharge in U.S. ports
of ballast water and other substances incidental to the normal operation of
vessels. Under EPA regulations, commercial vessels greater than 79 feet in
length are required to obtain coverage under the National Pollutant Discharge
Elimination System (&#147;NP-DES&#148;) Vessel General Permit, or &#147;VGP,&#148; to discharge
ballast water and other wastewater into U.S. waters by submitting a Notice of
Intent, or &#147;NOI.&#148; The VGP requires vessel owners and operators to comply with a
range of best management practices and reporting and other requirements for a
number of incidental discharge types and incorporates current U.S. Coast Guard
requirements for ballast water management, as well as supplemental ballast
water requirements. We have submitted NOIs for our vessels operating in U.S.
waters and anticipate incurring costs to meet the requirements of the VGP. In
addition, various states have enacted legislation restricting ballast water
discharges and the introduction of non-indigenous species considered to be
invasive. These and any similar ballast water discharge restrictions enacted in
the future could increase the costs of operating in the relevant waters.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The EPA recently proposed a draft of the 2013 VGP, which is expected to
be finalized in March 2013 and become effective in December 2013. The 2013 VGP
would require most vessels to meet numeric ballast water discharge limits based
on a staggered schedule based on the first dry docking after January 1, 2014,
or January 1, 2016 (depending on vessel ballast capacity). The 2013 VGP would
also impose more strict technology-based limits in the form of best management
practices for discharges related to oil-to-sea interfaces and require routine
inspections, monitoring, reporting, and recordkeeping. The 2013 VGP could also
require vessel modifications, the installation of ballast treatment equipment,
or otherwise increase the costs of operating in the relevant waters.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>U.S. Air Emission Requirements</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In 2008, the U.S. ratified the amended Annex VI to the MARPOL
Convention, addressing air pollution from ships, which went into effect in
2009. In December 2009, the EPA announced its intention to publish final
amendments to the emission standards for new marine diesel engines installed on
ships flagged or registered in the United States that are consistent with
standards required under recent amendments to Annex VI of MARPOL. The new
regulations include near-term standards that began in 2011 for newly built
engines requiring more efficient use of engine technologies in use today and
long-term standards beginning in 2016 requiring an 80 percent reduction in
nitrogen oxide emissions below current standards. The CAA also requires states
to adopt State Implementation Plans, or &#147;SIPs,&#148; designed to attain air quality
standards. Several SIPs regulate emissions resulting from vessel loading and unloading
operations by requiring the installation of vapor control equipment. In
addition, some individual states, including California, have attempted to
regulate vessel emissions within state waters. The California Air Resources
Board recently adopted Ocean-Going Vessel (&#147;OGV&#148;) fuel content regulations that
would apply to all vessels sailing within 24 nautical miles off the California
coast and whose itineraries call for them to enter California ports, terminal
facilities or estuarine waters. Changes to the OGV rule in 2012 included more
stringent sulfur limits on marine gas oil used by commercial vessels in
California waters. We do not expect current U.S. requirements to have a
material effect on our operations, and the OGV requirements are not expected to
be applicable because our vessels typically do not enter California ports.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>New or more stringent air emission regulations which may be adopted
could require significant capital expenditures to retrofit vessels and could
otherwise increase our operating costs.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Other environmental initiatives</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The EU adopted legislation that (1) requires member states to refuse
access to their ports by certain substandard vessels, according to vessel type,
flag and number of previous detentions; (2) obliges member states to inspect at
least 25% of vessels using their ports annually and increase surveillance of
vessels posing a high risk to maritime safety or the marine environment; (3)
provides the EU with greater authority and control over classification
societies, including the ability to seek to suspend or revoke the authority of
negligent societies; and (4) requires member states to impose criminal
sanctions for certain pollution events, such as the unauthorized discharge of
tank washings. It is also considering legislation that will affect the
operation of vessels and the liability of owners for oil pollution. While we do
not believe that the costs associated with our compliance with these adopted
and proposed EU initiatives will be material, it is difficult to predict what additional
legislation, if any, may be promulgated by the EU or any other country or
authority.<BR><BR>The U.S. National Invasive Species Act (&#147;NISA&#148;) was enacted in 1996
in response to growing reports of harmful organisms being released into U.S.
ports through ballast water taken on by vessels in foreign ports. Under NISA,
the U.S. Coast Guard adopted regulations in July 2004 imposing mandatory
ballast water management practices for all vessels equipped with ballast water
tanks entering U.S. waters. These requirements can be met by performing
mid-ocean ballast exchange, by retaining ballast water on board the vessel or
by using environmentally sound alternative ballast </FONT></P>


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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>water management methods approved by the U.S. Coast Guard. Mid-ocean
ballast exchange is the primary method for compliance with the U.S. Coast Guard
regulations, since holding ballast water can prevent vessels from performing
cargo operations and alternative methods are still under development. In 2012,
the U.S. Coast Guard finalized amendments to its ballast water management
regulations that impose stricter discharge limits for allowable concentrations
of various invasive species and include approval process requirements for
ballast water management systems. The regulations require ships calling at U.S.
ports to treat ballast water, and regularly remove hull fouling. In particular,
it is required for existing vessels to be equipped with approved ballast water
treatment systems by their first dry-docking after January 2016 and for
newbuilds with a keel laying date after December 2013 to be equipped upon their
delivery. These regulations will require modifications and installation of
ballast water treatment equipment to our current vessels that call in U.S.
ports, resulting in significant capital expenditures and an increase in our
operational costs to call in U.S. ports. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Several U.S. states, including Michigan and California, adopted
legislation or regulations relating to the permitting and management of ballast
water discharges. These requirements do not currently impact our operational
costs, because our vessels typically do not enter California or Michigan ports.
However, other states could adopt similar requirements that could increase the
costs of operation in state waters.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In 2004, the IMO adopted an International Convention for the Control and
Management of Ships&#146; Ballast Water and Sediments (the &#147;BWM Convention&#148;). The
BWM Convention&#146;s implementing regulations call for a phased introduction of
mandatory ballast water exchange requirements, to be replaced in time with
mandatory concentration limits. The BWM Convention will not enter into force
until 12 months after it has been adopted by 30 states, the combined merchant
fleets of which represent not less than 35% of the gross tonnage of the world&#146;s
merchant shipping. As of October 2012, the BWM Convention had been adopted by
36 states, representing approximately 29% of the world&#146;s tonnage. Each vessel
in our current fleet has been issued a BWM plan Statement of Compliance by the
classification society with respect to the applicable IMO regulations and
guidelines.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>If mid-ocean ballast exchange is made mandatory at the international
level or if additional ballast water treatment requirements or options are
instituted, significant capital expenditures to retrofit vessels and install
ballast treatment equipment will be needed and our operating costs could
increase.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Greenhouse Gas Regulation</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In February 2005, the Kyoto Protocol to the United Nations Framework
Convention on Climate Change entered into force. Pursuant to the Protocol,
adopting countries are required to implement national programs to reduce
emissions of certain gases, generally referred to as greenhouse gases, which
are suspected of contributing to global warming. Currently, the emissions of
greenhouse gases from international shipping are not subject to the Kyoto
Protocol. However, a new treaty may be adopted in the future that includes
restrictions on shipping emissions. International and multinational bodies or
individual countries also may adopt their own climate change regulatory
initiatives. The IMO recently announced its intention to develop reduction
measures for greenhouse gases from international shipping. The European Union
has indicated that it intends to propose an expansion of the existing European
Union emissions trading scheme to include emissions of greenhouse gases from
vessels. In the United States, the EPA is considering a 2007 petition from the
California Attorney General and a coalition of environmental groups to regulate
greenhouse gas emissions from ocean-going vessels under the Clean Air Act.
These or other developments may result in regulations relating to the control
of greenhouse gas emissions. Any passage of climate control legislation or
other regulatory initiatives in the jurisdictions where we operate could result
in financial impacts on our operations that we cannot predict with certainty at
this time.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Vessel security regulations</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Several initiatives have been introduced in recent years intended to
enhance vessel security. On November 25, 2002, the Maritime Transportation
Security Act of 2002 (the &#147;MTSA&#148;) came into effect. To implement certain
portions of the MTSA, the U.S. Coast Guard issued regulations in July 2003
requiring the implementation of certain security requirements aboard vessels
operating in waters subject to the jurisdiction of the United States.
Similarly, in December 2002, amendments to SOLAS created a new chapter of the
convention dealing specifically with maritime security. This new chapter came into
effect in July 2004 and imposes various detailed security obligations on
vessels and port authorities, most of which are contained in the newly created
International Ship and Port Facilities Security Code, or &#147;ISPS Code.&#148; Among the
various requirements are: </FONT></P>

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 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>on-board
 installation of automatic information systems to enhance vessel-to-vessel and
 vessel-to-shore communications; </FONT></P>
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 installation of ship security alert systems; </FONT></P>
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 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 development of vessel security plans; and </FONT></P>
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 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>compliance
 with flag state security certification requirements.</FONT></P>
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 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The U.S. Coast Guard regulations, intended to align with international
maritime security standards, exempt non-U.S. vessels from MTSA vessel security
measures, provided such vessels have on board a valid &#147;International Ship
Security Certificate&#148; that attests to the vessel&#146;s compliance with SOLAS
security requirements and the ISPS Code. We have implemented the various
security measures addressed by the IMO, SOLAS and the ISPS Code, and we have
approved ISPS certificates and plans on board all our vessels, which have been
certified by the applicable flag state.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Seasonality</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We operate our vessels in markets that have historically exhibited
seasonal variations in demand and, as a result, in charter rates. This
seasonality may result in quarter-to-quarter volatility in our results of
operations. The market for marine drybulk transportation services is typically
stronger in the fall and winter months in anticipation of increased consumption
of coal and other raw materials in the northern hemisphere during the winter
months. In addition, unpredictable weather patterns in these months tend to
disrupt vessel scheduling and supplies of certain commodities. This seasonality
could materially affect our business, financial condition, results of
operations and ability to pay dividends.</FONT></P>

<P><FONT SIZE=2 COLOR="#35497C" FACE=ARIAL><B>C. Organizational Structure</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Safe Bulkers, Inc. is a holding company with 35 subsidiaries, 25 of
which are incorporated in Liberia, nine in the Republic of The Marshall Islands
and one in the Republic of Cyprus. Our subsidiaries are wholly-owned by us. A
list of our subsidiaries as of February 15, 2013 is set forth in Exhibit 8.1 to
this annual report.</FONT></P>

<P><FONT SIZE=2 COLOR="#35497C" FACE=ARIAL><B>D. Property, Plant and Equipment</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We have no freehold or material leasehold interest in any real property.
We occupy office space at 30-32 Avenue Karamanli, 16605 Voula, Athens, Greece,
that is provided to us as part of the services we receive under our Management
Agreement. We have established a representation office in Greece and pursuant
to legal obligations for such establishment, we directly lease an office space
in the same building for that purpose. Other than our vessels, we do not have
any material property. Our vessels are subject to priority mortgages, which
secure our obligations under our various credit facilities. For further details
regarding our credit facilities, refer to &#147;Item 5. Operating and Financial
Review and Prospects &#151; B. Liquidity and Capital Resources &#151; Credit Facilities.&#148;</FONT></P>

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 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<A NAME=c73723a005_v1></A>TEM 4A. UNRESOLVED STAFF COMMENTS</B></FONT></P>
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<P><FONT SIZE=2 FACE=ARIAL>None.</FONT></P>

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 <P><FONT SIZE=3 COLOR="#006FAC"  FACE=ARIAL><B>I<a name=c73723a006_v1></a>TEM 5. OPERATING AND
 FINANCIAL REVIEW AND PROSPECTS</B></FONT></P>
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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I>The following discussion of our financial condition
and results of operations should be read in conjunction with the financial
statements and the notes to those statements included elsewhere in this annual
report. This discussion includes forward-looking statements that involve risks
and uncertainties. As a result of many factors, such as those set forth under
&#147;Item 3. Key Information&#151;D. Risk Factors&#148; and elsewhere in this annual report,
our actual results may differ materially from those anticipated in these
forward-looking statements. Please see the section &#147;Forward-Looking Statements&#148;
at the beginning of this annual report.</I></FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Overview</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our business is to provide international marine drybulk transportation
services by operating vessels in the drybulk sector of the shipping industry.
As of February 15, 2013 our fleet consisted of 25 drybulk vessels, and we had
contracts for an additional six newbuild vessels and one secondhand vessel with
an aggregate capacity of 2,943,300 dwt. We deploy our vessels on a mix of
period time and spot time charters according to our assessment of market
conditions, adjusting the mix of these charters to take advantage of the
relatively stable cash flow and high utilization rates associated with period
time charters, or to profit from attractive spot time charter rates during
periods of strong charter market conditions, or to maintain employment
flexibility that the spot market offers during periods of weak time charter
market conditions. As of February 15, 2013, 17 out of 25 vessels in our fleet
were employed on period time charters and the remainder on spot time charters.
We believe our customers, some of which have been chartering our vessels for
over 23 years, enter into period time and spot time charters with us because of
the quality of our young and modern vessels and our record of safe and
efficient operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The average number of vessels in our fleet for the years ended December
31, 2010, 2011 and 2012 was 14.6, 16.4 and 21.1 respectively.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>After delivery of our contracted newbuilds and secondhand vessel, our
drybulk fleet will consist of 32 vessels and will have an aggregate carrying
capacity of 2,943,300 dwt, assuming we do not acquire any additional vessels or
dispose of any of our vessels.</FONT></P>


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<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Our Manager</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our operations are managed by our Manager, Safety Management Overseas
S.A., under the supervision of our executive officers and our board of
directors. Under our Management Agreement, our Manager provides us with
technical, administrative and commercial services for an initial term that
expired on May 28, 2010, with automatic one-year renewals for an additional
eight years, at our option. Our Manager is controlled by Polys Hajioannou.</FONT></P>

<P><FONT SIZE=2 COLOR="#35497C" FACE=ARIAL><B>A. Operating Results</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Our
operating results are largely driven by the following factors:</FONT></P>

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 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Ownership days.</B><FONT FACE=ARIAL> We define ownership days
 as the aggregate number of days in a period during which each vessel in our
 fleet has been owned by us. Ownership days are an indicator of the size of
 our fleet over a period and affect both the amount of revenues and the amount
 of expenses that we record during a period.</FONT></FONT></P>
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 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Available days. </B><FONT FACE=ARIAL>We define available days
 (also referred to as voyage days) as the total number of days in a period
 during which each vessel in our fleet was in our possession net of off-hire
 days associated with scheduled maintenance, which includes major repairs,
 drydockings, vessel upgrades or special or intermediate surveys. Available
 days are used to measure the number of days in a period during which vessels
 should be capable of generating revenues.</FONT></FONT></P>
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 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Operating days. </B><FONT FACE=ARIAL>We define operating days
 as the number of our available days in a period less the aggregate number of
 days that our vessels are off-hire due to any reason, excluding scheduled
 maintenance. Operating days are used to measure the aggregate number of days
 in a period during which vessels actually generate revenues.</FONT></FONT></P>
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 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Fleet utilization</B><FONT FACE=ARIAL>. We calculate fleet
 utilization by dividing the number of our operating days during a period by
 the number of our ownership days during that period. Fleet utilization is
 used to measure a company&#146;s ability to efficiently find suitable employment
 for its vessels and minimize the number of days that its vessels are off-hire
 for reasons such as scheduled repairs, vessel upgrades, drydockings or
 special surveys. During the three years ended December 31, 2012, our average
 annual fleet utilization rate was approximately 99.22%. However, an increase
 in annual off-hire days could reduce our operating days, and therefore, our
 fleet utilization.</FONT></FONT></P>
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 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Time charter equivalent rates. </B><FONT  FACE=ARIAL>We define
 time charter equivalent rates, or &#147;TCE rates,&#148; as our charter revenues less
 commissions and voyage expenses during a period divided by the number of our
 available days during the period. TCE rate is a standard shipping industry
 performance measure used primarily to compare daily earnings generated by
 vessels on period time charters and spot time charters with daily earnings
 generated by vessels on voyage charters, because charter rates for vessels on
 voyage charters are generally not expressed in per day amounts, while charter
 rates for vessels on period time charters and spot time charters generally
 are expressed in such amounts. We have only rarely employed our vessels on
 voyage charters and, as a result, generally our TCE rates approximate our
 time charter rates.</FONT></FONT></P>
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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The following table reflects our time charter revenues, commissions,
voyage expenses, time charter equivalent revenue, available days and time
charter equivalent rate for the periods indicated:</FONT></P>

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 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Year Ended December 31,</B></FONT></P>
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 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2012</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B> (In thousands of U.S. dollars except <BR>
 available days and time charter equivalent rate)</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Time charter revenues</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>159,698</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>172,036</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>187,557</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Less commissions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,678</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,128</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,261</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Less voyage expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>610</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,987</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7,286</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Time charter equivalent revenue</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>156,410</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>166,921</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>177,010</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Available days</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,296</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,976</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7,703</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Time charter equivalent rate</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>29,534</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>27,932</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>22,979</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Daily vessel operating expenses. </B><FONT  FACE=ARIAL>We define
 daily vessel operating expenses to include the costs for crewing, insurance,
 lubricants, spare parts, provisions, stores, repairs, maintenance, statutory
 and classification expense, dry-docking, intermediate and special surveys,
 tonnage taxes and other miscellaneous items. Daily vessel operating expenses
 are calculated by dividing vessel operating expenses by ownership days for
 the relevant period. Our ability to control our fixed and variable expenses,
 including our daily vessel operating expenses, also affects our financial
 results. In addition, factors beyond our control, such as developments
 relating to market premiums for insurance </FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>46</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOTTED #006FAC 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>and the
 value of the U.S. dollar compared to currencies in which certain of our
 expenses, including certain crew wages, are denominated can cause our vessel
 operating expenses to increase.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Daily general and administrative expenses. </B><FONT  FACE=ARIAL>We define
 daily general and administrative expenses to include daily management fees,
 defined below, and the costs payable to third parties in relation to our
 operation as public company. Daily vessel general and administrative expenses
 are calculated by dividing general and administrative expenses by ownership
 days for the relevant period.</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Daily management fees.</B><FONT FACE=ARIAL> We define daily
 management fees to include the fixed and the variable fees payable to our
 Manager. Daily management fees are calculated by dividing management fees by
 ownership days for the relevant period.</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The following table reflects our ownership days, available days,
operating days, fleet utilization, TCE rates, daily vessel operating expenses,
daily general and administrative expenses and daily management fees for the
periods indicated:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="59%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Year Ended December 31,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Ownership days</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,326</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,992</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7,716</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Available days</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,296</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,976</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7,703</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Operating days</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,269</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,962</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7,654</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Fleet utilization</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>98.93</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>99.50</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>99.20</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>TCE rates</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>29,534</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>27,932</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>22,979</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Daily vessel operating expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4,342</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4,350</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4,476</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Daily general and administrative expenses <SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,318</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,417</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,289</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Daily management fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>916</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,006</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,001</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="49%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(1) Includes daily
 management fees.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Revenues</I></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Our
revenues are driven primarily by the number of vessels in our fleet, the number
of days during which our vessels operate and the amount of daily charter rates
that our vessels earn under our charters, which, in turn, are affected by a
number of factors, including: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>levels of
 demand and supply in the drybulk shipping industry; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the age,
 condition and specifications of our vessels; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 duration of our charters; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>our
 decisions relating to vessel acquisitions and disposals; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 amount of time that we spend positioning our vessels; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 availability of our vessels, which is related to the amount of time that our
 vessels spend in drydock undergoing repairs and the </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>amount of
 time required to perform necessary maintenance or upgrade work; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>other
 factors affecting charter rates for drybulk vessels.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Revenue is recognized as earned on a straight-line basis over the
charter period in respect of charter agreements that provide for varying rates.
The difference between the revenue recognized and the actual charter rate is
recorded either as unearned revenue or accrued revenue (see &#147;&#151;Unearned Revenue
/ Accrued Revenue&#148; below). Commissions (address and brokerage), regardless of
charter type, are always charged to us and are deferred and amortized over the
related charter period and are presented as a separate line item in revenues to
arrive at net revenues in the accompanying consolidated statements of income.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Revenues from our period time charters comprised 99.5%, 92.0% and 88.1%
respectively, of our charter revenues for the years ended December 31, 2010,
2011 and 2012. The revenues from our spot time charters comprised 0.5%, 8.0%
and 11.9%, respectively, of our charter revenues for the years ended December
31, 2010, 2011 and 2012.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Unearned Revenue / Accrued Revenue</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Unearned revenue as of December 31, 2012 includes: (i) cash received
prior to the balance sheet date relating to services to be rendered after the
balance sheet date amounting to $3.9 million as of December 31, 2012 and (ii)
deferred revenue </FONT></P>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>47</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

 <P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>resulting from straight-line revenue recognition in respect of charter
agreements that provide for variable charter rates amounting to $17.7 million,
all of which will be recognized as revenue during the period from January 1,
2013 until March 1, 2015.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Unearned revenue as of December 31, 2011 includes: (i) cash received
prior to the balance sheet date relating to services to be rendered after the
balance sheet date amounting to $4.1 million as of December 31, 2011 and (ii)
deferred revenue resulting from straight-line revenue recognition in respect of
charter agreements that provide for variable charter rates amounting to $36.9
million, all of which would be recognized as revenue during the period from
January 1, 2012 until March 1, 2015.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Accrued revenue as of December 31, 2012 of $0.6 million represents
revenue earned prior to cash being received in respect of charter agreements
that provide for variable charter rates. No accrued revenue was recognized
during the year ended December 31, 2011.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Commissions</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We pay commissions currently ranging up to 5.0% on our period time and
spot time charters, to unaffiliated ship brokers, other brokers associated with
our charterers and to our charterers. These commissions are directly related to
our revenues, from which they are deducted. The amount of our total commissions
to unaffiliated ship brokers and other brokers associated with our charterers
and to our charterers might grow, as revenues increase due to improving market
conditions and delivery of our six remaining contracted newbuilds and one
secondhand vessel, or decrease as a result of deteriorating market conditions.
These commissions do not include fees we pay to our Manager, which are
described under &#147;Item 4. Information on the Company&#151;B. Business
Overview&#151;Management of Our Fleet.&#148;</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Voyage Expenses</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We charter our vessels primarily through period time charters and spot
time charters under which the charterer is responsible for most voyage
expenses, such as the cost of bunkers, port expenses, agents&#146; fees, canal dues,
extra war risks insurance and any other expenses related to the cargo. We are
responsible for the remaining voyage expenses such as draft surveys, hold
cleaning, bunkers during ballast period or for vessel repositioning, postage
and other minor miscellaneous expenses related to the voyage. As our past
period time charter contracts expire we expect that our voyage expenses will
continue to increase in the future due to the increased number of vessels
operated in the spot market, which involves increased vessel repositioning
costs. We generally do not employ our vessels on voyage charters under which we
would be responsible for all voyage expenses. We also record within voyage
expenses the 4% United States federal tax we pay in respect of our U.S. source
shipping income (imposed on gross income without the allowance for any
deductions). In many cases, we recover these taxes from the charterers, and we
record such recovered amounts within revenues.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Vessel Operating Expenses</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Vessel operating expenses include costs for crewing, insurance,
lubricants, spare parts, provisions, stores, repairs, maintenance, statutory
and classification expense, drydocking, intermediate and special surveys,
tonnage taxes and other minor miscellaneous items. We expect that our vessel
operating expenses will continue to increase in the future as our fleet grows.
Additionally, our crewing costs, which are a significant part of our vessel
operating expenses, are expected to continue to increase in the future due to
the limited supply and increase in demand for well-qualified crew. Furthermore,
we expect that insurance costs, drydocking and maintenance costs will increase
as our vessels age. A portion of our vessel operating expenses and crew wages
paid to our Greek crew members are in currencies other than the U.S. dollar.
These expenses may increase or decrease as a result of fluctuation of the U.S.
dollar against these currencies.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Depreciation</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We depreciate our drybulk vessels on a straight-line basis over the
expected useful life of each vessel. Depreciation is based on the cost of the
vessel less its estimated residual value. We estimate the useful life of our
vessels to be 25 years from the date of delivery from the shipyard.
Furthermore, we estimate the residual value of our vessels is equal to the
product of its lightweight tonnage and estimated scrap rate, which is estimated
to be $182 per light-weight ton.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Vessels, Net</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Vessels are recorded at their historical cost, which consists of the
contracted purchase price, any direct material expenses incurred upon
acquisition (including improvements, on-site supervision expenses incurred
during the construction period, commissions paid, delivery expenses and other
expenditures to prepare the vessel for her initial voyage) and financing costs
incurred during the construction of the vessel, less any potential discount or
commission payable </FONT></P>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>48</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOTTED #006FAC 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>to us resulting in a contract price reduction. Subsequent expenditures
for conversions and major improvements are also capitalized when it is
determined that they appreciably extend the life, increase the earning capacity
or improve the efficiency or safety of the vessels. If such factors are not
met, such expenditures are not capitalized and, instead, are charged to
expenses as incurred.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>For the years ended December 31, 2011 and 2012, we capitalized interest
amounting to $1,471,785 and $966,161 respectively.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Under our Management Agreement with our Manager, for purchases of
vessels including with respect to each of our six remaining contracted
newbuilds and our one secondhand contracted vessel, we will pay our Manager an
acquisition fee of 1.0% on the contract price of the relevant vessel for our
Manager&#146;s services in connection with finalizing the contract and arranging for
various regulatory approvals. In addition, according to an agreement between us
and our Manager, we pay our Manager a supervision fee in respect of each
newbuild, of which 50% is payable upon the signing of the relevant supervision
agreement, and 50% upon successful completion of the sea trials of each
newbuild, for the on-premises supervision of all newbuilds we have agreed to acquire
pursuant to shipbuilding contracts, memoranda of agreement, or otherwise. As of
May 28, 2008 the supervision fee was $0.375 million, and as of May 29, 2011 the
supervision fee was readjusted to $0.550 million. These amounts charged by our
Manager are included as part of the vessel cost.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>General and Administrative Expenses</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>General and administrative expenses consist of management fees paid to
our Manager, which is a related party, in relation to management services
offered, and expenses paid to third parties associated with us being a public
company, which include the preparation of disclosure documents, legal and
accounting costs, including costs related to compliance with the Sarbanes-Oxley
Act of 2002, director and officer liability insurance costs and director
compensation. <BR><BR>In connection with our initial public offering which was
completed in June 2008, we entered into a two year initial term Management
Agreement with our Manager, with automatic one-year renewals for an additional
eight years. The fees were fixed for the initial two-year period; the fixed fee
at $575 per day per vessel and the variable fee at 1.0% on gross freight,
charter hire, ballast bonus and demurrage and were to be adjusted thereafter
every year by agreement between us and our Manager. The initial term of two
years expired on May 28, 2010 and as of May 29, 2010, pursuant to an agreement
between us and our Manager, the variable fee on gross freight, charter hire,
ballast bonus and demurrage was readjusted to 1.25%. As of May 29, 2011,
pursuant to an agreement between us and our Manager, the fixed fee was
readjusted to $700 per day per vessel from $575 per day. As of May 29, 2012, no
increase has been made to any of the fees paid by us to our Manager under the
Management Agreement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In addition to the fees described above, we pay our Manager the
acquisition fees with respect to vessel purchases and newbuilds described above
in &#147;&#151; Vessels, Net&#148; and the sales fees with respect to vessel sales described
below under &#147;&#151; Gain on Sale of Assets.&#148; Such fees remained unchanged.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Although we have not, within the past eight years, deployed our vessels
on bareboat charters and do not currently have any plans to deploy our vessels
on bareboat charters, under our Management Agreement, we will also provide our
Manager with a fee of $250 per day per vessel deployed on bareboat charters for
providing commercial, technical and administrative services. We expect that the
amount of our total management fees will increase following the delivery of our
six contracted newbuilds and our one contracted secondhand vessel and as a
result of potential fleet expansion in the future.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Interest Expense and Other Finance Costs</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We incur interest expense on outstanding indebtedness under our existing
loan and credit facilities, which we include in interest expenses. We also
incurred financing costs in connection with establishing those facilities,
which are capitalized and amortized over the period of the facility. The
amortization of the finance costs is included in amortization and write-off of
deferred finance charges. We will incur additional interest expense in the
future on our outstanding borrowings and under future borrowings.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Inflation</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Inflation has only a moderate effect on our expenses given current
economic conditions. In the event that significant global inflationary
pressures appear, these pressures would increase our operating, voyage,
administrative and financing expenses.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Gain on Sale of Assets</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In June 2009, we agreed to sell our oldest vessel, the Panamax class <I>Efrossini </I>(which is hereinafter called &#147;<I>Old Efrossini</I>&#148;, </FONT></P>


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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>as we currently own another vessel with the same name), which was
delivered to her new owners on January 7, 2010. The gain from the sale of this
vessel amounted to $15.2 million, which was recorded as gain on sale of assets
during the year ended December 31, 2010. In connection with the sale of <I>Old Efrossini</I>, we paid our Manager a sales
fee of 1.0% of the sale price of the vessel. Under our Management Agreement, we
are required to pay our Manager a sales fee of 1.0% of the sale price of a
vessel for any future vessel sales.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>No gain on
sale of assets was recorded in the other periods presented.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Early Redelivery Income, Net</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Early redelivery cost reflects amounts payable to charterers for early
termination of a period time charter resulting from our request for early
redelivery of a vessel. We generally request such early redelivery when we
would like to take advantage of a strong period time charter market environment
and believe that an opportunity to enter into a similarly priced period time
charter is not likely to be available when the relevant vessel is scheduled to
be redelivered. <BR><BR>Early redelivery income reflects amounts payable to us for
early termination of a period time charter resulting from a charterer&#146;s request
for early redelivery of a vessel. We may accept such requests from charterers
when we believe that we are compensated by a substantial portion of the
contracted revenue, reduce our third party risk or maintain the opportunity to
re-employ the vessel either in the spot market or in the period time charter
market at adequate levels. <BR><BR>We have entered into such arrangements for early
redelivery, and incurred such costs or income in the past and we may continue
to do so in the future, depending on market conditions.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>On March 25, 2010, we agreed with the charterers of the <I>Katerina</I> to terminate the $15,500 daily
fixed rate time charter which had commenced on June 26, 2009, and was due to
expire by September 15, 2011. As compensation for early redelivery, we paid the
charterers $1.5 million. No replacement charter contract had been secured at
the time of conclusion of the early redelivery agreement. The vessel was
subsequently fixed at a gross daily charter rate of $20,000 for three years.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>On April 13, 2010, we took early redelivery of the <I>Pedhoulas Merchant</I>, instead of the
contracted earliest redelivery date of November 5, 2010. In connection with
this early redelivery, we recognized early redelivery income of $3.6 million,
comprising cash compensation paid by the relevant charterer of $4.8 million net
of commissions, less accrued revenue of $1.2 million. No replacement charter
contract had been secured at the time of conclusion of the early redelivery
agreement. The vessel was subsequently fixed at a gross daily charter rate of
$27,250 until April 2011.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>On April 28, 2010, we agreed with the charterers of the <I>Pedhoulas Leader</I> to terminate the $18,500
daily fixed rate time charter which had commenced on July 19, 2009, and was due
to expire by September 30, 2011. As compensation for early redelivery of the
vessel, we paid the charterers $1.8 million. No replacement charter contract
had been secured at the time of conclusion of the early redelivery agreement.
The vessel was redelivered on November 12, 2010, and was subsequently fixed in
the spot market at a gross daily charter rate of $21,750.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>On July 30, 2010, we agreed with the charterers of the <I>Maria</I> to terminate the $18,000 daily fixed
rate time charter which had commenced on June 28, 2009, and was due to expire
by November 30, 2010. As compensation for early redelivery of the vessel, we
paid the charterers $0.2 million. No replacement charter contract had been
secured at the time of conclusion of the early redelivery agreement. The vessel
was redelivered on August 24, 2010, and was subsequently fixed at a gross daily
charter rate of $17,750 until April 2011.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>On December 15, 2012, we took early redelivery of the <I>Martine</I>, instead of the contracted
earliest redelivery date of January 21, 2014. In connection with this early
redelivery, we recognized early redelivery income of $8.5 million, comprising
cash compensation paid by the relevant charterer of $8.6 million, net of
commissions, less accrued revenue of $0.1 million. No replacement charter contract
had been secured at the time of conclusion of the early redelivery agreement.
The vessel was subsequently fixed in the spot market at a gross daily charter
rate of $9,500.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>On December 19, 2012, we took early redelivery of the <I>Maria</I>, instead of the contracted earliest
redelivery date of February 24, 2014. In connection with this early
redelivery, we recognized early redelivery income of $3.2 million, comprising
cash compensation paid by the relevant charterer of $3.4 million, net of
commissions, less accrued revenue of $0.2 million. No replacement charter
contract had been secured at the time of conclusion of the early redelivery
agreement. The vessel was subsequently fixed in the spot market at a gross
daily charter rate of $6,250.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Critical Accounting Policies</I></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We prepared
our consolidated financial statements in accordance with U.S. GAAP, which
requires us to make estimates </FONT></P>



