<SEC-DOCUMENT>0000930413-19-002869.txt : 20191122
<SEC-HEADER>0000930413-19-002869.hdr.sgml : 20191122
<ACCEPTANCE-DATETIME>20191122162220
ACCESSION NUMBER:		0000930413-19-002869
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20191122
DATE AS OF CHANGE:		20191122

SUBJECT COMPANY:	

	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:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-84684
		FILM NUMBER:		191241904

	BUSINESS ADDRESS:	
		STREET 1:		APT. D11, LES ACANTHES
		STREET 2:		6, AVENUE DES CITRONNIERS
		CITY:			MONACO
		STATE:			O9
		ZIP:			MC98000
		BUSINESS PHONE:		011-30-2-111-888-400

	MAIL ADDRESS:	
		STREET 1:		APT. D11, LES ACANTHES
		STREET 2:		6, AVENUE DES CITRONNIERS
		CITY:			MONACO
		STATE:			O9
		ZIP:			MC98000

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vorini Holdings Inc.
		CENTRAL INDEX KEY:			0001454685
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		C/O SAFETY MANAGEMENT OVERSEAS S.A.
		STREET 2:		32 AVENUE KARAMANLI
		CITY:			VOULA, ATHENS
		STATE:			J3
		ZIP:			16605
		BUSINESS PHONE:		212-474-1192

	MAIL ADDRESS:	
		STREET 1:		C/O SAFETY MANAGEMENT OVERSEAS S.A.
		STREET 2:		32 AVENUE KARAMANLI
		CITY:			VOULA, ATHENS
		STATE:			J3
		ZIP:			16605
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>c94638_sc13da.htm
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<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; border-bottom: black 1px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>UNITED STATES</B></FONT><BR>
<FONT STYLE="font-size: 16pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Schedule 13D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B><BR>
<B>(Amendment No. 5)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>Safe Bulkers,
Inc.</B></FONT><BR>
(Name of Issuer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Stock</B><BR>
(Title of Class of Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Y7388L103</B><BR>
(CUSIP Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Ioannis Bertsis</B><BR>
<B>Authorized Representative</B><BR>
<B>Vorini Holdings Inc.</B><BR>
<B>Apt. No. D11, Les Acanthes</B><BR>
<B>6 Avenue des Citronniers, MC98000</B><BR>
<B>Monaco</B><BR>
<B>+377 93 25 05 75</B><BR>
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>November 20, 2019</B><BR>
(Date of Event Which Requires Filing of this Statement)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the filing person has previously filed a
statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because
of &sect;&sect;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">*</TD><TD STYLE="text-align: justify">The remainder of this cover page shall be filled out for a reporting person&rsquo;s initial filing
on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information required on the remainder of
this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934
(&ldquo;<U>Act</U>&rdquo;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).</P>



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    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">CUSIP No. Y7388L103</TD>
    <TD STYLE="width: 50%; text-align: right; font: 10pt Times New Roman, Times, Serif">Page 2 of 13</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding: 5pt 0.75pt 0 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 1px solid; border-right: black 1px solid; border-bottom: black 1px solid; padding: 5pt 3pt 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vorini Holdings Inc.</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding: 5pt 0.75pt 0 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding: 5pt 3pt 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) <FONT STYLE="font-family: Wingdings">o</FONT> &nbsp;&nbsp;(b) <FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding: 5pt 0.75pt 0 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding: 5pt 3pt 0; text-align: left; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
        </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding: 5pt 0.75pt 0 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding: 5pt 3pt 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: left; vertical-align: top; padding-top: 5pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Marshall Islands</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 20%; border-left: black 1px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">NUMBER OF<BR>
SHARES<BR>
 BENEFICIALLY<BR>
 OWNED BY EACH<BR>
 REPORTING <BR>
PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 6%; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: black 1px solid; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 74%; border-bottom: black 1px solid; border-right: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19,426,015</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19,426,015</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: black 1px solid; border-right: Black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19,426,015</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">18.58%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO</P>

</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">*</TD><TD STYLE="text-align: justify">This calculation is based on 104,566,310 shares of common stock of Safe Bulkers, Inc. outstanding
as of November 20, 2019.</TD></TR></TABLE>

