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| ADDENDUM      NO. 2ANDWAIVER      AGREEMENTto                    |
|-----------------------------------------------------------------------|
| USD      202,000,000REDUCING      REVOLVING CREDIT FACILITY AGREEMENT |
|                                                                  |
| for                                                                   |
|                                                                  |
| The      Companies listed in Appendix 1as      Borrowers              |
|                                                                  |
| The      Financial Institutions named hereinas      Lenders           |
|                                                                  |
|                                                                  |
| Nordea Bank Norge ASAas      Mandated Lead Arranger                   |
|                                                                  |
| and                                                                   |
|                                                                  |
| Nordea Bank Norge      ASAas      Agent                               |
|                                                                  |
| and                                                                   |
|                                                                  |
| Nordea      Bank Finland Plcas      Swap Bank                         |
|                                                                  |
|                                                                  |
|                                                                  |
| 17      July 2009                                                     |
|                                                                  |
|                                                                  |

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THIS ADDENDUMNO. 2 AND WAIVERAGREEMENT                                                                                                           (the“Addendum”) is dated 17July 2009 and made between:

| (1) | THE COMPANIES listed in      Part I of Appendix 1 as      borrowers (together the “Borrowers”); |
|-----|-------------------------------------------------------------------------------------------------------------|

| (2) | The banks and financial      institutions listed in Part II of Appendix      1, as 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, The      Governor and Company of the Bank of Scotland of The Mound,      Edinburgh, Scotland, EH1 1YZ and acting from their office at Pentland      House, 8 Lochside Avenue, Edinburgh, Scotland, EH12 9DJ and HSH Nordbank AG of      Gerhart Hauptmann Platz 50, 20095 Hamburg, Germany, as co-arrangers (the      “Co-Arrangers”). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A)   | This      Addendum is supplemental to the USD 202,000,000 Reducing Revolving Credit      Facility Agreement dated 29 August 2006 and as amended by addendum no. 1      dated 10 October 2008 (the “Original Facility      Agreement”) and made between the Borrowers, the Lenders, the      Arranger, the Agent, the Bookrunner, the Underwriter, the Co-Arrangers and      the Swap Bank (together the “Parties” and each of      them a “Party”)      relating to a certain reducing revolving credit facility for an aggregate      amount of USD 202,000,000; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | The      Borrowers have asked for a waiver or amendments (as the case may be) of      certain of the provisions of the Original Facility Agreement;      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, amongst others, the temporary waiver      of the provisions in Clause 20.2.1 (Minimum Value Adjusted Equity      Ratio) of the Original Facility  Agreement. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | NOW IT IS HEREBY AGREED      as follows: |
|--------|------------------------------------------|

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

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

| 1.2   | Construction |
|-----------------|--------------|

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

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

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

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

| e)   | capitalized      terms shall, unless otherwise provided herein, have the meaning attributed      to      them in the Original Facility      Agreement. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

| a)   | The      definitions 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: |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 4   | AMENDMENTS      TO THE SECURITY DOCUMENTS |
|---------------|-------------------------------------------|

| 5   | TEMPORARY      WAIVER |
|---------------|-----------------------|

| 5.1   | Temporary      waiver |
|-----------------|-----------------------|

| a)   | Clause      20.2.1 (Minimum Value      Adjusted Equity Ratio) of the Amended Facility Agreement so that      the minimum Value Adjusted Equity Ratio of the Guarantor (on a      consolidated basis) shall be of minimum twenty per cent (20%) in the      Waiver Period. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2   | Conditions      for temporary waiver under Clause5.1 |
|-----------------|------------------------------------------------------|

