----

| ADDENDUM      NO. 3to                                                                     |
|-------------------------------------------------------------------------------------------|
| USD      202,000,000REDUCING      REVOLVING CREDIT FACILITY AGREEMENT                     |
| for                                                                                       |
| The      Companies listed in Schedule 1as      Borrowers                                  |
| provided      by                                                                          |
| The      Financial Institutionslisted      in Schedule 1as      Lenders                   |
| and                                                                                       |
| Nordea Bank Norge      ASAas      Mandated Lead Arranger                                  |
| and                                                                                       |
| DvB      Bank America NVBank      of Scotland plcHSH      Nordbank AGas      Co-Arrangers |
| and                                                                                       |
| Nordea Bank Norge      ASAas      Agent                                                   |
| and                                                                                       |
| Nordea      Bank Finland Plc.as      Swap Bank                                            |

----

| (1) | THE COMPANIES listed in      Part I of Schedule 1 as      original borrowers (together the “Original      Borrowers”) |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

| (2) | The banks and financial      institutions listed in Part II of Schedule      1, as original lenders (together, the “Lenders”); |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (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, Bank of Scotlandplc of The Mound,      Edinburgh, Scotland, EH1 1YZ and acting from their office at New Uberior      House, 11 Earl Grey Street, Edinburgh EH3 9BN, Scotland 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 as amended by addendum no. 1 dated      10 October 2008 and addendum no. 2 and waiver agreement dated 17 July 2009      (together, the “Original      Facility Agreement”) and made between the Borrowers, the Lenders,      the Arranger, the Agent, the Co-Arrangers and the Swap Bank relating to a      certain reducing revolving credit facility for an aggregate amount of USD      202,000,000; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | The      Borrowers have requested and the Finance Parties have agreed to certain      amendments to be made to the Original Facility Agreement, inter alia, to (i)      defer certain scheduled reductions, (ii) amend the financial covenants,      (iii) provide additional security and (iv) amend certain other provisions      of the Original Facility Agreement and the Finance Documents;      and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | The      Parties have agreed to supplement and amend the Original Facility      Agreement by entering into this Addendum to reflect the agreement reached      between the Parties with respect to the amendments set out      above. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1   | CONSTRUCTION      AND INTERPRETATION |
|---------------|--------------------------------------|

| 1.1   | References      to this Agreement |
|-----------------|-----------------------------------|

| 1.2   | Defined      Expressions |
|-----------------|--------------------------|

| 1.3   | Construction |
|-----------------|--------------|

| a)   | words      denoting the singular number shall include the plural and vice      versa; |
|----------------|---------------------------------------------------------------------------------------|

| b)   | references      to Clauses, Annexes and Schedules are references, respectively, to the      Clauses, Annexes and Schedules of thisAddendum; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| c)   | references      to a Finance Document or any other document are references to it as      amended or supplemented, whether before the date of this Addendum or      otherwise; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d)   | 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 |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 2   | CONDITIONS      PRECEDENT |
|---------------|---------------------------|

| a)   | The      provisions of Clause 3 (Amendments to the Original      Facility Agreement) below shall be effective on ___ January 2010      (the “Effective      Date”). |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | The      Obligors shall deliver to the Agent the documents and other evidence as      listed in Annex      1 (Conditions      precedent documents) in form and substance satisfactory to the      Agent no later than on the EffectiveDate. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3   | AMENDMENTS      TO THE ORIGINAL FACILITY AGREEMENT |
|---------------|----------------------------------------------------|

| 3.1   | General |
|-----------------|---------|

| 3.2   | Amendments      to Clause 1.1 (Definitions) of the Original Facility    Agreement |
|-----------------|-----------------------------------------------------------------------------------|

| (i)   | The      definition of the following terms in Clause 1.1 (Definitions) of the      Original Facility Agreement shall be deleted in their entirety and      replaced by the followingdefinitions: |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a) | in      respect of (i) MV “Rip Hudner”, (ii) MV “Bonnie Smithwick” and (iii) MV      “Searose G”, Sempra Energy of 101 Ash Street, San Diego,      U.S.A.; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | in      respect of MV “Roger M. Jones”; The Royal Bank of Scotland      plc; |
|--------|----|------------------------------------------------------------------------------------------|

|   | c) | in      respect of MT  “Sagamore”, ENOC Supply & Trading LLC of      Dubai, however only to the extent that the ENOC Supply & Trading LLC      has nominated another company as charterers under the Charterparty for      MT  “Sagamore”; and |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d) | any      other charter guarantor for any of the Vessels, as approved by the Agent      (on behalf of the Lenders) from time totime. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | a) | in      respect of each of MV “Rip Hudner”, MV “Bonnie Smithwick”, MV “Searose G”      and “Roger M. Jones”, TTMI Sarl. of Geneva,  Switzerland; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | any      other charterer of any of the Vessels as approved by the Agent (on behalf      of the Lenders) from time to time. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------|