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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>in the application of our accounting policies based on our best
assumptions, judgments and opinions. We base these estimates on the information
currently available to us and on various other assumptions we believe are
reasonable under the circumstances. Actual results may differ from these
estimates under different assumptions or conditions. Following is a discussion
of the accounting policies that involve a high degree of judgment and the
methods of their application. For a further description of our material
accounting policies, please read Note 2 to our financial statements at the end
of this annual report.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Vessels&#146; Depreciation</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Depreciation is computed using the straight-line method over the
estimated useful life of a vessel, after considering the estimated residual
value. We estimate the useful life of our vessels to be 25 years from the date
of initial delivery from the shipyard. An increase in the useful life of a
drybulk vessel or in its residual value would have the effect of decreasing the
annual depreciation and extending it into later periods. A decrease in the
useful life of a drybulk vessel or in its residual value would have the effect
of increasing the annual depreciation.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Impairment of Long-lived Assets</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Company reviews for impairment its long-lived assets held and used
whenever events or changes in circumstances indicate that the carrying amount
of the assets may not be recoverable. When the estimate of undiscounted cash
flows, excluding interest charges, expected to be generated by the use of the
asset is less than its carrying amount, we are required to evaluate the asset
for an impairment loss. Measurement of the impairment loss is based on the fair
value of the asset.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The carrying values of our vessels may not represent their fair market
value at any point in time since the market prices of secondhand vessels tend
to fluctuate with changes in charter rates and the cost of newbuilds.
Historically, both charter rates and vessel values tend to be cyclical.
Declines in the fair market value of vessels, prevailing market charter rates,
vessel sale and purchase considerations, and regulatory changes in drybulk
shipping industry, changes in business plans or changes in overall market
conditions that may adversely affect cash flows are considered as potential
impairment indicators. In the event the independent market value of a vessel is
lower than its carrying value, we determine undiscounted projected net
operating cash flow for such vessel and compare it to the vessel carrying
value.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The undiscounted projected net operating cash flows for each vessel are
determined by considering the charter revenues from existing time charters for
the fixed vessel days and an estimated daily time charter equivalent for the
unfixed days (based on our company budgeted charter rate for the first 12
months and the most recent ten year historical average of similar size vessels
for the period thereafter) over the remaining estimated life of the vessel, net
of brokerage commissions, expected outflows for vessels&#146; maintenance, vessel
operating expenses, assuming an average annual inflation rate and management fees.
The undiscounted cash flows incorporate various factors such as estimated
future charter rates, future drydocking costs, estimated vessel operating costs
assuming an average annual inflation rate of 3%, estimated vessel utilization
rates, estimated remaining lives of the vessels, assumed to be 25 years from
the delivery of the vessel from the shipyard and estimated salvage value of the
vessels at $182 per lightweight ton. These assumptions are based on historical
trends as well as future expectations. Although management believes that the
assumptions used to evaluate potential impairment are reasonable and
appropriate, such assumptions are highly subjective.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our analysis of the impairment test performed for the year ended
December 31, 2011, indicated a variance of plus 12% for the first twelve
months, between actual net receipts during 2012 and net receipts forecasted by
the company for the same period. Our analysis of the impairment test performed
for the year ended December 31, 2012, which also involved sensitivity tests on
the future time charter rates (which is the input that is most sensitive to
variations), allowing for variances of up to 36% depending on vessel type on
time charter rates from the Company&#146;s base scenario, indicated no impairment on
any of our vessels.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>No
impairment loss was recorded for any of the periods presented.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Recent Accounting Pronouncements</I></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Refer to
Note 2 of the consolidated financial statements attached to this report.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Results of Operations</I></FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Year ended December 31, 2012 compared to
year ended December 31, 2011</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended December 31, 2012, we had an average of 21.1
drybulk vessels in our fleet. During the year ended December 31, 2011, we had
an average of 16.4 drybulk vessels in our fleet.</FONT></P>



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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended December 31, 2012, we acquired the vessels <I>Efrossini</I>, a Panamax class vessel, <I>Venus Horizon</I>, a Post-Panamax class
vessel, and <I>Pedhoulas Builder, Pedhoulas
Fighter, </I>and<I> Pedhoulas Farmer, </I>all
Kamsarmax class vessels. Additionally, during November 2012 we acquired the <I>Koulitsa</I>, a secondhand Panamax class
vessel.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended December 31, 2011, we acquired the vessels <I>Venus History</I>, a Post-Panamax class vessel
and<I> Pelopidas</I>, a Capesize class
vessel.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Revenues</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Revenues increased by 9.1%, or $15.6 million, to $187.6 million during
the year ended December 31, 2012 from $172.0 million during the year ended
December 31, 2011, as result of the net effect of the following factors: (i) a
decrease in the TCE rate for 2012 by 17.7% to $22,979, compared to $27,932 for
2011 due to the decrease in prevailing charter rates and (ii) an increase in
operating days for the year ended December 31, 2012 by 28.4% to 7,654 days,
compared to 5,962 days for the year ended December 31, 2011, due to deliveries
of the vessels <I>Efrossini </I>and <I>Venus Horizon</I> in February 2012, <I>Pedhoulas Builder </I><FONT FACE=ARIAL>in May 2012, <I>Pedhoulas Fighter </I>in August 2012, <I>Pedhoulas Farmer </I>in September 2012 and <I>Koulitsa </I>in November 2012.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Commissions</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Commissions to unaffiliated ship brokers, other brokers associated with
our charterers and our charterers during the year ended December 31, 2012
amounted to $3.3 million, an increase of $0.2 million, or 6.5%, compared to
$3.1 million during the year ended December 31, 2011, due to the increase in
our revenues and a decrease in our lower average contracted commissions, which
were reduced to 1.74% from 1.81% for the years ended December 31, 2012 and
2011, respectively.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Vessel operating expenses</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Vessel operating expenses increased by 32.7% to $34.5 million during the
year ended December 31, 2012 from $26.0 million during the year ended December
31, 2011. This increase is due to the following main factors: </FONT></P>

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 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 increase of ownership days by 28.8% from 5,992 in 2011 to 7,716 in 2012; </FONT></P>
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 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 increase of crewing cost by 30.3% to $17.2 million in 2012, compared to $13.2
 million in 2011, primarily due to the increased number of ownership days; </FONT></P>
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 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 increase of cost for spares, stores and provisions by 68.3% to $6.9 million
 in 2012, compared to $4.1 million in 2011, attributed to increased use of
 spares for repairs and increased number of initial supplies for six vessels
 delivered in 2012 compared to two delivered in 2011; </FONT></P>
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 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 increase of cost for lubricants by 6.5% to $3.3 million in 2012, compared to
 $3.1 million in 2011 as a net effect of increased number of ownership days
 and lower costs for lubricants in 2012 compared to 2011; </FONT></P>
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 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 increase of cost for insurances by 21.7% to $2.8 million, compared to $2.3
 million mainly due to increased number of ownership days; and </FONT></P>
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 <P><FONT SIZE=2 FACE=ARIAL>(vi)</FONT></P>
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 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the
 increase of repairs and dry-docking costs by 9.5% to $2.3 million in 2012,
 compared to $2.1 million in 2011, as a net effect of increased repairs costs
 and reduced dry-docking costs of vessels in 2012 compared to 2011.</FONT></P>
 </TD>
 </TR>
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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Consequently, daily operating expenses, which is defined as the
operating expenses per vessel per ownership day, increased by 2.9% to $4,476
during the year ended December 31, 2012 from $4,350 during the year ended
December 31, 2011.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Depreciation</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Depreciation expense increased by 36.9% to $32.3 million during the year
ended December 31, 2012, compared to $23.6 million during the year ended
December 31, 2011, due to the increase in the average number of vessels from
16.4 during the year ended December 31, 2011 to 21.1 during the year ended
December 31, 2012.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;General and administrative expenses</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>General and administrative expenses increased by 16.5% to $9.9 million
during the year ended December 31, 2012, compared to $8.5 million during the
year ended December 31, 2011. The increase of $1.4 million is due to the net
effect of: (i) the increase in the management fees charged by our Manager to
$7.7 million in 2012 from $6.0 million in 2011 as a result of the increased
ownership days of 7,716 in 2012, from 5,992 in 2011; and (ii) the decrease in
expenses charged by third parties of $2.2 million in 2012, from $2.5 million in
2011. Daily general and administrative expenses decreased by 9.0% to $1,289,
during the year ended December 31, 2012 from $1,417, during the year ended
December 31, 2011. Daily management fees, which are the part of daily general
and administrative expenses payable to our Manager, decreased by 0.5% to $1,001
during the year ended December 31, 2012, from $1,006 during the year ended
December 31, 2011.</FONT></P>



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<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Interest expense</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Interest expense increased by 71.7% to $9.1 million during the year
ended December 31, 2012, from $5.3 million during the year ended December 31,
2011. The $3.8 million increase in interest expense was mainly attributable to:
(i) the average loans outstanding of $533.7 million during the year ended
December 31, 2012, compared to the average loans outstanding of $460.4 million
during the year ended December 31, 2011; (ii) the weighted average interest
rate of our outstanding indebtedness of 1.850% per annum (&#147;p.a.&#148;) for the year
ended December 31, 2012 compared to the weighted average interest rate of our
outstanding indebtedness of 1.439% p.a. for the year ended December 31, 2011,
due to higher margins incurred on certain new loans drawn during the year ended
December 31, 2012 and higher prevailing LIBOR rates; and (iii) lower
capitalized interest expenses of $1.0 million during the year ended December
31, 2012 compared to $1.5 million during the year ended December 31, 2011. The
total principal amount of loans outstanding as of December 31, 2012 was $615.7
million, compared to $484.3 million as of December 31, 2011.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Loss on derivatives</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Loss on derivatives decreased by $7.1 million to $5.4 million during the
year ended December 31, 2012 from $12.5 million during the year ended December
31, 2011. The decrease of $7.1 million reflects mainly a decrease in losses of
$7.0 million from interest rate derivatives as a result of the realized loss
and the mark-to-market valuation of interest rate swap transactions to $5.4
million for the year ended December 31, 2012 compared to $12.5 million for the
year ended December 31, 2011.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of December 31, 2012, the aggregate notional amount of interest rate
swap transactions outstanding was $505.8 million, compared to $547.1 million as
of December 31, 2011. An aggregate notional amount of $53.7 million of interest
rate swap transactions outstanding as of December 31, 2012 will become effective
during the year ending December 31, 2013, upon the expiration of the existing
interest rate swap transactions relating to such loans. These swaps
economically hedged the interest rate exposure of 83% of the Company&#146;s
aggregate loans outstanding as of December 31, 2012 that bear interest at
LIBOR. The mark-to-market valuation of these interest rate swap transactions at
the end of each period is affected by the prevailing comparable interest rates
at that time.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Foreign currency gain/(loss)</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Foreign currency loss was zero millions during the year ended December
31, 2012, compared to a gain of $0.8 million during the year ended December 31,
2011. Foreign currency exchange gains or losses result primarily from currency
translation or currency conversion of advances for vessel acquisitions and
vessels under construction denominated in foreign currencies or from currency
payments of supplies or services denominated in foreign currencies.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Early redelivery income, net</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended December 31, 2012, we recorded early redelivery
income, relating to the early termination of period time charters of our
vessels, of $11.7 million compared to $0.2 million early redelivery income
during the year ended December 31, 2011. Early redelivery income during the
year ended December 31, 2012 is analyzed as follows: (i) On December 15, 2012,
we took early redelivery of the <I>Martine</I>,
instead of on January 21, 2014, and in connection with this early redelivery,
we recognized early redelivery income of $8.5 million, comprising cash
compensation paid by the relevant charterer of $8.6 million, net of
commissions, less accrued revenue of $0.1 million; (ii) on December 19, 2012,
we took early redelivery of the <I>Maria</I>,
instead of on February 24, 2014, and in connection with this early redelivery,
we recognized early redelivery income of $3.2 million, comprising cash
compensation paid by the relevant charterer of $3.4 million, net of
commissions, less accrued revenue of $0.2 million.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Voyage expenses</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended December 31, 2012, we recorded voyage expenses of
$7.3 million, compared to $2.0 million during the year ended December 31, 2012,
as a result of increased vessel repositioning expenses.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Year ended December 31, 2011 compared to
year ended December 31, 2010</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended December 31, 2011, we had an average of 16.4
drybulk vessels in our fleet. During the year ended December 31, 2010, we had
an average of 14.6 drybulk vessels in our fleet.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended December 31, 2011, we acquired the vessels <I>Venus History</I>, a Post-Panamax class vessel
and <I>Pelopidas, </I>a Capesize class
vessel.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended December 31, 2010, we acquired the vessels <I>Kanaris</I>, a Capesize class vessel, <I>Panayiota K</I>, a Post-Panamax class vessel,
and <I>Venus Heritage</I>, a
Post-Panamax class vessel and sold <I>Old
Efrossini</I>, a Panamax class vessel.</FONT></P>


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<P><FONT SIZE=2 FACE=ARIAL><I>&nbsp;&nbsp;Revenues</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Revenues increased by 7.7%, or $12.3 million, to $172.0 million during
the year ended December 31, 2011 from $159.7 million during the year ended
December 31, 2010, as result of the net effect of the following factors: (i) a
decrease in the TCE rate for 2011 by 5.4% to $27,932, compared to $29,534 for
2010 due to the decrease in prevailing charter rates and (ii) an increase in
operating days for the year ended December 31, 2011 by 13.2% to 5,962 days,
compared to 5,269 days for the year ended December 31, 2010, due to an increase
in the weighted number of vessels during 2010 of 14.6 compared to 16.4 during
2011, due to the deliveries of the vessels <I>Venus
History </I>in September 2011, and <I>Pelopidas
</I>in November 2011.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Commissions</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Commissions to unaffiliated ship brokers, other brokers associated with
our charterers and our charterers during the year ended December 31, 2011
amounted to $3.1 million, an increase of $0.4 million, or 14.8%, compared to
$2.7 million during the year ended December 31, 2010, primarily due to the
increase in our revenues and to a lesser extent to higher average contracted
commissions, which increased in 2011 to 1.81% from 1.68% in 2010.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Vessel operating expenses</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Vessel operating expenses increased by 12.6% to $26.0 million during the
year ended December 31, 2011 from $23.1 million during the year ended December
31, 2010. This increase of $2.9 million reflects mainly: (i) crewing cost of
$13.2 million, compared to $11.4 million primarily attributable to increased
salaries paid to our crews and increased number of ownership days from 5,326 in
2010 to 5,992 in 2011, (ii) insurance cost of $2.3 million, compared to $1.9
million primarily attributable to the increase number of vessels in 2011 and to
increased insurances paid to our insurers, (iii) the cost for repairs,
maintenance and drydocking of $2.1 million, compared to $1.8 million, and (iv)
cost for lubricants of $3.1 million, compared to $2.8 million mainly due to increased
number of operating days from 5,269 in 2010 to 5,962 in 2011 and increased
lubricants prices.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Consequently, daily operating expenses, which represent the operating
expenses per vessel per ownership day, increased marginally by 0.2% to $4,350
during the year ended December 31, 2011 from $4,342 during the year ended
December 31, 2010.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Depreciation</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Depreciation expenses increased by 19.8% to $23.6 million during the
year ended December 31, 2011, compared to $19.7 million during the year ended
December 31, 2010, due to the increase in the average number of vessels from
14.6 during the year ended December 31, 2010 to 16.4 during the year ended
December 31, 2011.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;General and administrative expenses</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>General and administrative expenses increased by 21.4% to $8.5 million
during the year ended December 31, 2011 from $7.0 million during the year ended
December 31, 2010, due to an increase in the number of ownership days by 12.5%
from 5,326 in 2010 to 5,992 in 2011, as well as due to an increase, as of May 29,
2011, in the fixed daily fee per vessel to $700 from $575.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Daily general and administrative expenses increased by 7.5% to $1,417,
during the year ended December 31, 2011 from $1,318, during the year ended
December 31, 2010.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Daily management fees, which are the part of daily general and
administrative expenses payable to our Manager, increased by 9.8% to $1,006
during the year ended December 31, 2011, from $916 during the year ended
December 31, 2011.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Interest expense</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Interest expenses decreased by 18.8% to $5.2 million during the year
ended December 31, 2011 from $6.4 million during the year ended December 31,
2010. The $1.2 million decrease in interest expense was mainly attributable to
the increase in the capitalized interest during the year ended December 31,
2011 of $1.5 million from $0.3 million during the year ended December 31, 2010,
and the decrease in the average loans outstanding during the year ended
December 31, 2011 of $460.4 million from $476.9 million during the year ended
December 31, 2010, partly offset by the increase of the weighted average
interest rate of our outstanding indebtedness to 1.439% p.a. for the year ended
December 31, 2011 from 1.394% p.a. for the year ended December 31, 2010.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Loss on derivatives</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Loss on derivatives increased by $4.3 million to $12.5 million during
the year ended December 31, 2011 from $8.2 million </FONT></P>



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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>during the year ended December 31, 2010. The increase of $4.3 million
mainly reflects an increase in losses of $4.4 million from interest rate
derivatives as a result of the realized loss and the mark-to-market valuation
of interest rate swap transactions to $12.4 million for the year ended December
31, 2011 compared to $8.0 million for the year ended December 31, 2010. As of December
31, 2011, the aggregate notional amount of interest rate swap transactions
outstanding was $547.1 million, compared to $638.0 million at December 31,
2010. The aggregate notional amount of interest rate swap transactions
outstanding at December 31, 2011 is higher than the aggregate loans outstanding
at December 31, 2011, of $484.3 million, as two of the interest rate swap
transactions outstanding at December 31, 2011 will become effective upon the
expiration of the existing interest rate swap transactions relating to such
loans. These swaps economically hedged the interest rate exposure of 108% of
the Company&#146;s aggregate loans outstanding as of December 31, 2011 that bear
interest at LIBOR. The mark-to-market valuation of these interest rate swap transactions
at the end of each period is affected by the prevailing comparable interest
rates at that time.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Foreign currency gain/(loss)</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Foreign currency loss was $0.8 million during the year ended December
31, 2011, compared to gain of $0.3 million during the year ended December 31,
2010. Foreign currency exchange gains or losses resulted primarily from
currency translation or currency conversion of advances for vessel acquisitions
and vessels under construction denominated in foreign currencies. None of our
loans were denominated in foreign currency as of December 31, 2011.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Early redelivery income, net</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended December 31, 2011, we recorded early redelivery
income, relating to the early termination of period time charters of our
vessels, of $0.2 million compared to $0.1 million early redelivery income
during the year ended December 31, 2010.</FONT></P>

<P><FONT SIZE=2 COLOR="#35497C" FACE=ARIAL><B>B. Liquidity and Capital Resources</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of December 31, 2012, we had $129.4 million in cash and restricted
cash, of which $102.7 million consisted of cash and cash equivalents, $22.8
million consisted of short-term restricted cash and $3.9 million was long-term
restricted cash. In addition, as of December 31, 2012, we had $50.0 million in
a long-term floating rate note investment (for more information, please see
Note 9 to our financial statements included at the end of this annual report).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of February 15, 2013, we had $73.7 million in cash, time deposits and
restricted cash of which $46.4 million consisted of cash and cash equivalents,
$0.6 million consisted of short-term time deposits, $22.8 million was
short-term restricted cash and $3.9 million was long-term restricted cash. In
addition, as of February 15, 2013, we had $50.0 million in a long-term floating
rate note investment.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of December 31, 2012, we had aggregate debt outstanding of $615.7
million, of which $19.2 million was payable within the next 12 months. As of
December 31, 2012, we had an aggregate additional borrowing capacity of $8.1
million available under existing revolving credit facilities. Additionally, we
had one existing vessel unencumbered and under certain conditions we could
borrow up to $40.0 million in cash against our long-term floating rate note
investment. <BR><BR>As of February 15, 2013, we had an aggregate additional borrowing
capacity $68.9 million available under existing revolving credit facilities.
Additionally, we had two existing vessels unencumbered and under certain
conditions we could borrow up to $40.0 million in cash against our long-term
floating rate note investment.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of December 31, 2012, our commitments for vessel acquisitions were
$192.9 million, consisting of $80.8 million, payable in 2013, $59.1 million,
payable in 2014, and $53.0 million, payable in 2015. As of December 31, 2012
the existing fleet consisted of 24 vessels and we had contracted to aqcuire six
newbuilds and one secondhand vessel, three of which were scheduled to be
delivered in 2013, two in 2014 and two in 2015.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of February 15, 2013, our commitments for vessel acquisitions were
$198.8 million, consisting of $69.7 million payable in 2013, $76.1 million
payable in 2014, and $53.0 million payable in 2015. As of February 15, 2012,
the existing fleet consisted of 25 vessels and we had contracted to aqcuire six
newbuilds and one secondhand vessel, two of which were scheduled to be
delivered in 2013, three in 2014 and two in 2015.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our primary liquidity needs are to fund capital expenditures in relation
to newbuild contracts, financing expenses, debt repayment, vessel operating
expenses, general and administrative expenses and dividend payments to our
stockholders. We anticipate that our primary sources of funds will be the
existing cash and cash equivalents as of December 31, 2012 of $102.7 million,
short-term restricted cash of $22.8 million, borrowings of $40 million against
our long term floating rate note investment, additional undrawn borrowing
capacity of $8.1 million, cash from operations and possibly, additional
indebtedness to be raised against our two existing unencumbered vessels and
against our six unencumbered newbuild vessels and the one contracted secondhand
vessel upon their delivery to us, and equity financing.</FONT></P>


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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We currently estimate that the contracted cash flow from operations,
existing cash and cash equivalents, additional borrowing against our floating
rate note investment, existing undrawn loan and revolving credit facilities and
commitments and additional indebtedness secured by six newbuild vessels and one
secondhand vessel which are currently unencumbered, will be sufficient to fund the
operations of our fleet, including our working capital requirements, and the
capital expenditure requirements through the end of 2013. However, during 2013
or 2014, we may seek additional indebtedness to partially fund our capital
expenditure requirements in order to maintain a strong cash position. We may
incur additional indebtedness secured by two existing vessels, our six newbuild
vessels and one contracted secondhand vessel upon their delivery to us, which
are all currently unencumbered. To the extent that market conditions
deteriorate, charterers may default or seek to renegotiate charter contracts,
and vessel valuations may decrease, resulting in a breach of our debt
covenants. In such case our contracted revenues may decrease and we may be required
to make additional prepayments under existing loan facilities, resulting in
additional financing needs. If we acquire additional vessels, our capital
expenditure requirements will increase and we will need to rely on existing
cash and time deposits, operating cash surplus and existing undrawn loan
commitments. If we are unable to obtain additional indebtedness, or to find
alternative financing, we will not be capable of funding our commitments for
capital expenditures relating to our contracted newbuilds and secondhand
vessels. A failure to fulfill our commitment would generally result in a
forfeiture of the advances we paid to the shipyard or the third party sellers
with respect to the contracted newbuilds and secondhand vessel. In addition, we
may also be liable for other damages for breach of contract. Examples of such
liabilities could include payments to the shipyard or the third party seller
for the difference between the forfeited advance and the amount that remains to
be paid by us if the shipyard or the third party seller cannot locate a
third-party buyer that is willing to pay an amount equal to the difference or
compensatory payments by us to charter parties with whom we have entered into
charters with respect to the contracted newbuilds. Such events could adversely
impact the dividends we intend to pay, and could have a material adverse effect
on our business, financial condition and results of operation. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We have paid dividends to our stockholders each quarter since our
initial public offering in June 2008, including an aggregate amount of $37.5
million over three consecutive quarterly dividends, each in the amount of $0.15
per share, followed by one consecutive quarterly dividend in the amount of
$0.05 per share, paid during 2012. We also declared a dividend of $0.05 per
share, payable on or about March 8, 2013, to our shareholders of record on
March 4, 2013. Our future liquidity needs will impact our dividend policy. We
currently intend to use a portion of our free cash to pay dividends to our stockholders.
The declaration and payment of dividends, if any, will always be subject to the
discretion of our board of directors. The timing and amount of any dividends
declared will depend on, among other things: (i) our earnings, financial
condition and cash requirements and available sources of liquidity; (ii)
decisions in relation to our growth strategies; (iii) provisions of Marshall
Islands and Liberian law governing the payment of dividends; (iv) restrictive
covenants in our existing and future debt instruments; and (v) global financial
conditions. Dividends might be reduced or not be paid in the future.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Cash Flows</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Cash and cash equivalents increased to $102.7 million as of December 31,
2012, compared to $28.1 million as of December 31, 2011. We consider highly
liquid investments such as time deposits and certificates of deposit with an
original maturity of three months or less to be cash equivalents. Cash and cash
equivalents are primarily held in U.S. dollars.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Net Cash Provided by Operating Activities </B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Net cash provided by operating activities amounted to $105.1 million in
2012, consisting of net income after non-cash items of $126.9 million less an
increase in working capital of $21.8 million.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Net cash provided by operating activities amounted to $107.2 million in
2011, consisting of net income after non-cash items of $114.4 million plus an
increase in working capital of $7.2 million.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Net Cash Used in Investing Activities </B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Net cash flows used in investing activities were $158.1 million for the
year ended December 31, 2012 compared to net cash flows used in investing
activities of $125.9 million for the year ended December 31, 2011. The increase
in cash flows used in investing activities of $32.2 million from 2011 is mainly
attributable to the net effect of the following factors: (i) no change in our
net bank time deposits during the year ended December 31, 2012, compared to a
decrease of $35.0 million during the same period in 2011; (ii) a decrease of
$24.1 million in payments for vessel acquisitions and advances for vessels
under construction during the year ended December 31, 2012, due to the net
effect of the cancellation of newbuild <I>Hull
JO131</I> of $32.4 million and an increase of $8.3 million in advances
paid; and (iii) net increase in restricted cash of $21.3 million during the
year ended December 31, 2012, due to an increase in the restricted cash used as
loan and credit facilities collaterals, compared to no change during the year
ended December 31, 2011.</FONT></P>