| a)   | the      payment by the Borrowers of a waiver fee of USD 10,000 per Lender, payable      to the Agent (for distribution to the Lenders) payable at the date of this      Addendum; |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | the      delivery by the Obligors of the documents and other evidence listed in      Appendix      2 (Conditions      precedent) hereto to the Agent (on behalf of the Finance Parties)      as soon as possible and in any event within 10 August 2009 at the latest;      and |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c)   | save      as set out in this Clause 5, the Agent and the Finance Parties reserve all      their rights to take any action available to any of them under the Finance      Documents which shall not be diminished in any way by the issue of the      temporary waiver set out in this Clause 5 or be interpreted in any way as      an approval, surrender or consent to any Event of  Default. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6   | 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/or separate      amendments to any of the Security 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. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | The      Security Interest created by the Security Documents to which any of the      Obligors is a party shall extend to the liabilities and obligations of the      Borrowers under the Amended Facility Agreement and the obligations arising      under or in connection with the Amended Facility Agreement and the      Security Documents constitute obligations secured under the Security      Documents. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7   | GOVERNING      LAW AND ENFORCEMENT |
|---------------|------------------------------------|

| 7.1   | Governing      law |
|-----------------|--------------------|

| 7.2   | 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 each of the Borrowers      accordingly submit to the non-exclusive jurisdiction of the Oslo District      Court (Oslo      tingrett). |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | Nothing      in this Clause 7.2 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. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3   | 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 in      relation to any proceedings before Norwegian courts in connection with any      Finance Document; and |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | agrees      that failure by its process agent to notify it of the process will not      invalidate the proceedingsconcerned. |
|----------------|------------------------------------------------------------------------------------------------------------------------------|

| 8   | COUNTERPARTS |
|---------------|--------------|

| Name                        | Address                                                                               |
|-----------------------------|--------------------------------------------------------------------------------------------|
| OBO      Holdings Ltd.      | Trust      Company Complex, Ajeltake Island. Majuro, Marshall Islands, MH      96960  |
| BHOBO      One Ltd.         | Trust      Company Complex, Ajeltake Island. Majuro, Marshall Islands, MH      96960  |
| BHOBO      Two Ltd.         | Trust      Company Complex, Ajeltake Island. Majuro, Marshall Islands, MH      96960  |
| BHOBO      Three Ltd.       | Trust      Company Complex, Ajeltake Island. Majuro, Marshall Islands, MH      96960  |
| RMJ      OBO Shipping Ltd.  | Trust      Company Complex, Ajeltake Island. Majuro, Marshall Islands, MH      96960  |
| Sagamore      Shipping Ltd. | Trust      Company Complex, Ajeltake Island. Majuro, Marshall Islands, MH      96960  |

| Name      and address:                                                                                                        |
|------------------------------------------------------------------------------------------------------------------------------------|
| DVB Bank America NV of      Zeelandia Office Park, Kaya W.F.G. Mensing 14, P.O. Box 3107, Curacao,      Netherlands Antilles  |
| The Governor and Company of the      Bank of Scotland of Pentland House 8, Lochside Avenue, Edinburgh      Scotland EH12 9DJ  |
| 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 [·]                                                                                      |
| Bayerische Hypo- und      Vereinsbank AG of [·]                                                                          |
|                                                                                                                               |

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| 1   | CORPORATE      AUTHORISATION – IN RESPECT OF EACH OF THE  OBLIGORS |
|---------------|--------------------------------------------------------------------------|

| a)   | Certificate      of Incorporation/Certificate of Registration (or  similar); |
|----------------|------------------------------------------------------------------------------|

| b)   | Memorandum      and Articles of Association/Bye-laws (or  similar); |
|----------------|---------------------------------------------------------------------|

| c)   | Resolutions      passed at a board meetingevidencing: |
|----------------|-------------------------------------------------------|

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

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

| d)   | Power      of Attorney; |
|----------------|-------------------------|

| e)   | Updated      Good Standing Certificate/Certificate of  Compliance; |
|----------------|--------------------------------------------------------------------|

| f)   | Secretary’s      Certificate (notarised); |
|----------------|-------------------------------------------------|

| g)   | A      specimen of the signature of each person authorised by the resolution      referred to in paragraph (c) above; |
|----------------|-----------------------------------------------------------------------------------------------------------------------|

| 2   | FINANCE      DOCUMENTS |
|---------------|------------------------|

| a)   | This      Addendum. |
|----------------|---------------------|

| b)   | Any      amendments to the Security Documents or new Security Documents (and any      perfection acts). |
|----------------|---------------------------------------------------------------------------------------------------------|

| 3   | MISCELLANEOUS |
|---------------|---------------|

| a)   | Evidence      that the fee referred to in paragraph a) of Clause 5.2 (Conditions for temporary      waiver under Clause 5.1) of this Addendum, has or will be paid on      its due date; |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | Documentary      evidence that the agent for service of process named in Clause 7.2 (Service of Process) of      the Addendum, has accepted its appointment;and |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 4   | 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; and |
|----------------|---------------------------------------------------------------------------------------------|