|   | a) | in      respect of each of MV “Rip Hudner” and MV “Bonnie Smithwick”, the time      charterparties dated 4 February 2005, respectively, made between BHOBO Two      and BHOBO One (as owners), respectively, and TTMI Sarl. (as charterers),      for a period of six (6) years at a net daily charter rate of not less than      USD 26,600 during year 1, USD 24,600 during year 2, USD 23,600 during year      3, USD 22,600 during year 4, a USD 20,600 during year 5 and USD 24,400      during year 6; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | in      respect of MV “Searose G”, the time charterparty dated 4 February 2005      made between BHOBO Three (as owner) and TTMI Sarl. (as charterers), for a      charter period of six (6) years at a net daily charter rate of not less      than USD 26,000 during year 1, USD 24,000 during year 2, USD 23,000 during      year 3, USD 22,000 during year 4, USD 20,000 during year 5 and USD 24,400      during year 6 and with a 35.00% profit share in years 2 –    5; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | in      respect of MV “Roger M. Jones”, the time charterpartydated 28 May 2008      made between RMJ OBO Shipping Ltd. (as owner) and TTMI Sarl (as      charterers), for a period of three (3) years commencing on 13 October      2009, at a daily charter rate of not less than USD  31,140; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d) | in      respect of MV “Sagamore”, the time charterparty made or to be made between      Sagamore Shipping Ltd. (as owner) and ENOC Supply & Trading LLC (as      charterers), for a charter period of three (3) years commencing at the      relevant Drawdown Date, at a daily charter rate of not less than USD      21,500 (less 3.75% commission); |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e) | in      respect of any of the New Vessels, the time charterparty between the      relevant Borrower and TTMI Sarl;and |
|--------|----|-----------------------------------------------------------------------------------------------------------------------|

|   | f) | any      other time charterparty between the relevant Borrower and a      Charterer, |
|--------|----|--------------------------------------------------------------------------------------|

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

| 3.3   | Amendments      to Clause 1.2 (Construction) of the Original Facility      Agreement |
|-----------------|--------------------------------------------------------------------------------------|

| a)   | Clause      and Schedule headings are for ease of reference  only; |
|----------------|--------------------------------------------------------------------|

| b)   | words      denoting the singular number shall include the plural and vice      versa; |
|----------------|---------------------------------------------------------------------------------------|

| c)   | references      to Clauses and Schedules are references, respectively, to the Clauses and      Schedules of this Agreement; |
|----------------|-----------------------------------------------------------------------------------------------------------------------------|

| d)   | 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; |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| e)   | references      to a Finance Document or any other document are references to it as      amended or supplemented, whether before the date of this Agreement or      otherwise; |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| f)   | references      to “control” means      the power to appoint a majority of the board of directors or to direct the      management and policies of an entity, whether through the ownership of      voting capital, by contract orotherwise; |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| g)   | references      to “indebtedness”      includes any obligation (whether incurred as principal or as surety) for      the payment or repayment of money, whether present or future, actual or      contingent; and |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| h)   | references      to a “person”      shall include any individual, firm, partnership, joint venture, company,      corporation, trust, fund, body, corporate, unincorporated body of persons,      or any state or any agency of a state or association (whether or not      having separate legalpersonality).” |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4   | Amendments      to paragraph a) of Clause 6.2 (Repayment of Loans) of the Original      Facility Agreement |
|-----------------|------------------------------------------------------------------------------------------------------------|

|   | “a) | The      Allocated Loan Amount for each Existing Vessel shall be reduced on the      dates and in such amounts as set out in Schedule 7      (Scheduled reductions) (and the Total Commitments shall be reduced      accordingly), however so that: |
|--------|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      reduction to be made on 15 December 2009 in an amount of USD 5,100,000      shall be deferred and such reduction shall be made in its entirety on the      Final Maturity Date; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | fifty      per cent (50%) of the reduction to be made on 15 March 2010, being an      amount of USD 2,550,000 shall be deferred and such reduction shall be made      over the six (6) consecutive succeeding reductions to be made after 15      March 2010 by USD 425,000 each, so that such reduction shall have been      made in full by 15 September 2011.” |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.5   | New      Clause 6.3 (Mandatory reductions – Excess Cash) shall be inserted in the      Original Facility Agreement |
|-----------------|--------------------------------------------------------------------------------------------------------------------------|

|   | “a) | Any Excess Cash (to be      allocated to this Agreement in accordance with paragraph b) and c) below)      shall in the period commencing on the Effective Date be applied to reduce      the Total Commitments as set out in paragraph b) and c)      below. |
|--------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | Any      reductions of the Total Commitments which are, in accordance with Clause      6.3 c) below, to be paid to the Lenders shall be  applied: |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | firstly: to      reduce the deferred reductions as set out in paragraph a)(i) and (ii) of      Clause 6.2 (Repayment of Loans) until such deferred reductions have been      reduced in full; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | secondly: to      reduce the Facility in inverse order of  maturity. |
|--------|------|----------------------------------------------------------------------|

