----

| No.  | Description  | Page  |
|-----------|-------------------|------------|

| 1. | ‎DEFINITIONS      AND INTERPRETATION |  3 |
|----|--------------------------------------------|---------|

| 2. | ‎THE      LOAN |  11 |
|----|----------------------|----------|

| ‎3.  | DRAWDOWN |  11 |
|-----------------|----------|----------|

| ‎4. | REPAYMENT |  12 |
|-----------|-----------|----------|

| ‎5. | PREPAYMENT |  12 |
|-----------|------------|----------|

| ‎6. | INTEREST      PERIODS |  13 |
|-----------|-----------------------|----------|

| 7. | ‎INTEREST      AND DEFAULT INTEREST |  14 |
|----|-------------------------------------------|----------|

| ‎8. | PAYMENTS |  15 |
|-----------|----------|----------|

| ‎9. | NO      SET-OFF, COUNTERCLAIM OR TAX DEDUCTION |  16 |
|-----------|------------------------------------------------|----------|

| ‎10. | ACCOUNTS      OF THE LENDER |  16 |
|------------|-----------------------------|----------|

| ‎11. | APPLICATIONS      OF RECEIPTS |  17 |
|------------|-------------------------------|----------|

| ‎12. | CONDITIONS      PRECEDENT |  17 |
|------------|---------------------------|----------|

| ‎13. | SECURITY |  18 |
|------------|----------|----------|

| 14. | REPRESENTATIONS      AND WARRANTIES |  19 |
|-----|-------------------------------------|----------|

| ‎15. | UNDERTAKINGS      OF THE BORROWER |  22 |
|------------|-----------------------------------|----------|

| ‎16. | EVENTS      OF DEFAULT |  26 |
|------------|------------------------|----------|

| ‎17. | FEES,      EXPENSES AND INDEMNITIES |  29 |
|------------|-------------------------------------|----------|

| ‎18. | CHANGES      IN CIRCUMSTANCES |  31 |
|------------|-------------------------------|----------|

| ‎19. | INCREASED      COST |  33 |
|------------|---------------------|----------|

| ‎20. | ILLEGALITY |  34 |
|------------|------------|----------|

| ‎21. | JOINT      AND SEVERAL LIABILITY |  35 |
|------------|----------------------------------|----------|

| ‎22. | ASSIGNMENTS      AND TRANSFERS |  36 |
|------------|--------------------------------|----------|

| ‎23. | SET-OFF |  37 |
|------------|---------|----------|

| ‎24. | MISCELLANEOUS |  37 |
|------------|---------------|----------|

| ‎25. | NOTICES |  38 |
|------------|---------|----------|

| ‎26. | APPLICABLE      LAW AND JURISDICTION |  40 |
|------------|--------------------------------------|----------|

| SCHEDULE      1 - FORM OF NOTICE OF DRAWDOWN | 42 |
|----------------------------------------------|----|

| SCHEDULE      2 CONDITIONS PRECEDENT DOCUMENTS AND    EVIDENCE | 43 |
|----------------------------------------------------------------|----|

| SCHEDULE      3  DETAILS OF THE VESSELS | 45 |
|---------------------------------------------------|----|

| SCHEDULE      4 Mandatory Cost formulae | 46 |
|-----------------------------------------|----|

----

| 1. | LEMANNVILLE NAGIVATION INC.      and TURNEVILLE      NAVIGATION INC..       as joint and several Borrowers;and |
|----|---------------------------------------------------------------------------------------------------------------------|

| 1.   | DEFINITIONS      AND INTERPRETATION |
|----------------|-------------------------------------|

| 1.1   | Definitions |
|-----------------|-------------|

----

|   | (a) | excluding      any such obligations owed to any other member of the  Group; |
|--------|-----|-----------------------------------------------------------------------------|

|   | (b) | including      the interest element of leasing and hire purchase  payments; |
|--------|-----|-----------------------------------------------------------------------------|

|   | (c) | including      any accrued commission, fees, discounts and other finance payments payable      by any member of the Group under any interest rate hedging      arrangement; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | deducting      any accrued commission, fees, discounts and other finance payments owing      to any member of the Group under any interest rate hedging instrument;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | deducting      any accrued interest owing to any member of the Group on any deposit or      bank account; |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | "Current Assets" means,      as at any date, the value at that date of the current assets of the Group      on a consolidated basis determined in accordance with generally accepted      accounting principles consistentlyapplied; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a)   | before      deducting any Consolidated Net FinanceCharges; |
|--------|-----------------|------------------------------------------------------------|

|   | (b)   | before      taking into account any items treated as exceptional or extraordinary      items (including drydockingexpenses); |
|--------|-----------------|------------------------------------------------------------------------------------------------------------------------------|

|   | (c)   | after      deducting the amount of any profit of any member of the Group which is      attributable to minority interests;and |
|--------|-----------------|-------------------------------------------------------------------------------------------------------------------------------|

|   | (d)   | before      deducting any amount attributable to the amortisation of intangible assets      or the depreciation of tangibleassets, |
|--------|-----------------|------------------------------------------------------------------------------------------------------------------------------------|

‎16.1

----

‎17.1

|   | (b) | any      bond, bill of exchange, note, loan stock, debenture, commercial paper or      similar security or instrument; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (e) | rental      payments so far as attributable to payment of capital under finance      leases, whether in respect of land, buildings, machinery or equipment or      otherwise; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | guarantees,      bonds, standby letters of credit or other instruments issued in connection      with the performance of contracts or  obligations; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | guarantees,      indemnities or other assurances against financial loss in respect of      indebtedness of any person falling within any of paragraphs (a) to (i)      inclusive above; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | amounts      raised or obligations incurred under any other transaction having the      commercial effect of any of theabove; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

‎7.1

‎6
‎18

‎18

----

|   | (a) | the      applicable Screen Rate; or |
|--------|-----|-------------------------------------|

|   | (b) | (if      no Screen Rate is available for that period) the arithmetic mean of the      rates (rounded upwards to four decimal places) quoted to the Lender by      leading banks in the London interbankmarket, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

‎Schedule 1

----

‎4.1

‎4.1

‎13

----

| 1.2   | Interpretation |
|-----------------|----------------|

|   | 1.2.1   | The      following expressions shall be construed in the following      manner: |
|--------|-------------------|---------------------------------------------------------------------------------|