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

| The      Borrowers:                                          |                                                          |
|--------------------------------------------------------------|---------------------------------------------------------------|
| OBO      Holdings Ltd.                                       | BHOBO      One Ltd.                                           |
|    By:      _________________________________ |    By:      __________________________________ |
| Name:                                                        | Name:                                                         |
| Title:                                                       | Title:                                                        |
|                                                         |                                                          |
|                                                         |                                                          |
| BHOBO      Two Ltd.                                          | BHOBO      Three Ltd.                                         |
|    By:      _________________________________ |    By:      __________________________________ |
| Name:                                                        | Name:                                                         |
| Title:                                                       | Title:                                                        |
|                                                         |                                                          |
|                                                         |                                                          |
| RMJ      OBO Shipping Ltd.                                   | Sagamore      Shipping Ltd.                                   |
|    By:      _________________________________ |    By:      __________________________________ |
| Name:                                                        | Name:                                                         |
|                                                         |                                                          |
|                                                         |                                                          |
| The      Lenders:                                            |                                                          |
| Nordea      Bank Norge ASA                                   | DVB      Bank America NV                                      |
|    By:      _________________________________ |    By:__________________________________       |
| Name:                                                        | Name:                                                         |
| Title:                                                       | Title:                                                        |
|                                                         |                                                          |
|                                                         |                                                          |
| The      Governor and Company of the Bank of Scotland        | HSH      Nordbank AG                                          |
|    By:      _________________________________ |    By:__________________________________       |
| Name:                                                        | Name:                                                         |
| Title:                                                       | Title:                                                        |
|                                                         |                                                          |
|                                                         |                                                          |
| Deutsche      Schiffsbank AG                                 | Bayerische      Hypo- und Vereinsbank AG                      |
|    By:      _________________________________ |    By:      _________________________________  |
| Name:                                                        | Name:                                                         |
| Title:                                                       | Title:                                                        |
|                                                         |                                                          |
|                                                         |                                                          |
| The      Agent:                                              | The      Arranger:                                            |
| Nordea      Bank Norge ASA                                   | Nordea      Bank Norge ASA                                    |
|    By:      _________________________________ |    By:__________________________________       |
| Name:                                                        | Name:                                                         |
| Title:                                                       | Title:                                                        |
|                                                         |                                                          |
|                                                         |                                                          |
| The      Bookrunner:                                         | The      Underwriter:                                         |
| Nordea      Bank Norge ASA                                   | Nordea      Bank Norge ASA                                    |
|    By:      _________________________________ |    By:__________________________________       |
| Name:                                                        | Name:                                                         |
| Title:                                                       | Title:                                                        |
|                                                         |                                                          |
|                                                         |                                                          |
| The      Co-Arrangers:                                       |                                                          |
| HSH      Nordbank AG                                         | The      Governor and Company of the Bank of Scotland         |
|    By:      _________________________________ |    By:__________________________________       |
| Name:                                                        | Name:                                                         |
| Title:                                                       | Title:                                                        |
|                                                         |                                                          |
|                                                         |                                                          |
|                                                         |                                                          |
| DVB      Bank America NV                                     |                                                          |
|    By:      _________________________________ |                                                          |
| Name:                                                        |                                                          |
| Title:                                                       |                                                          |
|                                                         |                                                          |
|                                                         |                                                          |
|                                                         |                                                          |
| The      Swap Bank:                                          |                                                          |
| Nordea      Bank Finland Plc                                 |                                                          |
|    By:      _________________________________ |                                                          |
| Name:                                                        |                                                          |
| Title:                                                       |                                                          |

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