----

| (3)   | Nordea Bank Finland Plc.      of TO1, FIN-00020 Nordea, Helsinki, Finland, as swap bank, (the      "Swap      Bank"); |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|

| (4)   | Nordea Bank Norge ASA of      Middelthunsgate 17, N-0368 Oslo, Norway, organisation number 911 044 110,      as bookrunner (the "Bookrunner"); |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | Nordea Bank Norge ASA of      Middelthunsgate 17, N-0368 Oslo, Norway, organisation number 911 044 110,      as facility agent (the "Agent"); |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (6)   | Nordea Bank Norge ASA of      Middelthunsgate 17, N-0368 Oslo, Norway, organisation number 911 044 110,      as mandated lead arranger (the "Arranger") and      underwriter (the "Underwriter");      and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (7)      DVB Bank America NV      of      Zeelandia Office Park, Kaya W.F.G. Mensnig 14, P.O. Box 3107,      Curacao, Netherlands Antilles, The Governor and Company of the      Bank of Scotland of      The Mound, Edinburgh, Scotland, EH1 1YZ and acting from their      office at Pentland House, 8 Lochside Avenue, Edinburgh, Scotland, EH12 9DJ      and HSH Nordbank AG      of Gerhart Hauptmann Platz 50, 20095 Hamburg, Germany, as      co-arrangers (the "Co-Arrangers"). |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A)      This Addendum is supplemental to the USD 202,000,000 Reducing Revolving      Credit Facility Agreement dated 29 August 2006 (the "Original Agreement")      and made between the Borrowers, the Lenders, the Bookrunner, the      Swap Bank, the Agent, the Arranger, the Underwriter and the      Co-Arrangers; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | The      Borrower have requested and the Finance Parties have agreed to make      certain amendments to the financial covenants in Clause 20 (Financial      covenants); and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | The      Borrowers have requested and the Finance Parties have agreed to amend      certain provisions of the Agreement as set out in this      Addendum. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| b)   | references      to Clauses and Appendices are references, respectively, to the Clauses and      Appendices of this Addendum; |
|----------------|------------------------------------------------------------------------------------------------------------------------------|

| c)   | references      to a provision of law is a reference to that provision as it may be      amended or re-enacted, and to any regulations made by the appropriate      authority pursuant to such law; and |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d)   | clause      headings are inserted for convenience of reference only and shall be      ignored in the interpretation of thisAddendum. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------|

| (i) | The      following new definitions shall be inserted in Clause 1.1 (Definitions) of      the Original Agreement: |
|-----|------------------------------------------------------------------------------------------------------------------|

| a) | The      current wording of paragraph h) of Clause 20.1 (Definitions) of the      Original Agreement shall be deleted in its entirety and be replaced by the      following wording: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| b) | The      current wording of paragraph k) of Clause 20.1 (Definitions) of the      Original Agreement shall be deleted in its entirety and be replaced by the      following wording: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4 | Amendment      to Clause 20.2.3 (Ratio of EBITDA to Fixed Charges) of the Original      Agreement |
|-----|---------------------------------------------------------------------------------------------------|

| 3.6 | Amendment      to Clause 20.2.6 (Cash and Cash Equivalents) of the Original      Agreement |
|-----|--------------------------------------------------------------------------------------------|

| 3.7 | Amendments      to Schedule 4 (Form of Compliance Certificate) of the Original      Agreement |
|-----|-----------------------------------------------------------------------------------------------|

----

| a)   | For      the benefit of each Finance Party, the Borrowers agree that the courts of      Oslo, Norway, have jurisdiction to settle any disputes arising out of or      in connection with the Finance Documents including a dispute regarding the      existence, validity or termination of this Agreement, and the Borrowers      accordingly submit to the non-exclusive jurisdiction of the Oslo District      Court (Oslo tingrett). |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | Nothing      in this Clause 5.2 shall limit the right of the Finance Parties to      commence proceedings against any of the Borrowers in any other court of      competent jurisdiction. To the extent permitted by law, the Finance      Parties may take concurrent proceedings in any number of      jurisdictions. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a)   | irrevocably      appoints Wikborg Rein & Co., Kronprinsesse Marthas plass 1, P.O. Box      1513 Vika, N-0117 Oslo, Norway, Norway as its agent for service of process      in relation to any proceedings before Norwegian courts in connection with      any Finance Document; and |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | agrees      that failure by their process agent to notify any of them of the process      will not invalidate the proceedingsconcerned. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| a)   |   |
|----------------|--------|

----

| Name                                                                                                                                    | Address                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Ownership                                                                                                                                         |
|-----------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| OBO      Holdings Ltd.BHOBO      One Ltd.BHOBO      Two Ltd.BHOBO      Three Ltd.RM.]      OBO Shipping Ltd.Sagamore      Shipping Ltd. | Trust      Company Complex, Ajeltake Island. Majuro,Marshall      Islands, MH 96960Trust      Company Complex, Ajeltake Island. Majuro,Marshall      Islands, MH 96960Trust      Company Complex, Ajeltake Island Majuro,Marshall      Islands, MH 96960Trust      Company Complex, Ajeltake Island. Majuro,Marshall      Islands, Mk 96960Trust      Company Complex, Ajeltake Island. Majuro,Marshall      Islands, MH 96960Trust      Company Complex, Ajeltake Island. Majuro,Marshall      Islands, MH 96960 | The      Guarantor (100%)OBO      Holdings (100%)OBO      Holdings (100%)OBC      Holdings (100%)OBO      Holdings (100%)OBO      Holdings (100%) |