----

|   | 1.2.2   | Unless      the context otherwise requires, words in the singular include the plural      and vice versa. |
|--------|-------------------|-----------------------------------------------------------------------------------------------------------|

|   | 1.2.3   | References      to any document include the same as varied, supplemented or replaced from      time to time. |
|--------|-------------------|--------------------------------------------------------------------------------------------------------------|

|   | 1.2.4   | References      to any enactment include re-enactments, amendments and extensions      thereof. |
|--------|-------------------|-------------------------------------------------------------------------------------------------|

|   | 1.2.5   | Clause      headings are for convenience of reference only and are not to be taken      into account in construction. |
|--------|-------------------|-----------------------------------------------------------------------------------------------------------------------|

|   | 1.2.6   | Unless      otherwise specified, references to Clauses, Recitals and Schedules are      respectively to Clauses of and Recitals and Schedules to this      Agreement. |
|--------|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2.7   | In      this Agreement, references to periods of "months" shall mean a      period beginning in one calendar month and ending in the relevant calendar      month on the day numerically corresponding to the day of the calendar      month in which such period started, provided that (a) if such period      started on the last Banking Day in a calendar month, or if there is no      such numerically corresponding day, such period shall end on the last      Banking Day in the relevant calendar month and (b) if such numerically      corresponding day is not a Banking Day, such period shall end on the next      following Banking Day in the same calendar month, or if there is no such      Banking Day, such period shall end on the preceding Banking Day (and      "month" and "monthly" shall be      construed accordingly). |
|--------|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2.8   | A      person who is not a party to this Agreement may not enforce, or otherwise      have the benefit of, any provision of this Agreement under the Contracts      (Rights of Third Parties) Act 1999. |
|--------|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2.9   | For      the purpose of this Agreement, the Tranche "applicable" to a Vessel or to      a Borrower is the Tranche used by a Borrower to finance the payment of the      deposit under the applicable MOA. |
|--------|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2.10   | Reference      in this Agreement to a document being in an agreed form are to a document      in the form attached to a certificate dated the same date as this      Agreement and signed for identification purposes by the Borrowers and the      Lender and include references to that form with any modifications to that      form which the Lender agrees with theBorrowers. |
|--------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.   | THE      LOAN |
|----------------|---------------|

| 2.1   | Agreement      to advance |
|-----------------|---------------------------|

|   | 2.1.1   | a      Tranche in the amount of $4,950,000 which is to be applied by Lemannville      Navigation Inc. in using as a deposit and in paying part of the purchase      price due to the Seller under the relevant MOA upon delivery of Hull No.      2143 to Lemannville Navigation Inc.;and |
|--------|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.2   | a      Tranche in the amount of $4,950,000 which is to be applied by Turneville      Nagivation Inc. in using as a deposit and in paying part of the purchase      price due to the Seller under the relevant MOA upon delivery Hull No. 2198      to Turneville Navigation Inc. |
|--------|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2   | Availability |
|-----------------|--------------|

| 2.3   | Duration      of Lender's commitment |
|-----------------|--------------------------------------|

| 3.   | DRAWDOWN |
|----------------|----------|

| 3.1   | Notice      of drawdown |
|-----------------|-------------------------|

|   | 3.1.1   | be      effective on receipt by the Lender; |
|--------|-------------------|---------------------------------------------|

|   | 3.1.2   | specify      the Banking Day during the Commitment Period upon which the Tranche of the      Loan is required; |
|--------|-------------------|----------------------------------------------------------------------------------------------------------------|

|   | 3.1.3   | specify      the Borrowers' choice of duration of the Interest Period for that      Tranche; |
|--------|-------------------|----------------------------------------------------------------------------------------------|

|   | 3.1.4   | give      full details of the place and account, which must be acceptable to the      Lender, to which the proceeds of the Tranche of the Loan are to be      paid; |
|--------|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.5   | constitute      a representation and warranty in the terms of Clause ‎14;      and |
|--------|-------------------|------------------------------------------------------------------------------------------|

----

|   | 3.1.6   | be      irrevocable. |
|--------|-------------------|----------------------|

| 3.2   | Conditions      precedent |
|-----------------|---------------------------|

‎3.1
‎12

| 3.3   | Application      of Loan proceeds |
|-----------------|-----------------------------------|

| 3.4   | Deemed      Indebtedness |
|-----------------|--------------------------|

‎3.3

| 4.   | REPAYMENT |
|----------------|-----------|

| 4.1   | Repayment      of Loan |
|-----------------|------------------------|

| 4.2   | Final      repayment |
|-----------------|----------------------|

| 5.   | PREPAYMENT |
|----------------|------------|

| 5.1   | Minimum      prepayment and notice |
|-----------------|------------------------------------|

|   | 5.1.1   | any      prepayment of part of a Tranche must be in a minimum amount or an integral      multiple of $1,000,000; and |
|--------|-------------------|----------------------------------------------------------------------------------------------------------------------|

|   | 5.1.2   | the      Lender must receive not less than 15 days' written notice specifying      the amount to be prepaid and the date on which the prepayment is to be      made. |
|--------|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2   | Mandatory      prepayment |
|-----------------|---------------------------|

----

‎5.2

|   | 5.2.1   | the      date upon which that Vessel is sold or the applicable MOA is      assigned; |
|--------|-------------------|--------------------------------------------------------------------------------------|

|   | 5.2.2   | the      date 30 days after the date of the Construction Total Loss;      and |
|--------|-------------------|-------------------------------------------------------------------------------|

|   | 5.2.3   | the      date upon which the applicable Deposit is released to the applicable      Borrower pursuant to the terms of theMOA. |
|--------|-------------------|------------------------------------------------------------------------------------------------------------------------------|

| 5.3   | Conditions      of prepayment |
|-----------------|-------------------------------|

|   | 5.3.1   | each      prepayment must be made together with the accrued interest on the amount      prepaid and all other sums payable in respect thereof under the provisions      of this Agreement and, in the case of prepayment of the whole of the Loan,      shall be accompanied by payment of all other Outstanding      Indebtedness; |
|--------|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.3.2   | any      notice of prepayment given by the Borrowers shall be effective on receipt      by the Lender and shall be irrevocable once given and the Borrowers shall      be bound to make such prepayment in accordance  therewith; |
|--------|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.3.3   | except      as specifically provided in this Agreement or in any other of the Security      Documents, in the absence of an Event of Default and demand for repayment      by the Lender, the Lender shall not be obliged to accept any other      prepayment of the whole or any part of theLoan; |
|--------|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.3.4   | any      part of the Loan which is repaid or prepaid by the Borrowers may not be      redrawn; and |
|--------|-------------------|----------------------------------------------------------------------------------------------------|

|   | 5.3.5   | any      prepayment shall be made together with any Breakage  Costs. |
|--------|-------------------|----------------------------------------------------------------------|

| 6.   | INTEREST      PERIODS |
|----------------|-----------------------|

| 6.1   | Borrowers'      selection of Interest Periods |
|-----------------|-----------------------------------------------|