|   | c) | The      Borrowers shall provide the Agent with a calculation of Cash and Cash      Equivalents (as required when providing a Compliance Certificate) no later      than five (5) Business Days prior to each scheduled reduction date as set      out in Schedule      7 (Scheduled reductions). Any Excess Cash shall thereafter on the      relevant reduction date (as set out in Schedule 7      (Scheduled reductions)) be applied asfollows: |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | firstly      in payment to the Lenders to reduce the deferred reductions as set out in      paragraph a)(i) and (ii) of Clause 6.2 (Repayment of Loans) until such      deferred reductions have been reduced infull; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | secondly,      after such deferred reductions have been reduced in full, in payment to      the lender under the Boss Tankers Loan Agreement (“BoS”) provided      that: |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A)   | in      any calendar quarter (ending 31/3, 30/6, 30/9 and 31/12 in any year) BoS      shall not be entitled to receive more than USD 100,000 pursuant to this      paragraph (which amount shall form part of (and not be in addition to) the      quarterly amount under the Boss Tankers Loan Agreement as set out in      paragraph b) of Clause 21.20 (Repayment of debt under the Boss Tankers      Loan Agreement)); and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B)   |  BoS      shall not be entitled to receive any amount under this paragraph at any      time when the Borrowers are not in compliance with the requirements of      Clause 20.3.3 (Minimum value); and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | thirdly,      any remaining balance shall be distributed between the Lenders and BoS on      a pro rata basis calculated on basis of the outstanding amount under this      Agreement and the Boss Tankers Loan Agreement at the relevant time,      however always observing the first priority status of the      Lenders. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d) | The      Agent shall be authorised to transfer any Excess Cash from any of the      Earnings Accounts for such amount to be applied in accordance with this      Clause 6.3, such transfer to take at the relevant reduction date as set      out in Schedule      7 (Scheduled reductions) (in addition to the scheduled reductions      in accordance with Clause 6.2 (Repayment of Loans) and Schedule 7      (Scheduled reductions)). |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e) | If      at any date when Excess Cash is to be paid to the Agent (on behalf of the      Lenders) in accordance with this Clause 6.3, the amount standing to the      credit of the Earnings Accounts is less than the Excess Cash to be paid,      the Guarantor shall be obliged to grant a fully subordinated intercompany      loan to the Borrowers in an amount equal to the Excess Cash to be paid at      such time, such intercompany loan to be paid to the Agent (on behalf of      the Lenders) in accordance with this Clause6.3. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f) | No      amount of the Total Commitments reduced in accordance with this Clause 6.3      shall be reinstated.” |
|--------|----|---------------------------------------------------------------------------------------------------------------------|

| 3.6   | New      Clause 6.4 (Retention Account) of the Original Facility      Agreement |
|-----------------|---------------------------------------------------------------------------------|

|   | “a) | OBO      Holdings Ltd. shall open the Retention Account with the Agent which shall      be blocked and pledged in favour of the Agent (on behalf of the Finance      Parties and the Swap Bank) under the Retention Account Charge      Agreement. |
|--------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | The      Borrowers shall transfer and amount equal to the aggregate of (i) 1/3 of      the amount of the next scheduled reduction in accordance with Clause 6.2      (Repayment of Loans) and Schedule 7      (Scheduled reductions) and (ii) 1/3 of the interest falling due for      payment on such reduction date, from the Earnings Accounts to the      Retention Account at the last day of each calendar  month. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | The      accumulated amount in the Retention Account shall automatically be applied      against the next following scheduled reduction in accordance with Clause      6.2 (Repayment of Loans) and Schedule 7      (Scheduled reductions) on the relevant reduction  date. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d) | Each      of the Borrowers hereby irrevocably authorized the Agent to debit the      relevant Earnings Account as set out in this Clause  6.4. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e) | OBO      Holdings Ltd. hereby irrevocably authorizes the Agent to debit the      Retention Account as set out in this Clause  6.4.” |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------|

| 3.7   | Amendments      to Clause 17.1 (Security – Loans) of the Original Facility      Agreement |
|-----------------|-------------------------------------------------------------------------------------------------|

| a)   | the      Mortgages; |
|----------------|---------------------|

| b)   | the      Deeds of Covenants; |
|----------------|------------------------------|

| c)   | the      Assignment Agreements; |
|----------------|---------------------------------|

| d)   | the      Charterparty Assignments; |
|----------------|------------------------------------|

| e)   | the      Account Charges; |
|----------------|---------------------------|

| f)   | the      Retention Account Charge Agreement; |
|----------------|----------------------------------------------|

| g)   | the      Nordan Share Pledge; |
|----------------|-------------------------------|

| h)   | the      Share Pledge 1; |
|----------------|--------------------------|

| i)   | the      Share Pledge 2; |
|----------------|--------------------------|

| j)   | the      Safecom Assignment Agreement; and |
|----------------|--------------------------------------------|

| k)   | the      Guarantee. |
|----------------|---------------------|

| 3.8   | Amendments      to Clause 19.4 (Information – miscellaneous) of the Original Facility      Agreement – new paragraphs d) ande) |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | “d) | within      the end of February 2010, evidence of the sale and repayment of the      applicable debt in relation to MT “Sachem” (owned by Sachem Shipping      Ltd.); and |
|--------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e) | confirmation      in respect of cash flow projections to the satisfaction of the Lenders,      including the deferred reductions in accordance with paragraph (a)(i) and      (ii) of Clause 6.2 (Repayment of Loans), evidencing sufficient cash flow      of the Borrowers and the Guarantor up until the Final Maturity      Date.” |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.9   | Amendments      to Clause 20.1 (Definitions) of the Original Facility      Agreement |
|-----------------|--------------------------------------------------------------------------------------|

|   | (i) | cash      in hand or on deposits with any acceptable bank available for cash      management purposes; |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (ii) | investment      grade certificates or deposit or investment grade marketable debt      securities, maturing within one (1) year  after the relevant      date of calculation; or |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any      other instrument, security or investment approved by the Majority      Lenders, |
|--------|-------|------------------------------------------------------------------------------------------|

|   | c) | “Equity Ratio” means      Equity divided by Total Assets. |
|--------|----|-----------------------------------------------------------------------|

|   | d) | “Measurement Period”      means a rolling period of twelve (12) calendar months ending on a Quarter      Date. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------|

|   | e) | “Quarter Date” means each      31 March, 30 June, 30 September and 31December. |
|--------|----|--------------------------------------------------------------------------------------------|