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 <P><FONT SIZE=2 FACE=ARIAL>56</FONT></P>
 </TD>
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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
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 </TD>
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 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOTTED #006FAC 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Net cash flows used in investing activities were $125.9 million for the
year ended December 31, 2011 compared to net cash flows used in investing
activities of $131.7 million for the year ended December 31, 2010. The decrease
in cash flows used in investing activities of $5.8 million from 2010 is mainly
attributable to the net effect of the following factors: (i) a decrease in our
net bank time deposits by $35.0 million during the year ended December 31,
2011, compared to a decrease of $22.8 million during the same period in 2010;
(ii) a decrease of $31.5 million in payments for vessel acquisitions and
advances for vessels under construction during the year ended December 31, 2011
due to our acquisition of two new vessels, <I>Venus
History</I> in September, and <I>Pelopidas</I>
in November, while during the year ended December 31, 2010, we acquired three
new vessels, <I>Kanaris</I> in March, <I>Panayiota K </I>in April and <I>Venus Heritage</I> in December; and (iii)
proceeds from sale of vessels, amounting to $32.2 million in 2010 due to the
sale of the<I> Old Efrossini</I>; no
vessels were sold in 2011.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Net Cash Provided by/(Used in)Financing
Activities </B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Net cash flows provided by financing activities were $127.7 million for
the year ended December 31, 2012, compared to net cash flows used in financing
activities of $18.5 million for the year ended December 31, 2011. This increase
of $146.2 million, compared to the year ended December 31, 2011, is largely
attributable to an increase of $86.8 million in long-term debt principal
payments, offset by an increase in long-term debt proceeds of $228.6 million, a
decrease in dividends paid of $4.3 million, a decrease in payments of deferred
financing costs of $4.4 million and a decrease of $4.4 million in proceeds from
the issuance of common stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Net cash flows used in financing activities were $18.5 million for the
year ended December 31, 2011, compared to net cash flows provided by financing
activities of $60.1 million for the year ended December 31, 2010. This increase
of $78.6 million compared to 2010 is largely attributable to a decrease of
$35.4 million in proceeds from the issuance of common stock, an increase in
long-term debt principal payments of $43.5 million, an increase in long-term
debt proceeds of $9.5 million an increase in payments of deferred financing
costs of $5.4 million and an increase in dividends paid of $4 million.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Credit Facilities</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We operate in a capital intensive industry which requires significant
amounts of investment, and we fund a portion of this investment through
long-term bank debt. Our subsidiaries have generally entered into individual
credit facilities in order to finance the acquisition of the vessels owned by
these subsidiaries and for general corporate purposes. In 2012, six of our
subsidiaries entered into a new credit facility which was used to fully
refinance the outstanding balances under six individual credit facilities that
had been previously entered into with the same bank. The durations until
maturity of our 17 credit facilities outstanding on December 31, 2012, ranged
from two to 12 years, and they are generally repaid by semi-annual principal
installments and a balloon payment due on maturity, for 13 of them, and by
semi-annual principal installments for four of them. We generally pay interest
on these facilities at LIBOR plus a margin, except for four facilities, under
which a portion of the principal amounts bear interest at the Commercial
Interest Reference Rate published by the Organization for Economic Co-operation
and Development (&#147;OECD&#148;) applicable on the date of signing of the relevant loan
agreements. The obligations under our credit facilities are secured by, among
other types of security, first priority mortgages over the vessels owned by the
respective borrower subsidiaries, first priority assignments of all insurances
and earnings of the mortgaged vessels and guarantees by Safe Bulkers, Inc.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During 2012, we drew down loans totaling $312.6 million and we repaid
$181.3 million of our indebtedness. As of December 31, 2012, we had 17
outstanding credit facilities with a combined outstanding balance of $615.7
million. These debt facilities have maturity dates between 2014 and 2024. For a
description of our debt facilities as of December 31, 2012, please see Note 8
to our financial statements included at the end of this annual report. During
2013, we are scheduled to repay approximately $19.2 million of our long-term
debt outstanding as of December 31, 2012. During 2012, we entered into a new
loan facility in the amount of $34.0 million for <I>Efrossini</I>, a new credit facility in the amount of $18.0
million for <I>Pedhoulas Farmer </I>and
a new loan facility in the amount of $17.9 million for <I>Pedhoulas Builder.</I></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><I><B>&nbsp;&nbsp;Covenants under Credit Facilities</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The credit facilities impose operating and financial restrictions on us.
These restrictions in our existing credit facilities generally limit our
subsidiaries&#146; ability to, among other things, and subject to exceptions set
forth in such credit facilities: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>pay
 dividends if an event of default has occurred and is continuing or would
 occur as a result of the payment of such dividends; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>enter
 into certain long-term charters; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>incur
 additional indebtedness, including through the issuance of guarantees; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#35497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>change
 the flag, class or management of the vessel mortgaged under such facility or
 terminate or materially </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>
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 <P>&nbsp;</P>
 </TD>
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 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>57</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <TR>
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 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
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<P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>amend the
 management agreement relating to such vessel;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>create liens on
 their assets; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>make loans; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>make investments; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>make capital
 expenditures;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>undergo a change
 in ownership or control or permit a change in ownership and control of our
 Manager; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>sell the vessel
 mortgaged under such facility; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>permit our chief
 executive officer to change.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our existing credit facilities also require
certain of our subsidiaries to maintain financial ratios and satisfy financial
covenants. Depending on the credit facility, certain of our subsidiaries are
subject to financial ratios and covenants requiring that these subsidiaries: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>ensure that the market value of the vessel mortgaged under the
 applicable credit facility, determined in accordance with the terms of that
 facility, does not fall below 100% to 120%, as applicable, of the outstanding
 amount of the loan (the &#147;Minimum Value Covenant&#148;); </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>ensure that outstanding amounts in currencies other than the U.S.
 dollar do not exceed 100% or 110%, as applicable, of the U.S. dollar
 equivalent amount specified in the relevant credit agreement for the
 applicable period by, if necessary, providing cash collateral security in an
 amount necessary for the outstanding amounts to meet this threshold; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>ensure that we comply with certain financial covenants under the
 guarantees described below.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In addition, under guarantees we have entered into with respect to
 certain of our subsidiaries&#146; existing credit facilities, we are subject to
 financial covenants. Depending on the guarantee, these financial covenants
 include the following: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>our total consolidated liabilities with the relevant bank divided by
 our total consolidated assets must not exceed 80% or 85% as the case may be
 (&#147;Consolidated Leverage Covenant&#148;). The total consolidated assets are based
 on the market value of our vessels and the book values of all other assets,
 on an adjusted basis as set out in the relevant guarantee; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the ratio of our aggregate debt to EBITDA must not at any time exceed
 5.5:1 on a trailing 12 months&#146; basis or the ratio of our aggregate debt after
 deducting cash to EBITDA must not at any time exceed 8.5:1 on a trailing 12
 months&#146; basis (&#147;EBITDA Covenant&#148;); </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>our net consolidated worth (total consolidated assets less total
 consolidated liabilities) (&#147;Consolidated Net Worth Covenant&#148;) must not at any
 time be less than $150.0 million; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>payment of dividends is subject to no event of default having
 occurred; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>maintenance of minimum free liquidity of $500,000 is required on
 deposit on a per vessel basis for five vessels; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>a minimum of 51% of the Company&#146;s shares shall remain directly or
 indirectly beneficially owned by the Hajioannou family for the duration of the
 relevant credit facilities.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of December 31, 2012, the Company was in compliance with all debt
covenants with respect to its loan and credit facilities.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Interest Rate Swaps</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We have entered into interest rate swap agreements converting floating
interest rate exposure into fixed interest rates in order to economically hedge
our exposure to fluctuations in prevailing market interest rates. For more
information on our interest rate swap agreements, refer to Note 13 to our
financial statements included at the end of this annual report.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>C. Research and
Development, Patents and Licenses</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We incur from time to time expenditures relating to inspections for
acquiring new vessels that meet our standards. Such expenditures are
insignificant and they are expensed as they are incurred.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>D. Trend Information</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our results of operations depend primarily on the charter hire rates
that we are able to realize, and the demand for </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>58</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOTTED #006FAC 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>drybulk vessel services. After reaching
historical highs in mid-2008, charter hire rates for Panamax and Capesize
drybulk vessels reached near historically low levels. For example, the Baltic
Drybulk Index, or &#147;BDI,&#148; declined from a high of 11,793 in May 2008 to a low of
663 in December 2008, which represents a decline of 94% within a single
calendar year. On February 3, 2012, the BDI reached a low of 647, due to a
combination of weak demand and further growth in vessel supply. As of February
15, 2013, the BDI was 753.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The decline and volatility in charter rates
in the drybulk market reflects in part the fact that the supply of drybulk
vessels in the market has been increasing, and the number of newbuild drybulk
vessels on order is near historic highs. Demand for drybulk vessel services is
influenced by global financial conditions. The recovery in China and India
positively influenced the charter rates; however, global financial conditions
remain volatile and demand for drybulk services may decrease in the future. The
combination of increasing drybulk capacity (both current and expected) and
decreasing demand or demand which is not offset by the increase in drybulk
capacity is likely to result in reductions in charter hire rates and, as a
consequence, adversely affect our operating results.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In response to the volatile market conditions,
we seek to strengthen our charter coverage. Currently, 17 of our 25 vessels are
employed or scheduled to be employed in period time charters of more than three
months. Additionally, we believe we have structured our capital expenditure
requirements, debt commitments and liquidity resources is a way that will
provide us with financial flexibility (see &#147;Item 5. Operating and Financial
Review and Prospects &#151; B. Liquidity and Capital Resources&#148; for more
information).</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>E. Off-Balance Sheet
Arrangements</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>As of December 31, 2012, we did not have any off-balance sheet
arrangements.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>F. Contractual
Obligations</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Our contractual obligations as of December 31, 2012 were:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="33%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Total<BR>
 <BR></B><FONT COLOR=WHITE FACE=ARIAL>(Dollars in<BR>
 thousands)</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Less
 than 1<BR>
 year (2013)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>1-3
 years<BR>
 (2014-2015)</B></FONT></P>
 </TD>
 <TD BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>3-5
 years<BR>
 (2016-2017)</B></FONT></P>
 </TD>
 <TD BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>More
 than<BR>
 5 years<BR>
 (After January 1,<BR>
 2018)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Long-term debt obligations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>615,667</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>19,199</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>122,448</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>120,291</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>353,729</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Interest payments<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>71,499</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16,743</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>25,568</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16,979</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12,209</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="2">Payments to our Manager<SUP>(2)</SUP> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16,032</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,982</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Newbuild contracts</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>187,309</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>78,376</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>108,933</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>890,507</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>124,368</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>262,931</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>137,270</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>365,938</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;



 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;


 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="47%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="48%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(1)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>Amounts
 shown reflect estimated interest payments we expect to make with respect to
 our long-term debt obligations and interest rate swaps. The interest payments
 reflect an assumed LIBOR-based applicable interest rate of 0.5083% (the
 six-month LIBOR rate as of December 31, 2012), plus the relevant margin of
 the applicable credit facility and the estimated net settlement of our
 interest rate swaps. See &#147;Item 5. Operating and Financial Review and
 Prospects &#151; B. Liquidity and Capital Resources&#151;Interest Rate Swaps.&#148; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(2)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>Represents
 the fixed fee of $700 per vessel per day and the variable fee of 1.25% of
 estimated charter hire based on charter agreements in place as of December
 31, 2012, based on the management fees effective as of May 29, 2012. In
 addition, it includes amounts payable to our Manager under the Management
 Agreement in respect of the acquisition fees for each of the six newbuilds
 and one contracted secondhand vessel and the supervision fees for each of the
 six newbuilds, which are described elsewhere herein. The levels of the above
 mentioned fees are subject to adjustment every year and will be agreed upon
 between us and our Manager. The fees shown in the table above do not take
 into account any potential future changes to the fees.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #36497C 3PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>ITEM 6. DIREC<a name=c73723a007_v1></a>TORS,
 SENIOR MANAGEMENT AND EMPLOYEES</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>A. Directors and Senior Management</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>The following table sets forth, as of February 15, 2013, information
regarding our directors and executive officers.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="28%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Name</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Age</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Position</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Polys Hajioannou</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>46</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Chief Executive
 Officer, Chairman of the Board and Class I Director</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Dr. Loukas Barmparis</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>50</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>President,
 Secretary and Class II Director</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Konstantinos Adamopoulos</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>50</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Chief Financial
 Officer and Class III Director</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Ioannis Foteinos</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>54</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Chief Operating
 Officer and Class I Director</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>John Gaffney</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>52</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Class II Director</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Frank Sica</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>62</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Class III Director</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Ole Wikborg</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>57</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>Class I Director</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>59</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Certain biographical information about each
of these individuals is set forth below. The term of our Class I directors
expires in 2015, the term of our Class II directors expires in 2013 and the
term of our Class III directors expires in 2014.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Polys Hajioannou </B><FONT  FACE=ARIAL>is our Chief Executive Officer and
 has been Chairman of our board of directors since 2008. Mr. Hajioannou also
 serves with our Manager and prior to its inception, our Manager&#146;s predecessor
 Alassia Steamship Co., Ltd., which he joined in 1987. Mr. Hajioannou was
 elected as a member of the board of directors of the Union of Greek
 Shipowners in 2006 and served on the board until February 2009. Mr. Hajioannou
 is also a founding member of the Union of Cyprus Shipowners. Mr. Hajioannou
 is a member of the Lloyd&#146;s Register Hellenic Advisory Committee. In 2011, Mr.
 Hajioannou was appointed to the board of directors of the Hellenic Mutual War
 Risks Association (Bermuda) Limited. Mr. Hajioannou holds a Bachelor of
 Science degree in nautical studies from Sunderland University. </FONT></FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Dr. Loukas Barmparis</B> is our President and
 Secretary and has been a member of our board of directors since 2008. Dr.
 Barmparis also serves as the technical manager of our Manager, which he
 joined in February 2006. Until 2009 he was the project development manager of
 the affiliated Alasia Development S.A., responsible for renewable energy
 projects. Prior to joining our Manager and Alasia Development S.A., from 1999
 to 2005 and from 1993 to 1995, Dr. Barmparis was employed at N.
 Daskalantonakis Group, Grecotel, one of the largest hotel chains in Greece,
 as technical manager and project development general manager. During the
 interim period between 1995 and 1999, Dr. Barmparis was employed at Exergia
 S.A. as an energy consultant. Dr. Barmparis holds a master of business
 administration (&#147;M.B.A.&#148;) from the Athens Laboratory of Business
 Administration, a doctorate from the Imperial College of Science Technology
 and Medicine, a master of applied science from the University of Toronto and
 a diploma in mechanical engineering from the Aristotle University of
 Thessaloniki.</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Konstantinos Adamopoulos</B><FONT  FACE=ARIAL> is our Chief Financial Officer
 and has been a member of our board of directors since 2008. Prior to joining
 us, Mr. Adamopoulos was employed at Calyon, a financial institution, as a
 senior relationship manager in shipping finance for 14 years. Prior to this,
 from 1990 to 1993, Mr. Adamopoulos was employed by the National Bank of
 Greece in London as an account officer for shipping finance and in Athens as
 deputy head of the export finance department. Prior to this, from 1987 to
 1989, Mr. Adamopoulos served as a finance officer in the Greek Air Force. Mr.
 Adamopoulos holds an M.B.A. in finance from the City University Business
 School and a Bachelor of Science degree in business administration from the
 Athens School of Economics and Business Science.</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Ioannis Foteinos</B><FONT  FACE=ARIAL> is our Chief Operating Officer
 and has been a member of our board of directors since February 2009. Mr.
 Foteinos has 25 years of experience in the shipping industry. After obtaining
 a bachelor&#146;s degree in nautical studies from Sunderland University, he joined
 the predecessor of our Manager, Safety Management Overseas, in 1984, where he
 presently serves and will continue to serve as Chartering Manager.</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Frank Sica</B><FONT  FACE=ARIAL> has been a member of our board of
 directors and of our corporate governance, nominating and compensation
 committee, and a member and chairman of our audit committee, since 2008. Mr.
 Sica has served as a Managing Partner at Tailwind Capital, a private equity
 firm since 2006. From 2004 to 2005, Mr. Sica was a Senior Advisor to Soros
 Private Funds Management. From 1998 to 2003, Mr. Sica worked at Soros Fund
 Management where he oversaw the direct real estate and private equity
 investment activities of Soros. From 1988 to 1998, Mr. Sica was a Managing
 Director at Morgan Stanley. Mr. Sica is a graduate of Wesleyan University,
 where he received a B.A. degree, and of the Amos Tuck School of Business at
 Dartmouth College, where he received his M.B.A. Mr. Sica is also director of
 CSG Systems International, an account management and billing software company
 for communication industries, Jet-Blue Airways Corporation, a commercial
 airline, and Kohl&#146;s Corporation, an owner and operator of department stores.</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>Ole Wikborg</B> has been a member of our
 board of directors and of our audit committee and corporate governance,
 nominating and compensation committee since 2008. Mr. Wikborg has been
 involved in the marine and shipping industry in various capacities for over
 30 years. Since 2002, Mr. Wikborg has served as a director, senior
 underwriter and member of the management team of the Norwegian Hull Club,
 based in Oslo, Norway. From 2002 to 2006, Mr. Wikborg also served as a member
 and chairman of the Ocean Hull Committee of the International Union of Marine
 Insurance (&#147;IUMI&#148;). Since 2006, he has served as Vice President and a member
 of the Executive Board of the IUMI and in 2010, he was elected as President
 of IUMI. Since 1997, Mr. Wikborg has served as a board member of the Central
 Union of Marine Insurers, based in Oslo, and is presently that organization&#146;s
 Chairman. From 1997 until 2002, Mr. Wikborg served as the senior vice
 president and manager of the marine and energy division of the Zurich
 Protector Insurance Company ASA, based in Oslo and Zurich, and from 1993
 until 1997, he served as a senior underwriter for the marine division of
 Protector Insurance Company ASA, based in Oslo. Prior to his career in the
 field of marine insurance, Mr. Wikborg served in the Royal Norwegian Navy,
 attaining the rank of Lieutenant Commander.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>60</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOTTED #006FAC 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>John Gaffney</B><FONT  FACE=ARIAL> has been a member of our board of
 directors and of our audit committee, and a member and chairman of our
 corporate governance, nominating and compensation committee, since October
 2011. Mr. Gaffney joined the law firm of Gibson, Dunn &amp; Crutcher LLP as a
 partner in November 2011. From January 2010 through September 2011, Mr.
 Gaffney was a Senior Vice President, Corporate Affairs and General Counsel of
 Solyndra, Inc., where he led Solyndra&#146;s corporate affairs and legal
 activities. From January 2008 through December 2009, Mr. Gaffney was an
 Executive Vice President at First Solar, where he led First Solar&#146;s corporate
 development, legal, sustainable development and environmental affairs
 activities. Prior to joining First Solar, Mr. Gaffney practiced law at the
 firm of Cravath, Swaine &amp; Moore LLP, where he was a partner from 1993 to
 2008. Mr. Gaffney is a graduate of The George Washington University, where he
 received a B.A degree, and of New York University, where he received his J.D.
 and M.B.A. degrees.</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>B. Compensation of
Directors and Senior Management</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Non-executive independent directors of the
Company are paid an annual fee in the amount of $40,000 plus reimbursement for
their out-of-pocket expenses.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In addition, the chairman of the audit
committee, Frank Sica, receives the annual equivalent of $60,000 in the form of
shares of our common stock. John Gaffney and Ole Wikborg receive the annual
equivalent of $30,000 in the form of shares of our common stock. The members of
our senior management are provided and compensated by our Manager and have not
received and will not receive any compensation from us. We do not have any
employment contracts with any of our executive officers whose services are
provided to us by our Manager. For a discussion of the fees payable to our
Manager, refer to &#147;Item 7. Major Shareholders and Related Party Transactions&#151;B.
Related Party Transactions&#151;Management Agreement&#148;. Also, we do not have any
service contracts with any of our non-executive directors that provide for
benefits upon termination of their services.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>No amounts are set aside or accrued by us to
provide pension, retirement or similar benefits.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>C. Board Practices</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of December 31, 2012, we had seven members
on our board of directors. The board of directors may change the number of
directors to not less than three, nor more than 15, by a vote of a majority of
the entire board. Each director shall be elected to serve until the third
succeeding annual meeting of stockholders and until his or her successor shall
have been duly elected and qualified, except in the event of death, resignation
or removal. A vacancy on the board created by death, resignation, removal
(which may only be for cause), or failure of the stockholders to elect the
entire class of directors to be elected at any election of directors or for any
other reason, may be filled only by an affirmative vote of a majority of the
remaining directors then in office, even if less than a quorum, at any special
meeting called for that purpose or at any regular meeting of the board of
directors. None of our directors is a party to service contracts with us
providing for benefits upon termination of employment. Information regarding
the period which each director served and the date of expiration of each
director&#146;s current term is available in &#147;Item 6. Directors, Senior Management
and Employees&#151;A. Directors and Senior Management.&#148; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the fiscal year ended December 31,
2012, the full board of directors held four meetings. Each director attended
all of the meetings of committees of which the director was a member in person or
electronically. Our board of directors has determined that each of Mr. Sica,
Gaffney and Wikborg are independent within the current meanings of independence
employed by the corporate governance rules of the New York Stock Exchange and
the SEC. Stockholders who wish to send communications on any topic to the board
of directors or to the independent directors as a group, or to the chairman of
the audit committee, Mr. Frank Sica, or to the chairman of the corporate
governance, nominating and compensation committee, Mr. John Gaffney, may do so
by writing to our Secretary, Dr. Loukas Barmparis, Safe Bulkers, Inc., 30-32
Avenue Karamanli, 16673, Voula, Athens, Greece.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Corporate Governance</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>The board of
 directors and our Company&#146;s management have engaged in an ongoing review of
 our corporate governance practices in order to oversee our compliance with
 the applicable corporate governance rules of the New York Stock Exchange and
 the SEC.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>We have adopted a
 number of key documents that are the foundation of the Company&#146;s corporate
 governance, including:</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>a Code of Business
 Conduct and Ethics for all officers and employees, which incorporates a Code
 of Ethics for directors and a Code of Conduct for corporate officers; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>a Corporate
 Governance, Nominating and Compensation Committee Charter; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>an Audit Committee
 Charter.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>These documents and other important information on our governance are
posted on our website and may be viewed at </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>61</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>http://www.safebulkers.com. We will also
provide a paper copy of any of these documents upon the written request of a
stockholder. Stockholders may direct their requests to the attention of our
Secretary, Dr. Loukas Barmparis, Safe Bulkers, Inc., 30-32 Avenue Karamanli,
16673, Voula, Athens, Greece.</FONT></P>

<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Committees of the Board
of Directors</I></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Audit committee</B></I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our audit committee consists of Ole Wikborg, John Gaffney and Frank
 Sica, as chairman. Our board of directors has determined that Frank Sica
 qualifies as an audit committee &#147;financial expert,&#148; as such term is defined in
 Regulation S-K promulgated by the SEC. The audit committee is responsible
 for: </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the appointment, compensation, retention and oversight of independent
 auditors and approving any non-audit services performed by such auditor; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>assisting the board in monitoring the integrity of our financial
 statements, the independent auditors&#146; qualifications and independence, the
 performance of the independent accountants and our internal audit function
 and our compliance with legal and regulatory requirements; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>annually reviewing an independent auditors&#146; report describing the
 auditing firm&#146;s internal quality-control procedures, and any material issues
 raised by the most recent internal quality control review, or peer review, of
 the auditing firm; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>discussing the annual audited financial and quarterly statements with
 management and the independent auditors; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>discussing earnings press releases, as well as financial information
 and earnings guidance provided to analysts and rating agencies; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>discussing policies with respect to risk assessment and risk
 management; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>meeting separately, and periodically, with management, internal
 auditors and the independent auditor; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>reviewing with the independent auditor any audit problems or difficulties
 and management&#146;s responses; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>setting clear hiring policies for employees or former employees of
 the independent auditors; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>annually reviewing the adequacy of the audit committee&#146;s written
 charter, the internal audit charter, the scope of the annual internal audit
 plan and the results of internal audits; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>reporting regularly to the full board of directors; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>handling such other matters that are specifically delegated to the
 audit committee by the board of directors from time to time.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our corporate governance, nominating and compensation committee
 consists of Ole Wikborg, Frank Sica and John Gaffney, as chairman. The
 corporate governance, nominating and compensation committee is responsible
 for:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>nominating candidates, consistent with criteria approved by the full
 board of directors, for the approval of the full board of directors to fill
 board vacancies as and when they arise, as well as putting in place plans for
 succession, in particular, of the chairman of the board of directors and
 executive officers; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>selecting, or recommending that the full board of directors select,
 the director nominees for the next annual meeting of shareholders; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>developing and recommending to the full board of directors corporate
 governance guidelines applicable to us and keeping such guidelines under
 review; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>overseeing the evaluation of the board and management; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>handling such other matters that are specifically delegated to the
 corporate governance, nominating and compensation committee by the board of
 directors from time to time.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>D. Employees</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Other than an employee who serves as our
legal representative in Greece, we have no salaried employees and have not
entered into any employment agreements. Our Manager employs, and provides us
with, all four of our executive officers, including our chief executive
officer, Polys Hajioannou, our president, Dr. Loukas Barmparis, our chief
financial officer, Konstantinos Adamopoulos, and our chief operating officer,
Ioannis Foteinos. Our Manager is responsible for paying any salaries payable to
our executive officers. As of December 31, 2012, approximately 506 people
served on board the vessels in our fleet, and our Manager employed
approximately 48 people on shore.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>E. Share Ownership</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The common stock beneficially owned by our
directors and executive officers and/or companies affiliated with these
individuals is disclosed in &#147;Item 7. Major Shareholders and Related Party
Transactions&#151;A. Major Shareholders&#148; below.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>62</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOTTED #006FAC 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
</TABLE>


