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| ADDENDUM      NO. 1ANDWAIVER      AGREEMENTto  |
|-----------------------------------------------------|
| USD      8,000,000TERM      LOAN FACILITY AGREEMENT |
|                                                |
| for                                                 |
|                                                |
| Seapowet      Trading Ltd.as      Borrower          |
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|                                                |
| and                                                 |
|                                                |
| Nordea Bank Norge      ASAas      Lender            |
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|                                                |
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|                                                |
|                                                |
| 17      July 2009                                   |
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THIS ADDENDUMNO. 1 AND WAIVERAGREEMENT                                                                                                           (the“Addendum”) is dated17

| (1) | Seapowet Trading Ltd.,      of Marshall Islands with its business address at 3rd      Floor Par La Place, 14 Par La Ville Road, Hamilton HM 08 Bermuda as      borrower (the “Borrower”);      and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Nordea Bank Norge ASA of      Middelthunsgate 17, N-0368 Oslo, Norway, organisation number 911 044 110,      as lender (the “Lender”). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (A)   | This      Addendum is supplemental to the USD 8,000,000 Term Loan Facility Agreement      dated 5 September 2006 (the “Original Facility      Agreement”) and made between the Borrower and the Lender (together      the “Parties” and      each of them a “Party”) relating to a      certain term loan facility for an aggregate amount of USD      8,000,000; |
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| (B) | The      Borrower has asked for a waiver or amendments (as the case may be) of      certain of the provisions of the Original Facility Agreement;      and |
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| (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; |
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| 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 Borrower of a waiver fee of USD 10,000, payable to the      Lender payable at the date of thisAddendum; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------|

| b)   | the      delivery by the Borrower of the documents and other evidence listed in      Appendix      1 (Conditions      precedent) hereto to the Lender 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 Lender reserves all its rights to take      any action available to it 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      Obligors 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      Lender and the Borrower 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 Borrower accordingly      submits 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 Lender to commence      proceedings against the Borrower in any other court of competent      jurisdiction. To the extent permitted by law, the Lender 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 |
|---------------|--------------|

| 1   | CORPORATE      AUTHORISATION – IN RESPECT OF THEBORROWER |
|---------------|----------------------------------------------------------------|

| 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; |
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| 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  Lender. |
|----------------|------------------------------------------------------------------|

| 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      Lender from lawyers appointed by the Lender on matters concerning all      relevant jurisdictions. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| The      Borrower:                                           |                                                          |
|--------------------------------------------------------------|---------------------------------------------------------------|
| Seapowet      Trading Ltd.                                   | Nordea      Bank Norge ASA                                    |
|    By:      _________________________________ |    By:      __________________________________ |
| Name:                                                        | Name:                                                         |
| Title:                                                       | Title:                                                        |
|                                                         |                                                          |

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