‎6.2

----

| 6.2   | Determination      of duration |
|-----------------|--------------------------------|

|   | 6.2.1   | the      first Interest Period in respect of a Tranche shall commence on its      Drawdown Date and, except in relation to the first Interest Period for the      first Tranche to be drawn (which shall end on the date selected by the      relevant Borrower in accordance with Clause ‎3.1),      shall end on the last day of the then current Interest Period for the      other Tranche already drawn (so that the Interest Periods for both      Tranches shall be consolidated); |
|--------|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2.2   | each      subsequent Interest Period in respect of a Tranche shall commence on the      last day of the immediately preceding Interest  Period; |
|--------|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2.3   | if      any Repayment Date falls within the Interest Period, a separate Interest      Period shall be selected in respect of the part of the Tranche due to be      repaid under Clause ‎4      on such Repayment Date, the expiry of which period coincides with the      relevant Repayment Date (and for this purpose alone the Borrowers shall be      entitled to select Interest Periods of different lengths in relation to      such Tranche); |
|--------|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2.4   | in      the absence of any such selection by the Borrower of the duration of an      Interest Period, or if the Lender shall certify to the Borrower that the      funds requested are not available for an Interest Period of the duration      selected by the Borrower, the duration of that Interest Period shall      (subject as provided in this Clause 6.2) be 3 months or such other period      as the Lender may specify; |
|--------|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2.5   | if      the last day of any Interest Period would otherwise fall on a day which is      not a Banking Day, that Interest Period shall be extended (subject to      Clause ‎6.2.6      below) so as to end on the next succeeding Banking Day, unless by virtue      of such extension the Interest Period would end in the next calendar      month, in which case it shall be shortened so as to end on the immediately      preceding Banking Day; and |
|--------|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2.6   | no      Interest Period shall extend beyond the final Repayment    Date. |
|--------|-------------------|--------------------------------------------------------------------------|

| 6.3   | Lender's      notification of Interest Period |
|-----------------|-----------------------------------------------|

| 7.   | INTEREST      AND DEFAULT INTEREST |
|----------------|------------------------------------|

| 7.1   | Interest      Dates |
|-----------------|---------------------|

----

| 7.2   | Interest      Rate |
|-----------------|--------------------|

| 7.3   | Default      interest |
|-----------------|-----------------------|

|   | 7.3.1   | the      rate of interest applicable to the sum unpaid (if of principal)      immediately prior to its due date for so long as the default      continues; and |
|--------|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.3.2   | the      aggregate of the Applicable Margin, LIBOR and the Mandatory Cost for      periods of such duration as the Lender may determine from time to      time. |
|--------|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | PAYMENTS |
|----------------|----------|

| 8.1   | Place      of payment |
|-----------------|-----------------------|

|   | 8.1.1   | by      not later than 10.00 a.m. (Londontime); |
|--------|-------------------|-------------------------------------------------|

|   | 8.1.2   | on      their due date in Dollars, in funds which are for same day settlement in      the New York Clearing House Interbank Payments System (or in such other      Dollar funds as shall for the time being be customary for settlement of      international banking transactions in Dollars);  and |
|--------|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.3   | to      such account as the Lender may from time to time notify the      Borrowers. |
|--------|-------------------|-------------------------------------------------------------------------------------|

----

| 8.2   | Non-Banking      Days |
|-----------------|-----------------------|

|   | 8.2.1   | the      payment or payments due shall be made on the first Banking Day thereafter,      provided this falls in the same calendar month;  and |
|--------|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2.2   | if      it does not, payment shall fall due and be made on the immediately      preceding Banking Day. |
|--------|-------------------|--------------------------------------------------------------------------------------------------------|

| 8.3   | Accrual      of interest and periodic payments |
|-----------------|------------------------------------------------|

| 9.   | NO      SET-OFF, COUNTERCLAIM OR TAXDEDUCTION |
|----------------|-----------------------------------------------|

| 9.1   | No      set-off or counterclaim |
|-----------------|---------------------------------|

|   | 9.1.1   | without      set-off or counterclaim; and |
|--------|-------------------|-------------------------------------------|

|   | 9.1.2   | free      and clear of, and without deduction for or on account of, any present or      future taxes, unless a Borrower is compelled by law to make payment      subject to any such tax. |
|--------|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2   | Gross      up |
|-----------------|---------------|

|   | 9.2.1   | promptly      notify the Lender upon becoming aware of such  requirement; |
|--------|-------------------|---------------------------------------------------------------------------|

|   | 9.2.2   | pay      the Lender such additional amounts as may be necessary to ensure that the      Lender receives a net amount equal to the full amount which the Lender      would have received had such payment not been subject to such taxes;      and |
|--------|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.2.3   | deliver      to the Lender copies of the receipts from the relevant government      authority or body evidencing the due and punctual payment of such      taxes. |
|--------|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.   | ACCOUNTS      OF THE LENDER |
|-----------------|-----------------------------|

| 10.1   | Lender      to open accounts |
|------------------|------------------------------|

----

| 10.2   | Conclusiveness      of entries |
|------------------|--------------------------------|

‎10

| 11.   | APPLICATIONS      OF RECEIPTS |
|-----------------|-------------------------------|

| 11.1   | Order      of application |
|------------------|---------------------------|

|   | FIRST: | in      or towards payment of all moneys expended or liabilities incurred by the      Lender in respect of expenses, fees or charges relating to the      preparation, completion and registration of the Security Documents or in      respect of the protection, maintenance or enforcement of the security they      create; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | SECONDLY: | in      or towards the satisfaction of any amounts forming the balance of the      Outstanding Indebtedness which are then due and payable, whether by reason      of payment demanded or otherwise, in such order of application as the      Lender may think fit; |
|--------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | THIRDLY: | at      the Lender's discretion, in retention on suspense account of such amount      as the Lender may consider appropriate to secure the discharge of any part      of the Outstanding Indebtedness not then due and payable, and, upon the      same becoming due and payable, in or towards the discharge thereof in      accordance with the foregoing provisions of this Clause ‎11.1;      and |
|--------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | FOURTHLY: | the      balance (if any) shall be paid to the Borrowers or other person      entitled. |
|--------|-----------|-----------------------------------------------------------------------------------------|

| 11.2   | Waiver      of right of appropriation |
|------------------|---------------------------------------|

| 12.   | CONDITIONS      PRECEDENT |
|-----------------|---------------------------|

| 12.1   | Conditions      to be satisfied |
|------------------|---------------------------------|

|   | 12.1.1   | the      Lender has received a duly completed Notice of  Drawdown; |
|--------|--------------------|--------------------------------------------------------------------|

----

|   | 12.1.2   | the      Lender has received payment of the fees and expenses specified in Clause      ‎17      to the extent due and payable; |
|--------|--------------------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.1.3   | the      Lender or its legal advisers have received the documents and evidence      described in Schedule 2, in form and substance satisfactory to them on or      before the dates specified in Schedule2; |
|--------|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.1.4   | the      Lender is satisfied that: |
|--------|--------------------|------------------------------------|

|   | (a)   | the      representations and warranties contained in Clause ‎14      are true and correct at the DrawdownDate; |
|--------|-----------------|----------------------------------------------------------------------------------------------------------------------|

|   | (b)   | none      of the circumstances specified in Clauses ‎18,      ‎19      or ‎20      is subsisting; and |
|--------|-----------------|-------------------------------------------------------------------------------------------------------------------------|

|   | (c)   | no      Event of Default or Potential Event of Default has occurred or will arise      as a result of the advance of thatTranche. |
|--------|-----------------|-----------------------------------------------------------------------------------------------------------------------------------|

| 12.2   | Waiver      of conditions precedent |
|------------------|-------------------------------------|

| 13.   | SECURITY |
|-----------------|----------|

| 13.1   | Borrowers      to provide security |
|------------------|------------------------------------|

‎13.2

| 13.2   | Security      to be provided before Drawdown Date of aTranche |
|------------------|---------------------------------------------------------------|

|   | 13.2.1   | each      MOA Assignment; |
|--------|--------------------|---------------------------|

|   | 13.2.2   | each      Shares Charge; and |
|--------|--------------------|------------------------------|

|   | 13.2.3   | the      Corporate Guarantee. |
|--------|--------------------|-------------------------------|