<P><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Equity Compensation
Plans</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We have agreed to provide the chairman of the
audit committee, Mr. Frank Sica, as part of his remuneration, the annual
equivalent of $60,000 in the form of shares of our common stock, and our
non-executive independent directors, Mr. John Gaffney and Mr. Ole Wikborg, as
part of their remuneration, the annual equivalent of $30,000 each, in the form
of shares of our common stock.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #36497C 3PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>IT<a name=c73723a008_v1></a>EM 7. MAJOR
 SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>A. Major Shareholders
</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The following table sets forth certain
information regarding the beneficial ownership of our outstanding common stock
as of February 15, 2013 held by: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>each person or
 entity that we know beneficially owns 5% or more of our common stock; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>each of our officers
 and directors; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>all our directors
 and officers as a group.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Beneficial ownership is determined in
accordance with the rules of the SEC. In general, a person who has voting power
or investment power with respect to securities is treated as a beneficial owner
of those securities.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Beneficial ownership does not necessarily
imply that the named person has the economic or other benefits of ownership.
For purposes of this table, shares subject to options, warrants or rights or
shares exercisable within 60 days of February 15, 2013 are considered as
beneficially owned by the person holding those options, warrants or rights.
Each stockholder is entitled to one vote for each share held. The applicable
percentage of ownership for each stockholder is based on 76,670,460 shares of
common stock outstanding as of February 15, 2013. Information for certain
holders is based on their latest filings with the SEC or information delivered
to us. Except as noted below, the address of all stockholders, officers and directors
identified in the table and the accompanying footnotes below is in care of our
principal executive offices.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Identity
 of Person or Group</B></FONT></P>
 </TD>
 <TD BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Number
 of<BR>
 Shares<BR>
 of Common<BR>
 Stock Owned</B></FONT></P>
 </TD>
 <TD BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Percentage<BR>
 of<BR>
 Common<BR>
 Stock</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>5% Beneficial Owners:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Vorini Holdings Inc. <SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>46,426,015</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>60.55</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Officers and Directors:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Polys Hajioannou <SUP>(2)</SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>46,426,015</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>60.55</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Dr. Loukas Barmparis</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Konstantinos Adamopoulos</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Ioannis Foteinos</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Frank Sica</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9,281</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Ole Wikborg</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13,954</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>John Gaffney</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13,954</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>All executive officers and directors as a
 group (7 persons)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>46,463,204</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>60.60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="47%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="48%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>*</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Less than 1%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(1)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Vorini Holdings Inc. is
 controlled by Polys Hajioannou and his family.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(2)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>By virtue of shares owned
 indirectly through Vorini Holdings Inc., which is our principal stockholder.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In June 2008, we completed a registered
public offering of our shares of common stock in which the selling stockholder
was Vorini Holdings Inc., and our common stock began trading on the New York
Stock Exchange. Our major stockholders have the same voting rights as our other
stockholders. As of February 15, 2013, we had five stockholders of record,
three of these stockholders of record were located in the United States and held
an aggregate 31,156,506 shares of common stock, representing approximately
40.6% of our outstanding shares of common stock. However, one of the United
States stockholders of record is Cede &amp; Co., a nominee of The Depository
Trust Company, which holds 31,133,271 shares of our common stock. Accordingly,
we believe that the shares held by Cede &amp; Co. include shares of common
stock beneficially owned by both holders in the United States and non-United
States beneficial owners. We are not aware of any arrangements the operation of
which may at a subsequent date result in our change of control. We are not
aware of any significant changes in the percentage ownership held by any major
stockholders since our initial public offering.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>63</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Vorini Holdings Inc. owns approximately
60.55% of our outstanding common stock. This stockholder is able to control the
outcome of matters on which our stockholders are entitled to vote, including
the election of our entire board of directors and other significant corporate
actions. Shares of our common stock held by Vorini Holdings Inc. do not have
different or unique voting rights.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>B. Related Party
Transactions</B></FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Management
Affiliations</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our Manager, Safety Management Overseas S.A.,
is controlled by Polys Hajioannou, our chief executive officer, through another
entity, Machairiotissa Holdings, Inc. Our Manager, along with its predecessor,
has provided services to our vessels since 1965 and continues to provide
technical, administrative, commercial and certain other services which support
our business, as well as comprehensive ship management services such as
technical supervision and commercial management, including chartering our
vessels, pursuant to our Management Agreement described below.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Management
Agreement</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Under our Management Agreement, our Manager
is responsible for providing us with technical, administrative commercial and
certain other services, which include the following:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Technical Services</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>These services include managing day-to-day
vessel operations, performing general vessel maintenance, ensuring regulatory
compliance and compliance with the law of the flag state of each vessel and of
the places where the vessel operates, ensuring classification society
compliance, supervising the maintenance and general efficiency of vessels,
arranging the hire of qualified officers and crew, training, transportation and
lodging, insurance (including handling and processing all claims) of, and
appropriate investigation of any charterer concerns with respect to, the crew,
conducting union negotiations concerning the crew, performing normally
scheduled drydocking and general and routine repairs, arranging insurance for
vessels (including marine hull and machinery, protection and indemnity and
risks insurance), purchasing stores, supplies, spares, lubricating oil and
maintenance capital expenditures for vessels, appointing supervisors and
technical consultants, providing technical support, shoreside support and
shipyard supervision, and attending to all other technical matters necessary to
run our business.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Commercial Services</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>These services include chartering the vessels
that we own, assisting in our chartering, locating, purchasing, financing and
negotiating the purchase and sale of our vessels, supervising the design and
construction of newbuilds, and such other commercial services as we may
reasonably request from time to time.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Administrative Services</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>These services include administering payroll
services, assistance with the preparation of our tax returns and financial
statements, assistance with corporate and regulatory compliance matters not
related to our vessels, procuring legal and accounting services, assistance in
complying with U.S. and other relevant securities laws, human resources
(including provision of our executive officers and directors of our
subsidiaries), cash management and bookkeeping services, development and
monitoring of internal audit controls, disclosure controls and information
technology, assistance with all regulatory and reporting functions and obligations,
furnishing any reports or financial information that might be requested by us
and other non-vessel related administrative services, assistance with office
space, providing legal and financial compliance services, overseeing banking
services (including the opening, closing, operation and management of all of
our accounts, including making deposits and withdrawals reasonably necessary
for the management of our business and day-to-day operations), arranging
general insurance and director and officer liability insurance (at our
expense), providing all administrative services required for any subsequent
debt and equity financings and attending to all other administrative matters
necessary to ensure the professional management of our business.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Reporting Structure</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our Manager reports to us and to our board of
directors through our executive officers.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Compensation of Our Manager</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Under our Management Agreement, in return for
providing technical, commercial and administrative services, our Manager receives
a fixed fee of $700 per vessel for vessels in our fleet, prorated for the
number of calendar days that we own or charter-in each vessel and $250 per
vessel per day, for bareboat charters. Our Manager also receives a variable fee
of 1.25% on all gross freight, charter hire, ballast bonus and demurrage with
respect to each vessel in our fleet. Further, our Manager receives an
acquisition fee of 1.0% based on the contract price of any vessel bought and a
sales fee of 1.0% </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>64</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOTTED #006FAC 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>based on the contract price of any vessel
sold by it on our behalf, including each of our contracted newbuilds. We also
pay our Manager a supervision fee of $550,000 per newbuild, of which 50% is
payable upon the signing of the relevant supervision agreement, and 50% upon
successful completion of the sea trials of each newbuild, for the on-premises
supervision of all newbuilds we have agreed to acquire pursuant to shipbuilding
contracts, memoranda of agreement, or otherwise. The management fees were
constant for the 2 year initial period of the Management Agreement, which ended
on May 29, 2010. On May 29, 2010, pursuant to an agreement between us and our
Manager, the variable fee on gross freight, charter hire, ballast bonus and
demurrage was readjusted to 1.25% from 1.0%. On May 29, 2011, the fixed fee per
vessel was readjusted to $700 from $575 per day, and the supervision fee per
newbuild was readjusted to $550,000 from $375,000, while all other management
fees remained constant. Since then all management fees have remained constant.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The management fees do not cover capital
expenditure, financial costs and operating expenses for our vessels and our
general and administrative expenses such as directors, and officers&#146; liability
insurance, legal and accounting fees and other similar third party expenses.
More specifically, we reimburse expenses of the Manager or its personnel
directly related to the operation and management of our vessels, such as: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>interest,
 principal and other financial costs, </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>voyage expenses </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>vessel operating
 expenses including crewing costs, surveyor&#146;s attendance fees, bunkers,
 lubricant oils, spares, survey fees, classification society fees, maintenance
 and repair costs, tonnage taxes and vetting expenses, </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>commissions, remuneration
 or disbursements due to lawyers, brokers, agents, surveyors, consultants,
 financial advisors, investment bankers, insurance advisors, </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>deductibles,
 insurance premiums and/or P&amp;I calls, </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>postage,
 communication, traveling, victualling and other out of pocket expenses.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Each year, our Manager prepares and submits
to us a detailed draft budget for the next calendar year, which includes a
statement of estimated revenue, estimated general and administrative expenses
and a proposed budget for capital expenditures, repairs or alterations. Once
approved by us, this draft budget becomes the approved budget.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Term and Termination Rights</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Subject to the termination rights described
below, the initial term of our Management Agreement expired on May 28, 2010.
Since then our Management Agreement has been automatically renewed for three
one-year periods, expiring May 28, 2013. Upon expiration of the renewal term,
our Management Agreement automatically renews for one-year periods until May
28, 2018, at which point the agreement will expire. In addition to the
termination provisions outlined below, we are able to terminate our Management
Agreement at any point after the initial term upon 12 months&#146; notice to our
Manager. Such notice of termination has not been provided to our Manager by us.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Our Manager&#146;s Termination Rights</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our Manager may terminate our Management
Agreement prior to the end of its term if:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>any money payable by us is not paid when due or if due on demand,
 within ten business days following demand by our Manager; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>we default in the performance of any other material obligation under
 the Management Agreement and the matter is unresolved within 20 business days
 after we receive written notice of such default from our Manager; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the management fee determined by arbitration in respect of any annual
 period following the initial term is unsatisfactory to our Manager, in which
 case the Manager may terminate upon 12 months&#146; written notice to us; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>any acquisition of our shares or a merger, consolidation or similar
 transaction results in any &#147;person&#148; or &#147;group&#148; acquiring 40% or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>more of the total voting power of our or the resulting entity&#146;s
 outstanding voting securities, and such percentage represents a higher
 percentage of such voting power than that held directly or indirectly by
 Polys Hajioannou and Nicolaos Hadjioannou, collectively; or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>there is a change in directors after which a majority of the members
 of our board of directors are not continuing directors.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>&#147;Continuing directors&#148; means, as of any date of determination, any
 member of our board of directors who was: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>member of our board of directors on June 4, 2008; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>nominated for election or elected to our board of directors with the
 approval of a majority of the directors then in office who were either
 directors on June 4, 2008 or whose nomination or election was previously so
 approved.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>65</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE><BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Our Termination Rights</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In addition to certain standard termination
rights, we may terminate our Management Agreement prior to the end of its term
if: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>our Manager defaults in the performance of any material obligation
 under our Management Agreement and the matter is not resolved </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>within 20 business days after our Manager receives from us written
 notice of such default; or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>any money payable by our Manager to us or third parties under our
 Management Agreement is not paid or accounted for within ten business days
 following written notice by us.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Non-Competition</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our Manager has agreed that, during the term
of our Management Agreement and for one year after its termination, our Manager
will not provide any management services to, or with respect to, any drybulk
vessels, other than in the following circumstances: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="94%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>pursuant to its
 involvement with us; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>with respect to drybulk vessels that are owned or operated by
 companies affiliated with our chief executive officer or Nicolaos
 Hadjioannou, subject in each case to compliance with, or waivers of, the
 restrictive covenant agreements entered into between us and companies
 affiliated with our chief executive officer or Nicolaos Hadjioannou.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our Manager has also agreed that if one of
our drybulk vessels and a drybulk vessel owned or operated by a company
affiliated with our chief executive officer or Nicolaos Hadjioannou are both
available and meet the criteria for a charter being fixed by our Manager, our
drybulk vessel will receive such charter. Currently our Manager does not
provide management services to any third party.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Sale of Our Manager</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our Manager has agreed that, during the term
of the Management Agreement and for one year after its termination, our Manager
will not transfer, assign, sell or dispose of all or substantially all of its
business that is necessary for the performance of its services under the
Management Agreement without the prior written consent of our board of
directors. Furthermore, during such period, in the event of any proposed change
in control of our Manager, we have a 30-day right of first offer to purchase
our Manager. In December 2011, the Management Agreement was amended to define a
&#147;proposed change in control of our Manager&#148; to mean (a) the approval by the
board of directors of the Manager or the shareholders of the Manager of a
proposed sale of all or substantially all of the assets or property of the
Manager necessary for the performance of its services under the Management
Agreement; or (b) the approval of any transaction that would result in: (i)
Polys Hajioannou or Vorini Holdings Inc., or any entity controlled by, or under
common control with, any of the above, beneficially owning, directly or
indirectly, less than 60% of the outstanding voting securities or voting power
of the Manager or Machairiotissa Holdings Inc., respectively, or (ii) Polys
Hajioannou or Vorini Holdings Inc., or any entity controlled by, or under
common control with, any of the above, together with all directors, officers
and employees of the Manager beneficially owning, directly or indirectly, less
than 80% of the outstanding voting securities or voting power of the Manager or
Machairiotissa Holdings Inc., respectively. The Management Agreement was also
amended to provide us the right to obtain certain information about the
ownership of the Manager.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Restrictive
 Covenant Agreements</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Under the restrictive covenant agreements
entered into with us, Polys Hajioannou, Vorini Holdings Inc., Machairiotissa
Holdings Inc., or any entity controlled by, or under common control with, any
of the above (together, the &#147;Hajioannou Entities&#148;), have agreed to restrictions
on their ownership or operation of any drybulk vessels or the acquisition,
investment in or control of any business involved in the ownership or operation
of drybulk vessels, subject to the exceptions described below.<BR><BR>In the case of
Polys Hajioannou, the restricted period continues until the later of (a) one
year following the termination of the Management Agreement and (b) one year
following the termination of his services and employment with us. In the case
of the Hajioannou Entities, the restricted period continues until one year
following the termination of the Management Agreement. Notwithstanding these
restrictions, Polys Hajioannou and the Hajioannou Entities are permitted to
engage in the restricted activities during the restricted periods in the
following circumstances: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="94%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>pursuant to their
 involvement with us;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>pursuant to their involvement with our Manager, subject to compliance
 with, or waivers of, the Management Agreement;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>66</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOTTED #006FAC 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
</TABLE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="94%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>with respect to certain permitted acquisitions (as defined below),
 provided that (i) any commercial management of drybulk vessels controlled by
 the restricted individuals and entities in connection with such permitted
 acquisition is performed by our Manager and (ii) the restricted individuals
 and entities comply with the requirements for permitted acquisitions
 described below; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(d)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>pursuant to their passive ownership of up to 9.99% of the outstanding
 voting securities of any publicly traded company that is engaged in the
 drybulk vessel business.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As noted above, Polys Hajioannou and the
Hajioannou Entities are permitted to engage in restricted activities with
respect to two types of permitted acquisitions. One such permitted acquisition
is an acquisition of a drybulk vessel or an acquisition or investment in a
drybulk vessel business on terms and conditions as to price that are not more
favorable, and on such other terms and conditions that are not materially more
favorable, than those first offered to us and refused by a majority of our
independent directors. The second type of permitted acquisition is an
acquisition of a group of vessels or a business that includes non-drybulk
vessels and non-drybulk vessel businesses, provided that less than 50% of the
fair market value of the acquisition is attributable to drybulk vessels or
drybulk vessel businesses. Under this second type of permitted acquisition, we
must be promptly given the opportunity to buy the drybulk vessels or drybulk vessel
businesses included in the acquisition for their fair market value plus certain
break-up costs. Polys Hajioannou and the Hajioannou Entities have also agreed
that if one of our drybulk vessels and a drybulk vessel owned or operated by
any of the Hajioannou Entities are both available and meet the criteria for a
charter being fixed by our Manager, our drybulk vessels will receive such
charter.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="62%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="37%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Registration
 Rights Agreement</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>In connection with the closing of our initial public offering, we
entered into a registration rights agreement with Vorini Holdings Inc., our
largest stockholder, pursuant to which we have granted it and certain of its
transferees the right, under certain circumstances and subject to certain
restrictions, to require us to register under the Securities Act shares of our
common stock held by those persons. Under the registration rights agreement,
Vorini Holdings Inc. and certain of its transferees have the right to request
us to register the sale of shares held by them on their behalf and may require
us to make available shelf registration statements permitting sales of shares
into the market from time to time over an extended period. In addition, those
persons have the ability to exercise certain piggyback registration rights in connection
with registered offerings initiated by us. Vorini Holdings Inc. currently owns
45,500,000 shares entitled to these registration rights.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>C. Interests of
Experts and Counsel</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Not applicable.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #36497C 3PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>ITEM 8. FINANCIAL INF<a name=c73723a009_v1></a>ORMATION</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>A. Consolidated
Statements and Other Financial Information </B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>See &#147;Item 18. Financial Statements&#148; below.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Legal
Proceedings</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We are involved in an ongoing arbitration
dispute in London, England, with the Shipyard. We had entered into an agreement
with the Shipyard for the construction, sale and delivery by the Shipyard to us
of one 180,000 DWT Capesize class newbuild vessel <I>(Hull No. J0131) </I>in exchange for USD $53 million. In
December 2012, after having paid $31.8 million in advances during construction,
we exercised our termination right under the agreement due to the Shipyard&#146;s
excessive construction delays and delivered demands to each of the Shipyard and
the refund guarantor, The Export Import Bank of China (a bank rated Aa3 by
Moody&#146;s Investor Services), pursuant to the agreement and the refund
guarantees, respectively, for a refund of the full amount of advances paid,
with interest. In response, in January 2013, the Company received a notice of
arbitration, and arbitration proceedings with the shipyard were initiated in
London, England. The Shipyard alleges that our termination constitutes a breach
of the agreement and argues that we are not entitled to a refund of any of the
advances paid or interest. We are vigorously pursuing the arbitration and
believe that the merits in this dispute rest in our favor. However, arbitration
is inherently uncertain and we cannot provide assurance that we will prevail
because it is not possible to predict what the final outcome will be of any
legal proceeding. An award against us would require us to record the related
liability and incur the cost thereof, which includes the amount of advances
already paid, the capitalized expenses recorded and any further damages to the
Shipyard without receipt of the vessel.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We are not otherwise involved in any legal
proceedings which may have, or have had, a significant effect on our busi-</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>67</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>ness, financial position, results of
operations or liquidity, nor are we aware of any other proceedings that are
pending or threatened which may have a significant effect on our business,
financial position, results of operations or liquidity. The nature of our
business exposes us to the risk of lawsuits for damages or penalties relating
to, among other things, personal injury, property casualty and environmental
contamination. From time to time, we may be subject to legal proceedings and
claims in the ordinary course of business, principally personal injury and
property casualty claims. We expect that these claims would be covered by
insurance, subject to customary deductibles. However, such claims, even if
lacking merit, could result in the expenditure of significant financial and
managerial resources.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Dividend Policy</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We paid our first quarterly dividend as a
public company of $0.1461 per share in August 2008 and subsequent dividends of
$0.475 per share in November 2008, $0.15 per share in February 2009, May 2009,
August 2009, November 2009, February 2010, May 2010, August 2010, November
2010, February 2011, May 2011, August 2011, November 2011, February 2012, May
2012 and August 2012, and $0.05 per share in November 2012. We also declared a
dividend of $0.05 per share on February 18, 2013, for the shareholders of
record on March 4, 2013, payable on or about March 8, 2013. </FONT></P>


<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We currently intend to use a portion of our free cash to pay dividends to our shareholders. The
declaration and payment of dividends, if any, will always be subject to the
discretion of our board of directors. The timing and amount of any dividends
declared will depend on, among other things: (a) our earnings, financial
condition and cash requirements and available sources of liquidity, (b) decisions
in relation to our growth strategies, (c) provisions of Marshall Islands and
Liberian law governing the payment of dividends, (d) restrictive covenants in
our existing and future debt instruments and (e) global financial conditions.
Dividends might be reduced or not be paid by us. Our ability to pay dividends
may be limited by the amount of cash we can generate from operations following
the payment of fees and expenses and the establishment of any reserves, as well
as additional factors unrelated to our profitability. We are a holding company,
and we depend on the ability of our subsidiaries to distribute funds to us in
order to satisfy our financial obligations and to make dividend payments. See
&#147;Item 3. Key Information&#151;D. Risk Factors&#151;Risks Inherent in Our Industry and Our
Business&#148; for a discussion of the risks related to our ability to pay
dividends.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>B. Significant
Changes</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>No significant change has occurred since the
date of the annual financial statements included in this annual report on Form 20-F.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #36497C 3PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a name=c73723a010_v1></a>TEM 9. THE OFFER AND LISTING</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Trading on the New York Stock Exchange</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Since our initial public offering in the
United States on May 29, 2008, our common stock has been listed on the New York
Stock Exchange under the symbol &#147;SB.&#148; The following table shows the high and
low sales prices for our common stock during the indicated periods.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="72%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Price
 Range</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>High</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Low</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>2008 <SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>19.23</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2.98</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>2009</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9.64</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2.71</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>2010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9.18</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6.50</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>2011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9.78</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5.28</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7.73</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3.12</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>First Quarter 2011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9.69</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8.20</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Second Quarter 2011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9.78</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6.97</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Third Quarter 2011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7.93</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6.10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Fourth Quarter 2011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5.28</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>First Quarter 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7.73</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6.07</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Second Quarter 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5.96</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Third Quarter 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6.66</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5.76</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR=WHITE>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Fourth Quarter 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5.96</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3.12</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>68</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-bottom:dotted #006FAC 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report<B> 2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="74%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Price
 Range</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>August 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6.66</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5.98</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>September 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6.21</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5.76</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>October 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5.96</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5.50</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>November 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5.69</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3.23</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>December 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3.54</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3.12</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>January 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4.22</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3.40</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>February 2013<SUP>(2)</SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4.10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3.61</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="99%" style=margin-left:1%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="68%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="28%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(1)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>For the period from May 29, 2008,
 the date on which our common stock began trading on the New York Stock
 Exchange, until the end of the period. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(2)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>For the period through February
 15, 2013.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #36497C 3PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a name=c73723a011_v1></a>TEM 10. ADDITIONAL INFORMATION</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>A. Share Capital </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Under our articles of incorporation, our
authorized capital stock consists of 200,000,000 shares of common stock, par
value $0.001 per share, of which, as of December 31, 2012 and February 15,
2013, 76,661,451 and 76,670,460 shares were issued and outstanding,
respectively, and 20,000,000 shares of blank check preferred stock, par value
$0.01 per share, of which, as of December 31, 2012 and February 15, 2013, no
shares were issued and outstanding. Of this blank check preferred stock, 1,000,000
shares have been designated Series A Participating Preferred Stock in
connection with our adoption of a stockholder rights plan as described below
under &#147;&#151;Stockholder Rights Plan.&#148; All of our shares of stock are in registered
form.<BR><BR>Please see Note 10 to our financial statements included at the end of
this annual report for a discussion of the history of our share capital.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>B.
Memorandum and Articles of Association</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our purpose, as stated in our articles of
incorporation, is to engage in any lawful act or activity for which
corporations may now or hereafter be organized under the BCA. Our articles of
incorporation and bylaws do not impose any limitations on the ownership rights
of our stockholders.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The rights of our stockholders are set forth
in our articles of incorporation and bylaws. Amendments to our articles of
incorporation require the affirmative vote of the holders of a majority of all
outstanding shares entitled to vote, except that amendments to certain
provisions of our articles of incorporation dealing with the rights of
stockholders, the board of directors, our bylaws and amendments to the articles
of incorporation require the affirmative vote of at least 75% of all
outstanding shares entitled to vote. Amendments to our bylaws require the affirmative
vote of at least 75% of all outstanding shares entitled to vote.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Under our bylaws, annual stockholder meetings
will be held at a time and place selected by our board of directors. The
meetings may be held inside or outside of the Republic of The Marshall Islands.
Special meetings may be called by the chairman of the board of directors, the
chief executive officer or a majority of the board of directors. Our board of
directors may set a record date between 15 and 60 days before the date of any
meeting to determine the stockholders that will be eligible to receive notice
and vote at the meeting. Our bylaws permit stockholder action by unanimous
written consent.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We are registered at The Trust Company of The
Marshall Islands, Inc. under registration number 27394.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Directors</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Under our bylaws, our directors are elected
by a plurality of the votes cast at each annual meeting of the stockholders by
the holders of shares entitled to vote in the election. There is no provision
for cumulative voting.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Pursuant to the provisions of our bylaws, the
board of directors may change the number of directors to not less than three,
nor more than 15, by a vote of a majority of the entire board. Each director
shall be elected to serve until the third succeeding annual meeting of
stockholders and until his or her successor shall have been duly elected and
qualified, except in the event of death, resignation or removal. A vacancy on
the board created by death, resignation, removal (which may only be for cause),
or failure of the stockholders to elect the entire class of directors to be
elected at any election of directors or for any other reason may be filled only
by an affirmative vote of a majority of the remaining directors then in office,
even if less than a quorum, at any special meeting called for that purpose or
at any regular meeting of the board of directors. The board of directors has
the authority to fix the amounts which shall be payable to the non-employee
members of our board of directors for attendance at any meeting or for services
rendered to us.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>69</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Common
Stock</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Each outstanding share of common stock
entitles the holder to one vote on all matters submitted to a vote of
stockholders. Subject to preferences that may be applicable to any outstanding
shares of preferred stock, holders of shares of common stock are entitled to
receive ratably all dividends, if any, declared by our board of directors out
of funds legally available for dividends. Upon our dissolution or liquidation
or the sale of all or substantially all of our assets, after payment in full of
all amounts required to be paid to creditors and to the holders of preferred
stock having liquidation preferences, if any, the holders of our common stock
will be entitled to receive pro rata our remaining assets available for
distribution. Holders of common stock do not have conversion, redemption or
preemptive rights to subscribe to any of our securities. All outstanding shares
of common stock are fully paid and nonassessable. The rights, preferences and
privileges of holders of common stock are subject to the rights of the holders
of any shares of preferred stock which we may issue in the future. Our common
stock is not subject to any sinking fund provisions and no holder of any shares
will be required to make additional contributions of capital with respect to
our shares in the future. There are no provisions in our articles of
incorporation or bylaws discriminating against a shareholder because of his or
her ownership of a particular number of shares.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We are not aware of any limitations on the
rights to own our common stock, including rights of non-resident or foreign
stockholders to hold or exercise voting rights on our common stock, imposed by
foreign law or by our articles of incorporation or bylaws.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Preferred
Stock</B></I></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>Our articles of incorporation authorize our board of directors, without
any further vote or action by our stockholders, to issue up to 20,000,000
shares of blank check preferred stock, of which 1,000,000 shares have been
designated Series A Participating Preferred Stock, in connection with our
adoption of a stockholder rights plan as described below under &#147;&#151;Stockholder
Rights Plan,&#148; and to determine, with respect to any series of preferred stock
established by our board of directors, the terms and rights of that series,
including: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the designation of the series; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the number of shares of the series; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the preferences and relative, participating, option or other special
 rights, if any, and any qualifications, limitations or restrictions of such
 series; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the voting rights, if any, of the holders of the series.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Stockholder
Rights Plan</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Each share of our common stock includes a
right that entitles the holder to purchase from us a unit consisting of
one-thousandth of a share of our Series A participating preferred stock at a
purchase price of $25.00 per unit, subject to specified adjustments. The rights
are issued pursuant to a stockholder rights agreement between us and American
Stock Transfer &amp; Trust Company, as rights agent. Until a right is
exercised, the holder of a right will have no rights to vote or receive
dividends or any other stockholder rights.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The rights may have anti-takeover effects.
The rights will cause substantial dilution to any person or group that attempts
to acquire us without the approval of our board of directors. As a result, the
overall effect of the rights may be to render more difficult or discourage any
attempt to acquire us. Because our board of directors can approve a redemption
of the rights or a permitted offer, the rights should not interfere with a
merger or other business combination approved by our board of directors. The
adoption of the rights agreement was approved by our existing stockholder prior
to our initial public offering in May 2008.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We have summarized the material terms and
conditions of the rights agreement and the rights below. For a complete
description of the rights, we encourage you to read the stockholder rights
agreement, which we have filed as an exhibit to this annual report.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Detachment of rights</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>The rights are attached to all certificates
representing our outstanding common stock and will attach to all common stock
certificates we issue prior to the rights distribution date that we describe
below. The rights are not exercisable until after the rights distribution date
and will expire at the close of business on the tenth anniversary date of the
adoption of the rights plan, unless we redeem or exchange them earlier as
described below. The rights will separate from the common stock and a rights
distribution date will occur, subject to specified exceptions, on the earlier
of the following two dates: </FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>70</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-bottom:dotted #006FAC 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report<B> 2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>ten days following the first public announcement that a person or
 group of affiliated or associated persons or an &#147;acquiring person&#148; has
 acquired or obtained the right to acquire beneficial ownership of 15% or more
 of our outstanding common stock; or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>ten business days following the start of a tender or exchange offer
 that would result, if closed, in a person becoming an &#148;acquiring person.&#148;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our controlling stockholder, Vorini
Holdings Inc., and its affiliates are excluded from the definition of
&#147;acquiring person&#148; for purposes of the rights, and therefore their ownership or
future share acquisitions cannot trigger the rights. Specified &#147;inadvertent&#148;
owners that would otherwise become an acquiring person, including those who
would have this designation as a result of repurchases of common stock by us,
will not become acquiring persons as a result of those transactions.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our board of directors may defer the rights
distribution date in some circumstances, and some inadvertent acquisitions will
not result in a person becoming an acquiring person if the person promptly
divests itself of a sufficient number of shares of common stock.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Until the rights distribution date:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>our common stock certificates will evidence the rights, and the
 rights will be transferable only with those certificates; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>any new shares of common stock will be issued with rights, and new
 certificates will contain a notation incorporating the rights agreement by
 reference.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As soon as practicable after the rights
distribution date, the rights agent will mail certificates representing the
rights to holders of record of common stock at the close of business on that
date. As of the rights distribution date, only separate rights certificates
will represent the rights.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We will not issue rights with any shares of
common stock we issue after the rights distribution date, except as our board
of directors may otherwise determine.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Flip-in event</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>A &#147;flip-in event&#148; will occur under the rights
agreement when a person becomes an acquiring person. If a flip-in event occurs
and we do not redeem the rights as described under the heading &#147;&#151;Redemption of
rights&#148; below, each right, other than any right that has become void, as
described below, will become exercisable at the time it is no longer redeemable
for the number of shares of common stock, or, in some cases, cash, property or
other of our securities, having a current market price equal to two times the
exercise price of such right.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>If a flip-in event occurs, all rights that
then are, or in some circumstances that were, beneficially owned by or
transferred to an acquiring person or specified related parties will become void
in the circumstances which the rights agreement specifies.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Flip-over event</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>A &#147;flip-over event&#148; will occur under the
rights agreement when, at any time after a person has become an acquiring
person: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>we are acquired in
 a merger or other business combination transaction; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>50% or more of our
 assets, cash flows or earning power is sold or transferred.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>If a flip-over event occurs, each holder of a
right, other than any right that has become void as we describe under the
heading &#147;&#151;Flip-in event&#148; above, will have the right to receive the number of
shares of common stock of the acquiring company having a current market price
equal to two times the exercise price of such right.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Antidilution</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The number of outstanding rights associated
with our common stock is subject to adjustment for any stock split, stock
dividend or subdivision, combination or reclassification of our common stock
occurring prior to the rights distribution date. With some exceptions, the
rights agreement does not require us to adjust the exercise price of the rights
until cumulative adjustments amount to at least 1% of the exercise price. It
also does not require us to issue fractional shares of our preferred stock that
are not integral multiples of one one-hundredth of a share, and, instead, we
may make a cash adjustment based on the market price of the common stock on the
last trading date prior to the date of exercise. The rights agreement reserves
us the right to require, prior to the occurrence of any flip-in event or flip-over
event, that, on any exercise of rights, a number of rights must be exercised so
that we will issue only whole shares of stock.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>71</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Redemption of rights</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>At any time until ten days after the date on
which the occurrence of a flip-in event is first publicly announced, we may
redeem the rights in whole, but not in part, at a redemption price of $0.01 per
right. The redemption price is subject to adjustment for any stock split, stock
dividend or similar transaction occurring before the date of redemption. At our
option, we may pay that redemption price in cash, shares of common stock or any
other consideration our board of directors may select. The rights are not
exercisable after a flip-in event until they are no longer redeemable. If our
board of directors timely orders the redemption of the rights, the rights will
terminate on the effectiveness of that action.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Exchange of rights</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We may, at our option, exchange the rights
(other than rights owned by an acquiring person or an affiliate or an associate
of an acquiring person, which have become void), in whole or in part. The
exchange must be at an exchange ratio of one share of common stock per right,
subject to specified adjustments at any time after the occurrence of a flip-in
event and prior to </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>any person other than our existing stockholder becoming the
 beneficial owner of common stock with voting power equal to 50% or more of
 the total voting power of all shares of common stock entitled to vote in the
 election of directors; or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>the occurrence of
 a flip-over event.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Amendment of terms of rights</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>While the rights are outstanding, we may amend the provisions of the
rights agreement only as follows: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>to cure any ambiguity, omission, defect or inconsistency;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>to make changes that do not adversely affect the interests of holders
 of rights, excluding the interests of any acquiring person; or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>to shorten or lengthen any time period under the rights agreement,
 except that we cannot change the time period when rights may be redeemed or
 lengthen any time period, unless such lengthening protects, enhances or
 clarifies the benefits of holders of rights other than an acquiring person.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>At any time when no rights are outstanding,
we may amend any of the provisions of the rights agreement, other than
decreasing the redemption price.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Dissenters&#146; Rights of Appraisal and Payment</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Under the BCA, our stockholders have the
right to dissent from various corporate actions, including any merger or sale
of all, or substantially all, of our assets not made in the usual course of our
business, and receive payment of the fair value of their shares. In the event
of any amendment of our articles of incorporation, a stockholder also has the
right to dissent and receive payment for his or her shares if the amendment
alters certain rights in respect of those shares. The dissenting stockholder
must follow the procedures set forth in the BCA to receive payment. In the
event that we and any dissenting stockholder fail to agree on a price for the
shares, the BCA procedures involve, among other things, the institution of
proceedings in the high court of the Republic of The Marshall Islands or in any
appropriate court in any jurisdiction in which our shares are primarily traded
on a local or national securities exchange. The value of the shares of the
dissenting stockholder is fixed by the court after reference, if the court so
elects, to the recommendations of a court-appointed appraiser.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Stockholders&#146;
Derivative Actions</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Under the BCA, any of our stockholders may
bring an action in our name to procure a judgment in our favor, also known as a
derivative action, provided that the stockholder bringing the action is a
holder of common stock both at the time the derivative action is commenced and
at the time of the transaction to which the action relates.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Limitations
on Liability and Indemnification of Officers and Directors</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The BCA authorizes corporations to limit or
eliminate the personal liability of directors and officers to corporations and
their stockholders for monetary damages for breaches of directors&#146; fiduciary
duties. Our articles of incorporation include a provision that eliminates the
personal liability of directors for monetary damages for actions taken as a
director to the fullest extent permitted by law.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our bylaws provide that we must indemnify our
directors and officers to the fullest extent authorized by law. We are also
expressly authorized to advance certain expenses (including attorneys&#146; fees and
disbursements and court costs) to our directors and officers and carry
directors&#146; and officers&#146; insurance providing indemnification for our directors,
officers </FONT></P>
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 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>72</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
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 <P>&nbsp;</P>
 </TD>
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 <P>&nbsp;</P>
 </TD>
 </TR>
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 <TD VALIGN=TOP STYLE='BORDER-bottom:dotted #006FAC 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report<B> 2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>


<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>and certain employees for some liabilities.
We believe that these indemnification provisions and insurance are useful to
attract and retain qualified directors and executive officers.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The limitation of liability and
indemnification provisions in our articles of incorporation and bylaws may
discourage stockholders from bringing a lawsuit against directors for breach of
their fiduciary duty. These provisions may also have the effect of reducing the
likelihood of derivative litigation against directors and officers, even though
such an action, if successful, might otherwise benefit us and our stockholders.
In addition, stockholders&#146; investments may be adversely affected to the extent
we pay the costs of settlement and damage awards against directors and officers
pursuant to these indemnification provisions.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>There is currently no pending material
litigation or proceeding involving any of our directors, officers or employees
for which indemnification is sought.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Anti-Takeover
Effect of Certain Provisions of our Articles of Incorporation and Bylaws</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Several provisions of our articles of
incorporation and bylaws, which are summarized in the following paragraphs, may
have anti-takeover effects. These provisions are intended to avoid costly
takeover battles, lessen our vulnerability to a hostile change of control and
enhance the ability of our board of directors to maximize stockholder value in
connection with any unsolicited offer to acquire us. However, these
anti-takeover provisions could also delay, defer or prevent (a) the merger or
acquisition of our company by means of a tender offer, a proxy contest or
otherwise that a stockholder might consider in its best interest, including
attempts that may result in a premium over the market price for the shares held
by the stockholders, and (b) the removal of incumbent officers and directors.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
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 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Blank check preferred stock</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Under the terms of our articles of incorporation,
our board of directors has authority, without any further vote or action by our
stockholders, to issue up to 20,000,000 shares of blank check preferred stock,
of which 1,000,000 shares have been designated Series A Participating Preferred
Stock, in connection with our adoption of a stockholder rights plan as
described above under &#147;&#151;Stockholder Rights Plan.&#148; Our board of directors may
issue shares of preferred stock on terms calculated to discourage, delay or
prevent a change of control of our company or the removal of our management.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Classified board of directors</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our articles of incorporation provide for a
board of directors serving staggered, three-year terms. Approximately one-third
of our board of directors will be elected each year. This classified board
provision could discourage a third party from making a tender offer for our
shares or attempting to obtain control of our company. It could also delay
stockholders who do not agree with the policies of the board of directors from
removing a majority of the board of directors for two years.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Election and removal of directors</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our articles of incorporation prohibit
cumulative voting in the election of directors. Our bylaws require parties
other than the board of directors to give advance written notice of nominations
for the election of directors. Our articles of incorporation and bylaws also
provide that our directors may be removed only for cause. These provisions may
discourage, delay or prevent the removal of incumbent officers and directors.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Calling of special meeting of stockholders</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our articles of incorporation and bylaws
provide that special meetings of our stockholders may only be called by our
Chairman of the board of directors, chief executive officer or by either, at
the request of a majority of our board of directors.</FONT></P>

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 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Advance notice requirements for stockholder proposals and director
 nominations</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our bylaws provide that stockholders seeking
to nominate candidates for election as directors or to bring business before an
annual meeting of stockholders must provide timely notice of their proposal in
writing to the corporate secretary. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Generally, to be timely, a stockholder&#146;s
notice must be received at our offices not less than 90 days nor more than 120
days prior to the first anniversary date of the previous year&#146;s annual meeting.
Our bylaws also specify requirements as to the form and content of a
stockholder&#146;s notice. These provisions may impede stockholders&#146; ability to
bring matters before an annual meeting of stockholders or to make nominations
for directors at an annual meeting of stockholders.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>C. Material Contracts</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Not applicable.</FONT></P>