|   | f) | “Total Assets” means, on      a consolidated basis, the aggregate book value of all of the assets of the      Guarantor (on a consolidated basis), however excluding Cash and Cash      Equivalents in excess of the minimum Cash and Cash Equivalents requirement      in Clause 20.2.4 (Cash and CashEquivalents). |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | g) | “Total Debt” means, on a      consolidated basis, the aggregate book value of all provisions, other long      term liabilities and current liabilities of the Borrowers and the      Guarantor (on a consolidated basis), however reduced by Cash and Cash      Equivalents in excess of the minimum Cash and Cash Equivalent requirement      n Clause 20.2.4 (Cash and CashEquivalents). |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | i) | “Value Adjusted Total      Assets” means, on a consolidated basis, the total market value of      all of the assets of the Guarantor (on a consolidated basis) however,      excluding Cash and Cash Equivalents in excess of the minimum Cash and Cash      Equivalents requirement in Clause 20.2.4 (Cash and Cash      Equivalents).” |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.10   | Amendments      to Clause 20.2 (Financial covenants) of the Original Facility      Agreement |
|------------------|----------------------------------------------------------------------------------------------|

| 3.11   | Amendments      to Clause 21.5 (Negative pledge) of the Original Facility      Agreement |
|------------------|------------------------------------------------------------------------------------------|

|   | “The      Borrower shall not create or permit to subsist any Security Interest over      any of the Vessels nor upon any of their present or future undertakings,      property, assets, rights of revenues, other  than: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | Security      Interest ranking with second priority after the Security Interest under      the relevant Security Document over the Vessels, the Earnings, the      Insurances, the Earnings Accounts, the shares in the Borrowers, the      Retention Account and security assignment over the Borrowers’ rights under      the 31 July 2007 Master Agreement with HBOS Treasury Services plc (as      amended) and all transactions entered into under that Master Agreement, in      favour of Bank of Scotland plc as security for Boss Tankers Ltd.’s      obligations under the Boss Tankers Loan Agreement, however always subject      to the Boss Tankers Co-ordination Agreement;and |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d) | Security      Interest consented to in writing by the Agent (acting upon instructions      from the Majority Lenders).” |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------|

| 3.12   | Amendment      to Clause 21.6 (Borrowings and guarantees) of the Original Facility      Agreement |
|------------------|---------------------------------------------------------------------------------------------------|

|   | “a) | None of the Borrowers shall      enter into any new Financial Indebtedness or assume or grant any guarantee      liabilities, other than current liabilities related to the day to day      operation of the Vessels. |
|--------|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | The      Borrowers shall procure that the Guarantor does not incur any general      commitments or Financial Indebtedness in an amount exceeding USD 200,000      from any of its creditors without the prior written consent of the Agent      (on behalf of the MajorityLenders).” |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.13   | Amendment      to Clause 21.7 (Interest hedging) of the Original Facility      Agreement |
|------------------|------------------------------------------------------------------------------------------|

| 3.14   | New      Clause 21.9 (Distributions) of the Original Facility    Agreement |
|------------------|----------------------------------------------------------------------------|

|   | “a) | Provided      that the Borrowers and the Guarantor are in compliance with the provisions      of the Finance Documents to which they are respective parties (including,      but not limited to, the financial covenants set out in Clause 20      (Financial covenants)) both before and following such distributions, the      Borrowers may distribute dividends and make other distributions in      whatever form to their shareholder(s) without the prior written consent of      the Agent (on behalf of theLenders). |
|--------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | The      Borrowers shall procure that the Guarantor shall  not: |
|--------|----|-----------------------------------------------------------------|

|   | (i) | make,      pay or declare any dividend or other distribution on or in respect of its      share capital; |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (ii) | repay      or distribute any of its share premiumreserve; |
|--------|------|-----------------------------------------------------------|

| (iii)   | redeem,      repurchase or repay any of its share capital (or resolve to do      so); |
|-------------------|---------------------------------------------------------------------------------------|

| (iv)   | make      any loans (including intercompany loans, intercompany credits and      intercompany advances), grant any contributions, credit or any advances      (save for guarantees in the ordinary course of  business), |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.15   | Amendments      to Clause 21.11 (Bank accounts) of the Original Facility      Agreement |
|------------------|-----------------------------------------------------------------------------------------|

| 3.16   | New      Clause 21.18 (Undertakings by the Guarantor) of the Original Facility      Agreement |
|------------------|-----------------------------------------------------------------------------------------------|

|   | “The Borrowers shall procure      that the Guarantor shall raise a minimum of USD 7,000,000, of which      minimum USD 5,000,000 shall be raised by 31 May 2010 and the balance      amount up to USD 7,000,000 by 30 September 2010 to improve its liquidity      by any combination of one or more of the  following: |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a) | new      equity (or other capital acceptable to the Agent (on behalf of the      Majority Lenders)); and/or |
|--------|----|-------------------------------------------------------------------------------------------------------------|

|   | b) | sale      of one or more of the Guarantor’s assets, to generate sufficient free cash      ensuring that their budgeted expenses (including, but not limited to,      principal and interest payments towards its lenders) are covered until the      Final Maturity Date. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.17   | New      Clause 21.19 (Trade debt payment report etc.) of the Original Facility      Agreement |
|------------------|------------------------------------------------------------------------------------------------|