----

| a)   | Certificate      of Incorporation/Certificate of Registration (or a confirmation that there      has been no amendments to the Certificate of Incorporation/Certificate of      Registration delivered in connection with the entry into of the Original      Agreement and that the same remain in full force and    effect); |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | Memorandum      and Articles of Association/Bye-laws (or a confirmation that there has      been no amendments to the Memorandum and Articles of Association delivered      in connection with the entry into of the Original Agreement and that the      same remain in full force andeffect); |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      approval of the terms of, and the transactions contemplated by, this      Addendum; and |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (ii)      the authorisation of its appropriate officer or officers or other      representatives to execute this Addendum and any other documents necessary      for the transactions contemplated by this Addendum, on its      behalf; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a)   | Any      such favourable legal opinions in form and substance satisfactory to the      Agent from lawyers appointed by the Agent on matters concerning all      relevant jurisdictions. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Date: | [•]      [To      be delivered no      later than [one hundred and twenty (120) /forty-five (45)] days after each      Reporting Date] |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------|

| a)   | Minimum Value Adjusted Equity      Ratio. The Minimum Value Adjusted Equity Ratio of the Guarantor (on      a consolidated basis) was [•]. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | Minimum Value Adjusted Equity      Ratio. The Minimum Value Adjusted Equity of the Guarantor (on a      consolidated basis) was USD [•]. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| c)   | Ratio EBITDA to Fixed Charges.      The ratio of EBITDA to Fixed Charges of the Guarantor (on a      consolidated basis) was [•]. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| d)   | Positive working capital.      The working capital of the the Guarantor (on a consolidated basis)      was [•]. |
|----------------|-----------------------------------------------------------------------------------------------------------------------|

----

| f)   | Cash and Cash Equivalents.      The Cash and Cash Equivalent of the Guarantor (on a consolidated      basis) is [•]. |
|----------------|----------------------------------------------------------------------------------------------------------------------------|

| g) | Insurance. We confirm      that each of the Vessels is insured against such risks and in such amounts      as set out in Appendix 1 hereto. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | h)      We confirm that, as of the date hereof (i) each of the representations and      warranties set out in Clause 18 (Representations and warranties) of the      Agreement is true and correct; and (ii) no event or circumstances has      occurred and is continuing which constitute or may constitute an Event of      Default. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| NameofVessel                                                                             | Hull      & Machinery | Increased      Value | Loss      of Hire | Protection      6 Indemnity | War      Risk |
|------------------------------------------------------------------------------------------|---------------------------|----------------------|-------------------|-----------------------------|---------------|
| M/VRtp                                                                                   | Insurer:                  | Amount:I             | Insurer:          | Amount:                     | Insurer:      | Amount: | Insurer: | Amount: | Insurer: | Amount: |
| Hudner      "                                                                            |                      |                 |              |                        |          |   |   |   |   |   |
|                                                                                     |                      |                 |              |                        |          |   |   |   |   |   |
|                                                                                     |                      |                 |              |                        |          |   |   |   |   |   |
| MV            Insurer:Bonnie | Amount:                   | Insurer:             | Amount:           | Insurer:                    | Amount:       | Insurer: | Amount: | Insurer: | Amount: |
|                                                                                     |
| S     hck                                                       |                      |                 |              |                        |          |   |   |   |   |
|                                                                                     |                      |                 |              |                        |          |   |   |   |   |   |
|                                                                                     |                      |                 |              |                        |          |   |   |   |   |   |
|                                                                                     |                      |                 |              |                        |          |   |   |   |   |   |
| MV"Searose                                                                               | Insurer:                  | Amount:              | I      Insurer:   | Amount:                     | Insurer:      | Amount: | Insurer: | Amount: | Insurer: | Amount; |
|                                                                                     |
|                                                                                     |                      |                 |              |                        |          |   |   |   |   |
|                                                                                     |                      |                 |              |                        |          |   |   |   |   |   |
|                                                                                     |                      |                 |              |                        |          |   |   |   |   |   |
| NV'*      Roger                                                                          |                      |                 |              |                        | -             | - |   |   |   | -..-r |

| /746273/6                                                                                                                                              |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Name          | Hull & Machinery | Increased      Value | Loss      of Hire | Protection & Indemnity | War      Risk |
|---------------|----------------------|----------------------|-------------------|----------------------------|---------------|
| ofvessel      |                 |                 |              |                       |          |
| )ones"        |                 |                 |              |                       |          |   |   |   |   |
|          |                 |                 |              |                       |          |   |   |   |   |   |
|          |
|          |                 |                 |              |                       |          |   |   |   |   |
| MT"Saga-more" |                 |                 |              |                       |          |   |   |   |   |   |
|          |                 |                 |              |                       |          |   |   |   |   |   |
|          |                 |                 |              |                       |          |   |   |   |   |   |

| /746273/6                                                                                                                                              |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

| By:      Name:Title: |
|----------------------|

| Attorney-in-Fact |
|------------------|

|  |
|--|

----