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 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>73</FONT></P>
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<P><FONT SIZE=2 FACE=ARIAL><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>D.
Exchange Controls and Other Limitations Affecting Security Holders</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Under Marshall Islands law, there are
currently no restrictions on the export or import of capital, including foreign
exchange controls or restrictions that affect the remittance of dividends,
interest or other payments to non-resident holders of our common stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>E. Tax
Considerations</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Marshall Islands Tax Considerations</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We are a non-resident domestic Marshall
Islands corporation. Because we do not, and we do not expect that we will, conduct
business or operations in the Republic of The Marshall Islands, under current
Marshall Islands law we are not subject to tax on income or capital gains and
our stockholders (so long as they are not citizens or residents of the Republic
of The Marshall Islands) will not be subject to Marshall Islands taxation or
withholding on dividends and other distributions (including upon a return of
capital) we make to our stockholders. In addition, so long as our stockholders
are not citizens or residents of the Republic of The Marshall Islands, our
stockholders will not be subject to Marshall Islands stamp, capital gains or
other taxes on the purchase, holding or disposition of our common stock, and
our stockholders will not be required by the Republic of The Marshall Islands
to file a tax return relating to our common stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Each stockholder is urged to consult their
tax counselor or other advisor with regard to the legal and tax consequences,
under the laws of pertinent jurisdictions, including the Republic of The
Marshall Islands, of their investment in us. Further, it is the responsibility
of each stockholder to file all state, local and non-U.S., as well as U.S.
federal tax returns that may be required of them.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Liberian Tax Considerations</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Some of our vessel-owning subsidiaries are
incorporated under the laws of the Republic of Liberia. The Republic of
Liberia enacted a new income tax act effective as of January 1, 2001 (the &#147;New
Act&#148;) which did not distinguish between the taxation of &#147;non-resident&#148; Liberian
corporations, such as our subsidiaries, which conduct no business in Liberia
and were wholly exempt from taxation under the income tax law previously in
effect since 1977, and &#147;resident&#148; Liberian corporations which conduct business
in Liberia and are, and were under the prior law, subject to taxation. The New
Act was amended by the Consolidated Tax Amendments Act of 2011 which was
published and became effective on November 1, 2011 (the &#147;Amended Act&#148;). The
Amended Act specifically exempts from taxation non-resident Liberian
corporations such as our Liberian subsidiaries that engage in international
shipping (and not exclusively in Liberia) and that do not engage in other
business or activities in Liberia other than specifically enumerated in the
Amended Act. In addition, the Amended Act made such exemption from taxation
retroactive to the effective date of the New Act.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>United States Federal Income Tax Considerations</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The following discussion of United States
federal income tax matters is based on the Code, judicial decisions,
administrative pronouncements, and existing and proposed regulations issued by
the United States Department of the Treasury, all of which are subject to
change, possibly with retroactive effect. This discussion does not address any
United States state or local taxes, any United States federal tax other than
federal income tax or the tax on net investment income imposed by Section 1411
of the Code. This discussion does not purport to address the tax consequences
of owning our common stock to all categories of investors, some of which (such
as financial institutions, regulated investment companies, real estate
investment trusts, tax-exempt organizations, insurance companies, United States
expatriates, persons holding our common stock as part of a hedging, integrated,
conversion or constructive sale transaction or a straddle, persons liable for
alternative minimum tax, pass-through entities and investors therein, persons
who own, actually or under applicable constructive ownership rules, 10% or more
of our common stock, traders or dealers in securities or currencies and United
States holders whose functional currency is not the United States dollar) may
be subject to special rules. This discussion only addresses holders that hold
the common stock as a capital asset. You are encouraged to consult your own tax
advisors concerning the overall tax consequences of the ownership of our common
stock arising in your own particular situation under United States federal,
state, local or foreign law.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>If a partnership holds our common stock, the
tax treatment of a partner will generally depend upon the status of the partner
and upon the activities of the partnership. Partners in a partnership holding
our common stock are encouraged to consult their tax advisors.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Taxation of Our Shipping Income</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>For purposes of the following discussion
&#147;shipping income&#148; means income that is derived by a non-United States
corporation from:</FONT></P>

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 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>74</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:DOTTED #006FAC 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the use of vessels;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the hiring or leasing of vessels for use on a time, operating or
 bareboat charter basis;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the participation in a pool, partnership, strategic alliance, joint
 operating agreement or other joint venture it directly or indirectly owns or
 participates in that generates such income; or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>(d)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the performance of services directly related to those uses.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Shipping income attributable to
transportation exclusively between non-United States ports is generally not
subject to United States income tax. However, unless exempt from United States
income tax under the rules contained in Section 883 of the Code, a non-United
States corporation is, under the rules of Section 887 of the Code, subject to a
4% United States income tax in respect of its &#147;United States source gross
transportation income&#148; (without the allowance for deductions). United States
source gross transportation income includes 50% of shipping income that is
attributable to transportation that begins or ends (but that does not both
begin and end) in the United States. Under Section 883 of the Code, a
non-United States corporation will be exempt from United States income tax on
its United States source gross transportation income if: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>(a)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>it is organized in a foreign country (its &#147;country of organization&#148;)
 that grants an &#147;equivalent exemption&#148; to United States corporations; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>(b)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>either </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>(i)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>more than 50% of the value of its stock is owned, directly or
 indirectly, by individuals who are &#147;residents&#148; of its country of organization
 or of another foreign country that grants an &#147;equivalent exemption&#148; to United
 States corporations; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>(ii)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>its stock is &#147;primarily and regularly traded on an established
 securities market&#148; in its country of organization, in another country that
 grants an &#147;equivalent exemption&#148; to United States corporations, or in the
 United States.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We believe that we will not satisfy the
requirements of Section 883 of the Code. As a result, we will be subject to the
4% United States income tax on United States source gross transportation income.
Since 50% of our gross shipping income for transportation that begins or ends
in the United States would be treated as United States source gross
transportation income, we expect that the effective rate of United States
income tax on our gross shipping income for such transportation would equal 2%.
Many of our charters contain a provision that obligates the charterer to
reimburse us for the 4% United States income tax that we are required to pay in
respect of the vessel subject to the relevant charter.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In lieu of the foregoing rules, since the
exemption of Section 883 of the Code will not apply to us, our United States
source gross transportation income that is considered to be &#147;effectively
connected&#148; with the conduct of a United States trade or business would be
subject to the United States corporate income tax currently imposed at rates of
up to 35% (net of applicable deductions). In addition, we may be subject to the
30% United States &#147;branch profits&#148; taxes on earnings effectively connected with
the conduct of such trade or business, as determined after allowance for
certain adjustments, and on certain interest paid or deemed paid attributable
to the conduct of our United States trade or business. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We expect that none of our United States
source gross transportation income will be &#147;effectively connected&#148; with the
conduct of a United States trade or business. Such income would be considered
&#147;effectively connected&#148; only if: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>we had, or were considered to have, a fixed place of business in the
 United States involved in the earning of our United States source gross
 transportation income; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>substantially all of our United States source gross transportation
 income was attributable to regularly scheduled transportation, such as the
 operation of a vessel that followed a published schedule with repeated
 sailings at regular intervals between the same points for voyages that begin
 or end in the United States.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We believe that we will not meet these
conditions because we will not have, or permit circumstances that would result
in our having, any vessel sailing to or from the United States on a regularly
scheduled basis. In addition, income attributable to transportation that both
begins and ends in the United States is not subject to the tax rules described
above. Such income is subject to either a 30% gross-basis tax or to United
States corporate income tax on net income at rates of up to 35% (and the branch
profits tax discussed above). Although there can be no assurance, we do not
expect to engage in transportation that produces shipping income of this type.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Taxation of Gain on Sale of Assets</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Regardless of whether we qualify for the
exemption under Section 883 of the Code, we will not be subject to United
States income taxation with respect to gain realized on a sale of a vessel,
provided the sale is considered to occur outside </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>75</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P><FONT SIZE=2 FACE=ARIAL><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>of the United States (as determined under
United States tax principles). In general, a sale of a vessel will be
considered to occur outside of the United States for this purpose if title to
the vessel (and risk of loss with respect to the vessel) passes to the buyer
outside of the United States. We expect that any sale of a vessel will be so
structured that it will be considered to occur outside of the United States.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>United States
 Federal Income Taxation of United States Holders</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>You are a &#147;United States holder&#148; if you are a
beneficial owner of our common stock and you are a United States citizen or
resident, a United States corporation (or other United States entity taxable as
a corporation), an estate the income of which is subject to United States
federal income taxation regardless of its source, or a trust if a court within
the United States is able to exercise primary jurisdiction over the
administration of the trust and one or more United States persons have the
authority to control all substantial decisions of that trust.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Distributions on Our Common Stock</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Subject to the discussion of PFICs below, any
distributions with respect to our common stock that you receive from us will
generally constitute dividends, which may be taxable as ordinary income or
&#147;qualified dividend income&#148; as described below, to the extent of our current or
accumulated earnings and profits (as determined under United States tax principles).
Distributions in excess of our earnings and profits will be treated first as a
nontaxable return of capital to the extent of your tax basis in our common
stock (on a dollar-for-dollar basis) and thereafter as capital gain. Because we
do not intend to determine our earnings and profits on the basis of United
States federal income tax principles, any distribution paid will generally be
treated as a &#147;dividend&#148; for United States federal income tax purposes.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Because we are not a United States corporation,
if you are a United States corporation (or a United States entity taxable as a
corporation), you will not be entitled to claim a dividends-received deduction
with respect to any distributions you receive from us.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Dividends paid with respect to our common
stock will generally be treated as &#147;passive category income&#148; for purposes of
computing allowable foreign tax credits for United States foreign tax credit
purposes.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>If you are an individual, trust or estate,
dividends you receive from us should be treated as &#147;qualified dividend income&#148;
taxed at preferential rates, provided that: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The common stock is readily tradable on an established securities
 market in the United States (such as the New York Stock Exchange);</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We are not a PFIC for the taxable year during which the dividend is
 paid or the immediately preceding taxable year (see the discussion below
 under &#147;&#151;PFIC Status&#148;);</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>You own our common stock for more than 60 days in the 121-day period
 beginning 60 days before the date on which the common stock becomes
 ex-dividend;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(d)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>You are not under an obligation to make related payments with respect
 to positions in substantially similar or related property; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(e)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Certain other conditions are met.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Special rules may apply to any &#147;extraordinary
dividend.&#148; Generally, an extraordinary dividend is a dividend in an amount that
is equal to (or in excess of) 10% of your adjusted tax basis (or fair market
value in certain circumstances) in a share of our common stock. If we pay an &#147;extraordinary
dividend&#148; on our common stock that is treated as &#147;qualified dividend income&#148;
and if you are an individual, estate or trust, then any loss you derive from a
subsequent sale or exchange of such common stock will be treated as long-term
capital loss to the extent of such dividend.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>There is no assurance that dividends you
receive from us will be eligible for preferential rates. Dividends you receive
from us that are not eligible for any preferential rate will be taxed at the
ordinary income rates.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Sale, Exchange or other Disposition of Common Stock</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Provided that we are not a PFIC for any
taxable year, you generally will recognize taxable gain or loss upon a sale,
exchange or other disposition of our common stock in an amount equal to the difference
between the amount realized by you from such sale, exchange or other
disposition and your tax basis in such stock. Such gain or loss will be treated
as long-term capital gain or loss if your holding period is greater than one
year at the time of the sale, exchange or other disposition. Such capital gain
or loss will generally be treated as United States source income or loss, as
applicable, for United States foreign tax credit purposes. Your ability to
deduct capital losses against ordinary income is subject to limitations.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>76</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:DOTTED #006FAC 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>PFIC Status</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Special United States income tax rules apply
to you if you hold stock in a non-United States corporation that is classified
as a &#147;passive foreign investment company&#148; (or &#147;PFIC&#148;) for United States income
tax purposes. In general, we will be treated as a PFIC in any taxable year in
which, after applying certain look-through rules, either: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>at least 75% of our gross income for such taxable year consists of
 &#147;passive income&#148; (e.g., dividends, interest, capital gains and rents derived
 other than in the active conduct of a rental business); or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>at least 50% of the average value of our assets during such taxable
 year consists of &#147;passive assets&#148; (i.e., assets that produce, or are held for
 the production of, passive income).</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>For purposes of determining whether we are a
PFIC, we will be treated as earning and owning our proportionate share of the
income and assets, respectively, of any of our subsidiary corporations in which
we own at least 25% of the value of the subsidiary&#146;s stock. Income we earn, or
are deemed to earn, in connection with the performance of services will not
constitute passive income. By contrast, rental income will generally constitute
passive income (unless we are treated under certain special rules as deriving
our rental income in the active conduct of a trade or business).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Because we have chartered all our vessels to
unrelated charterers on the basis of period time and spot time charter
contracts (and not on the basis of bareboat charters) and because we expect to
continue to do so, we believe that currently we should not be treated as being
and should not become a PFIC. We believe it is more likely than not that our
gross income derived from our time charter activities constitutes active
service income (as opposed to passive rental income) and, as a result, our
vessels constitute active assets (as opposed to passive assets) for purposes of
determining whether we are a PFIC. We believe there is legal authority supporting
this position, consisting of case law and IRS pronouncements concerning the
characterization of income derived from time charters as service income for
other tax purposes. However, there is no legal authority specifically relating
to the statutory provisions governing PFICs or relating to circumstances
substantially similar to ours. Moreover, a recent case by the United States
Court of Appeals for the Fifth Circuit held that, contrary to the position of
the IRS in that case, and for purposes of a different set of rules under the
Code, income received under a time charter of vessels should be treated as
rental income rather than services income. If the reasoning of the Fifth
Circuit case were extended to the PFIC context, the gross income we derive or are
deemed to derive from our time chartering activities would be treated as rental
income, and we would probably be a PFIC.<BR><BR>We have not sought, and we do not
expect to seek, an IRS ruling on this matter. As a result, the IRS or a court
could disagree with our position that we are not currently a PFIC. No assurance
can be given that this result will not occur. In addition, although we intend
to conduct our affairs in a manner to avoid, to the extent possible, being
classified as a PFIC with respect to any taxable year, we cannot assure you
that the nature of our operations will not change in the future, or that we can
avoid PFIC status in the future.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As discussed below, if we were to be treated
as a PFIC for any taxable year, you generally would be subject to one of three
different United States income tax regimes, depending on whether or not you
make certain elections.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Taxation of United States Holders That Make a Timely QEF Election</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>If we were treated as a PFIC, and if you make
a timely election to treat us as a &#147;Qualifying Electing Fund&#148; for United States
tax purposes (a &#147;QEF Election&#148;), you would be required to report each year your
pro rata share of our ordinary earnings and our net capital gain for our
taxable year that ends with or within your taxable year, regardless of whether
we make any distributions to you. Such income inclusions would not be eligible
for the preferential tax rates applicable to &#147;qualified dividend income.&#148; Your
adjusted tax basis in our common stock would be increased to reflect such taxed
but undistributed earnings and profits. Distributions of earnings and profits
that had previously been taxed would result in a corresponding reduction in
your adjusted tax basis in our common stock and would not be taxed again once
distributed. You would generally recognize capital gain or loss on the sale,
exchange or other disposition of our common stock. Even if you make a QEF
Election for one of our taxable years, if we were a PFIC for a prior taxable
year during which you held our common stock and for which you did not make a
timely QEF Election, you would also be subject to the more adverse rules
described below under &#147;Taxation of United States Holders That Make No
Election.&#148; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>You would make a QEF Election with respect to
any year that our company is treated as a PFIC by completing and filing IRS
Form 8621 with your United States income tax return in accordance with the
relevant instructions. If we were to become aware that we were to be treated as
a PFIC for any taxable year, we would notify all United States holders of such
treatment and would provide all necessary information to any United States
holder who requests such information in order to make the QEF election
described above.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>77</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2 FACE=ARIAL><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Taxation of United States Holders That Make a Timely &#147;Mark-to-Market&#148;
 Election</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Alternatively, if we were to be treated as a
PFIC for any taxable year and, as we believe, our common stock is treated as
&#147;marketable stock,&#148; you would be allowed to make a &#147;mark-to-market&#148; election
with respect to our common stock, provided that you complete and file IRS Form
8621 in accordance with the relevant instructions. If that election is made,
you generally would include as ordinary income in each taxable year the excess,
if any, of the fair market value of our common stock at the end of the taxable
year over your adjusted tax basis in our common stock. You also would be
permitted an ordinary loss in respect of the excess, if any, of your adjusted
tax basis in our common stock over its fair market value at the end of the
taxable year (but only to the extent of the net amount previously included in
income as a result of the mark-to-market election). Your tax basis in our
common stock would be adjusted to reflect any such income or loss amount. Gain
realized on the sale, exchange or other disposition of our common stock would
be treated as ordinary income, and any loss realized on the sale, exchange or
other disposition of the common stock would be treated as ordinary loss to the
extent that such loss does not exceed the net mark-to-market gains previously
included by you.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Taxation of United States Holders That Make No Election</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Finally, if we were treated as a PFIC for any
taxable year and if you did not make either a QEF Election or a
&#147;mark-to-market&#148; election for that year, you would be subject to special rules
with respect to (a) any excess distribution (that is, the portion of any
distributions received by you on our common stock in a taxable year in excess
of 125% of the average annual distributions received by you in the three
preceding taxable years, or, if shorter, your holding period for our common
stock) and (b) any gain realized on the sale, exchange or other disposition of
our common stock. Under these special rules: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(i)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the excess distribution or gain would be allocated ratably over your
 aggregate holding period for our common stock;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(ii)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the amount allocated to the current taxable year would be taxed as
 ordinary income; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(iii)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the amount allocated to each of the other taxable years would be
 subject to tax at the highest rate of tax in effect for the applicable class
 of taxpayer for that year, and an interest charge for the deemed deferral
 benefit would be imposed with respect to the resulting tax attributable to
 each such other taxable year.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>If an individual dies while owning our common
stock, the individual&#146;s successor generally would not receive a step-up in tax
basis with respect to such stock for United States tax purposes.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>United States Federal Income Taxation of Non-United States Holders</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>You are a &#147;non-United States holder&#148; if you
are a beneficial owner of our common stock (other than a partnership for United
States tax purposes) and you are not a United States holder.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Distributions on Our Common Stock</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>You generally will not be subject to United
States income or withholding taxes on dividends you receive from us with
respect to our common stock, unless that income is effectively connected with
your conduct of a trade or business in the United States. If you are entitled
to the benefits of an applicable income tax treaty with respect to those
dividends, that income generally is taxable in the United States only if it is
attributable to a permanent establishment maintained by you in the United
States.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I><B>Sale, Exchange or Other Disposition of Our Common Stock</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>You generally will not be subject to United
States income tax or withholding tax on any gain realized upon the sale,
exchange or other disposition of our common stock, unless: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the gain is effectively connected with your conduct of a trade or
 business in the United States. If you are entitled to the benefits of an
 applicable income tax treaty with respect to that gain, that gain generally
 is taxable in the United States only if it is attributable to a permanent establishment
 maintained by you in the United States; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>you are an individual who is present in the United States for 183
 days or more during the taxable year of disposition and certain other
 conditions are met.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>If you are engaged in a United States trade
or business for United States tax purposes, you will be subject to United
States tax with respect to your income from our common stock (including
dividends and the gain from the sale, ex-</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>78</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:DOTTED #006FAC 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>change or other disposition of the stock)
that is effectively connected with the conduct of that trade or business in the
same manner as if you were a United States holder. In addition, if you are a
corporate non-United States holder, your earnings and profits that are
attributable to the effectively connected income (subject to certain
adjustments) may be subject to an additional United States branch profits tax
at a rate of 30%, or at a lower rate as may be specified by an applicable
income tax treaty.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>United States
 Backup Withholding and Information Reporting</B></I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In general, if you are a non-corporate United
States holder, dividend payments (or other taxable distributions) made within
the United States will be subject to information reporting requirements and
backup withholding tax if you: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>fail to provide us with an accurate taxpayer identification number;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>are notified by the IRS that you have failed to report all interest
 or dividends required to be shown on your federal income tax returns; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(3)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>in certain circumstances, fail to comply with applicable
 certification requirements.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Under legislation enacted in 2010, United
States holders who are individuals generally will be required to report certain
information with respect to an interest in our common stock, including our
name, address and such information as is necessary to identify the class or
issue of which the shares of common stock are a part. These requirements are
subject to exceptions, including an exception for shares held in accounts
maintained by certain financial institutions and an exception applicable if the
aggregate value of all &#147;specified foreign financial assets&#148; (as defined in the
Code) held by the United States holder (and, as applicable by his or her
spouse) does not exceed a specified minimum amount.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>If you are a non-United States holder, you
may be required to establish your exemption from information reporting and
backup withholding by certifying your status on IRS Form W-8BEN, W-8ECI or
W-8IMY, as applicable. If you sell our common stock to or through a United
States office or broker, the payment of the sales proceeds is subject to both
United States backup withholding and information reporting unless you certify
that you are a non-United States person, under penalties of perjury, or you otherwise
establish an exemption. If you sell our common stock through a non-United
States office of a non-United States broker and the sales proceeds are paid to
you outside the United States, then information reporting and backup
withholding generally will not apply to that payment. However, United States
information reporting requirements (but not backup withholding) will apply to a
payment of sales proceeds, even if that payment is made outside the United
States, if you sell our common stock through a non-United States office of a
broker that is a United States person or has certain other connections with the
United States.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Backup withholding tax is not an additional
tax. Rather, you generally may obtain a refund of any amounts withheld under
backup withholding rules that exceed your income tax liability by accurately
completing and timely filing a refund claim with the IRS. You should consult
your own tax advisor regarding the application of the backup withholding and
information reporting rules.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>F.
Dividends and Paying Agents</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Not applicable.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>G.
Statement by Experts</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Not applicable.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>H.
Documents on Display</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We are subject to the informational
requirements of the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;). In accordance with these requirements, we file reports and other
information as a foreign private issuer with the SEC. You may inspect and copy
our public filings without charge at the public reference facilities maintained
by the SEC at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC
at 1-800-SEC-0330 for further information about the public reference room. You
may obtain copies of all or any part of such materials from the SEC upon
payment of prescribed fees. You may also inspect reports and other information
regarding registrants, such as us, that file electronically with the SEC
without charge at a web site maintained by the SEC at <I>http://www.sec.gov.</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>I.
Subsidiary Information</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Not applicable.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>79</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2 FACE=ARIAL><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a  name="c73723a012_v1"></A>TEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES
 ABOUT MARKET RISK</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>A. Quantitative
Information About Market Risk</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Interest Rate Risk</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We are subject to market risks relating to
changes in interest rates because we have floating rate debt outstanding, which
is based on U.S. dollar LIBOR plus, in the case of each credit facility, a
specified margin. Our objective is to manage the impact of interest rate
changes on our earnings and cash flow in relation to our borrowings and to this
effect, when we deem appropriate, we use derivative financial instruments. We
had entered into 17 interest rate swap agreements as of December 31, 2012,
compared to the same number of interest rate swap agreements as of December 31,
2011, in order to manage future interest costs and the risk associated with
changing interest rates.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The total notional principal amount of these
swaps as of December 31, 2012 was $505.8 million, of which $452.1 million was
effective as of December 31, 2012 and $53.7 million becomes effective during
2013. The swaps have specified rates and durations. Refer to the table in Note
14 of our financial statements included at the end of this annual report which
summarizes the interest rate swaps in place as of December 31, 2012 and
December 31, 2011. In January 2013, we entered into an interest rate
transaction with a bank in respect of one of our loan facilities for an initial
notional amount of $14 million and duration of five years. For more
information, refer to Note 23 of our financial statements included at the end
of this annual report.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Under our interest rate swap transactions,
the bank effects quarterly or semiannual floating-rate payments to us for the
relevant amount based either on the three- or six-month U.S. dollar LIBOR and
we make quarterly or semiannual payments to the bank on the relevant amount at
the respective fixed rates.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We entered into these interest rate swap
agreements to mitigate our exposure to interest rate fluctuations and at a time
when we believed long-term interest rates were reasonably low. None of our
interest rate swap meets hedge accounting criteria under accounting guidance
relating to <I>Fair Value Measurement</I>.
Although we are exposed to credit-related losses in the event of
non-performance in connection with such swap agreements, because the
counterparties are major financial institutions, we consider the risk of loss
due to their nonperformance to be minimal.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Through these swap transactions, we
effectively hedged the interest rate exposure of 83.0% of our loans outstanding
as of December 31, 2012, which bear interest at LIBOR.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The following table sets forth the
sensitivity of our existing loans as of December 31, 2012 as to a 100 basis
point increase in LIBOR taking into account our interest rate swap agreements
that are currently in place, during the next five years, and reflects the
additional interest expense.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Year</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Amount</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>2013</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$1.9 million</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>2014</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$2.6 million</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>2015</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$3.1 million</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>2016</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$3.1 million</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>2017</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$2.9 million</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Foreign Currency Exchange Risk</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We generate all of our revenues in U.S.
dollars, but for the year ended December 31, 2012 we incurred approximately
26.42% of our vessel operating expenses in currencies other than the U.S.
dollar. As of December 31, 2012, approximately 28.02% of our outstanding
accounts payable were denominated in currencies other than the U.S. dollar and
were subject to exchange rate risk, as their value fluctuates with changes in
exchange rates.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>A hypothetical 10% immediate and uniform
adverse move in all currency exchange rates from the rates in effect as of
December 31, 2012, would have increased our vessel operating expenses by
approximately $912,372 and the fair value of our outstanding accounts payable
by approximately $85,919.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of December 31, 2012 a portion of our
remaining capital expenditures related to the agreements for the purchase of
newbuilds was denominated in Japanese yen, equivalent to $2.3 million. A
hypothetical 10% immediate adverse move in the Japanese yen exchange rate from
the rate in effect as of December 31, 2012, would have increased our remaining
capital expenditures by approximately $258,759. While, from time to time, we
have in the past used financial derivatives in the form of foreign exchange
forward agreements to mitigate the risk associated with exchange rate
fluctuations, </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>80</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:DOTTED #006FAC 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>currently, no such instruments are in place,
although we may enter into foreign exchange forward agreements in the future in
relation to the remaining payments denominated in Japanese Yen for the newbuild
vessels we have contracted to purchase.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>There have been no material quantitative
changes in market risk exposures between 2012 and 2011.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a  name="c73723a013_v1"></A>TEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY
 SECURITIES</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Not applicable.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=4 COLOR="#36497C" FACE=ARIAL><B>PART II</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a  name="c73723a014_v1"></A>TEM 13. DEFAULTS, DIVIDEND ARREARAGES AND
 DELINQUENCIES</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>None.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a  name="c73723a015_v1"></A>TEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY
 HOLDERS AND USE OF PROCEEDS</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>A.
Material Modifications to the Rights of Security Holders</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We adopted a stockholder rights plan on May
13, 2008 that authorizes the issuance to our existing stockholders of preferred
share rights and additional shares of common stock if any third party seeks to
acquire control of a substantial block of our common stock. See &#147;Item 10.
Additional Information &#151;B. Memorandum and Articles of Association&#151;Stockholder
Rights Plan&#148; included in this annual report for a description of the
stockholder rights plan.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a  name="c73723a016_v1"></A>TEM 15. CONTROLS AND PROCEDURES</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>A.
Disclosure Controls and Procedures </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our management, with the participation of our
chief executive officer and chief financial officer, has evaluated the
effectiveness of the design and operation of our disclosure controls and
procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act
as of December 31, 2012. Disclosure controls and procedures are defined under
SEC rules as controls and other procedures that are designed to ensure that
information required to be disclosed by a company in the reports that it files
or submits under the Exchange Act is recorded, processed, summarized and
reported within required time periods. Disclosure controls and procedures
include without limitations controls and procedures designed to ensure that
information required to be disclosed by an issuer in the reports that it files
or submits under the Exchange Act is accumulated and communicated to the
issuer&#146;s management, including its principal executive and principal financial
officers, or persons performing similar functions, as appropriate, to allow
timely decisions regarding required disclosure. There are inherent limitations
to the effectiveness of any system of disclosure controls and procedures,
including the possibility of human error and the circumvention or overriding of
the controls and procedures. Accordingly, even effective disclosure controls
and procedures can only provide reasonable assurance of achieving their control
objectives. Based on our evaluation, the chief executive officer and the chief
financial officer have concluded that our disclosure controls and procedures
were effective as of December 31, 2012.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>B.
Management&#146;s Annual Report on Internal Control Over Financial Reporting</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our management is responsible for
establishing and maintaining adequate internal control over financial
reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act
and for the assessment of the effectiveness of internal control over financial
reporting. Our internal control over financial reporting is a process designed
by, or under the supervision of, the Company&#146;s principal executive and
principal financial officers, or persons performing similar functions, and
effected by the Company&#146;s board of directors, management and other personnel,
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles in the United States
(&#147;U.S. GAAP&#148;).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>A company&#146;s internal control over financial
reporting includes those policies and procedures that (i) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (ii)
provide reasonable assurance that transactions are recorded as necessary to
permit the preparation of financial statements in accordance with U.S. GAAP,
and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and
(iii) provide reasonable </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>81</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2 FACE=ARIAL><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company&#146;s assets
that could have a material effect on the financial statements.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to
the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may
deteriorate.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In making its assessment of our internal
control over financial reporting as of December 31, 2012, management, including
the chief executive officer and chief financial officer, used the criteria set
forth in Internal Control&#151;Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (&#147;COSO&#148;).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Management concluded that, as of December 31,
2012, our internal control over financial reporting was effective. Deloitte
Hadjipavlou, Sofianos &amp; Cambanis S.A. (&#147;Deloitte&#148;), our independent
registered public accounting firm, has audited the financial statements
included herein and our internal control over financial reporting and has
issued an attestation report on the effectiveness of our internal control over
financial reporting as of December 31, 2012 which is reproduced in its entirety
in Item 15(c) below.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>C.
Attestation Report of the Registered Public Accounting Firm </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>To the Board of Directors and Shareholders of
Safe Bulkers, Inc., </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Majuro, Republic of The Marshall Islands</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We have audited the internal control over
financial reporting of Safe Bulkers, Inc., and its subsidiaries (the &#147;Company&#148;)
as of December 31, 2012, based on criteria established in<I> Internal Control &#151; Integrated Framework</I>
issued by the Committee of Sponsoring Organizations of the Treadway Commission.
The Company&#146;s management is responsible for maintaining effective internal
control over financial reporting and for its assessment of the effectiveness of
internal control over financial reporting, included in the accompanying Management&#146;s
Annual Report on Internal Control Over Financial Reporting. Our responsibility
is to express an opinion on the Company&#146;s internal control over financial
reporting based on our audit.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We conducted our audit in accordance with the
standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an
understanding of internal control over financial reporting, assessing the risk
that a material weakness exists, testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk, and performing
such other procedures as we considered necessary in the circumstances. We
believe that our audit provides a reasonable basis for our opinion.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>A company&#146;s internal control over financial
reporting is a process designed by, or under the supervision of, the company&#146;s
principal executive and principal financial officers, or persons performing
similar functions, and effected by the company&#146;s board of directors,
management, and other personnel to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles. A company&#146;s internal control over financial reporting includes
those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made only in accordance
with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company&#146;s assets that could have a
material effect on the financial statements.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Because of the inherent limitations of
internal control over financial reporting, including the possibility of
collusion or improper management override of controls, material misstatements
due to error or fraud may not be prevented or detected on a timely basis. Also,
projections of any evaluation of the effectiveness of the internal control over
financial reporting to future periods are subject to the risk that the controls
may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In our opinion, the Company maintained, in
all material respects, effective internal control over financial reporting as
of December 31, 2012, based on the criteria established in<I> Internal Control &#151; Integrated Framework </I>issued
by the Committee of Sponsoring Organizations of the Treadway Commission.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>82</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:DOTTED #006FAC 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We have also audited, in accordance with the
standards of the Public Company Accounting Oversight Board (United States), the
consolidated financial statements as of and for the year ended December 31,
2012 of the Company and our report dated February 28, 2013 expressed an
unqualified opinion on those financial statements.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>/s/ Deloitte Hadjipavlou, Sofianos &amp;
Cambanis S.A. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Athens, Greece </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>February 28, 2013</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>D.
Changes in Internal Control over Financial Reporting</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the period covered by this annual
report, we have made no changes to our internal control over financial
reporting that have materially affected or are reasonably likely to materially
affect our internal control over financial reporting.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a  name="c73723a017_v1"></A>TEM 16. [RESERVED]</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=JUSTIFY><FONT SIZE=3 COLOR="#006FAC"  FACE=ARIAL><B>I<a name=c73723a018_v1></a>TEM 16A. AUDIT COMMITTEE
 FINANCIAL EXPERT</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Our Audit Committee consists of three
independent directors, John Gaffney, Ole Wikborg and Frank Sica, who is the
chairman of the committee. Our board of directors has determined that Frank
Sica, whose biographical details are included in &#147;Item 6. Directors, Senior
Management and Employees&#151;A. Directors and Senior Management&#148;, qualifies as an
audit committee financial expert as defined under current SEC regulations.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a name=c73723a019_v1></a>TEM 16B. CODE OF ETHICS</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We have adopted a Code of Business Conduct
and Ethics for all officers and employees of our company, which incorporates a
Code of Ethics for directors and a Code of Conduct for corporate officers, a
copy of which is posted on our website, and may be viewed at<I> http://www.safebulkers.com/corp_ethics.htm.</I>
We will also provide a paper copy of this document free of charge upon written
request by our stockholders. Stockholders may direct their requests to the
attention of Dr. Loukas Barmparis, Secretary, Safe Bulkers, Inc., 32 Avenue
Karamanli, 16605, Voula, Athens, Greece. No waivers of the Code of Business
Conduct and Ethics have been granted to any person during the fiscal year ended
December 31, 2012.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a  name="c73723a020_v1"></A>TEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Aggregate fees billed to the Company for the
fiscal years ended December 31, 2012 and 2011 by the Company&#146;s principal
accounting firm, Deloitte, Hadjipavlou, Sofianos &amp; Cambanis S.A, an
independent registered public accounting firm and member of Deloitte Touche
Tohmatsu, Limited, by the category of service, were as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="58%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B> (In Thousands</B><FONT SIZE=1  FACE=ARIAL><B>)</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Audit fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>509</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>575</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Total fees</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT FACE="ARIAL" SIZE="2"><B>$</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>509</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
<P><FONT SIZE="1"><B>&nbsp;</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
<P><FONT FACE="ARIAL" SIZE="2"><B>$</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>575</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Audit fees represent compensation for
professional services rendered for the integrated audit of the consolidated
financial statements of the Company and for the review of the quarterly
financial information as well as in connection with the review of registration
statements and related consents and comfort letters and any other audit
services required for SEC or other regulatory filings.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Pre-approval Policies and Procedures</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The audit committee charter sets forth our
policy regarding retention of the independent auditors, giving the audit
committee responsibility for the appointment, compensation, retention and
oversight of the work of the independent auditors. The audit committee charter
provides that the committee is responsible for reviewing and approving in
advance the retention of the independent auditors for the performance of all
audit and lawfully permitted non-audit services. The chairman of the audit
committee or in the absence of the chairman, any member of the audit committee
designated by the chairman, has authority to approve in advance any lawfully
permitted non-audit services and fees. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>83</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2 FACE=ARIAL><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>