----

| 14.   | REPRESENTATIONS      AND WARRANTIES |
|-----------------|-------------------------------------|

| 14.1   | Date      of representations and warranties |
|------------------|---------------------------------------------|

| 14.2   | Existence,      powers and compliance |
|------------------|---------------------------------------|

|   | 14.2.1   | is      a company or corporation duly incorporated with limited liability, validly      existing and in good standing under the laws of its country of      incorporation; |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.2.2   | has      full power to own its property and assets and to carry on its business as      it is now being conducted; |
|--------|--------------------|--------------------------------------------------------------------------------------------------------------------|

|   | 14.2.3   | has      complied with all statutory and other requirements relative to its      business; and |
|--------|--------------------|------------------------------------------------------------------------------------------------|

|   | 14.2.4   | is      solvent and not in liquidation or administration or subject to any other      insolvency procedure, and no receiver, administrative receiver,      administrator, liquidator, trustee or analogous officer has been appointed      in respect of it or all or any part of its  assets. |
|--------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3   | Capacity      and authorisation |
|------------------|---------------------------------|

| 14.4   | No      contravention of laws or contractual  restrictions |
|------------------|------------------------------------------------------------|

|   | 14.4.1   | contravene      in any respect any law, regulation or contractual restriction which does,      or may, bind that Borrower or any of its assets;  or |
|--------|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.4.2   | result      in the creation or imposition of any Encumbrance (other than a Permitted      Encumbrance) on any of its assets in favour of any  party. |
|--------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.5   | No      third party Encumbrances |
|------------------|----------------------------------|

----

| 14.6   | Licences      and approvals in force |
|------------------|--------------------------------------|

| 14.7   | Validity      and enforceability |
|------------------|----------------------------------|

|   | 14.7.1   | constitute      the legal, valid and binding obligations of the parties thereto;      and |
|--------|--------------------|-------------------------------------------------------------------------------------------|

|   | 14.7.2   | will      create a perfected security interest with the required priority in the      assets and revenues intended to be covered thereby, enforceable against      the parties thereto in accordance with their respective    terms, |
|--------|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.8   | Status      of Transaction Documents |
|------------------|--------------------------------------|

| 14.9   | No      breach or default |
|------------------|---------------------------|

|   | 14.9.1   | in      breach of any law, governmental directive, guideline or policy statement,      whether having the force of law or not;or |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------|

|   | 14.9.2   | in      default under any agreement to which it is party or by which it may be      bound. |
|--------|--------------------|--------------------------------------------------------------------------------------------|

| 14.10   | No      litigation current or pending |
|-------------------|---------------------------------------|

| 14.11   | No      default |
|-------------------|-----------------|

----

| 14.12   | Choice      of law and jurisdiction |
|-------------------|-------------------------------------|

| 14.13   | Truth      of financial and other information |
|-------------------|-----------------------------------------------|

| 14.14   | No      deterioration of financialcondition |
|-------------------|---------------------------------------------|

| 14.15   | No      liability to deduction orwithholding |
|-------------------|----------------------------------------------|

| 14.16   | No      established place of business in UnitedKingdom |
|-------------------|--------------------------------------------------------|

| 14.17   | Pari      passu obligations |
|-------------------|-----------------------------|

| 14.18   | Money      Laundering |
|-------------------|-----------------------|

----

| 14.19   | No      commissions or rebates |
|-------------------|--------------------------------|

| 14.20   | Status      of Shipbuilding Contracts and MOAs |
|-------------------|------------------------------------------------|

| 14.21   | Continuing      nature of representations andwarranties |
|-------------------|---------------------------------------------------------|

‎14

| 15.   | UNDERTAKINGS      OF THE BORROWERS |
|-----------------|------------------------------------|

| 15.1   | Duration      of undertakings |
|------------------|-------------------------------|

‎15

| 15.2   | General      undertakings |
|------------------|---------------------------|

|   | 15.2.1   | perform      and observe the several covenants and obligations imposed upon it under      the Security Documents; |
|--------|--------------------|-------------------------------------------------------------------------------------------------------------------|

|   | 15.2.2   | without      affecting its obligations under the applicable provisions of the Security      Documents, perform and observe its obligations under the Transaction      Documents to which it is a party and use its best endeavours to procure      that each of the other parties to the Transaction Documents performs and      observes its obligationsthereunder; |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.2.3   | inform      the Lender promptly of any litigation, arbitration, tax claim or      administrative proceeding instituted or (to its knowledge) threatened and      of any other occurrence of which it becomes aware which might materially      adversely affect: |
|--------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a)   | its      ability, or the ability of any other Obligor, to perform its obligations      under the Security Documents; or |
|--------|-----------------|-------------------------------------------------------------------------------------------------------------------------|

|   | (b)   | the      security constituted by the SecurityDocuments; |
|--------|-----------------|---------------------------------------------------------|

----

|   | 15.2.4   | maintain      its corporate existence as a corporation duly organised, validly existing      and in good standing in its place of  incorporation; |
|--------|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.2.5   | obtain      and maintain in force, and promptly furnish certified copies to the Lender      of, all licences, authorisations, approvals and consents, and do all other      acts and things, which may from time to time be necessary or desirable for      the continued due performance of its obligations under the Security      Documents or which may be required for the validity, enforceability or      admissibility in evidence of the Security Documents and the Transaction      Documents to which it is a party; |
|--------|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.2.6   | ensure      that its obligations under the Security Documents rank at least pari passu      with all its other present, future and/or contingent unsecured and      unsubordinated obligations; |
|--------|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.2.7   | conduct      its business in a proper and efficient manner and not change the nature,      organisation or conduct of its business as presently    conducted |
|--------|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.2.8   | promptly      after the happening of any Event of Default or a Potential Event of      Default, notify the Lender of such event and of the steps (if any) which      are being taken to remedy it; |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.2.9   | pay      all taxes, assessments and other governmental charges as they fall due,      except to the extent that it is contesting the same in good faith by      appropriate proceedings and has set aside adequate reserves for their      payment if such proceedings fail; |
|--------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.2.10   | keep      proper books of account in respect of its business in accordance with      generally accepted accounting principles consistently applied and whenever      so requested by the Lender make the same available for inspection by or on      behalf of the Lender; |
|--------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.2.11   | procure      that the Corporate Guarantor provides the Lender (a) within 120 days of      the end of each respective financial year with certified copies of its      consolidated profit and loss account and balance sheet and its      subsidiaries and (b) within 45 days after each financial quarter certified      copies of all its interim consolidated management accounts and financial      statements, and, in each such case, to be prepared in a form consistent      with generally accepted accounting principles and practices consistently      applied and audited by auditors previously approved in writing by the      Lender; |
|--------|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.2.12   | a      certificate from the Chief Financial Officer of the Corporate Guarantor      confirming compliance with the financial covenants contained in Clause ‎15.4      and such certificate being accompanied by detailed (to the satisfaction of      the Lender) calculations relating to such  covenants; |
|--------|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.2.13   | provide      the Lender with such other financial and other information concerning      itself and its affairs and the progress of construction of its Vessel as      the Lender may from time to time reasonably  require; |
|--------|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 15.2.14   | provide      the Lender with any information requested by it pursuant to any anti-money      laundering legislation, know your client regulations or procedures      applicable to the Lender from time to time, so as to ensure compliance by      the Lender; |
|--------|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.2.15   | (if      the Lender reasonably considers that its financial position or prospects      are deteriorating), give independent auditors appointed to carry out an      audit and inspection of its affairs every assistance in that      regard; |
|--------|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.2.16   | promptly,      at the request of the Lender from time to time, provide the Lender with a      certificate signed by its chief financial officer or chief executive      officer  confirming that it is, as at the date of such      certificate, in compliance with its obligations under the Security      Documents and that no Event of Default or Potential Event of Default has      occurred, or, if any has occurred, none is continuing;  and |
|--------|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.2.17   | enter      into the Term Loan Agreement within 5 Banking Days of the final Drawdown      Date. |
|--------|---------------------|------------------------------------------------------------------------------------------------|