|   | “a) | The      Borrowers shall procure the Agent with evidence (to be distributed to the      Lenders) on a monthly basis no later than five (5) Business Days after the      end of each calendar month, of the status of repayment of the trade debt      of the Guarantor (on a consolidated basis), first time on 7 January 2010      (for December 2009). |
|--------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | Such      repayment of trade debt shall be in accordance with the payment schedule      outlined in the report prepared by Mr. James Christodoulou and published      on the Intralinks on 25 November 2009 (the “Payment Report”) and so      that the third party trade debt as set out in the Payment Report shall be      repaid on 30 September 2010 at the latest, bringing the total acceptable      third party debt to maximum USD 3,500,000 and not above maximum USD      3,500,000 at any point thereafter. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | The      total third party outstanding trade debt of the Guarantor (on a      consolidated basis), shall at all times following 30 September 2010 be      maximum USD 3,500,000. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d) | If      the amount of Cash and Cash Equivalent of the Guarantor at the end of any      month until 30 September 2010 exceeds USD 5,000,000, such excess amount      (above USD 5,000,000) shall be used to repay the trade debt of the      Guarantor (on a consolidated basis) until the total third party debt is      maximum USD 3,500,000. Any such repayment of trade debt as set out in this      paragraph d) shall accelerate the repayment schedule as set out in the      Payment Report by a correspondingamount. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e) | The      Lenders shall, at the cost of the Borrowers, appoint an adviser to provide      the Agent (on behalf of the Lenders) with confirmations with regard      to: |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      trade debt balance of the Guarantor (on a consolidated    basis); |
|--------|-----|----------------------------------------------------------------------------|

|   | (ii) | the      compliance with the provisions set out in paragraph a) to c)      above; |
|--------|------|-----------------------------------------------------------------------------------|

| (iii)   | commitments      and Financial Indebtedness of the Guarantor as set out in paragraph b) of      Clause 21.6 (Borrowings and  guarantees);  and |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | such      other information as the Agent (on behalf of the Lenders) may require from      time to time, |
|------------------|---------------------------------------------------------------------------------------------------------|

|   | on      a monthly basis”. |
|--------|---------------------------------|

| 3.18   | New      Clause 21.20 (Repayment of debt under the Boss Tankers Loan Agreement) of      the Original Facility Agreement |
|------------------|-------------------------------------------------------------------------------------------------------------------------|

|   | a) | payments of Excess Cash as      provided for in Clause 6.3 (Mandatory prepayment – Excess Cash); |
|--------|----|--------------------------------------------------------------------------------------------------------|

|   | b) | payment      of a quarterly amount of USD 100,000, subject to (i) the reduction in full      of the deferred reductions as set out in paragraph a)(i) and (ii) of      Clause 6.2 (Repayment of Loan) and (ii) compliance with the requirements      in Clause 20.2.3 (Minimum value); |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | payment      of the full outstanding balance of the loan under the Boss Tankers Loan      Agreement on 31 December 2011 provided that no prepayment or repayment      pursuant to this paragraph (c) shall be permitted to the extent that      such prepayment or repayment would be inconsistent with the first priority      status of the Security Documents granted in favour of the Agent and the      second priority status of the "Junior Mortgage Documents" as defined in      the Boss Tankers Co-ordination Agreement;and |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d) | in      the event of a Total Loss of a Vessel, prepayment of the Boss Tankers Loan      Agreement in an amount equal to such proportion of the advance then      outstanding under the Boss Tankers Loan Agreement as is attributable to      that Vessel, and for these purposes 20% of the actual outstanding balance      under the Boss Tankers Loan Agreement at the date of the Addendum No. 3 is      attributable to each of the five Vessels, however such prepayment always      being subject to (i) the receipt by the Lenders in full of the amount to      be prepaid pursuant to Clause 7.1 (Mandatory prepayment – Total Loss and      sale) in respect of such Total Loss of any of the Vessels and (ii) the      reduction in full of the deferred reductions as set out in paragraph a)(i)      and (ii) of Clause 6.2 (Repayment ofLoan).” |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.19   | New      Clause 21.21 (Undertakings in respect of the Barge) of the Original      Facility Agreement |
|------------------|------------------------------------------------------------------------------------------------------|

|   | “a) | The      Borrowers shall procure that the Guarantor and/or Straits Offshore Ltd.      shall, provide evidence satisfactory to the Agent (on behalf of the      Majority Lenders) of a satisfactory charter agreement and long term      financing of the Barge, at the earlier of 30 September 2010 and (b) one      (1) month prior to the delivery date of the Barge to Straits Offshore      Ltd. |
|--------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | The      Borrowers shall procure that the other companies in the Group (including      the Guarantor (on a consolidated basis)) shall not incur any further      costs, expenses or capital expenses related to the Barge in the period      commencing on the Effective Date and ending on 30 June 2010, however      always subject to the compliance with the provisions of Clause 21.18      (Undertakings by the Guarantor).” |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.20   | Amendments      to Clause 22.4 (Restrictions on chartering, appointment of Managers etc.)      of the Original Facility Agreement |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | “a) | The      Borrowers shall not without the prior written consent of the Agent (on      behalf of the Majority Lenders): |
|--------|-----------|-----------------------------------------------------------------------------------------------------------------------|

|   | (ii) | enter      into any agreement related to the chartering and operation of any of the      Vessels exceeding twelve (12) months or any pooling arrangements related      to the Earnings of the Vessels; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | appoint      a technical manager for the Vessels other than the Technical Manager or      agree to any alteration to the terms of the Technical Management      Agreement; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v)   | change      the classification society of any of the Vessels;  or |
|-----------------|-------------------------------------------------------------------|

| (vi)   | neither      terminate, cancel, amend (save for immaterial amendments which will have      no impact on the Borrowers’ ability to fulfil their obligations under the      Finance Documents) or supplement any of the Charterparties nor assign any      of the Charterparties to any otherperson. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | The      Borrowers shall within 31 December 2010 or by 31 January 2011 at the      latest facilitate new charterparties for the Vessels or extension of the      existing Charterparties (which expires during 2011) by nine (9) months in      average, in any event at average rates for all Vessels sufficient to cover      the Borrowers’ budgeted expenses (including, but not limited to, principal      and interest payments towards their lenders) until the Final Maturity      Date.” |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.21   | Amendments      to Clause 22.8 (Inspections and class records) paragraph a) of the      Original Facility Agreement |
|------------------|---------------------------------------------------------------------------------------------------------------------|