<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The audit committee is authorized to
establish other policies and procedures for the pre-approval of such services
and fees. Where non-audit services and fees are approved under delegated
authority, the action must be reported to the full audit committee at its next
regularly scheduled meeting.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a  name="c73723a021_v1"></A>TEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR
 AUDIT COMMITTEES</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Not Applicable.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a  name="c73723a022_v1"></A>TEM 16E. PURCHASES OF EQUITY SECURITIES BY THE
 ISSUER AND AFFILIATED PURCHASERS</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>On June 10, 2009, the Company announced that
Vorini Holdings Inc. authorized a program under which it may from time to time
purchase shares of the Company&#146;s common stock on the open market. The maximum
number of shares of common stock that can be purchased annually under the
program and any private placement is approximately 2% of the Company&#146;s shares
outstanding. The program is still in effect. No shares were purchased during
2012 pursuant to the program. In December 2012, Vorini Holdings Inc. purchased
600,000 shares of the Company at a price of $3.00 per share in a block trade
completed through a broker-dealer. As of February 15, 2013, the Company had
76,670,460 shares of common stock outstanding. Approximately 46,426,015 of
those shares, or 60.55% of common stock outstanding, were held by the Company&#146;s
affiliates, according to information provided to the Company by such
affiliates. The remaining 30,244,445 shares, or 39.45% of common stock
outstanding, represented the public float.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a  name="c73723a023_v1"></A>TEM 16F. CHANGE IN REGISTRANT&#146;S CERTIFYING
 ACCOUNTANT</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Not Applicable.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a  name="c73723a024_v1"></A>TEM 16G. CORPORATE GOVERNANCE</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT FACE="ARIAL" SIZE="2"><B><I>Statement of Significant Differences Between
our Corporate Governance Practices and the New York Stock Exchange Corporate
Governance Standards for U.S. Non-Controlled Issuers</I></B> </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Overview</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Pursuant to certain exceptions for foreign
private issuers and controlled companies, we are not required to comply with
certain of the corporate governance practices followed by U.S. and
non-controlled companies under the New York Stock Exchange listing standards.
However, pursuant to Section 303.A.11 of the New York Stock Exchange Listed
Company Manual and the requirements of Form 20-F, we are required to state any
significant differences between our corporate governance practices and the
practices required by the New York Stock Exchange. We believe that our
established practices in the area of corporate governance are in line with the
spirit of the New York Stock Exchange standards and provide adequate protection
to our shareholders. For example, our audit committee consists solely of
independent directors. The significant differences between our corporate
governance practices and the New York Stock Exchange standards applicable to
listed U.S. companies are set forth below.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Independent Directors</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The New York Stock Exchange requires that
listed companies have a majority of independent directors. As permitted under
Marshall Islands law and our bylaws, our board of directors consists of a
majority of non-independent directors.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Executive Sessions</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The New York Stock Exchange requires that
non-management directors meet regularly in executive sessions without
management. The New York Stock Exchange also requires that all independent
directors meet in an executive session at least once a year. As permitted under
Marshall Islands law and our bylaws, our non-management directors do not
regularly hold executive sessions without management and we do not expect them
to do so.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><I><B>Corporate Governance, Nominating and Compensation Committee</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The New York Stock Exchange requires that a
listed U.S. company have a nominating/corporate governance committee and a
compensation committee, each composed of independent directors. As permitted
under Marshall Islands law and our bylaws, we have a combined corporate
governance, nominating and compensation committee, which at present is composed
wholly of independent directors.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>84</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:DOTTED #006FAC 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a  name="c73723a025_v1"></A>TEM 16H. MINE SAFETY DISCLOSURE</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Not applicable. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a  name="c73723a026_v1"></A>TEM 17. FINANCIAL STATEMENTS</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Not Applicable. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a  name="c73723a027_v1"></A>TEM 18. FINANCIAL STATEMENTS</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Reference is made to pages F-1 through F-26
included herein by reference.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID #36497C 3PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>I<a  name="c73723a028_v1"></A>TEM 19. EXHIBITS</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Exhibit<BR>
 Number</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Description</B></FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>1.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Amended
 and Restated Articles of Incorporation*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL><B>1.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Articles
 of Amendment to Amended and Restated Articles of Incorporation**</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>1.3</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Amended
 and Restated Bylaws*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL><B>2.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Form of
 Registration Rights Agreement between Safe Bulkers, Inc. and Vorini Holdings
 Inc.*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>2.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Stockholder
 Rights Agreement*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL><B>2.3</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>Specimen
 Share Certificate*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>4.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Form of
 Management Agreement between Safety Management Overseas S.A. and Safe
 Bulkers, Inc.*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL><B>4.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>Amendment
 No. 1 to Management Agreement between Safety Management Overseas S.A. and
 Safe Bulkers, Inc.***</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL><B>4.3</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Form of
 Restrictive Covenant Agreement among Safe Bulkers, Inc., Polys Hajioannou,
 Vorini Holdings Inc., SafeFixing Corp and Machairiotissa Holdings Inc.*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL><B>4.4</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>Form of
 Restrictive Covenant Agreement between Safe Bulkers, Inc. and Polys
 Hajioannou*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL><B>4.5</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Amendment
 No. 1 to Restrictive Covenant Agreement between Safe Bulkers, Inc. and Polys
 Hajioannou***</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL><B>8.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>List of
 Subsidiaries</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL><B>12.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Certification
 of principal executive officer pursuant to Rule 13a-14(a) and 15d-14(a) of
 the Securities Exchange Act of 1934, as amended</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL><B>12.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>Certification
 of principal financial officer pursuant to Rule 13a-14(a) and 15d-14(a) of
 the Securities Exchange Act of 1934, as amended</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P><FONT SIZE=2 FACE=ARIAL><B>13.1</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Certification
 of principal executive officer pursuant to 18 U.S.C. Section 1350 as added by
 Section 906 of the Sarbanes-Oxley Act of 2002</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL><B>13.2</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2 FACE=ARIAL>Certification
 of principal financial officer pursuant to 18 U.S.C. Section 1350 as added by
 Section 906 of the Sarbanes-Oxley Act of 2002</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="37%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>*</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>Previously
 filed as an exhibit to the Company&#146;s Registration Statement on Form F-1 (Reg.
 No. 333-150995) filed with the SEC and hereby incorporated by reference to
 such Registration Statement.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>**</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>Previously
 filed as an exhibit to the Company&#146;s Form 6-K filed with the SEC on October
 8, 2009 and hereby incorporated by reference to such Form 6-K.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>***</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>Previously
 filed as an exhibit to the Company&#146;s Form 20-F filed with the SEC on February
 29, 2012 and hereby incorporated by reference to such Form 20-F.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><B>SIGNATURES</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The registrant hereby certifies that it meets
all of the requirements for filing on Form 20-F and that it has duly caused and
authorized the undersigned to sign this annual report on its behalf.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR>
 <TD WIDTH="58%" VALIGN=TOP>
 <P><FONT SIZE=2  FACE=ARIAL>February 28, 2013</FONT></P>
 </TD>
 <TD WIDTH="41%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>By /s/ KONSTANTINOS ADAMOPOULOS</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>Name: Konstantinos Adamopoulos</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>Title: Chief Financial Officer and Director</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>85</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2 FACE=ARIAL><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>86</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:DOTTED #006FAC 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=3 COLOR="#006FAC" FACE=ARIAL><B>INDEX TO FINANCIAL STATEMENTS</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Page</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723b001_v1">Report
 of Independent Registered Public Accounting Firm</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>F-2</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723b002_v1">Consolidated
 Balance Sheets as of December 31, 2011 and 2012</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>F-3</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723b003_v1">Consolidated
 Statements of Income for the Years Ended December 31, 2010, 2011 and 2012</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>F-4</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723b004_v1">Consolidated
 Statements of Shareholders&#146; Equity for the Years Ended December 31, 2010,
 2011 and 2012</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>F-5</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723b005_v1">Consolidated
 Statements of Cash Flows for the Years Ended December 31, 2010, 2011 and 2012</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>F-6</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><a href="#c73723b006_v1">Notes
 to Consolidated Financial Statements</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>F-7</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>F1</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>R<a name="c73723b001_v1"></A>EPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

<P STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:.5IN; '><FONT SIZE=2 FACE=ARIAL>To the
Board of Directors and Shareholders of<BR>
Safe Bulkers, Inc.<BR>
Majuro, Republic of the Marshall Islands</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We have audited the accompanying consolidated balance sheets of Safe
Bulkers, Inc. and subsidiaries (the &#147;Company&#148;) as of December 31, 2011 and
2012, and the related consolidated statements of income, shareholders&#146; equity,
and cash flows for each of the three years in the period ended December 31,
2012. These financial statements are the responsibility of the Company&#146;s
management. Our responsibility is to express an opinion on these financial
statements based on our audits.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In our opinion, such consolidated financial statements present fairly,
in all material respects, the financial position of Safe Bulkers, Inc. and
subsidiaries as of December 31, 2011 and 2012, and the results of their
operations and their cash flows for each of the three years in the period ended
December 31, 2012, in conformity with accounting principles generally accepted
in the United States of America.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>We have also audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), the Company&#146;s internal
control over financial reporting as of December 31, 2012, based on the criteria
established in<I> Internal Control&#151;Integrated
Framework </I>issued by the Committee of Sponsoring Organizations of the
Treadway Commission and our report dated February 28, 2013 expressed an
unqualified opinion on the Company&#146;s internal control over financial reporting.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>/s/ Deloitte Hadjipavlou,
 Sofianos &amp; Cambanis S.A.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>February 28, 2013</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Athens, Greece</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>F2</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:DOTTED #006FAC 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>SAFE BULKERS, INC.</B></FONT><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><BR><BR>
<I>C<a name="c73723b002_v1"></A>ONSOLIDATED BALANCE
SHEETS DECEMBER 31, 2011 AND 2012<BR>
(In thousands of U.S. Dollars, except for share and per share data)</I></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="58%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>December 31,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Notes</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>ASSETS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>CURRENT ASSETS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Cash and
 cash equivalents</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>28,121</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>102,724</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Accounts
 receivable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>37,047</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Due from
 Manager</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>24</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Inventories</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,653</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Accrued
 revenue</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>19</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>554</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Restricted
 cash</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>22,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Prepaid
 expenses and other current assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,611</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,804</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL><B>Total current assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>37,959</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>171,829</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>FIXED ASSETS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Vessels,
 net</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>655,356</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>810,001</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Advances
 for vessel acquisition and vessels under construction</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>122,307</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>39,902</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL><B>Total fixed assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>777,663</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>849,903</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>OTHER NON CURRENT ASSETS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Deferred
 finance charges, net</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6,226</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6,467</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Restricted
 cash</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,423</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,923</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Accrued
 revenue</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>19</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>92</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Long-term
 investment</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>9</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL><B>Total assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>877,271</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>1,082,214</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>LIABILITIES AND SHAREHOLDERS&#146; EQUITY</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>CURRENT LIABILITIES:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Current
 portion of long-term debt</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>18,486</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>19,199</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Unearned
 revenue</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>19</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>23,211</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>18,205</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Trade
 accounts payable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,183</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,061</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Accrued
 liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6,556</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6,364</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Derivative
 liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>14</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,237</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>591</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Due to
 Manager</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>73</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL><B>Total current liabilities</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>51,673</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>47,493</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Derivative
 liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>14</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10,130</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8,978</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Long-term
 debt, net of current portion</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>465,805</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>596,468</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Unearned
 revenue &#150; Long-term</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>19</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>17,821</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,419</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL><B>Total liabilities</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>545,429</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>656,358</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>COMMITMENTS AND CONTINGENCIES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>SHAREHOLDERS&#146; EQUITY:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Shareholders&#146;
 equity:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Common
 stock, $0.001 par value; 200,000,000 authorized, 70,891,916 and 76,661,451
 issued and outstanding at December 31, 2011 and 2012, respectively</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>71</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>77</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Preferred
 stock, $0.01 par value; 20,000,000 authorized, none issued or outstanding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Additional
 paid in capital</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>114,918</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>150,269</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Retained
 earnings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>216,853</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>275,510</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL><B>Total shareholders&#146; equity</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>331,842</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>425,856</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR BGCOLOR="#AEE1F9">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL><B>Total liabilities and shareholders&#146; equity</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>877,271</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>1,082,214</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=1 FACE=ARIAL>The
accompanying notes are an integral part of these consolidated statements.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>F3</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>SAFE BULKERS, INC.<BR><BR>
</B></FONT><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>C<a name="c73723b003_v1"></A>ONSOLIDATED
STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2010, 2011 AND 2012<BR>
(In thousands of U.S. Dollars, except for share and per share data)</I></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="44%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=10 VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Year Ended December 31,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Notes</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>REVENUES:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Revenues</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>159,698</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>172,036</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>187,557</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Commissions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(2,678</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(3,128</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(3,261</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL><B>Net revenues</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>157,020</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>168,908</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>184,296</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>EXPENSES:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Voyage
 expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(610</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1,987</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(7,286</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Vessel
 operating expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(23,128</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(26,066</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(34,540</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Depreciation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(19,673</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(23,637</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(32,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>General
 and administrative expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>-Management
 fee to related party</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>3,18</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(4,880</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(6,026</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(7,726</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>-Third
 party expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>18</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(2,138</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(2,463</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(2,220</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Early
 redelivery income, net</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>16</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>132</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>207</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11,677</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Gain on
 sale of assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>20</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15,199</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL><B>Operating income</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>121,922</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>108,936</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>111,951</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>OTHER (EXPENSE)/INCOME:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Interest
 expense</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(6,423</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(5,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(9,072</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Other
 finance costs</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(330</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1,055</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1,268</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Interest
 income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,627</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,046</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,122</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Loss on
 derivatives</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>14</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(8,164</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(12,491</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(5,384</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Foreign
 currency gain/(loss)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>281</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(799</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Amortization
 and write-off of deferred finance charges</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(266</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(653</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1,226</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL><B>Net income</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>109,647</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>89,734</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>96,120</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Earnings per share in U.S. Dollars,<BR>basic and diluted</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P ALIGN=CENTER><FONT FACE="ARIAL" SIZE="2">22</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>1.73</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>1.29</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>1.27</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR BGCOLOR="#AEE1F9">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Weighted average number of shares,<BR>basic and diluted</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>63,300,466</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>69,463,093</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=MIDDLE>
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>75,468,465</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=1 FACE=ARIAL>The
accompanying notes are an integral part of these consolidated statements.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>F4</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:DOTTED #006FAC 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>SAFE BULKERS, INC.</B></FONT><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><BR><BR>
<I>C<a name="c73723b004_v1"></A>ONSOLIDATED
STATEMENTS OF SHAREHOLDERS&#146; EQUITY FOR THE YEARS ENDED DECEMBER 31, 2010, 2011
AND 2012<BR>(In thousands of U.S. Dollars, except for per share data)</I></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="39%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Additional</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Retained</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Common Stock</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Paid in Capital</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Earnings</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Balance as of January 1, 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>55</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>90</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>97,074</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>97,219</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Net
 income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>109,647</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>109,647</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Issuance
 of common stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>74,956</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>74,967</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Share
 based compensation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Dividends
 ($0.60 per share)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(37,820</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(37,820</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Balance as of December 31, 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>66</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>75,166</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>168,901</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>244,133</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Net income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>89,734</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>89,734</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Issuance
 of common stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>39,632</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>39,637</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Share
 based compensation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Dividends
 ($0.60 per share)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(41,782</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(41,782</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Balance as of December 31, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>71</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>114,918</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>216,853</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>331,842</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Net
 income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>96,120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>96,120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Issuance
 of common stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>35,231</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>35,237</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Share
 based compensation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Dividends
 ($0.50 per share)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(37,463</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(37,463</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Balance as of December 31, 2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>77</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>150,269</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>275,510</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2"><B>425,856</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=1 FACE=ARIAL>The
accompanying notes are an integral part of these consolidated statements.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>F5</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>SAFE BULKERS, INC.</B></FONT><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><BR><BR>
<I>C<a name="c73723b005_v1"></A>ONSOLIDATED
STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2010, 2011 AND 2012<BR>
(In thousands of U.S. Dollars)</I></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="57%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>December 31,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Cash Flows from Operating Activities:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Net
 income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>109,647</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>89,734</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>96,120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Adjustments to reconcile net income to net cash provided by
 operating activities:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Depreciation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>19,673</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>23,637</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>32,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Gain on
 sale of assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(15,199</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Amortization
 and write-off of deferred finance charges</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>266</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>653</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,226</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Unrealized
 foreign exchange (gain)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(326</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Unrealized
 (gain)/loss on derivatives</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(4,508</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>263</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(2,798</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Share
 based compensation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Change in:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Accounts
 receivable trade</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>620</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(4,265</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>303</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Due from
 Manager</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(24</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>24</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Inventories</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(172</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1,236</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(3,247</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Accrued
 revenue</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,693</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(646</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Prepaid
 expenses and other current assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(37</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(452</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(575</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Due to
 Manager</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>430</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(449</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>73</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Trade
 accounts payable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1,198</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(287</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,878</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Accrued
 liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1,523</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>547</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(255</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Unearned
 revenue</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8,661</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1,052</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(19,408</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL><B>Net Cash Provided by Operating Activities</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>118,147</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>107,189</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>105,065</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Cash Flows from Investing Activities:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Vessel
 acquisitions including advances for vessels under construction</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(192,418</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(160,969</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(136,845</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Proceeds
 from sale of assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>32,168</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Increase
 in restricted cash</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(650</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(23,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Restricted
 cash released</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6,382</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Increase
 in bank time deposits</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(86,548</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Maturity
 of bank time deposits</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>109,357</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>35,080</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL><B>Net Cash Used in Investing Activities</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B> (131,709</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B> (125,889</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B> (158,145</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>)</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Cash Flows from Financing Activities:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Proceeds
 from long-term debt</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>74,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>84,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>312,630</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Principal
 payments of long-term debt</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(50,992</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(94,453</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(181,254</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Dividends
 paid</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(37,820</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(41,782</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(37,463</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Payment
 of deferred financing costs</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(519</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(5,916</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1,467</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>Proceeds
 on issuance of common stock (net)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>74,967</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>39,637</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>35,237</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL><B>Net Cash Provided by/(Used in) Financing Activities</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>60,136</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B> (18,514</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><B>)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>127,683</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Net
 increase/(decrease) in cash and cash equivalents</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>46,574</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(37,214</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>74,603</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Effect of
 exchange rate changes on cash</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>326</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Cash and cash equivalents at beginning of year</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>18,435</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>65,335</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>28,121</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Cash and cash equivalents at end of year</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>65,335</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>28,121</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>102,724</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Supplemental cash flow information:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Cash paid
 for interest (excluding capitalized interest):</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6,414</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8,534</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Non cash
 Investing activities (represent advances and capitalized interest for
 newbuild<I> Hull No. J0131)</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>32,412</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=1 FACE=ARIAL>The
accompanying notes are an integral part of these consolidated statements.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>F6</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:DOTTED #006FAC 1PX;PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>SAFE BULKERS, INC.</B></FONT><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><BR><BR>
<I>N<a name="c73723b006_v1"></A>OTES TO
CONSOLIDATED FINANCIAL STATEMENTS <BR>
(In thousands of United States Dollars&#151;except for share and per share data,
unless otherwise stated)</I></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL COLOR="#36497C"><B>1. Basis of Presentation and General Information:</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Safe Bulkers, Inc. (&#147;Safe Bulkers&#148;) was formed on December 11, 2007,
under the laws of the Republic of The Marshall Islands for the purpose of
acquiring an ownership interest in 19 companies, each of which owned or was
scheduled to acquire a newbuild drybulk vessel, all of which were under the
common control of Polys Hajioannou and his family. The shares of the 19
companies were contributed to Safe Bulkers by Vorini Holdings, Inc. (&#147;Vorini
Holdings&#148;), a Marshall Islands corporation controlled by Polys Hajioannou and
his family. Safe Bulkers became the owner of 100% of each of the 19 companies,
and Vorini Holdings became the sole shareholder of Safe Bulkers.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Safe Bulkers successfully completed its initial public offering (the
&#147;IPO&#148;) on June 3, 2008 and its common stock trades on the New York Stock
Exchange (&#147;NYSE&#148;) under the symbol &#147;SB.&#148; Following the IPO, Vorini Holdings
became the controlling shareholder of Safe Bulkers.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Since its IPO Safe Bulkers successfully completed three additional
public offerings. Vorini Holdings continues to be the controlling shareholder
of Safe Bulkers, and, accordingly, can control the outcome of matters on which
shareholders are entitled to vote, including the election of the entire board
of directors and other significant corporate actions</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of December 31, 2012, Safe Bulkers held 35 wholly-owned companies
which are referred to herein as &#147;Subsidiaries&#148;, and which together owned and
operated a fleet of 24 drybulk vessels, and were scheduled to acquire an
additional six newbuilds (the &#147;Newbuilds&#148;) and one second-hand vessel.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Safe Bulkers and the Subsidiaries are collectively referred to in the
notes to the consolidated financial statements as the &#147;Company.&#148;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Company&#146;s principal business is the acquisition, ownership and
operation of drybulk vessels. The Company&#146;s vessels operate worldwide, carrying
drybulk cargo for the world&#146;s largest consumers of marine drybulk
transportation services. Safety Management Overseas S.A., a company
incorporated under the laws of the Republic of Panama (&#147;Safety Management&#148; or
the &#147;Manager&#148;), a related party controlled by Polys Hajioannou, provides
technical, commercial and administrative management services to the Company.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The accompanying consolidated financial statements include the
operations, assets and liabilities of the Company, using the historical carrying
costs of the assets and the liabilities of the Subsidiaries listed below. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="56%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Subsidiary</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Vessel Name</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Type</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Built</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Marindou
 Shipping Corporation (&#147;Marindou&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Maria</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Panamax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>April 2003</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxeikosiexi
 Shipping Corporation (&#147;Maxeikosiexi&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Koulitsa</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Panamax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>April 2003</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Avstes
 Shipping Corporation (&#147;Avstes&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Vassos</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Panamax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>February 2004</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Kerasies
 Shipping Corporation (&#147;Kerasies&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Katerina</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Panamax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>May 2004</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Marathassa
 Shipping Corporation (&#147;Marathassa&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Maritsa</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Panamax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>January 2005</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxeikositessera
 Shipping Corporation (&#147;Maxeikositessera&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Efrossini</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Panamax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>February 2012</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Pemer
 Shipping Ltd. (&#147;Pemer&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Pedhoulas Merchant</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Kamsarmax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>March 2006</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Petra
 Shipping Ltd. (&#147;Petra&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Pedhoulas Trader</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Kamsarmax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>May 2006</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Pelea
 Shipping Ltd. (&#147;Pelea&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Pedhoulas Leader</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Kamsarmax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>March 2007</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Staloudi
 Shipping Corporation (&#147;Staloudi&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Stalo</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Post-Panamax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>January 2006</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Marinouki
 Shipping Corporation (&#147;Marinouki&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Marina</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Post-Panamax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>January 2006</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Soffive
 Shipping Corporation (&#147;Soffive&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Sophia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Post-Panamax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>June 2007</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Eniaprohi
 Shipping Corporation (&#147;Eniaprohi&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Eleni</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Post-Panamax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>November 2008</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Eniadefhi
 Shipping Corporation (&#147;Eniadefhi&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Martine</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Post-Panamax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>February 2009</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxdodeka
 Shipping Corporation (&#147;Maxdodeka&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Andreas K</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Post-Panamax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>September 2009</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxdekatria
 Shipping Corporation (&#147;Maxdekatria&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Panayiota K</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Post-Panamax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>April 2010</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxdeka
 Shipping Corporation (&#147;Maxdeka&#148;)<SUP>(3)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Venus Heritage</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Post-Panamax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 2010</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E5FFFF">
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Shikoku
 Friendship Shipping Company (&#147;Shikoku&#148;)<SUP>(3)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Venus History</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Post-Panamax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>September 2011</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxenteka
 Shipping Corporation (&#147;Maxenteka&#148;)<SUP>(3)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Venus Horizon</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Post-Panamax</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>February 2012</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>F7</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="49%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="16%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Subsidiary</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Vessel
 Name</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Type</B></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Built</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxpente Shipping Corporation (&#147;Maxpente&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Kanaris</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Capesize</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>March 2010</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Eptaprohi Shipping Corporation (&#147;Eptaprohi&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Pelopidas</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Capesize</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>November 2011</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxeikosi Shipping Corporation (&#147;Maxeikosi&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Pedhoulas Builder</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Kamsarmax</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>May 2012</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxeikositria Shipping Corporation (&#147;Maxeikositria&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Pedhoulas Fighter</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Kamsarmax</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>August 2012</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxeikosiena Shipping Corporation (&#147;Maxeikosiena&#148;)<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Pedhoulas Farmer</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Kamsarmax</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>September 2012</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Glovertwo Shipping Corporation (&#147;Glovertwo&#148;)<SUP>(3)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>TBN - H 814</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Panamax</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2H 2013<FONT  FACE=ARIAL> <SUP>(4)</SUP></FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Shikokutessera Shipping Inc. (&#147;Shikokutessera&#148;)<SUP>(3)(5)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>TBN - H 1659</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Panamax</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2H 2013 <SUP>(4)</SUP></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Shikokupente Shipping Inc. (&#147;Shikokupente&#148;)<SUP>(3)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>TBN - H 1660</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Panamax</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1H 2014 <SUP>(4)</SUP></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxtessera Shipping Corporation (&#147;Maxtessera&#148;)<SUP>(3)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>TBN - H 8126</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Capesize</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1H 2014<FONT  FACE=ARIAL> <SUP>(4)</SUP></FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Shikokuexi Shipping Inc. (&#147;Shikokuexi&#148;)<SUP>(3)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>TBN - H 2396</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Post-Panamax</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2H 2015 <SUP>(4)</SUP></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Shikokuepta Shipping Inc. (&#147;Shikokuepta&#148;)<SUP>(3)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>TBN - H 2397 </FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Post-Panamax</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2H 2015<FONT  FACE=ARIAL> <SUP>(4)</SUP></FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxeikosipente Shipping Corporation (&#147;Maxeikosipente&#148;)<SUP>(1)(6)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxeikosiepta Shipping Corporation (&#147;Maxeikosiepta&#148;)<SUP>(1)(2)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Vassone Shipping Corporation (&#147;Vassone&#148;)<SUP>(1)(2)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Efragel Shipping Corporation (&#147;Efragel&#148;)<SUP>(1)(7)</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>-//-</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><I>Efrossini (hereinafter<BR>
 called &#145;&#145;Old Efrossini&#146;&#146;)</I></FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Panamax</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>February 2003<FONT  FACE=ARIAL> <SUP>(8)</SUP></FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT FACE="ARIAL" SIZE="2">S.B. Sea Venture Company Ltd <SUP>(9)</SUP> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="66%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="32%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT SIZE=1 FACE=ARIAL>(1) Incorporated under the laws
 of the Republic of Liberia.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(2) Second-hand vessel
 acquisitions. Refer to Note 23.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(3) Incorporated under the laws
 of the Republic of The Marshall Islands.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(4) Estimated completion date for
 newbuild vessels.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(5) New estimated completion date
 for newbuild vessel. Refer to Note 23.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(6) Cancellation of Newbuild.
 Refer to Notes 4 and 11.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(7) Company dissolved in October
 2012.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(8) Vessel sold in January 2010.
 Refer to Note 20.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>(9) Incorporated under the laws
 of the Republic of Cyprus.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>For the years ended December 31, 2010, 2011
and 2012, the following charterers individually accounted for more than 10% of
the Company&#146;s charter revenues as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="60%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>December
 31,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Daiichi Chuo Kisen Kaisha</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>44.92</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>48.17</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>46.48</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Kawasaki Kisen Kaisha</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>18.78</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>17.93</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16.39</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Cargill International S.A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12.67</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>2. Significant
Accounting Policies:</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Principles of
Consolidation:</B></I><FONT FACE=ARIAL> The accompanying consolidated financial statements
have been prepared in accordance with accounting principles generally accepted
in the United States of America (&#147;U.S. GAAP&#148;) and include the accounts of Safe
Bulkers and its subsidiaries. All intra-group and intercompany balances and
transactions have been eliminated upon consolidation.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Use of
Estimates:</B></I><FONT FACE=ARIAL> The preparation of the consolidated financial statements in conformity
with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Other
Comprehensive Income / (Loss):</B></I><FONT FACE=ARIAL> The Company follows the accounting guidance relating
to <I>Statement of Comprehensive Income, </I>which
requires separate presentation of certain transactions that are recorded
directly as components of shareholders&#146; equity. The Company has no other
comprehensive income/ (loss) and accordingly comprehensive income/(loss) equals
net income for the periods presented.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Foreign Currency
Translation:</B></I><FONT FACE=ARIAL> The reporting and functional currency of the Company
is the United States (&#147;U.S.&#148;) dollar or (&#147;USD&#148;). Transactions incurred in other
currencies are translated into U.S. dollars using the exchange rates in effect
at the time of the transaction. At the balance sheet date, monetary assets and
liabilities that are denominated in other </FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>F8</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-bottom:dotted #006FAC 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report<B> 2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>currencies are translated to reflect the
period end exchange rates. Resulting gains or losses from foreign currency
transactions are recorded within Foreign currency gain/(loss) in the
accompanying consolidated statements of income in the period in which they
arise.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Cash and Cash
Equivalents:</B></I><FONT FACE=ARIAL> Cash and cash equivalents consist of current, call,
time deposits and certificates of deposit with original maturities of three
months or less at the time of purchase and which are not restricted for use or
withdrawal.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Time Deposits:</B></I><FONT FACE=ARIAL> Time deposits are held with banks
with original maturities longer than three months at the time of purchase. In
the event original maturities are shorter than twelve months at the time of
purchase, such deposits are classified as current assets; if original
maturities are longer than twelve months, such deposits are classified as
non-current assets.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Restricted
Cash:</B></I><FONT FACE=ARIAL> Restricted cash represents minimum cash deposits or cash collateral
deposits required to be maintained with certain banks under the Company&#146;s
borrowing arrangements or in relation to bank guarantees issued on behalf of
the Company. In the event that the obligation relating to such deposits is
expected to be terminated within the next twelve months, these deposits are
classified as current assets; otherwise they are classified as non-current
assets. </FONT></FONT></P>