| 15.3   | Consent      of Lender required |
|------------------|---------------------------------|

|   | 15.3.1   | except      as contemplated by this Agreement, convey, assign, transfer, sell or      otherwise dispose of or deal with any of its real or personal property,      assets or rights, whether present orfuture; |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.3.2   | create      or permit to exist any Encumbrance (other than a Permitted Encumbrance)      over any part of its undertaking, property, assets or rights, whether      present or future (provided that where any such Encumbrance arises in the      ordinary course of business, that Borrower shall promptly discharge the      same); |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.3.3   | incur      any Financial Indebtedness or other liability or obligation      except: |
|--------|--------------------|-------------------------------------------------------------------------------------|

|   | (a)   | under      this Agreement and the other Security Documents;  or |
|--------|-----------------|-----------------------------------------------------------------|

|   | (b)   | unsecured      Financial Indebtedness owed to the Corporate Guarantor provided that,      before such Financial Indebtedness is incurred, particulars of the same      are immediately notified to the Lender, and the relevant Obligor(s)      execute(s) such deeds and documents as the Lender may at its discretion      require to subordinate the same to the Outstanding      Indebtedness; |
|--------|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.3.4   | waive      or fail to enforce any provision of, or agree to any amendment or      supplement to, the Transaction Documents to which it is a      party; |
|--------|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.3.5   | issue      any further shares or stock or register any transfer of any of its shares      or stock, or admit any new member, whether by subscription or      transfer; |
|--------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.3.6   | consolidate,      amalgamate or merge with any otherentity; |
|--------|--------------------|-------------------------------------------------------------|

|   | 15.3.7   | form      or acquire any subsidiary; |
|--------|--------------------|--------------------------------------|

----

|   | 15.3.8   | alter      or extend its financial year for the purposes of the preparation of its      accounts, or change its auditors; |
|--------|--------------------|---------------------------------------------------------------------------------------------------------------------------|

|   | 15.3.9   | alter      any of the provisions of its constitutional  documents; |
|--------|--------------------|--------------------------------------------------------------------|

|   | 15.3.10   | make      any loans or advances to, or any investments in, any      person  (including, without limitation, any officer, director,      stockholder, employee or customer of any  Borrower); |
|--------|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.3.11   | except      as contemplated by this Agreement,  assume, guarantee or      endorse, or otherwise become or remain liable for, any obligation of any      other person; |
|--------|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.3.12   | authorise      or accept any capital commitment other than in the normal course of      business; |
|--------|---------------------|---------------------------------------------------------------------------------------------------|

|   | 15.3.13   | make      any payment of principal or interest to any of its shareholders in respect      of any loans or loan capital made available to it by its      shareholders; |
|--------|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.3.14   | when      an Event of Default or Potential Event of Default has occurred, declare or      pay any dividends upon any of its shares or stock or otherwise distribute      any assets to any of its shareholders whether in cash or      otherwise; |
|--------|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.3.15   | consolidate      or subdivide or alter any of the rights attached to, or reduce, any of its      share capital, or capitalise, repay or otherwise distribute any amount      outstanding to the credit of any capital or revenue reserves, redeem any      of its share capital in any way or enter into any arrangement with its      creditors; or |
|--------|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.3.16   | permit      any changes to be made in the identity of its shareholders or the senior      management of the CorporateGuarantor. |
|--------|---------------------|---------------------------------------------------------------------------------------------------------------------------------|

| 15.4   | Financial      Covenants |
|------------------|--------------------------|

|   | 15.4.1   | procure      that the Corporate Guarantor shall ensure that in respect of each      Measurement Period: |
|--------|--------------------|---------------------------------------------------------------------------------------------------------|

|   | (a)   | the      ratio of EBITDA to Interest Payable is not less than  2:1; |
|--------|-----------------|---------------------------------------------------------------------|

|   | (b)   | the      ratio of Total Net Debt to Total Net Capitalisation is not more than      0.70:1; |
|--------|-----------------|--------------------------------------------------------------------------------------------|

|   | (c)   | the      Working Capital is not less than $1,000,000;and |
|--------|-----------------|----------------------------------------------------------|

|   | (a)   | Liquidity      is not less than: |
|--------|-----------------|----------------------------------|

|   | (i)   | $500,000      per Vessel if the average remaining time charter coverage in respect      of  both Vessels is more than 1year; |
|--------|-----------------|----------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii)   | $750,000      per Vessel if the average remaining time charter coverage in respect of      both Vessels is more than 6 months and less or equal to 1 year;      and |
|--------|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii)   | 5%      of the Outstanding Indebtedness if the average remaining time charter      coverage in respect of both Vessels is less or equal to 6 months, but in      any event not less than $750,000; |
|--------|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.4.2   | (if      the Agent reasonably considers that its financial position or prospects      are deteriorating), give independent auditors appointed to carry out an      audit and inspection of its affairs every assistance in that      regard. |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.   | EVENTS      OF DEFAULT |
|-----------------|------------------------|