|   | “a) | The      Borrowers shall permit, and shall procure that any charterers permit, one      person appointed by the Agent to inspect the Vessels twice a year for the      account of the Borrowers upon the Agent giving prior written      notice.” |
|--------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.22   | Amendments      to Schedule 4 (Form of Compliance Certificate) of the Original Facility      Agreement |
|------------------|--------------------------------------------------------------------------------------------------------|

| 4   | REPRESENTATIONS      AND WARRANTIES |
|---------------|-------------------------------------|

| a)   | all      corporate actions required by it and its respective directors and officers      have been taken in order to authorize this Addendum and any Finance      Documents or other documents related hereto, and the execution and      performance thereof, in accordance with the laws of its constitution, and      this Addendum and any documents related hereto have been validly executed      and are binding upon the Borrowers; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | no      consent is necessary from any governmental or other authorities for the      execution of and performance under this Addendum or any documents related      hereto; |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c)   | the      making of this Addendum and any documents related hereto will not infringe      any other agreement to which it is aparty; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------|

| d)   | nothing      has occurred in the period between 30 September 2009 and up until the      Effective Date which the Lenders could determine has had or could      reasonably be expected to have a material adverse effect on the ability of      any of the Borrowers or the Guarantor to comply with its obligations under      any of the Finance Documents or a Swap  Agreement; |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| e)   | this      Addendum and the other Finance Documents to which it is a party constitute      valid, binding and enforceable obligations of the Borrowers, and the      execution and performance of this Addendum and the other Finance Documents      to which it is a party do not and will not contravene any applicable law,      order, regulation or restriction of any kind, including contractual      restrictions, binding on thecompany; |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| f)   | any      information and documentation supplied by or on behalf of it in connection      with the preparation of this Addendum was (taken as a whole) true,      complete and accurate in all material respect at the date      supplied; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| g)   | nothing      has occurred or come to light since the date such information or      documentation was supplied which renders any material facts contained in      such information and/or documentation inaccurate or      misleading; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| h)   | the      factual information provided by it to any of the Finance Parties was true      and accurate as at its date and no information has been omitted which, if      disclosed, would make the information provided untrue or misleading;      and |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| i)   | the      representations and warranties as set out in Clause 18 (representations and      warranties) of the Original Facility Agreement are true and correct      in all respects. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5   | CONTINUED      FORCE AND EFFECT |
|---------------|---------------------------------|

| a)   | The      provisions of the Original Facility Agreement and the other Finance      Documents shall, save as amended by this Addendum (and by separate      amendments to the relevant Finance Documents (if any)), continue in full      force and effect between the Parties and the Original Facility Agreement      and this Addendum shall be read and construed as one instrument with      effect from the Effective Date. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | Each      of the Borrowers hereby represents, warrants and confirms to and for the      benefit of the Finance Parties and the Swap Bank  that: |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | the      Security Interest created by the Security Documents to which it is a party      extend to the liabilities and obligations of the Borrowers under the      Original Facility Agreement as amended by this Addendum and the      obligations of the Borrowers arising under or in connection with this      Addendum, the Original Facility Agreement and the other Finance Documents      constitute obligations and liabilities secured under the Security      Documents; and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | the      Security Interest created or conferred under the Security Documents to      which it is a party continue in full force and effect on the terms of the      respective Security Document. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6   | AMENDMENT      FEE |
|---------------|--------------------|

| 7   | MISCELLANEOUS |
|---------------|---------------|

| a)   | This      Addendum shall be a FinanceDocument. |
|----------------|------------------------------------------------|

| 8   | GOVERNING      LAW AND JURISDICTION |
|---------------|-------------------------------------|

| 8.1   | Governing      law |
|-----------------|--------------------|

| 8.2   | Jurisdiction |
|-----------------|--------------|

| a)   | The      Finance Parties and 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 Addendum, and the Borrowers accordingly      submit to the non-exclusive jurisdiction of the Oslo District Court (Oslo      tingrett). |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | Nothing      in this Clause 8.2 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. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3   | Service      of Process |
|-----------------|-------------------------|

| a)   | irrevocably      appoints Wikborg Rein & Co., Kronprinsesse Märthas plass 1, P.O. Box      1513 Vika, N-0117 Oslo, Norway, as its agent for service of process      relating to any proceedings before the Norwegian courts in connection with      this Addendum or any other FinanceDocuments; |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | agree      that failure by its process agent to notify it or the process will not      invalidate the proceedings concerned;and |
|----------------|---------------------------------------------------------------------------------------------------------------------------------|

| c)   | consent      to the service of process to any such proceedings before the Norwegian      courts by prepaid posting of a copy of the process to its address for the      time being applying under Clause 30 (Notices) of the      Original Facility Agreement. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

| Lenders:                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------|
| DVB Bank America NV of      Zeelandia Office Park, Kaya W.F.G., Mensing 14, P.O. Box 3107, Curacao,      Netherlands Antilles     |
| Bank of Scotland plc of      New Uberior House, 11 Earl Grey Street, Edinburgh EH3 9BN,      Scotland                             |
| HSH Nordbank AG of      Gerhart Hauptmann Platz 50, 20095 Hamburg, Germany                                                        |
| Nordea Bank Norge ASA of      Middelthusgate 17, N-0368 Oslo, Norway                                                              |
| Deutsche Schiffsbank AG      of [·]                                                                                          |
| UniCredit Bank AG (formerly      known as Bayerische Hypo- und Vereinsbank AG) of Alter Wall 22,      20457 Hamburg, Deutschland  |
|                                                                                                                                   |

