UPDATE 1-Safe Bulkers cancels capesize ship buy, delays another

* Says delays the delivery of 2nd capesize newbuild

* Says move to cut capex by $12 mln

* Shares fall 5 pct

June 8 (Reuters) - Greek drybulk shipper Safe Bulkers Inc (SB.N) said it cancelled one of its two capesize ships under construction and has substituted it with another newbuild to be delivered in April 2010.

The delivery of its second capesize vessel under construction has also been delayed until September 2011.

Safe Bulkers' capital expenditure requirements will be reduced by about $12 million as a result of these transactions, it said in a statement.

Capesize vessels are the largest type of ships that are used to carry commodities such as iron ore and coal.

In the case of the cancelled newbuild vessel, the relevant charterer has agreed in principle to vessel substitution subject to final documentation, the company said.

The charterer for the postponed newbuild vessel has agreed to delayed delivery during 2012 with a reduction in the gross daily charter rate to $38,000 from $40,000, it said.

Safe Bulkers has also agreed to accept delayed delivery of one Post-Panamax class newbuild from 2010 to a later date between June and August 2011.

Panamax ships are smaller than capesize vessels and their name is derived from their ability of to pass through the Panama Canal.

However, Post-Panamax ships are larger than Panamax vessels and do not fit in the canal.

Shares of the company were down 5 percent at $6.82 in morning trade on the New York Stock Exchange. (Reporting by Hezron Selvi in Bangalore; Editing by Gopakumar Warrier)