| 16.1   | Defaults |
|------------------|----------|

|   | 16.1.1   | a      Borrower fails to make any payment due under any of the Security Documents      on its due date, or, in respect of moneys payable on demand, (unless      otherwise specifically provided) on the date such moneys are demanded to      be paid; |
|--------|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.2   | a      Borrower is in breach of any of the provisions of Clauses ‎15.2.4,      ‎15.2.17      or ‎15.3,      or any one or more of the provisions of the Security Documents relating to      the Insurances; |
|--------|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.3   | a      Borrower fails to observe or perform any provision of the Security      Documents other than those referred to in Clauses ‎16.1.1      and ‎16.1.2      and either, in the opinion of the Lender, such default is not remediable,      or, in the case of any such default which the Lender considers capable of      remedy, such default continues unremedied for a period of 14 days after      the Lender, by notice to the Borrowers, requires the same to be      remedied; |
|--------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.4   | Hull      No. 2143 is not delivered to the applicable Borrower by 26 February 2011      and/or Hull No. 2198 is not delivered to the applicable Borrower by 26      January 2010; |
|--------|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.5   | any      licence, approval, consent, authorisation or registration at any time      necessary or desirable for the validity, enforceability or admissibility      in evidence of the Security Documents, or for a Borrower to comply with      its obligations thereunder; |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.6   | a      Vessel becomes a Construction Total Loss and (without prejudice to the      Borrowers' obligations under Clause ‎5.2)      the Lender does not receive within the stated time frame the amount      specified to be repaid to the Lender pursuant to Clause    5.2; |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.7   | a      petition is filed, or an order made, or an effective resolution passed,      for the compulsory or voluntary winding-up or dissolution of a Borrower      (other than for the purposes of amalgamation or reconstruction in respect      of which the prior written consent of the Lender, has been obtained) or      any proceedings analogous to winding-up proceedings are begun in any      jurisdiction in relation to a Borrower or if a Borrower suspends payment      of, or is unable to or admits inability to pay, its debts as they fall due      or makes any special arrangement or composition with creditors generally      or any class of its creditors; |
|--------|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 16.1.8   | an      administrator, administrative receiver, receiver or trustee or similar      official is appointed of the whole, or what the Lender considers a      material part, of the property, assets or undertaking of a Borrower or if      a Borrower applies for, or consents to, any such    appointment; |
|--------|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.9   | any      step is taken (including, without limitation, the making of any      application or the giving of any notice) by a Borrower or by any other      person to appoint an administrator in respect of a    Borrower; |
|--------|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.10   | an      encumbrancer takes possession of, or distress or execution is levied upon,      the whole, or what the Lender considers a material part, of the property,      assets or undertaking of a Borrower and the same is not released/satisfied      within 14 days; |
|--------|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.11   | a      Borrower ceases, or threatens to cease, to carry on its business, or      disposes or threatens to dispose of what the Lender considers a material      part of its properties, assets or undertakings, or such a part is seized,      nationalised, appropriated or compulsorily purchased by or under the      authority of any government; |
|--------|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.12   | anything      is done, suffered or omitted to be done or occurs which, in the reasonable      opinion of the Lender would in any way imperil the security created by the      Security Documents; |
|--------|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.13   | an      event of default or event of termination occurs in relation to any      obligation whatsoever of a Borrower in respect of Financial Indebtedness,      whether such obligation is to the Lender or any other person or any      guarantee or indemnity given by a Borrower is not honoured when      called; |
|--------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.14   | any      representation or warranty made or deemed to be made in any of the      Security Documents, or in any certificate or statement delivered in      connection with any of the Security Documents or Transaction Documents or      in the negotiations leading up to the conclusion of this Agreement is, or      at any time becomes, incorrect in any respect which the Lender considers      materially adverse to the Lender, as if such representation or warranty      were made as of such time; |
|--------|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.15   | a      Borrower ceases to be a company or corporation duly registered in good      standing in the place in which it was  incorporated; |
|--------|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.16   | it      becomes impossible or unlawful for a Borrower to fulfil any of its      obligations under the Security Documents, or for the Lender to exercise      any of the rights vested in it by, or to enforce the security constituted      by, the Security Documents, or any of the Security Documents for any      reason becomes invalid or unenforceable or ceases to be in full force and      effect or either Borrower repudiates or threatens to repudiate any of the      Security Documents; |
|--------|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 16.1.17   | (without      the prior written consent of the Lender) the Corporate Guarantor ceases to      be the sole legal and/or beneficial owner of the shares of the Borrowers      or there is a change in the legal and/or beneficial ownership of the      Corporate Guarantor; |
|--------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.18   | in      the reasonable opinion of the Lender there is any material adverse change      in the financial condition of a Borrower, or the Corporate      Guarantor; |
|--------|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.19   | any      of the events specified in Clauses ‎16.1.1      to ‎16.1.18      inclusive occurs (mutatis mutandis) in relation to any other      Obligor; |
|--------|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.20   | any      event occurs or proceeding is taken in relation to a Borrower or any other      Obligor (in any jurisdiction which has an effect equivalent or similar to      any of the events specified in Clauses ‎16.1.7      to ‎16.1.9; |
|--------|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.21   | any      licence, approval, consent, authorisation or registration at any time      necessary or desirable for the validity, enforceability or admissibility      in evidence of any of the Transaction Documents, or for any of the parties      thereto to comply with its obligations thereunder, is revoked, withheld or      expires, or is modified in what the Lender considers a material respect;      or |
|--------|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.22   | it      becomes impossible or unlawful for any party to any of the Transaction      Documents to fulfil any of its obligations under, or to exercise any      rights vested in it by any of the Transaction Documents or any of the      Transaction Documents is breached in any material respect by any party      thereto or is terminated or for any reason becomes invalid or      unenforceable or otherwise ceases to be in full force and effect or any      party thereto repudiates or threatens to repudiate any of the Transaction      Documents. |
|--------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2   | Lender's      remedies |
|------------------|------------------------|

|   | 16.2.1   | by      written notice to the Borrowers declare its commitment to advance the Loan      cancelled, whereupon the same shall be  cancelled; |
|--------|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.2.2   | by      written notice to the Borrowers demand the immediate repayment of the      Loan, all interest accrued thereon and all other Outstanding Indebtedness,      whereupon the same shall become immediately due and payable;      and |
|--------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.2.3   | take      steps to exercise the rights and remedies conferred upon the Lender by      this Agreement and the other Security Documents and exercisable on or      after the occurrence of an Event ofDefault. |
|--------|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 17.   | FEES,      EXPENSES AND INDEMNITIES |
|-----------------|-------------------------------------|

| 17.1   | Fees |
|------------------|------|

| 17.2   | Indemnity      against costs |
|------------------|------------------------------|

|   | 17.2.1   | in      the negotiation, preparation, printing, execution and registration of this      Agreement and the other SecurityDocuments; |
|--------|--------------------|------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.2.2   | in      entering into this Agreement and/or the Security Documents or in      connection with the Vessels; |
|--------|--------------------|------------------------------------------------------------------------------------------------------------|

|   | 17.2.3   | in      the enforcement or preservation or the attempted enforcement or      preservation of any of the Lender's rights and powers under this Agreement      and the other Security Documents or of the security constituted by the      Security Documents; |
|--------|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.2.4   | in      connection with any actual or proposed amendment of or supplement to this      Agreement or any other of the Security Documents, or with any request of      the Lender to grant any consent or waiver in respect of any provision of      this Agreement or any other of the Security Documents, whether or not the      same is given; |
|--------|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.2.5   | arising      out of any act or omission made by the Lender in good faith in connection      with any of the matters dealt with in the Security Documents;      and |
|--------|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.2.6   | resulting      from the imposition from time to time, under or pursuant to the Bank of      England Act 1988 and/or by the Bank of England and/or by the Financial      Services Authority (or other United Kingdom governmental authorities or      agencies) of a requirement upon the Lender to pay fees to the Financial      Services Authority calculated by reference to liabilities used to fund the      Outstanding Indebtedness. |
|--------|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.3   | Stamp      duties |
|------------------|-------------------|