<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Accounts Receivable:</B></I><FONT FACE=ARIAL>
Accounts receivable reflects trade receivables from time or voyage charters and
other receivables from operational activities, net of an allowance for doubtful
accounts. At each balance sheet date, all potentially uncollectible accounts
are assessed individually for purposes of determining the appropriate provision
for doubtful accounts. No allowance for doubtful accounts was recorded for any
of the periods presented.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Inventories:</B></I><FONT FACE=ARIAL> Inventories consist of bunkers and
lubricants owned by the Company remaining on board the vessels at the end of
each reporting period, which are stated at the lower of cost or market. Cost is
determined using the first&#150;in, first-out method.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Vessels, Net:</B></I><FONT FACE=ARIAL> Vessels are stated at their
historical cost, which consists of the contracted purchase price and any direct
material expenses incurred upon acquisition (including improvements, on-site
supervision expenses incurred during the construction period, commissions paid,
delivery expenses and other expenditures to prepare the vessel for her initial
voyage), less accumulated depreciation. Financing costs incurred during the
construction period of the vessels are also capitalized and included in the
vessels&#146; cost. Certain subsequent expenditures for conversions and major
improvements are also capitalized if it is determined that they appreciably
extend the life, increase the earning capacity or improve the efficiency or
safety of the vessels.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Vessels&#146;
Depreciation:</B></I><FONT FACE=ARIAL> Depreciation is computed using the straight-line
method over the estimated useful life of the vessels, after considering the
estimated residual value. Management estimates the useful life of the Company&#146;s
vessels to be 25 years from the date of initial delivery from the shipyard.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Accounting for
Special Survey and Drydocking Costs:</B></I><FONT FACE=ARIAL> Special survey and drydocking costs
are expensed in the period incurred and are included in vessel operating
expenses in the accompanying consolidated statements of income. </FONT></FONT></P>



<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Repairs and Maintenance:</B></I><FONT FACE=ARIAL> All repair and
maintenance expenses, including major overhauling and underwater inspection
expenses, are expensed when incurred and are included in vessel operating
expenses in the accompanying consolidated statements of income.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Impairment of
Long-lived Assets:</B></I><FONT FACE=ARIAL> The Company follows the Accounting Standards
Codification (&#147;ASC&#148;) Subtopic 360-10, &#147;Property, Plant and Equipment&#148; (&#147;ASC
360-10&#148;), which requires impairment losses to be recorded on long-lived assets
used in operations when indicators of impairment are present and the
undiscounted cash flows estimated to be generated by those assets are less than
their carrying amounts. If indicators of impairment are present, the Company
performs an analysis of the anticipated undiscounted future net cash flows of
the related long-lived assets. If the carrying value of the related asset
exceeds the undiscounted cash flows, the carrying value is reduced to its fair
value and the difference is recorded as an impairment loss in the consolidated
statement of income. Various factors including anticipated future charter
rates, estimated scrap values, future drydocking costs and estimated vessel
operating costs are included in this analysis. No impairment loss was recorded
during the years ended December 31, 2010, 2011 and 2012. </FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Assets Held for
Sale:</B></I><FONT FACE=ARIAL> The Company may dispose of certain of its vessels when suitable
opportunities occur, including prior to the end of their useful lives. The
Company classifies assets as being held for sale when the following criteria
are met: (i) management is committed to sell the asset; (ii) the asset is
available for immediate sale in its present condition; (iii) an active program
to locate a buyer and other actions required to complete the plan to sell the
asset have been initiated; (iv) the sale of the asset is probable, and transfer
of the asset is expected to qualify for recognition as a completed sale </FONT></FONT></P>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>F9</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>within one year; (v) the asset is being
actively marketed for sale at a price that is reasonable in relation to its
current fair value; and (vi) actions required to complete the plan indicate
that it is unlikely that significant changes to the plan will be made or that
the plan will be withdrawn.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Long-lived assets classified as held for sale
are measured at the lower of their carrying amount or fair value less cost to
sell. These assets are no longer depreciated once they meet the criteria of
being held for sale. There were no assets held for sale as at December 31,
2012.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Deferred
Financing Costs:</B></I><FONT FACE=ARIAL> Financing fees incurred for obtaining new loans and
credit facilities are deferred and amortized over the term of the respective
loan or credit facility using the effective interest rate method. Any
unamortized balance of costs relating to loans repaid or refinanced is expensed
in the period in which the repayment or refinancing is made, subject to the
guidance regarding Debt Extinguishment. Any unamortized balance of costs
related to credit facilities repaid is expensed in the period. Any unamortized
balance of costs relating to credit facilities refinanced is deferred and
amortized over the term of the respective credit facility in the period in
which the refinancing occurs, subject to the provisions of the accounting
guidance relating to <I>Changes in
Line-of-Credit or Revolving-Debt Arrangements.</I></FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Derivative
Instruments:</B></I><FONT FACE=ARIAL> The Company may enter into foreign exchange forward
contracts to create economic hedges for its exposure to currency exchange risk
on payments relating to the acquisition of vessels and on certain loan
obligations. The Company also enters into interest rate derivatives to create
economic hedges for its exposure to interest rate risk of its loan obligations
(see also Notes 8 and 14). When such derivatives do not qualify for hedge
accounting the Company records these financial instruments in the consolidated
balance sheet at their fair value as either a derivative asset or a liability,
and recognizes the fair value changes thereto in the consolidated statements of
income. When the derivatives do qualify for hedge accounting, depending upon
the nature of the hedge, changes in fair value of the derivatives are either
offset against the fair value of assets, liabilities or firm commitments
through income, or recognized in other comprehensive income/(loss) (effective
portion) until the hedged item is recognized in the consolidated statements of
income. For the years ended December 31, 2010, 2011 and 2012, no derivatives
were accounted for as accounting hedges.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Financial
Instruments:</B></I><FONT FACE=ARIAL> Over-the-counter foreign exchange forward contracts
and interest rate derivatives are recorded at fair value. Other financial
instruments, including cash equivalents and debt are recorded at amortized
cost.</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B> (a)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Interest rate risk</B></I><FONT  FACE=ARIAL><B>:</B></FONT><FONT  FACE=ARIAL> The Company&#146;s interest rates and
 long-term loan repayment terms are described in Note 8. The Company manages
 its interest rate risk by entering into interest rate derivative instruments
 which are described in Note 14.</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B> (b)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Concentration of credit risk:</B></I><FONT  FACE=ARIAL> Financial instruments, which
 potentially subject the Company to significant concentrations of credit risk,
 consist principally of trade accounts receivable, cash and cash equivalents,
 time deposits and derivative instruments. The Company limits its credit risk
 with accounts receivable by performing ongoing credit evaluations of its
 customers&#146; financial condition and generally does not require collateral for
 its trade accounts receivable. The Company places its cash and cash
 equivalents, time deposits and other investments with high credit quality
 financial institutions. The Company performs periodic evaluations of the
 relative credit standing of those financial institutions. The Company is
 exposed to credit risk in the event of non-performance by its counterparties
 to derivative instruments; however, the Company limits its exposure by
 transacting with counterparties with high credit ratings.</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B> (c)</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Fair value measurement:</B></I><FONT  FACE=ARIAL> In accordance with the
 requirements of accounting guidance relating to <I>Fair Value Measurement, </I>the Company classifies and
 discloses assets and liabilities carried at fair value in one of the
 following three categories:</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Level 1: Quoted market prices in active markets for identical assets
 or liabilities.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Level 2: Observable market-based inputs or unobservable inputs that
 are corroborated by market data.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Level 3: Unobservable inputs that are not corroborated by market
 data.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Accounting for
Revenues and Related Expenses:</B></I><FONT FACE=ARIAL> The Company generates its revenues from charterers
for the charter hire of its vessels. Vessels are chartered under time charter,
where a contract is entered into for the use of a vessel for a specific voyage
or a specific period of time and at a specified daily charter rate. Time
charter revenues are recognized as earned on the straight-line basis over the
term of the charter as service is provided. Revenues from time charter may also
include ballast bonus, which is an amount paid by the charterer for repositioning
the vessel at the charterer&#146;s disposal (delivery point), which is recognized as
revenue over the term of the charter, and other miscellaneous revenues from
vessel operations. Expenses relating to the Company&#146;s time charters are vessel
operating expenses and certain voyage expenses, which are paid by the Company
and recognized as incurred. Vessel operating expenses that are paid </FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>F10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-bottom:dotted #006FAC 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report<B> 2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>by the Company include costs for crewing,
insurance, lubricants, spare parts, provisions, stores, repairs, maintenance,
statutory and classification expense, drydocking, intermediate and special
surveys and other minor miscellaneous expenses. Voyage expenses which are also
recognized as incurred and paid by the Company include costs for draft surveys,
hold cleaning, postage, extra war risk insurance, bunkers during ballast period
and other minor miscellaneous expenses related to the voyage. The charterer is
responsible for paying the cost of bunkers and other voyage expenses (e.g.,
port expenses, agents&#146; fees, canal dues, extra war risks insurance and any
other expenses related to the cargo).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Revenue is recognized when a charter
agreement exists, the vessel is made available to the charterer and collection
of the related revenue is reasonably assured. Unearned revenue includes: (i)
revenue received prior to the balance sheet date relating to services to be
rendered after the balance sheet date and (ii) deferred revenue resulting from
straight-line revenue recognition in respect of charter agreements that provide
for varying charter rates. Accrued revenue results from straight-line revenue
recognition in respect of charter agreements that provide for varying charter
rates. Commissions (address and brokerage), regardless of charter type, are
always paid by the Company, are deferred and amortized over the related charter
period and are presented as a separate line item in revenues to arrive at net
revenues in the accompanying consolidated statements of income.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Pension and
Retirement Benefit Obligations&#151;Crew:</B></I><FONT FACE=ARIAL> The Subsidiaries included in the
consolidated financial statements employ the crew on board under short-term
contracts (usually up to nine months) and accordingly, they are not liable for
any pension or post-retirement benefits.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Taxes:</B></I><FONT FACE=ARIAL> Entities within the group that are
incorporated under the laws of either the Republic of Liberia or the Republic
of The Marshall Islands are not subject to Liberian or Marshall Islands income
taxes. However, each vessel-owning Subsidiary is subject to registration and tonnage
taxes under the laws of the Republic of Cyprus or the Republic of The Marshall
Islands depending on where each Company&#146;s vessel is registered, which is not an
income tax. As of January 1, 2013, each vessel managed in Greece is subject to
tonnage tax, under the laws of the Republic of Greece, which is not an income
tax. These registration and tonnage taxes are recorded within Vessel Operating
Expenses in the accompanying consolidated statements of income.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Furthermore, the Subsidiaries are subject to
a 4% United States federal tax in respect of its U.S. source shipping income
(imposed on gross income without the allowance for any deductions) as they do
not meet the requirements for an exemption from such tax provided by Section
883 of the U.S. Internal Revenue Code of 1986. As a result, the Subsidiaries
file U.S. federal tax returns and pay the relevant U.S. federal tax on their
U.S. source shipping income, which is not an income tax. Such taxes have been
recorded within Voyage expenses in the accompanying consolidated statements of
income. In many cases, these taxes are recovered from the charterers; such
amounts recovered are recorded within Revenues in the accompanying consolidated
statements of income.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Dividends:</B></I><FONT FACE=ARIAL> Dividends are recorded in the
period in which they are declared by the Company&#146;s Board of Directors.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Segment
Reporting:</B></I><FONT FACE=ARIAL> The Company reports financial information and evaluates its operations
by total charter revenue and not by the type of vessel or vessel employment for
its customers. The Company&#146;s vessels have similar operating and economic
characteristics. As a result, management, including the chief operating
decision makers, reviews operating results solely by revenue per day and
operating results of the fleet, and thus the Company has determined that it
operates as one reportable segment. Furthermore, when the Company charters a
vessel to a charterer, the charterer is free to trade the vessel worldwide and,
as a result, the disclosure of geographic information is impracticable.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Recent Accounting
Pronouncements: </B></I><FONT FACE=ARIAL>There are no recent accounting
pronouncements the adoption of which would have a material effect on the
Company&#146;s consolidated financial statements in the current period.</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>3.
Transactions with Related Parties</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Safety
Management Overseas S.A., Panama (the &#147;Manager&#148;):</B></I><FONT FACE=ARIAL> On May 29, 2008, Safe Bulkers
signed a management agreement (the &#147;Management Agreement&#148;) with Safety
Management, a related party that is controlled by Polys Hajioannou. Under such
Management Agreement, each vessel-owning Subsidiary has entered into, or in the
case of vessels not yet delivered, will enter into, a management agreement with
the Manager (the &#147;Shipmanagement Agreements&#148;). Under these Shipmanagement
Agreements, chartering, operations, technical and accounting services are
provided to the vessels by the Manager. In accordance with the Management
Agreement and the Shipmanagement Agreements, the Manager receives a fixed fee
per vessel calculated proportionally to the number of ownership days, (the
&#147;Fixed fee&#148;), plus a variable fee calculated on gross freight, charter hire,
ballast bonus and demurrage (the &#147;Variable fee&#148;). Fixed fees and Variable fees
are recorded in General and Administrative Expenses (refer to Note 18). In
addition, under the Supervision Agreements, the Manager receives a supervision
fee in exchange for on-site supervision services with respect to all </FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>F11</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>newbuilds, of which 50% is payable upon the
signing of the relevant Supervision Agreement, and 50% upon successful
completion of the sea trials of each newbuild (the &#147;Supervision fee&#148;).
Supervision fees are recorded in Advances for vessel acquisition and vessels
under construction (refer to Note 6). Furthermore under the Management
Agreement, the Manager receives a sales fee calculated on the contract price
for each vessel sold, (the &#147;Sales fee&#148;) payable upon the conclusion of the
vessel sale, and an acquisition fee calculated on the contract price of each
vessel constructed or purchased, (the &#147;Acquisition fee&#148;) payable upon the
conclusion of the vessel acquisition, in exchange for services provided in
relation to a sale or an acquisition of a vessel respectively. Sales fees are
recorded in Gain on sale of assets (refer to Note 20). Acquisition fees are
recorded in Advances for vessel acquisition and vessels under construction
(refer to Note 6).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The management fees can be adjusted annually
effective May 29 of each year, the anniversary of our entry into the Management
Agreement. On May 29, 2011, the Fixed fee was readjusted to $0.700 from $0.575
per day, and the Supervision fee was readjusted to $550 from $375, while all
other management fees remained constant. No readjustment has been made since
then on any of the fees.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Fees pursuant to the Management Agreement,
the Shipmanagement Agreements and the Supervision Agreements were as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="54%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>For the
 Years Ended May 29,<BR>
 (In thousands of U.S. Dollars, except of Variable,<BR>
 Sales and Acquisition fees)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Fixed fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>0.575</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>0.575</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>0.700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Variable fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Supervision fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Sales fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Acquisition fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Fees pursuant to the Management Agreement,
the Shipmanagement Agreements and the Supervision Agreements are comprised of
the following: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="54%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Year
 Ended December 31,<BR>
 (In thousands of U.S. Dollars)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Fixed and Variable fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4,880</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6,026</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7,726</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Supervision fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>938</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,113</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Sales fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>330</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Acquisition fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,840</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,348</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,810</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>4. Accounts
receivable </B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Accounts receivable trade are comprised of the following:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>F12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-bottom:dotted #006FAC 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report<B> 2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="76%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>December
 31,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Trade receivables</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,247</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Other receivables</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>31,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>5,550</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>37,047</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Trade receivables reflect the current
receivables from time or voyage charters.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Other receivables amounting to $31,800 as of
December 31, 2012, reflect the receivables related to the cancellation of the
acquisition agreement of newbuild <I>Hull No.
J0131.</I> The Company had entered into a shipbuilding contract with
Zhoushan Jinhaiwan Shipyard Co., (the &#147;Shipyard&#148;) for the construction, sale
and delivery by the Shipyard to it of one 180,000 DWT Capesize class newbuild
vessel <I>(Hull No. J0131) </I>in
exchange for USD $53 million. In December 2012, after having paid $31.8 million
in advances during construction, the Company exercised its termination right
under the agreement due to the Shipyard&#146;s excessive construction delays and
delivered demands to each of the Shipyard and the refund guarantor, The Export
Import Bank of China (a bank rated Aa3 by Moody&#146;s Investor Services), pursuant
to the shipbuilding contract and the refund guarantees, respectively, for a
refund of the full amount of advances paid, with interest. In response, in January
2013, the Company received a notice of arbitration, and arbitration proceedings
with the shipyard were initiated in London, England. The Shipyard alleges that
the Company&#146;s termination constitutes a breach of the agreement and argues that
the Company is not entitled to a refund of any of the advances paid or
interest. Under the terms of the shipbuilding contract and the relevant refund
guarantees, the Company is entitled to receive interest on the advances paid,
the accrued amount of which as of December 31, 2012, was $2,541, (refer to Note
11c). The capitalized expenses in relation to newbuild <I>Hull No. J0131 </I>until the time of the
contract cancellation amounted to $612, and the accrued legal expenses amounted
to $6, as of December 31, 2012, (refer to Note 11c). If the Company wins the
arbitration claim, the Company will be entitled to a full refund of the $31.8
million paid in advances, of interest on advances paid and of arbitration
expenses. On the basis of legal advice received, the Company believes that the
advances paid, as well as the interest on these, are recoverable under both the
shipbuilding contract and the refund guarantees. However, arbitration is
inherently uncertain and the Company cannot provide assurance that it will
prevail because it is not possible to predict what the final outcome will be of
any legal proceeding. The Company is and will continue vigorously pursuing the
arbitration and believes that the merits in this dispute rest in the Company&#146;s
favor. An award against the Company would require the Company to incur the cost
thereof, which includes the amount of advances already paid, the capitalized
expenses recorded and any further damages to the Shipyard without receipt of
the vessel.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>5. Vessels, Net</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Vessels, net, are comprised of the following:
</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="58%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Vessel<BR>
 Cost</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Accumulated<BR>
 Depreciation</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Net Book<BR>Value</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Balance, January 1, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>605,367</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B> (64,123</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>541,244</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Transfer from Advances for vessel
 acquisitions and vessels under construction</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>137,749</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>137,749</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Depreciation expense</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(23,637</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(23,637</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Balance, December 31, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>743,116</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B> (87,760</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL><B>)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>655,356</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Transfer from Advances for vessel
 acquisitions and vessels under construction</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>186,895</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>186,895</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Depreciation expense</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(32,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(32,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Balance, December 31, 2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>930,011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B> (120,010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=2 FACE=ARIAL><B>)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>810,001</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Transfer from Advances for vessel
acquisitions and vessels under construction represents advances paid in respect
of the acquisition of second hand vessels and newbuild vessels which were under
construction and delivered to the Company. For the periods presented, the
Company accepted delivery of the following vessels:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended December 31, 2011:<I> Venus History</I> and <I>Pelopidas</I>;
 and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended December 31, 2012: <I>Efrossini, Venus Horizon, Pedhoulas Builder,</I> <I>Pedhoulas Fighter, Pedhoulas Farmer and Koulitsa.</I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of December 31, 2012, vessels with a
carrying value of $795,966 have been provided as collateral to secure the
Company&#146;s bank loans as discussed in Note 8.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>F13</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>6. Advances for Vessel Acquisition and
Vessels under Construction</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=5 VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Advances
 for vessel acquisition and vessels under construction are comprised of the
 following:</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Balance, January 1, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER-TOP:SOLID BLACK 1px;BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER-TOP:SOLID BLACK 1px;BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>99,014</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER-TOP:SOLID BLACK 1px;BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Advances paid, including capitalized
 expenses and interest</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>161,042</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Transferred to vessel cost</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(137,749</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Balance, December 31, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>122,307</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Advances paid, including capitalized
 expenses and interest</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>136,902</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Asset purchase cancellation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(32,412</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Transferred to vessel cost</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(186,895</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Balance, December 31, 2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>39,902</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Advances Paid for vessel acquisitions and
vessels under construction comprise payments of installments that were due to
the respective shipyard or third-party sellers, capitalized interest and certain
capitalized expenses. During 2011 and 2012 such payments were made for the
following vessels:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended December 31, 2011: <I>Venus History, Pelopidas, Venus Horizon, Efrossini, Hull No. J0131,
 Hull 1659, Hull 1660</I> and <I>Hull
 2396</I>; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended December 31, 2012: <I>Venus Horizon, Efrossini, Pedhoulas Builder, Pedhoulas Fighter,
 Pedhoulas Farmer, Koulitsa, Paraskevi </I>(refer to Note 23), <I>Hull No. J0131, Hull 814, Hull 1659, Hull 1660,
 Hull 2396, Hull 2397 </I>and<I> Hull
 8126.</I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Transfers to vessel cost relate to the
delivery to the Company from the respective shipyard or third-party seller of
the following vessels:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended December 31, 2011: <I>Venus History</I> and <I>Pelopidas</I>;
 and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended December 31, 2012: <I>Efrossini, Venus Horizon, Pedhoulas Builder, Pedhoulas Fighter,
 Pedhoulas Farmer </I>and<I> Koulitsa. </I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Asset purchase cancellation relates to the
cancellation of the acquisition of <I>Hull No.
J0131 </I>during the year ended December 31, 2012, discussed in Note 4.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>7. Deferred Finance
Charges, Net</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=5 VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Deferred
 finance charges are comprised of the following:</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Balance, January 1, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>930</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Additions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,949</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Write-off</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Amortization expense</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(593</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Balance, December 31, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>6,226</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Additions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,467</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Amortization expense</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1,226</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Balance, December 31, 2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>6,467</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>F14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER-bottom:dotted #006FAC 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report<B> 2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>8. Bank Debt</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Bank debt is comprised of the following
secured borrowings: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="25%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>December
 31,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:  #006FAC'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Borrower</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Commencement</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Maturity</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Pelea</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>June 2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>31,987</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Marindou</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>January 2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>28,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Avstes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>April 2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>28,284</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Eniadefhi</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>February 2009</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>34,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Eniaprohi</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>November 2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>34,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxdodeka</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>February 2010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxeikosi</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>August 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>August 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>17,875</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxpente</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>July 2010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>January 2015</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>38,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>33,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxdodeka</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>February 2016</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>23,150</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Marathassa</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>February 2005</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>February 2017</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16,565</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13,305</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Marindou</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>January 2018</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>28,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Marinouki</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>March 2006</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>March 2018</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>27,695</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>25,174</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Avstes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>April 2018</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>22,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Eniaprohi</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>November 2018</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>24,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Petra</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>January 2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>January 2019</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>24,971</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>22,220</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Eniadefhi</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>February 2019</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>33,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Pemer</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>March 2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>March 2019</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>24,968</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>22,218</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Eptaprohi</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>April 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>April 2019</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>42,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Pelea</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>June 2019</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>32,298</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxeikosiena</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>October 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>October 2019</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>18,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Soffive</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>November 2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>November 2019</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>35,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>33,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Kerasies</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 2019</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>33,065</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>30,932</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxdekatria</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>March 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>March 2020</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>20,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxdeka</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>August 2011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 2022</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>37,496</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>34,087</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Staloudi</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>July 2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>July 2023</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>43,860</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>27,520</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Shikoku</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>October 2011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>August 2023</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>44,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>41,067</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxeikositessera</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>September 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>February 2024</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>33,971</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxenteka</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>April 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>April 2024</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>34,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>484,291</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>615,667</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Current portion</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>18,486</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>19,199</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Long-term portion</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:  NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>465,805</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:  NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>596,468</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The above loans and credit facilities
generally bear interest at LIBOR plus a margin, except for a portion of the
principal amounts of Maxdeka, Shikoku, Maxenteka and Maxeikositessera loan
facilities, which bear interest at the Commercial Interest Reference Rate
(&#147;CIRR&#148;) published by the Organization for Economic Co-operation and
Development applicable on the date of signing of the relevant loan agreements.
The above loans and credit facilities are generally repayable in semi-annual
installments and a balloon payment at maturity except for the Maxdeka, Shikoku,
Maxenteka and Maxeikositessera loan facilities, which are repayable in
semi-annual installments. The fair value of the long term debt outstanding on
December 31, 2012 amounted to $620,405 when valuing the respective portions of
the Maxdeka, Shikoku, Maxenteka and Maxeikositessera loan facilities on the
basis of the relevant CIRR applicable on December 31, 2012.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of December 31, 2012, an aggregate amount
of $8,077, was available for drawing under certain of the above loans and
reducing revolving credit facilities. The estimated minimum annual principal
payments required to be made after December 31, 2012, based on the loan and
credit facility agreements as amended, are as follows:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="60%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="34%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=7 VALIGN=BOTTOM BGCOLOR="#006FAC" STYLE='BACKGROUND:#006FAC'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>To
 December 31,</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>19,199</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>49,012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>2015</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>73,436</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>2016</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>67,762</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>2017</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>52,529</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>2018</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
 thereafter</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>353,729</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:  #E5FFFF'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>615,667</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF" STYLE='BORDER:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E5FFFF'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>F15</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Total interest incurred on long-term debt for
the years ended December 31, 2010, 2011 and 2012 amounted to $6,738, $6,722,
and $10,038, respectively, which includes interest capitalized of $315, $1,472
and $966 for the years ended December 31, 2010, 2011 and 2012, respectively.
The average interest rate (including the margin) for all loan and credit
facilities during the years 2010, 2011 and 2012 was 1.394% p.a., 1.439% p.a.,
and 1.850% p.a., respectively. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Certain of the above loans or credit facilities
have a currency conversion option whereby the borrower may elect to convert the
outstanding loan amount or any part thereof to certain currencies specified in
each agreement, using the spot exchange rate applicable on the date of
conversion. Specified currencies include Japanese Yen (&#147;JPY&#148;), Swiss Franc
(&#147;CHF&#148;), Euro (&#147;EUR&#148;), Canadian dollar (&#147;CAD&#148;) or pound sterling (&#147;GBP&#148;),
depending on the relevant agreement. In all the above loans or credit
facilities with a currency conversion option, no consideration has been or will
be paid by any of the borrowers to the respective lenders in connection with
the conversion option since the parties did not ascribe value to the conversion
option as the conversion options are always based on the market or spot rates
at the time they are exercised. The exercise of the conversion option in any of
the above loans or credit facilities results in a change in both the currency
denomination of the loan and the basis of the interest rate (that is, a
USD-denominated loan bears interest based on USD LIBOR and, upon conversion
into a JPY-denominated loan, will bear interest based on JPY LIBOR). All other
terms of the loans or credit facilities, including the margin and the repayment
terms, will remain the same upon exercise of the currency conversion option.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Company considered the accounting
guidance relating to <I>Accounting for
Derivative Instruments and Hedging Activities,</I> and concluded that
the conversion options are embedded derivatives that would require bifurcation
and separate accounting because of the following: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="98%" VALIGN=TOP>
<P ALIGN=JUSTIFY>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>(i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The economic characteristics and risks of an instrument in which the
underlying is both a foreign currency and interest rate are not clearly and
closely related to the economic characteristics and risks of a debt host;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>(ii)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The borrowing arrangement that embodies both the conversion option
and the debt host is not remeasured at fair value under otherwise applicable
generally accepted accounting principles with changes in fair value reported
in earnings as they occur; and </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>(iii)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>A separate instrument with the same terms as the conversion option
would be a derivative instrument subject to the requirements of this
accounting guidance.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>However, the Company believes that the
conversion option under the borrowing arrangements has no fair value due to the
fact that the conversion into a different currency, and, accordingly, into a
corresponding LIBOR interest rate, will always be at the prevailing foreign
currency exchange rate (spot rate) and prevailing interest rate at the time of
the conversion. Furthermore, both the Company and the bank did not ascribe
value to the currency conversion options as no consideration was sought by the
bank and no value was paid by the Company, as noted above.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of December 31, 2011 and 2012 all loans
were denominated in US Dollars. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The foregoing loans and credit facilities are
secured as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="4%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="96%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>First priority
mortgages over the vessels owned by the respective borrowers;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>First priority
assignment of all insurances and earnings of the mortgaged vessels;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Second priority
mortgage over the <I>Maritsa</I> as
security for the Kerasies loan;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Agreement for
second priority mortgage over the <I>Kanaris</I>
as security for the Marinouki and Soffive loans;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Second priority
mortgage over the <I>Pedhoulas Merchant </I>as
security for the Petra loan;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Second priority
mortgage over the <I>Pedhoulas Trader </I>as
security for the Pemer loan; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Corporate
guarantee from Safe Bulkers.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The loan and credit facility agreements, as
amended, contain debt covenants including restrictions as to changes in
management and ownership of the vessels, additional indebtedness and mortgaging
of vessels without the respective lender&#146;s prior consent, minimum vessel
insurance cover ratio requirements, as well as minimum fair vessel value ratio
to outstanding loan principal requirements; the fair vessel value being
determined according to the provisions of the individual loan or credit
facility agreements with the relevant bank (the &#147;Minimum Value Covenant&#148;). The
borrowers are permitted to pay dividends to their owners as long as no event of
default under the respective loan has occurred or has not been remedied.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
<P>&nbsp;</P>
</TD>
<TD WIDTH="99%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>F16</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
<P><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="86%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:DOTTED #006FAC 1PX;PADDING:0IN 0IN 0IN 0IN'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>One of the loan and facility agreements
requires the respective borrowers to maintain at all times a minimum balance of
$150 per vessel in the respective vessel operating accounts. One of the loan
and facility agreements requires the respective borrower to maintain at all
times a minimum balance of $500 in the vessel operating account.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In addition, the corporate guarantees, as
amended, of Safe Bulkers include the following financial covenants:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="4%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="96%" VALIGN=TOP>
<P ALIGN=JUSTIFY>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>its total consolidated liabilities divided by its total consolidated
assets must not at any time exceed 80% or 85% as the case may be
(&#147;Consolidated Leverage Covenant&#148;). The total consolidated assets are based
on the fair market value of its vessels and the book values of all other
assets, on an adjusted basis as set out in the relevant guarantee; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>the ratio of its aggregate debt to EBITDA (as defined in the loan
agreement) must not at any time exceed 5.5:1 on a trailing 12 months&#146; basis
or as the case may be the ratio of its aggregate debt after deducting cash to
EBITDA must not at any time exceed 8.5:1 on a trailing 12 months&#146; basis
(&#147;EBITDA Covenant&#148;); </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>its consolidated net worth (total consolidated assets less total
consolidated liabilities) (&#147;Consolidated Net Worth Covenant&#148;) must not at any
time be less than $150,000; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>payment of dividends is subject to no event of default having
occurred; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>maintenance of minimum free liquidity of $500 is required on deposit
with a relevant lender on a per vessel basis for five vessels; and </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>a minimum of 51% of its shares shall remain directly or indirectly
beneficially owned by the Hajioannou family for the duration of the relevant
credit facilities.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of December 31, 2012, the Company was in
compliance with all debt covenants with respect to its loans and credit
facilities.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>9.
Long-term Investment</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended December 31, 2009, the
Company invested $50,000 in a five-year Floating Rate Note issued by HSBC Bank
Middle East Limited, which is recorded in the consolidated balance sheet at
amortized cost as the Company intends to hold the investment until its maturity
on October 14, 2014. The Company receives interest on a quarterly basis, based
on the three-month U.S. dollar LIBOR plus a margin of 1.5%. The fair market
value of the Floating Rate Note as of December 31, 2012 was approximately $49,500,
which was equal to the exit price the Company would receive from the relevant
bank, based on an indicative bid price received from the relevant bank. Subject
to certain conditions, the Company may borrow up to 80% of the Floating Rate
Note amount.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>10. Share
Capital</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Company was incorporated on December 11,
2007 with authorized share capital of 500 shares of common stock with a par
value of $0.001 per share. On May 9, 2008, the Company&#146;s Articles of
Incorporation were amended. Under the amended Articles of Incorporation, the
Company&#146;s authorized capital stock consists of 200,000,000 shares of common
stock with a par value of $0.001 per share, of which 54,500,000 shares were
issued prior to the listing of the Company&#146;s common stock on the NYSE, which was
completed on June 3, 2008, and 20,000,000 shares of preferred stock with a par
value of $0.01 per share, none of which has been issued and is outstanding. In
connection with the IPO process, Vorini Holdings sold 10,000,000 shares of
common stock of the Company of a par value of $0.001 per share at a price of
$19 per share. No proceeds were paid to the Company.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In March 2010, the Company successfully
completed a public offering, whereby 10,350,000 shares of common stock of Safe
Bulkers were issued and sold at a price of $7 per share, and a private
placement, whereby 1,000,000 shares of common stock of Safe Bulkers were issued
and sold to Vorini Holdings. The net proceeds of the public offering and the
private placement were $74,967, net of underwriting discount of $3,150 and
offering expenses of $861.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In April 2011, the Company successfully
completed a public offering, whereby 5,000,000 shares of common stock of Safe
Bulkers were issued and sold at a price of $8.4 per share. The net proceeds of
the public offering were $39,637, net of underwriting discount of $2,100 and
offering expenses of $263.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In March 2012, the Company successfully
completed a public offering, whereby 5,750,000 shares of common stock of Safe
Bulkers were issued and sold at a price of $6.5 per share. The net proceeds of
the public offering were $35,237, net of underwriting discount of $1,869 and
offering expenses of $268.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Pursuant to an arrangement approved by the
Company&#146;s shareholders&#146; and the corporate governance, nominating and compensation
committee, effective July 1, 2008, the audit committee chairman receives the
equivalent of $15 every quarter, payable in arrears in the</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="99%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>F17</FONT></P>
</TD>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>form of newly issued common stock of the
Company as part compensation for services rendered as audit committee chairman.
The number of shares to be issued is determined based on the closing price of
the Company&#146;s common stock on the last trading day prior to the end of each
quarter in which services were provided and are issued as soon as practicable
following the end of the quarter. During the years ended December 31, 2011 and
2012, 7,705 shares and 9,767 shares, respectively, were issued to the audit
committee chairman.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Pursuant to an arrangement approved by the
Company&#146;s shareholders and the corporate governance, nominating and
compensation committee, effective January 1, 2010, the independent directors of
the Company other than the audit committee chairman each receive the equivalent
of $7.5 every quarter, payable in arrears in the form of newly issued common
stock of the Company as part compensation for services rendered as independent
directors. The number of shares to be issued is determined as noted above.
During the years ended December 31, 2011 and 2012, 7,704 shares and 9,768
shares, respectively were issued to the independent directors of the Company
other than the audit committee chairman.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>11.
Commitments and Contingencies</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I> (a)
Commitments under Shipbuilding Contracts and Memorandums of Agreement (&#147;MoAs&#148;)</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of December 31, 2012 the Company had commitments
under one shipbuilding contract and six MoAs for the acquisition of six
newbuilds and one second hand vessel. The Company expects to settle these
commitments as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="55%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=2 COLOR=WHITE FACE=ARIAL><B>Year
Ending December 31</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=2 COLOR=WHITE FACE=ARIAL><B>Due to
Shipyards /<BR>
Sellers</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=2 COLOR=WHITE FACE=ARIAL><B>Due to<BR>
Manager</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=2 COLOR=WHITE FACE=ARIAL><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>2013</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>78,376</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,432</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>80,808</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>2014</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>57,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1,376</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>59,076</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL>2015</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>51,233</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1,790</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>53,023</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=2 FACE=ARIAL><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>187,309</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>5,598</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>192,907</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I> (b)
Other contingent liabilities</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Subsidiaries have not been involved in
any legal proceedings other than an arbitration legal proceeding in relation to
the cancellation of the acquisition of newbuild <I>Hull No. J0131,</I> as discussed in Note 4, that may have, or
have had, a significant effect on their business, financial position, results
of operations or liquidity, nor is the Company aware of any proceedings that
are pending or threatened that may have a significant effect on its business,
financial position, results of operations or liquidity. From time to time
various claims, suits and complaints, including those involving government
regulations and product liability, arise in the ordinary course of the shipping
business. In addition, losses may arise from disputes with charterers, agents,
shipyards, insurance providers and other claims relating to the operation of
the Company&#146;s vessels. Management is not aware of any material claims or
contingent liabilities which should be disclosed, or for which a provision
should be established in the accompanying consolidated financial statements.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Company accrues for the cost of
environmental liabilities when management becomes aware that a liability is
probable and is able to reasonably estimate the probable exposure. Management
is not aware of any such claims or contingent liabilities which should be
disclosed, or for which a provision should be established in the accompanying
consolidated financial statements. A maximum of $1,000,000 of the liabilities
associated with the individual vessel actions, mainly for sea pollution, is covered
by P&amp;I Club insurance.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I> (c)
Contingent gain</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>In relation to the cancellation of the
acquisition of newbuild <I>Hull No. J0131 </I>discussed
in Note 4, the Company expects, based on the facts and circumstances
surrounding the cancellation of the construction of the vessel due to delays in
the construction process and on the basis of legal advice received from legal
counsel, to record a contingent gain of $1,923, on successful settlement of the
legal case, which represents accrued interest income of $2,541 on the advances
paid to the shipyard, net of capitalized expenses of $612, related to vessel&#146;s
construction and of accrued legal expenses related to the cancellation of $6.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
<P>&nbsp;</P>
</TD>
<TD WIDTH="99%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>F18</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
<P><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="86%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:DOTTED #006FAC 1PX;PADDING:0IN 0IN 0IN 0IN'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>12.
Revenues</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Revenues are comprised of the following:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="56%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=9 VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=2 COLOR=WHITE FACE=ARIAL><B>Year
Ended<BR>
December 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>2010</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>2011</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>2012</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Time charter revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>157,663</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>167,759</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>179,653</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Ballast bonus</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,382</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>6,397</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Other income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,035</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1,895</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1,507</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>159,698</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>172,036</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>187,557</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>13.
Vessel Operating Expenses</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Vessel operating expenses are comprised of
the following:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="56%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=8 VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=2 COLOR=WHITE FACE=ARIAL><B>Year
Ended<BR>
December 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>2010</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>2011</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>2012</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Crew wages and related costs</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>11,441</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>13,196</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>17,202</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Insurance</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1,880</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,260</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,828</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Repairs, maintenance and drydocking costs</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1,764</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,108</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,288</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Spares, stores and provisions</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>3,947</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>4,055</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>6,939</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Lubricants</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,808</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>3,059</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>3,296</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>178</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>212</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>303</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Miscellaneous</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1,110</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1,176</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1,684</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>23,128</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>26,066</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>34,540</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>14.
Fair Value of Financial Instruments and Derivatives Instruments</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Over-the-counter foreign exchange forward
contracts and interest rate derivatives are recorded at fair value. The
carrying values of the current financial assets and current financial
liabilities are reasonable estimates of their fair value due to the short-term
nature of these financial instruments. The fair values of the variable interest
long-term debt approximate the recorded values, due to their variable interest
rates. The fair value of the fixed interest long-term debt is estimated using
prevailing market rates as of the period end. The fair values of the long-term
debt and long-term investment (the floating rate note) are disclosed in Notes 8
and 9, respectively.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Derivative
instruments</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Company enters into interest rate swap
transactions to manage interest costs and the risk associated with changing
interest rates with respect to its variable interest rate loans and credit
facilities. The Company from time to time may also enter into foreign exchange
forward contracts to create economic hedges for its exposure to currency
exchange risk on payments relating to acquisition of vessels and on certain
loan obligations or for trading purposes. Foreign exchange forward contracts
are agreements entered into with a bank to exchange, at a specified future
date, currencies of different countries at a specific rate. As of December 31,
2011 and 2012, the Company had no outstanding derivative instruments relating
to currency exchange contracts.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Company&#146;s interest rate swaps and foreign
exchange forward contracts did not qualify for hedge accounting. The Company
marks to market the fair market value of the interest rate swaps and foreign
exchange forward contracts at the end of every period and accordingly records
the resulting unrealized loss/gain during the period in the consolidated
statement of income. Information on the location and amounts of derivative fair
values in the consolidated balance sheets and derivative gains/losses in the
consolidated statements of income are shown below:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="99%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>F19</FONT></P>
</TD>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL><I>Derivatives
not designated as hedging instruments</I></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="15%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=5 VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=2 COLOR=WHITE FACE=ARIAL><B>Asset
Derivatives<BR>
Fair Values</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=5 VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=2 COLOR=WHITE FACE=ARIAL><B>Liability
Derivatives<BR>
Fair Values</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Type of Contract</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Balance sheet location</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>December<BR>
31, 2011</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>December<BR>
31, 2012</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>December<BR>
31, 2011</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>December<BR>
31, 2012</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>Interest Rate</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>Derivative liabilities<BR>
/ Current liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,237</FONT></P>
</TD>
<TD BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>591</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>Interest Rate</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>Derivative liabilities<BR>
/ Non-current liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>10,130</FONT></P>
</TD>
<TD>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>8,978</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>Total Derivatives</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>&#151;</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>&#151;</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>12,367</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>9,569</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="62%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=6 VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=2 COLOR=WHITE FACE=ARIAL><B>Amount
of (Loss) Recognized on Derivatives<BR>
Year ended December 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>2011</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>2012</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Foreign Exchange Forward Contracts</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>(155</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Interest Rate Contracts</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>(12,336</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>(5,384</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Net (Loss) Recognized</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B> (12,491</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL><B>)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B> (5,384</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL><B>)</B></FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The gain or loss is recognized in the
consolidated statement of income and is presented in Other (Expense)/Income &#150;
Loss on Derivatives.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The Company&#146;s interest rate derivative
instruments are pay-fixed, receive-variable interest rate swaps based on the
USD LIBOR swap rate. The fair value of the interest rate swaps is determined
using a discounted cash flow approach based on market-based LIBOR swap yield
curves. LIBOR swap rates are observable at commonly quoted intervals for the
full terms of the swaps and therefore are considered Level 2 items in
accordance with the fair value hierarchy. The following table summarizes the
valuation of the Company&#146;s financial instruments as of December 31, 2011 and
2012.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="60%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=5 VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=2 COLOR=WHITE FACE=ARIAL><B>Significant
Other Observable Inputs<BR>
(Level 2)<BR>
December 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>2011</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>2012</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>Derivative instruments &#150; liability position</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>12,367</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>9,569</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>As of December 31, 2011 and 2012, no fair
value measurements for assets or liabilities under Level 1 or Level 3 were
recognized in the Company&#146;s consolidated balance sheet.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="99%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><I><B>Interest Rate Derivatives</B></I></FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Details of interest rate swap transactions
entered into with certain banks in respect of certain loans and credit
facilities as of December 31, 2011 and 2012 are presented in the table below:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
<P>&nbsp;</P>
</TD>
<TD WIDTH="99%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>F20</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
<P><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="86%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:DOTTED #006FAC 1PX;PADDING:0IN 0IN 0IN 0IN'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="13%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="18%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="16%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=5 VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=2 COLOR=WHITE FACE=ARIAL><B>Notional
amount</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Loan or Credit<BR>
Facility</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Inception</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Expiry</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>Fixed<BR>
Rate</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>December 31,<BR>
2011</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>December 31,<BR>
2012</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Marindou <SUP>(1)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>January 14, 2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>January 14, 2013</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>3.9500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN="LEFT"><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>27,253</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN="LEFT"><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>25,759</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Petra <SUP>(1)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>February 19, 2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>January 18, 2013</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2.8850</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>30,471</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>28,271</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Pemer <SUP>(1)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>March 07, 2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>March 07, 2013</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2.7450</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>30,468</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>28,268</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Marinouki <SUP>(1)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>March 19, 2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>March 05, 2013</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2.7300</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>27,695</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>26,051</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Avstes <SUP>(1)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>April 25, 2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>April 18, 2013</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>3.8900</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>27,342</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>25,684</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Staloudi <SUP>(1)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>January 07, 2009</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>January 07, 2012</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>3.3850</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>45,680</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=4 VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=2 COLOR=WHITE FACE=ARIAL><B>Notional
amount</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Eniadefhi <SUP>(1)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>April 01, 2009</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>February 12, 2014</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>3.3500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>39,375</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>37,125</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Marathassa <SUP>(2)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>November 23, 2009</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>November 23, 2012</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1.6500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>16,565</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxdodeka <SUP>(2)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>February 01, 2010</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>February 01, 2013</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>3.9100</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>32,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>30,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Kerasies <SUP>(2)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>December 14, 2010</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>December 14, 2015</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1.6500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>33,066</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>30,932</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxpente <SUP>(2)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>January 31, 2011</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>January 31, 2015</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1.2200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>38,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>36,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Eniaprohi <SUP>(2)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>November 14, 2011</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>November 14, 2014</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1.4000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>37,776</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>35,552</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Soffive <SUP>(2)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>November 20, 2011</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>November 20, 2014</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1.3500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>37,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>34,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Pelea <SUP>(2)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>December 15, 2011</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>December 15, 2016</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2.0500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>36,461</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>34,935</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Marathassa <SUP>(2)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>November 23, 2012</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>November 21, 2015</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1.9500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>14,935</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>14,935</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Staloudi <SUP>(2)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>January 09, 2012</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>January 07, 2015</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1.4500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>43,860</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>42,040</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Maxdekatria <SUP>(2)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>September 28, 2012</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>September 28, 2017</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>0.9000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>20,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Marindou <SUP>(2)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>January 14, 2013</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>January 16, 2018</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1.6000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>28,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>28,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Marinouki <SUP>(2)</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>March 05, 2013</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>March 05, 2018</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1.4800</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>25,174</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
<P ALIGN="LEFT"><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>547,097</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
<P ALIGN="LEFT"><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>505,826</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#AEE1F9">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="47%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="49%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(1)</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>Under
these swap transactions, the bank effects semi-annual floating-rate payments
to the Company for the relevant amount based on the six-month U.S. dollar
LIBOR, and the Company effects semi-annual payments to the bank on the
relevant amount at the respective fixed rates.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(2)</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1 FACE=ARIAL>Under
these swap transactions, the bank effects quarterly floating-rate payments to
the Company for the relevant amount based on the three-month U.S. dollar
LIBOR, and the Company effects quarterly payments to the bank on the relevant
amount at the respective fixed rates.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The notional amounts of the above
transactions are reduced during the term of the swap transactions based on the
expected principal outstanding under the respective facility. In the Petra,
Pemer and Marinouki transactions, the respective bank had the right to cancel
each swap on January 18, 2011, March 5, 2011 and March 7, 2011, respectively,
and at six-month intervals thereafter, which cancellation rights were not
exercised.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>15.
Accrued Liabilities</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Accrued liabilities are comprised of the
following:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="77%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=5 VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=2 COLOR=WHITE FACE=ARIAL><B>December
31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#006FAC">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>2011</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL><B>2012</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Interest on
long-term debt</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1,214</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1,720</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Vessels&#146; operating
and voyage expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1,365</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>1,929</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Commissions</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>65</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>65</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>Interest on
derivatives and other finance expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>3,571</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>2,439</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL>General and
administrative expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>341</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>211</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE=ARIAL><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN="LEFT"><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>6,556</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN="LEFT"><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL><B>6,364</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>16.
Early Redelivery Income, Net</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>From time to time, the Company enters into
arrangements for early redelivery of its vessels from charterers and may
continue to do so in the future, depending on market conditions. Early
redelivery costs are incurred where the contracted daily fixed charter rates
are substantially lower than the daily charter rates the vessels could
potentially earn in the current market. Income is recognized in connection with
early termination of a period time charter, resulting from a request of the
respective vessel charterers for early redelivery and agreement to compensate
the Company. Early redelivery costs for the periods presented represent costs
incurred in connection with early termination of charters for which no
replacement charter contract for the relevant vessel has been secured at the
time of concluding the charter termination agreement, and are recognized at the
time the charter termination agreement is concluded. Early redelivery income
is recognized when a charter termination agreement exists, the vessel is
redelivered to the Company and </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="99%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>F21</FONT></P>
</TD>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