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    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">CUSIP No. Y7388L103</TD>
    <TD STYLE="width: 50%; text-align: right; font: 10pt Times New Roman, Times, Serif">Page 3 of 13</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 1px solid; border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Polys Hajioannou</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) <FONT STYLE="font-family: Wingdings">o</FONT> &nbsp;&nbsp;(b) <FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: left; vertical-align: top; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
        </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: left; vertical-align: top; padding-top: 5pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United Kingdom</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 19%; border-left: black 1px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">NUMBER OF<BR>
 SHARES<BR>
 BENEFICIALLY<BR>
 OWNED BY EACH<BR>
 REPORTING <BR>
PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: black 1px solid; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%; border-bottom: black 1px solid; border-right: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">48,381,427</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">48,381,427</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: black 1px solid; border-right: Black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">48,381,427</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">46.27%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN</P>

</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">*</TD><TD STYLE="text-align: justify">This calculation is based on 104,566,310 shares of common stock of Safe Bulkers, Inc. outstanding
as of November 20, 2019.</TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">CUSIP No. Y7388L103</TD>
    <TD STYLE="width: 50%; text-align: right; font: 10pt Times New Roman, Times, Serif">Page 4 of 13</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 1px solid; border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nicolaos Hadjioannou</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) <FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;
        (b) <FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: left; vertical-align: top; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
        </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: left; vertical-align: top; padding-top: 5pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United Kingdom</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 19%; border-left: black 1px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;NUMBER OF<BR>
 SHARES<BR>
 BENEFICIALLY<BR>
 OWNED BY EACH<BR>
 REPORTING <BR>
PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: black 1px solid; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%; border-bottom: black 1px solid; border-right: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">21,426,015</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">21,426,015</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: black 1px solid; border-left: black 1px solid; border-right: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">21,426,015</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">20.49%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN</P>

</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">*</TD><TD STYLE="text-align: justify">This calculation is based on 104,566,310 shares of common stock of Safe Bulkers, Inc. outstanding
as of November 20, 2019.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">CUSIP No. Y7388L103</TD>
    <TD STYLE="width: 50%; text-align: right; font: 10pt Times New Roman, Times, Serif">Page 5 of 13</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 1px solid; border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bellapais Maritime Inc.</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) <FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;
        (b) <FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: left; vertical-align: top; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
        </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: left; vertical-align: top; padding-top: 5pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Marshall Islands</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 19%; border-left: black 1px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">NUMBER OF<BR>
 SHARES<BR>
 BENEFICIALLY<BR>
 OWNED BY EACH<BR>
 REPORTING <BR>
PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: black 1px solid; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%; border-bottom: black 1px solid; border-right: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-top: 5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: black 1px solid; border-left: black 1px solid; border-right: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.78%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P>

</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">*</TD><TD STYLE="text-align: justify">This calculation is based on 104,566,310 shares of common stock of Safe Bulkers, Inc. outstanding
as of November 20, 2019.</TD></TR></TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%">CUSIP No. Y7388L103</TD>
    <TD STYLE="width: 37%; text-align: right">Page 6 of 13</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 1px solid; border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kyperounta Maritime Inc.</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) <FONT STYLE="font-family: Wingdings">o</FONT> &nbsp;&nbsp;(b) <FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: left; vertical-align: top; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: left; vertical-align: top; padding-top: 5pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">British Virgin Islands</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 20%; border-left: black 1px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">NUMBER OF<BR>
 SHARES<BR>
 BENEFICIALLY<BR>
 OWNED BY EACH<BR>
 REPORTING <BR>
PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 6%; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: black 1px solid; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 74%; border-bottom: black 1px solid; border-right: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.78%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P>

</TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">*</TD><TD STYLE="text-align: justify">This calculation is based on 104,566,310 shares of common stock of Safe Bulkers, Inc. outstanding
as of November 20, 2019.</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%">CUSIP No. Y7388L103</TD>
    <TD STYLE="width: 37%; text-align: right">Page 7 of 13</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 1px solid; border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lefkoniko Maritime Inc.</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) <FONT STYLE="font-family: Wingdings">o</FONT> &nbsp;&nbsp;(b)
        <FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: left; vertical-align: top; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: left; vertical-align: top; padding-top: 5pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">British Virgin Islands</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 19%; border-left: black 1px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">NUMBER OF<BR>
 SHARES<BR>
 BENEFICIALLY<BR>
 OWNED BY EACH<BR>
 REPORTING <BR>
PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: Black 1px solid; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,000,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.78%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P>

</TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">*</TD><TD STYLE="text-align: justify">This calculation is based on 104,566,310 shares of common stock of Safe Bulkers, Inc. outstanding
as of November 20, 2019.</TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%">CUSIP No. Y7388L103</TD>
    <TD STYLE="width: 37%; text-align: right">Page 8 of 13</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 1px solid; border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Akamas Maritime Inc.</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) <FONT STYLE="font-family: Wingdings">o</FONT> &nbsp;&nbsp;(b)
        <FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: left; vertical-align: top; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: left; vertical-align: top; padding-top: 5pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cayman Islands</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 19%; border-left: black 1px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;NUMBER OF<BR>
 SHARES<BR>
 BENEFICIALLY<BR>
 OWNED BY EACH<BR>
 REPORTING <BR>
PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: Black 1px solid; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8,555,412</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8,555,412</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8,555,412</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.18%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P>

</TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">*</TD><TD STYLE="text-align: justify">This calculation is based on 104,566,310 shares of common stock of Safe Bulkers, Inc. outstanding
as of November 20, 2019.</TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%">CUSIP No. Y7388L103</TD>
    <TD STYLE="width: 37%; text-align: right">Page 9 of 13</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 1px solid; border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chalkoessa Maritime Inc.</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) <FONT STYLE="font-family: Wingdings">o</FONT> &nbsp;&nbsp;(b)
        <FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: left; vertical-align: top; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: left; vertical-align: top; padding-top: 5pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Marshall Islands</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 19%; border-left: black 1px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">NUMBER OF<BR>
 SHARES<BR>
 BENEFICIALLY<BR>
 OWNED BY EACH<BR>
 REPORTING <BR>
PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: Black 1px solid; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,400,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,400,000</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,400,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.16%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P>

</TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">*</TD><TD STYLE="text-align: justify">This calculation is based on 104,566,310 shares of common stock of Safe Bulkers, Inc. outstanding
as of November 20, 2019.</TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%">CUSIP No. Y7388L103</TD>
    <TD STYLE="width: 37%; text-align: right">Page 10 of 13</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">1</FONT></TD>
    <TD STYLE="width: 94%; border-top: black 1px solid; border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kition Holding Corp.</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">2</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) <FONT STYLE="font-family: Wingdings">o</FONT> &nbsp;&nbsp;(b) <FONT STYLE="font-family: Wingdings">o</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CDCDCD">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">3</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: left; vertical-align: top; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">4</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO (See Item 3)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">5</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: left; vertical-align: top; padding-top: 5pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 18pt">6</FONT></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">British Virgin Islands</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 19%; border-left: black 1px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1px solid; padding-right: 3pt; padding-left: 3pt; text-align: center">NUMBER OF<BR>
 SHARES<BR>
 BENEFICIALLY<BR>
 OWNED BY EACH<BR>
 REPORTING <BR>
PERSON WITH </TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-right: Black 1px solid; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">8</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2,000,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">9</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-size: 18pt">10</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 3pt; padding-left: 3pt; padding-top: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2,000,000</P>

</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">11</FONT></TD>
    <TD STYLE="width: 94%; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2,000,000</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">12</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">13</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.91%*</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1px solid; border-left: Black 1px solid; font: 18pt Times New Roman, Times, Serif; padding-top: 5pt; padding-left: 1.5pt; text-align: center; border-right: Black 1px solid"><FONT STYLE="font-size: 18pt">14</FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-top: 5pt; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P>

</TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">*</TD><TD STYLE="text-align: justify">This calculation is based on 104,566,310 shares of common stock of Safe Bulkers, Inc. outstanding
as of November 20, 2019.</TD></TR></TABLE>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif">CUSIP No. Y7388L103</TD>
    <TD STYLE="width: 39%; font: 10pt Times New Roman, Times, Serif; text-align: right">Page 11 of 13</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">This Amendment No.
5 (the &ldquo;Amendment No. 5&rdquo;) amends the Report on Schedule 13D originally filed on November 25, 2013 (the &ldquo;Original
13D&rdquo;, and as amended by Amendment No. 1 to Schedule 13D filed on December 24, 2013, Amendment No. 2 to Schedule 13D filed
on December 15, 2014, Amendment No. 3 to Schedule 13D filed on December 12, 2016 and Amendment No. 4 to Schedule 13D filed on
December 11, 2017, the &ldquo;Amended 13D&rdquo;) by Vorini Holdings Inc. (&ldquo;Vorini&rdquo;), Polys Hajioannou, Nicolaos Hadjioannou,
Bellapais Maritime Inc. (&ldquo;Bellapais&rdquo;), Kyperounta Maritime Inc. (&ldquo;Kyperounta&rdquo;), Lefkoniko Maritime Inc.
(&ldquo;Lefkoniko&rdquo;), Akamas Maritime Inc. (&ldquo;Akamas&rdquo;), Chalkoessa Maritime Inc. (&ldquo;Chalkoessa&rdquo;) and
Kition Holding Corp. (&ldquo;Kition&rdquo;) (collectively, the &ldquo;Reporting Persons&rdquo;).<FONT STYLE="background-color: white">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Unless indicated otherwise,
all items left blank remain unchanged, and any items which are deemed to amend and update the existing items in the Amended 13D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 36pt"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">This Amendment No.
5 is being filed by the Reporting Persons as a result of the dilution of the Reporting Persons&rsquo; ownership percentage, resulting
from the issuance of 3,963,964 shares of Common Stock by the Issuer.&nbsp; Such shares of Common Stock were issued to an unaffiliated
third party seller of a Japanese-built, dry-bulk, Post-Panamax class, resale, newbuild in respect of a portion of the purchase
price paid by the Issuer for such vessel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 36pt; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">Item 1.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">Security and Issuer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">This statement on Schedule
13D relates to the common stock, par value $0.001 per share (&ldquo;Common Stock&rdquo;), of the Issuer, a Marshall Islands corporation.
The principal executive office in Monaco of the Issuer is located at: Apt. No. D11, Les Acanthes, 6 Avenue des Citronniers, MC98000,
Monaco.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">As of November 20,
2019, the Reporting Persons beneficially owned an aggregate of 50,381,427 shares of Common Stock of the Issuer representing approximately
48.18% of the shares of Common Stock issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 36pt; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">Item 5.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">Interest in Securities of the Issuer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><I>Item 5 is hereby
supplemented by the addition of the following:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">(a), (b) As of November
20, 2019, there were 104,566,310 shares of Common Stock issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Based on the foregoing,
the 50,381,427 shares of Common Stock beneficially owned by the Reporting Persons represent approximately 48.18% of the shares
of Common Stock issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">By virtue of shares
owned indirectly through Vorini, Bellapais, Kyperounta, Lefkoniko, Akamas and Chalkoessa, Polys Hajioannou may be deemed to have
the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) 48,381,427 shares
of Common Stock. Akamas may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose
or direct the disposition of) 8,555,412 shares of Common Stock. By virtue of shares owned indirectly through Vorini and Kition,
Nicolaos Hadjioannou may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or
direct the disposition of) 21,426,015 shares of Common Stock. Kition may be deemed to have the shared power to vote or direct
the vote of (and the shared power to dispose or direct the disposition of) 2,000,000 shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The Reporting Persons
are responsible for the completeness and accuracy of the information concerning the Reporting Persons contained herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">As of the date hereof,
none of the Reporting Persons own any shares of Common Stock other than the Subject Shares covered in this statement on Schedule
13D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt">(c)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt">Within the last 60 days,
    no reportable transactions were effected by any Reporting Person.</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif">CUSIP No. Y7388L103</TD>
    <TD STYLE="width: 39%; font: 10pt Times New Roman, Times, Serif; text-align: right">Page 12 of 13</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">After reasonable inquiry
and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: November 22, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>VORINI HOLDINGS INC.</B></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/ Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 4%; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 6%; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="width: 40%; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">President and Director</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/ Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/ Nicolaos Hadjioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">Nicolaos Hadjioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>BELLAPAIS MARITIME INC.</B></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/ Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">President and Director</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>KYPEROUNTA MARITIME INC.</B></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/ Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"> Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">President and Director</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>LEFKONIKO MARITIME INC.</B></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/ Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">President and Director</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>AKAMAS MARITIME INC.</B></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/ Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">President and Director</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>CHALKOESSA MARITIME INC.</B></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/ Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Polys Hajioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">President and Director</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif">CUSIP No. Y7388L103</TD>
    <TD STYLE="width: 39%; font: 10pt Times New Roman, Times, Serif; text-align: right">Page 13 of 13</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>KITION HOLDING CORP.</B></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/ Nicolaos Hadjioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 4%; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 6%; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="width: 40%; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Nicolaos Hadjioannou</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">President and Director</TD></TR>
</TABLE>
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