----

| 17.4   | General      indemnities |
|------------------|--------------------------|

|   | 17.4.1   | Either      Tranche not being drawn in full on the Drawdown Date specified in the      Borrowers' Notice of Drawdown for that Tranche for any reason, other than      as a result of a default by theLender; |
|--------|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.4.2   | any      repayment or prepayment of the whole or any part of a Tranche or      consolidation of the Tranches being made on any date other than the last      day of the Interest Period applicablethereto; |
|--------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.4.3   | any      default in payment by the Borrowers (or any of them) of any sum due under      the Security Documents on its due date;or |
|--------|--------------------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | 17.4.4   | the      occurrence or continuance of an Event of Default and/or a Potential Event      of Default. |
|--------|--------------------|-----------------------------------------------------------------------------------------------------|

| 17.5   | Breakage      costs |
|------------------|---------------------|

‎17.4

|   | 17.5.1   | any      interest, fees or other sums whatsoever paid or payable on account of any      funds borrowed by the Lender in order to fund any unpaid amount;      and |
|--------|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.5.2   | to      any loss, premium, penalty or expense which may be incurred by the Lender      in liquidating or employing deposits from third parties taken to make,      maintain or fund the Loan (or any part thereof) or any other amount due or      to become due to the Lender under the terms of any of the Security      Documents. |
|--------|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.6   | Currency      indemnity |
|------------------|-------------------------|

|   | 17.6.1   | such      receipt or recovery shall only constitute a discharge to the Borrowers to      the extent of the amount in Dollars which the Lender is able or would have      been able, on the date or dates of receipt by it of such payment or      payments in the Currency of Payment (or, in the case of any such date      which is not a Banking Day, on the next succeeding Banking Day), to      purchase in the foreign exchange market of its choice with the amount or      amounts so received; |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 17.6.2   | if      the amount of Dollars which the Lender is so able to purchase falls short      of the amount originally due to the Lender, each Borrower shall indemnify      and hold the Lender harmless against any loss or damage arising as a      result by paying to the Lender that amount in Dollars certified by the      Lender as necessary to so indemnify and hold harmless the      Lender; |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.6.3   | this      indemnity shall constitute a separate and independent obligation from the      other obligations contained in this Agreement, shall give rise to a      separate and independent cause of action, shall apply irrespective of any      indulgence granted by the Lender from time to time and shall continue in      full force and effect notwithstanding any judgment or order for a      liquidated sum or sums in respect of amounts due hereunder or under any      such judgment or order; and |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.6.4   | the      certificate of the Lender as to the amount of any such loss or      damage  (which shall be deemed to constitute a loss suffered by      the Lender) shall (save in case of manifest error) for all purposes be      conclusive and binding on theBorrowers. |
|--------|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.7   | Survival      of indemnities |
|------------------|------------------------------|

| 18.   | CHANGES      IN CIRCUMSTANCES |
|-----------------|-------------------------------|

| 18.1   | Market      disturbances |
|------------------|--------------------------|

‎18

|   | 18.1.1   | the      Lender shall determine that, by reason of circumstances affecting the      London Interbank Market generally, adequate and reasonable means do not or      will not exist for ascertaining the Interest Rate applicable to that      Interest Period; |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 18.1.2   | the      Lender shall determine that the rate at which deposits in Dollars are      being offered to the Lender in the London Interbank Market would not      adequately reflect the cost to the Lender of making, funding or      maintaining the Loan or any part thereof for the duration of that Interest      Period; or |
|--------|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 18.1.3   | the      Lender shall determine that, by reason of circumstances affecting the      London Interbank Market generally, deposits in Dollars are not available      to it in sufficient amounts in the ordinary course of business and that      accordingly the Lender will not be able to make, fund or maintain the Loan      or any part of it during that InterestPeriod. |
|--------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 18.2   | Determination      Notice |
|------------------|---------------------------|

‎18.1

| 18.3   | Suspension      of Lender's commitment |
|------------------|----------------------------------------|

| 18.4   | Mitigation |
|------------------|------------|

| 18.5   | Alternative      funding |
|------------------|--------------------------|

| 18.6   | Repeat      of procedure |
|------------------|--------------------------|

| 18.7   | Borrowers'      right of prepayment |
|------------------|-------------------------------------|

‎18.5
‎5.3

----

| 19.   | INCREASED      COST |
|-----------------|---------------------|

| 19.1   | Causes      of increased cost |
|------------------|-------------------------------|

‎19

|   | 19.1.1   | there      is any change in the basis of taxation (other than the basis of taxation      of the Lender's overall net income) of payments by either of the Borrowers      to the Lender of principal, interest or  otherwise; |
|--------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.1.2   | there      is any change in the basis of taxation of payments by the Lender of      principal or interest on, or otherwise in respect of, deposits taken from      third parties to make, fund or maintain the  Loan; |
|--------|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.1.3   | any      reserve, special deposit, cash ratio, liquidity or other requirements are      imposed, modified or deemed applicable against assets held by or deposits      in or for the account of, or loans by, the Lender (including, without      limitation, any such requirements arising out of the implementation of any      regulations which may replace those set out Basle II or any other revision      to the Basel Accord); or |
|--------|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.1.4   | any      other condition is imposed on the Lender in respect of the transactions      contemplated by this Agreement or any other of the Security      Documents, |
|--------|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.2   | Types      of increased cost |
|------------------|------------------------------|

|   | 19.2.1   | any      additional cost to the Lender of making, funding or maintaining the Loan      or any part thereof or entering into this  Agreement; |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.2.2   | any      reduction in any amount payable or the effective return to the Lender      under this Agreement; or |
|--------|--------------------|--------------------------------------------------------------------------------------------------------------|

|   | 19.2.3   | the      amount of any payment made by the Lender or the amount of any interest or      other return foregone by the Lender calculated  by reference to      any amount received or receivable by the Lender from any other person who      is a party to this Agreement or any Security  Documents. |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.3   | Notification |
|------------------|--------------|

----

| 19.4   | Indemnification      of Lender |
|------------------|--------------------------------|

| 19.5   | No      defence |
|------------------|-----------------|

‎19

| 19.6   | Separate      debt |
|------------------|--------------------|

‎19

| 19.7   | Borrowers'      right of prepayment |
|------------------|-------------------------------------|

‎19
‎5.3

| 20.   | ILLEGALITY |
|-----------------|------------|

| 20.1   | Causes      of illegality |
|------------------|---------------------------|

‎20

| 20.2   | Notification |
|------------------|--------------|

‎20.1

| 20.3   | Mandatory      prepayment |
|------------------|---------------------------|

‎5.3

| 20.4   | Force      majeure |
|------------------|--------------------|

----

| 21.   | JOINT      AND SEVERAL LIABILITY |
|-----------------|----------------------------------|

| 21.1   | Joint      and several |
|------------------|------------------------|

| 21.2   | Obligations      not affected |
|------------------|-------------------------------|

|   | 21.2.1   | any      failure of this Agreement or any other of the Security Documents to be      legal, valid, binding and enforceable in relation to either of the      Borrowers or any other Obligor whether as a result of lack of corporate      capacity, due authorisation, effective execution or    otherwise; |
|--------|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.2.2   | any      giving of time, forbearance, indulgence, waiver or discharge in relation      to either of the Borrowers or any other Obligor;  or |
|--------|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.2.3   | any      other matter or event whatsoever which might have the effect of impairing      all or and of the liabilities any obligations of either of the Borrowers      or any other Obligor. |
|--------|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.3   | Principal      debtors |
|------------------|------------------------|

| 21.4   | Subordination |
|------------------|---------------|

| 22.   | ASSIGNMENTS      AND TRANSFERS |
|-----------------|--------------------------------|

| 22.1   | Successors      and assigns |
|------------------|-----------------------------|