----

| 1   | CORPORATE      DOCUMENTS – EACH BORROWER |
|---------------|------------------------------------------------|

| a)   | Certificate      of Incorporation or similar; |
|----------------|-----------------------------------------------|

| b)   | Certificate      of Goodstanding; |
|----------------|-----------------------------------|

| c)   | Memorandum      and Articles of Association or similar (including Secretary’s      certificate); |
|----------------|--------------------------------------------------------------------------------------------------------|

| d)   | Resolutions      passed at a board meeting/shareholders meeting of such Borrower      evidencing: |
|----------------|---------------------------------------------------------------------------------------------------|

| (i)   | the      approval of the terms of, and the transactions contemplated by, inter alia, this      Addendum and the other Finance Documents;and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

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

| e)   | Power(s)      of attorney (notarised if requested by the Agent);  and |
|----------------|-----------------------------------------------------------------------|

| f)   | Specimen      signatures and certified copies of valid identification documents of its      authorised representatives referred to in d) above (“know your customer”)      (if applicable). |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2   | CORPORATE      DOCUMENTS – THE GUARANTOR |
|---------------|------------------------------------------------|

| a)   | Certificate      of Incorporation or similar; |
|----------------|-----------------------------------------------|

| b)   | Certificate      of Goodstanding; |
|----------------|-----------------------------------|

| c)   | Memorandum      and Articles of Association or similar (including Secretary’s      certificate); |
|----------------|--------------------------------------------------------------------------------------------------------|

| d)   | Resolutions      passed at a board meeting/shareholders meeting of the Guarantor      evidencing: |
|----------------|---------------------------------------------------------------------------------------------------|

| (i)   | the      approval of the terms of, and the transactions contemplated by, inter alia, this      Addendum and the other Finance Documents;and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

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

| e)   | Power(s)      of attorney (notarised if requested by the Agent);  and |
|----------------|-----------------------------------------------------------------------|

| f)   | Specimen      signatures and certified copies of valid identification documents of its      authorised representatives referred to in d) above (“know your customer”)      (if applicable). |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3   | CORPORATE      DOCUMENTS – STRAITS OFFSHORE LTD., SEAPOWET TRADING LTD. AND [·] |
|---------------|--------------------------------------------------------------------------------------------|

| a)   | Certificate      of Incorporation or similar; |
|----------------|-----------------------------------------------|

| b)   | Certificate      of Goodstanding; |
|----------------|-----------------------------------|

| c)   | Memorandum      and Articles of Association or similar (including Secretary’s      certificate); |
|----------------|--------------------------------------------------------------------------------------------------------|

| d)   | Resolutions      passed at a board meeting/shareholders meeting of [·]      evidencing: |
|----------------|----------------------------------------------------------------------------------------------|

| (i)   | the      approval of the terms of, and the transactions contemplated by, inter alia, the      relevant Finance Document to which it is or is to become a party;      and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| e)   | Power(s)      of attorney (notarised if requested by the Agent);  and |
|----------------|-----------------------------------------------------------------------|

| f)   | Specimen      signatures and certified copies of valid identification documents of its      authorised representatives referred to in d) above (“know your customer”)      (if applicable). |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4   | AUTHORISATIONS |
|---------------|----------------|

| 5   | FINANCE      DOCUMENTS |
|---------------|------------------------|

| a)   | this      Addendum; |
|----------------|---------------------|

| b)   | an      addendum to the Guarantee; |
|----------------|------------------------------------|

| c)   | the      Share Pledge 1 and any documents to be delivered    thereunder; |
|----------------|--------------------------------------------------------------------------|

| d)   | the      Share Pledge 2 and any documents to be delivered    thereunder; |
|----------------|--------------------------------------------------------------------------|

| e)   | the      Nordan Share Pledge and any documents to be delivered      thereunder; |
|----------------|---------------------------------------------------------------------------------|

| f)   | the      Retention Account Charge Agreement and any notices and acknowledgements to      be delivered thereunder; |
|----------------|-------------------------------------------------------------------------------------------------------------------|

| g)   | the      Safecom Assignment Agreement; and |
|----------------|--------------------------------------------|

| h)   | the      Charterparty Assignment (in respect of “Roger M. Jones”) and any notices      and acknowledgements thereunder. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------|

| 6   | TRANSACTION      DOCUMENTS |
|---------------|----------------------------|

| a)   | The      Nordan Co-ordination Agreement; |
|----------------|------------------------------------------|

| b)   | The      Boss Tankers Co-ordinationAgreement; |
|----------------|-----------------------------------------------|

| c)   | The      Safecom Co-ordination Agreement; |
|----------------|-------------------------------------------|

| d)   | The      Compliance Certificate (including updated Market Valuations of the      Vessels, not to be older than thirty (30) days);  and |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------|

| e)   | The      effective interest letter. |
|----------------|-------------------------------------|

| 7   | MISCELLANEOUS |
|---------------|---------------|

| a)   | Appointment      of and the acceptance by Wikborg Rein & Co as the Borrowers and the      Guarantor as process agent inNorway; |
|----------------|------------------------------------------------------------------------------------------------------------------------------------|

| b)   | Appointment      of and the acceptance by [·] as RMJ OBO Shipping      Ltd.’s process agent in England; |
|----------------|--------------------------------------------------------------------------------------------------------------------|