 <P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>collection of the related compensation is reasonably assured. If at the
time of concluding the early redelivery agreement, a replacement charter
contract had been secured, any costs incurred or income recognized would have
been amortized over the term of the replacement charter contract</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>Year
 Ended <BR>
 December 31,</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Company</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Date</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2012</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Kerasies</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(a)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>March 25, 2010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1,520</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Pemer</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(b)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>April 13, 2010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,581</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Pelea</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(c)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>April 28, 2010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(1,765</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Marindou</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(d)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM nowrap>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 15, 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,202</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Eniadefhi</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(e)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>December 21, 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8,475</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Other minor early redeliveries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>Various</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(164</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>207</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>132</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>207</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>11,677</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Details of the transactions presented in the above table are as
follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT" ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>On March 25, 2010, Kerasies agreed with the charterers of the <I>Katerina </I>to terminate the $15.5 daily
 fixed rate time charter which had commenced on June 26, 2009, and was due to
 expire by September 15, 2011. As compensation for early redelivery, Kerasies
 agreed to pay the charterers $1,520, net of commissions.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT"  ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>On April 13, 2010, Pemer took early redelivery of the <I>Pedhoulas Merchant, </I>instead of on
 November 5, 2010. In connection with this early redelivery, we recognized
 early redelivery income of $3,581, comprising cash compensation paid by the
 relevant charterer of $4,799, net of commissions, less accrued revenue of
 $1,218.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT"  ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>On April 28, 2010, Pelea agreed with the charterers of the <I>Pedhoulas Leader </I>to terminate the $18.50
 daily fixed rate time charter which had commenced on July 19, 2009, and was
 due to expire by September 30, 2011. As compensation for early redelivery,
 Pelea agreed to pay the charterers an amount of $1,765, net of commissions.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(d)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT"  ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>On December 15, 2012, Eniadefhi took early redelivery of the <I>Martine, i</I>nstead of on January 21, 2014.
 In connection with this early redelivery, we recognized early redelivery
 income of $8,475, comprising cash compensation paid by the relevant charterer
 of $8,644, net of commissions, less accrued revenue of $169.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(e)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT"  ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>On December 19, 2012, Marindou took early redelivery of the <I>Maria, </I>instead of on February 24, 2014.
 In connection with this early redelivery, we recognized early redelivery
 income of $3,202, comprising cash compensation paid by the relevant charterer
 of $3,375, net of commissions, less accrued revenue of $173.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>In all the cases presented above, no replacement charter contract had
been secured at the time of the termination of the respective early redelivery
agreement.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>17. Lease
Arrangements&#151;Charters-out</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE=ARIAL>The future minimum time charter revenue, net of commissions, based on
vessels committed to non-cancelable time charter contracts (including fixture
recaps) as of December 31, 2012, is as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="50%" align=center>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="75%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>December
 31,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>118,918</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>57,960</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>2015</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>27,446</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>2016</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>22,056</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>2017</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>22,958</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>Thereafter</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>175,652</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>424,990</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<BR>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>F22</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR="#006FAC" FACE=ARIAL>annual report <B>2012</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOTTED #006FAC 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Future minimum time charter revenue excludes
the future acquisitions of the vessels discussed in Note 11, since estimated
delivery dates are not confirmed. Revenues from time charters are not generally
received when a vessel is off-hire, including time required for normal periodic
maintenance of the vessel. In arriving at the minimum future charter revenues,
an estimated off-hire time of 12 days to perform any scheduled drydocking on
each vessel has been deducted, and it has been assumed that no additional
off-hire time is incurred, although such estimate may not be reflective of the
actual off-hire in the future.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>18. General and
Administrative Expenses</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>General and administrative expenses for the years ended December 31,
2010, 2011 and 2012 were as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="62%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>December
 31,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Management fees - related party</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4,880</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6,026</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7,726</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Professional fees (legal and accounting)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>810</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>839</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>588</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Director fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>240</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>240</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>240</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Listing fees and expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>63</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>58</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>53</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Miscellaneous</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,025</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,326</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,339</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>7,018</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>8,489</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>9,946</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>19. Unearned Revenue
/Accrued Revenue</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Unearned Revenue represents cash received in
advance of it being earned, whereas Accrued Revenue represents revenue earned
prior to cash being received. Revenue is recognized as earned on a
straight-line basis at their average rates where charter agreements provide for
varying annual charter rates over their term. Total Unearned Revenue /Accrued
Revenue during the periods presented are as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="74%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=WHITE FACE=ARIAL><B>December
 31,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#006FAC">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL><B>2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Unearned Revenue</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Revenue received in advance of service
 provided &#150; Current liability</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4,131</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,935</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Deferred revenue resulting from varying
 charter rates</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Current liability</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>19,080</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14,270</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Non-current liability</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>17,821</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,419</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

<TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>

 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Total Unearned Revenue</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>41,032</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>21,624</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>

 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Accrued Revenue</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Resulting from varying charter rates &#150;
 Current asset</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>554</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Resulting from varying charter rates &#150;Non
 Current asset</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>92</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>

 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Total Accrued Revenue</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>&#151;</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>646</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>

 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>20. Gain on Sale of
Assets</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During the year ended December 31, 2010, the
Company concluded the sale of the vessel <I>Old
Efrossini </I>to an unrelated third party for gross consideration of
$33,000. The sale realized a net gain of $15,199 after taking into account
commissions and other directly related expenses amounting to $832 for the
vessel.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>There were no sales of vessels in 2011 and 2012.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>21. Dividends</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE=ARIAL>F23</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-RIGHT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

 <P><FONT SIZE=2><img src="c73723016_v1.jpg" alt="(SAFE BULKERS INC. LOGO)"></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>During 2012, the Company declared and paid
three consecutive quarterly dividends of $0.15 per share followed by one
quarterly dividend of $0.05 per share, totaling $37,463.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>22. Earnings Per
Share</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>The computation of basic earnings per share
is based on the weighted average number of common shares outstanding during the
year and includes the shares issuable to the audit committee chairman and the
independent directors at the end of the year for services rendered. Diluted
earnings per share are the same as basic earnings per share. There are no other
potentially dilutive shares.</FONT></P>

<P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>23. Subsequent Events</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Interest Rate Derivative: </B></I><FONT  FACE=ARIAL>In January 2013, the Company
 entered into an interest rate transaction with a bank in respect of the Petra
 loan for an initial notional amount of $14,000 and duration of five years at
 a fixed rate of 0.98%.</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Second Hand</B></I><FONT  FACE=ARIAL><B> <I>Vessel Acquisitions:</I> </B></FONT><FONT  FACE=ARIAL>In January 2013, Maxeikosiepta
 took delivery of <I>Paraskevi,</I> a
 74,300 dwt, Japanese built second-hand Panamax class vessel. The relevant
 MoA had been signed in December 2012 and provided for a purchase price of
 $13,850, of which $2,770 was paid on signing of the MoA and the remaining
 $11,080 was paid on vessel&#146;s delivery to the Company in January 2013. In
 January 2013, Vassone entered into a MoA for the acquisition of a 83,700 dwt
 Japanese built secondhand Kamsarmax class vessel, to be named <I>Pedhoulas Commander. </I>The MoA provides
 for purchase price of $19,400, of which $1,940 was paid on signing of the MoA
 and the remaining $17,460 will be paid on vessel&#146;s delivery to the Company
 scheduled in March 2013.</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Formation of subsidiary: </B></I><FONT  FACE=ARIAL>In January 2013, the Company
 formed the subsidiary Vasstwo Shipping Corporation, incorporated under the
 laws of the Republic of Liberia.</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(d)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Addendum of MoA: </B></I><FONT  FACE=ARIAL>In January 2013, the Company
 agreed to a new scheduled delivery of <I>Hull
 1659</I>, to be in the first half of 2014, instead of the initial
 scheduled delivery in the second half of 2013.</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(e)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Early redelivery:</B></I><FONT  FACE=ARIAL> On December 28, 2012, the Company
 agreed with the charterer of the <I>Maritsa</I>
 the early termination of a charter party of which the contracted earliest
 redelivery date was January 29, 2015. The vessel was redelivered to the
 Company in January 2013, whereupon the Company received cash compensation of
 $13,060. The vessel has subsequently been chartered with the same charterer
 for a minimum period of 22 months at a gross daily charter rate of $8.</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>(f)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL><I><B>Dividend declaration</B></I><FONT  FACE=ARIAL><B>: </B></FONT><FONT  FACE=ARIAL>On February 18, 2013, the Board of
 Directors declared a dividend of $0.05 per common share, totaling $3,834,
 payable to all shareholders of record as of March 4, 2013, on March 8, 2013.</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>F24</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-LEFT:SOLID #36497C 1px'>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="24%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="73%" VALIGN=TOP>
<P ALIGN=JUSTIFY>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN="RIGHT"><FONT SIZE=2><img src="c73723017_v1.jpg" alt="(LOGO)"></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT COLOR="#36497C" FACE=ARIAL STYLE="FONT-SIZE:30PT">corporate<BR>directory</FONT></P>
</TD>
</TR>
</TABLE>


<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="27%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="38%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>Board of
 Directors and<BR>
 Management</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>U.S. Legal
 Counsel</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Kirkland &amp; Ellis LLP</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>Polys Hajioannou,</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>601 Lexington Avenue</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I>Chief Executive
 Officer, <BR>
 Chairman and Director</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>New York, NY 10022 <BR>
 Tel.: +1 (212) 44664800</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>Dr. Loukas Barmparis</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>U.K./Greek
 Legal Counsel</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I>President,
 Secretary and Director</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Norton Rose LLP</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>Konstantinos Adamopoulos</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Building K1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I>Chief Financial
 Officer,</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>1 Palea Leoforos Posidonos &amp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I>Treasurer and
 Director</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>3 Moraitini str. <FONT FACE=ARIAL> </FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>175 64 Paleo Faliro, Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>loannis Foteinos</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Tel.: +30 (210) 947-5300</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I>Chief Operating
 Officer and Director</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>Independent
 Auditors</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>Frank Sica</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I>Director</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Deloitte Hadjipavlou, Sofianos
 &amp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Cambanis S.A.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>John Gaffney</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Fragoklissias 3a &amp; Granikou
 str. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I>Director</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Marousi 15125</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Athens, Greece</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 COLOR="#36497C" FACE=ARIAL><B>Ole Wikborg</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Tel: +30 (210) 678-1100</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><I>Director</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>Investor
 Relations / Media</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>Corporate
 Office</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>Contact</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Safe Bulkers, Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Eleni Bej, Vice President</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>30-32 Karamanli Avenue</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Capital Link, Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Voula 16673 </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>230 Park Avenue, Suite 1536 </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Athens, Greece</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>New York, N.Y. 10169</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Tel.: +30 (210) 899-4980</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Tel.: +1 (212) 661-7566</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Fax: +30 (210) 895-4159</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Fax: +1 (212) 661-7526</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>E-Mail:
 safebulkers@capitallink.com</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>Transfer Agent
 and Registrar</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>American Stock Transfer &amp;
 Trust</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Company</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>6201 15<SUP>th</SUP> Avenue,
 Brooklyn, NY 11219</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL>Tel: +1 (718) 9218210</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



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 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=ARIAL><B>Website</B></FONT></P>
 </TD>
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 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Safe
 Bulkers, Inc.&#146;s common stock is traded on the New York Stock Exchange under
 the ticker symbol &#147;SB&#148;.</FONT></P>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2 FACE=ARIAL>Information
 about Safe Bulkers&#146; fleet, as well as corporate investor information, press
 releases, stock quotes, and SEC filings may be obtained through our website
 at www.safebulkers.com</FONT></P>
 </TD>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