| c)   | Evidence      satisfactory to the Agent that the amendment fee as set out in Clause 6      (Amendment fee)      has been paid to the Agent; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| d)   | Evidence      satisfactory to the Agent that any costs and expenses incurred in      connection with this Addendum and/or any of the Finance Documents related      thereto, has been or will be paid in accordance with Clause 16.2 (Amendment and enforcement      costs etc) of the Original Facility  Agreement; |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| e)   | Any      other documents as reasonably requested by the  Agent. |
|----------------|-----------------------------------------------------------------|

| 8   | LEGAL      OPINIONS |
|---------------|---------------------|

| a)   | A      legal opinion from Seward & Kissel LLP relating to Marshall Islands      law issues; |
|----------------|-------------------------------------------------------------------------------------------------|

| b)   | A      legal opinion from Seward & Kissel LLP relating to Liberian law      issues; |
|----------------|-----------------------------------------------------------------------------------------|

| c)   | A      legal opinion from Higgs & Johnson related to Bahamas law      issues; |
|----------------|-----------------------------------------------------------------------------------|

| d)   | A      legal opinion from Conyers Dill & Pearman related to British Virgin      Islands law issues; |
|----------------|---------------------------------------------------------------------------------------------------------|

| e)   | A      legal opinion from Prettys related to English law issues;    and |
|----------------|-------------------------------------------------------------------------|

| f)   | A      legal opinion from Advokatfirmaet Thommessen AS relating to Norwegian law      issues; and |
|----------------|---------------------------------------------------------------------------------------------------|

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

----

| From: | [·] |
|-------|----------|

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

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

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

| e) | Minimum Equity Ratio.      The Equity Ratio of the Guarantor (on a consolidated basis) is [·]%. |
|----|------------------------------------------------------------------------------------------------------|

|   | The      Borrowers shall procure that the Guarantor (on a consolidated basis) shall      at all times during the Security Period maintain a Equity Ratio of minimum      twenty-five per cent (25%). |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      covenant in Clause 20.2.5 (Minimum Equity Ratio)      is thus [not] satisfied. |
|--------|-----------------------------------------------------------------------------------------|

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

| g) | 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. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Name      of Vessel                          | Hull      & Machinery | Increased      Value | Loss      of Hire | Protection      & Indemnity | War      Risk |
|----------------------------------------------|---------------------------|----------------------|-------------------|---------------------------------|---------------|
| M/V      “-Rip Hudner ”          | Insurer:                  | Amount:              | Insurer:          | Amount:                         | Insurer:      | Amount: | Insurer: | Amount: | Insurer: | Amount: |
|                                         |                      |                 |              |                            |          |   |   |   |   |
|                                         |                      |                 |              |                            |          |   |   |   |   |   |
|                                         |                      |                 |              |                            |          |   |   |   |   |   |
| MV      “BonnieSmith-wick”  | Insurer:                  | Amount:              | Insurer:          | Amount:                         | Insurer:      | Amount: | Insurer: | Amount: | Insurer: | Amount: |
|                                         |                      |                 |              |                            |          |   |   |   |   |
|                                         |                      |                 |              |                            |          |   |   |   |   |
|                                         |                      |                 |              |                            |          |   |   |   |   |   |
|                                         |                      |                 |              |                            |          |   |   |   |   |   |
| MV      “Searose G”              | Insurer:                  | Amount:              | Insurer:          | Amount:                         | Insurer:      | Amount: | Insurer: | Amount: | Insurer: | Amount: |
|                                         |                      |                 |              |                            |          |   |   |   |   |
|                                         |                      |                 |              |                            |          |   |   |   |   |   |
|                                         |                      |                 |              |                            |          |   |   |   |   |   |
| MV      “Roger M. Jones”         |                      |                 |              |                            |          |   |   |   |   |   |
|                                         |                      |                 |              |                            |          |   |   |   |   |   |
|                                         |                      |                 |              |                            |          |   |   |   |   |   |
| MT      “Saga-more”              |                      |                 |              |                            |          |   |   |   |   |   |
|                                         |                      |                 |              |                            |          |   |   |   |   |   |
|                                         |                      |                 |              |                            |          |   |   |   |   |   |

----

| The Borrowers:                                                                      | The Agent:                                                                                    |
|-------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|
| OBO      Holdings Ltd.  By:      _________________________Name:Title:     | Nordea Bank Norge      ASA   By:      _____________________________Name:Title: |
|                                                                                | The Arranger:                                                                                 |
| BHOBO      One Ltd.  By:      _________________________Name:Title:        | Nordea      Bank Norge ASA By:      _____________________________Name:Title:             |
| BHOBO      Two Ltd.  By:      _________________________Name:Title:        |                                                                                          |
| BHOBO      Three Ltd.  By:      _________________________Name:Title:      |                                                                                          |
| RMJ      OBO Shipping Ltd.  By:      _________________________Name:Title: |                                                                                          |

----

| Sagamore      Shipping Ltd.  By:      _________________________Name:Title: |   |
|--------------------------------------------------------------------------------------|--------|

| The  Lenders:                                                                                                                     |                                                                                        |
|---------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|
| Nordea      Bank Norge ASA  By:      _________________________Name:Title:                                                         | DVB      Bank America NV  By:      _________________________Name:Title:           |
| HSH      Nordbank AG  By:      _________________________Name:Title:                                                               | Bank      of Scotland plc By:      _________________________Name:Title:                |
| UniCredit      Bank AG (formerly known asBayerische      Hypo- und Vereinsbank AG)  By:      _________________________Name:Title: | Deutsche      Schiffsbank AG   By:      _________________________Name:Title: |
|  The  Swap Bank:                                                                                                             |                                                                                        |
| Nordea      Bank Finland Plc   By:      _________________________Name:Title:                                                 |                                                                                        |

----