----

| 22.2   | No      assignment by Borrowers |
|------------------|---------------------------------|

| 22.3   | Assignment      and sub-participation by Lender |
|------------------|-------------------------------------------------|

| 22.4   | Disclosure      of information |
|------------------|--------------------------------|

| 22.5   | Change      of lending office |
|------------------|-------------------------------|

| 22.6   | Further      assurance |
|------------------|------------------------|

| 23.   | SET-OFF |
|-----------------|---------|

| 23.1   | Set-off |
|------------------|---------|

|   | 23.1.1   | to      combine and/or consolidate all or any accounts (whether current, deposit,      loan or of any other nature whatsoever, whether subject to notice or not      and in whatever currency) of the Borrowers (or any of them) with any      branch of the Lender; |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 23.1.2   | to      apply any credit balance (whether or not then due) on any such account or      accounts of the Borrowers (or any of them) in or towards satisfaction of      any sum due and payable but not paid to the Lender and any other liability      of the Borrowers (or any of them) (whether actual or contingent) under      this Agreement and/or any of the Security Documents;  and |
|--------|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 23.1.3   | to      do in the name of the Borrowers (or any of them) and/or the Lender all      such acts and execute all such documents as may be necessary or expedient      to effect such application. |
|--------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.2   | Purchase      of other currencies |
|------------------|-----------------------------------|

‎23

| 24.   | MISCELLANEOUS |
|-----------------|---------------|

| 24.1   | Time      of essence |
|------------------|----------------------|

| 24.2   | No      waiver |
|------------------|----------------|

| 24.3   | Waivers      to be in writing |
|------------------|-------------------------------|

| 24.4   | Amendments      to be in writing |
|------------------|----------------------------------|

| 24.5   | Remedies      cumulative |
|------------------|--------------------------|

----

| 24.6   | Severability |
|------------------|--------------|

| 24.7   | Counterparts |
|------------------|--------------|

| 24.8   | Conclusiveness      of Lender's certificates |
|------------------|----------------------------------------------|

| 24.9   | Borrowers'      duties |
|------------------|------------------------|

| 25.   | NOTICES |
|-----------------|---------|

| 25.1   | Addresses |
|------------------|-----------|

|   | 25.1.1 | in      the case of the Lender, as follows: |
|--------|--------|---------------------------------------------|

----

|   | 25.1.1 | in      the case of the Borrowers, asfollows: |
|--------|--------|-----------------------------------------------|

| 25.2   | Changes      of address |
|------------------|-------------------------|

| 25.3   | Deemed      receipt of notices |
|------------------|--------------------------------|

| 25.4   | English      language |
|------------------|-----------------------|

| 26.   | APPLICABLE      LAW AND JURISDICTION |
|-----------------|--------------------------------------|

| 26.1   | Governing      law |
|------------------|--------------------|

| 26.2   | Submission      to jurisdiction |
|------------------|---------------------------------|

‎26

----

| 26.3   | Service      of process |
|------------------|-------------------------|

|   | 26.3.1   | that,      for the purpose of Proceedings in England, any legal process may be served      upon Hill Dickinson Services Limited, currently of c/o Hill Taylor      Dickinson, Irongate House, Duke's Place, London EC3A 7HX (Attn: Ms.      Electra Panayotopoulos), who is hereby authorised to accept service on      behalf of the Borrowers, which shall be deemed to be good service on the      Borrowers; and |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 26.3.2   | that      throughout the Security Period it will maintain a duly appointed process      agent in England, duly notified to the Lender, and that failure by any      such process agent to give notice thereof to it shall not impair the      validity of such service or of a judgment or order based      thereon. |
|--------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.4   | Choice      of forum |
|------------------|----------------------|

‎26

| 26.5   | Forum      convenience |
|------------------|------------------------|

‎26

| 26.6   | Consent |
|------------------|---------|

| 26.7   | Waiver      of immunity |
|------------------|-------------------------|

----

‎3

| (a) | the      representations and warranties made by us as set out in Clause ‎14      of the Loan Agreement are true and accurate on the date hereof as if made      on such date; and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | no      Event of Default or Potential Event of Default has occurred and is      continuing or will occuras a result of the proposed  borrowing. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

----

‎12

| A. | Documents      and evidence to be received on or before the date on which Notice of      Drawdown is given by theBorrowers |
|----|----------------------------------------------------------------------------------------------------------------------------|

| 1.   | Certified      copies of the constitutional documents of each  Obligor. |
|----------------|-------------------------------------------------------------------------|

| 2.   | A      certificate of good standing for each Obligor or other evidence that that      Obligor is in good standing in its country of    incorporation. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | A      certificate of incumbency of each Obligor signed by the secretary or a      director of that Obligor stating (a) its officers and directors; and (b)      the shareholding of that Obligor. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Certified      copies of resolutions duly passed by the directors and (if required by the      Lender) the shareholders of each Obligor at separate meetings evidencing      approval of the transactions contemplated by this Agreement, the other      Security Documents and the Transaction Documents and authorising the      execution of the same. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | The      original of any power of attorney issued by each Obligor in favour of any      person or persons executing this Agreement and the other Security      Documents. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | Certified      copies of all licences, authorisations, approvals and consents required in      connection with the execution, delivery, performance, validity and      enforceability of the Security Documents and the Transaction      Documents. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Such      certificates and documents as the Lender may require to comply with any      money-laundering prevention procedures and know your client requirements      then applicable to it. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | Certified      copies of the Transaction Documents and of all documents, signed or issued      by either Borrower and/or the other parties thereto under or in connection      therewith. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | The      Security Documents referred to in Clause ‎13.2      and all notices and acknowledgments required under those Security      Documents duly executed by the Borrowers and/or by the other Obligors (or      any of them) and/or by any other relevant party(ies) (as      relevant). |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.   | Evidence      that each  Deposit Account has been duly opened by the Borrowers      and the Seller with Deutsche SchiffsbankAG. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | Evidence      satisfactory to the Lender that the balance of the Deposit not being      financed by the Lender under this Agreement has been or will be lodged in      the Deposit Account. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.   | Confirmation      from the agents in England nominated in this Agreement and elsewhere in      the Security Documents by each Obligor for the acceptance of service of      process, that they consent to suchnomination. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 13.   | Favourable      opinions from the Lender's legal advisers with respect to each Obligor,      and the overall transaction contemplated by this Agreement, in such terms      as the Lender may require. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Owner                            | Seller                                     | Vessel      name   |
|----------------------------------|--------------------------------------------|--------------------|
|                             |                                       |               |
| Lemannville      Navigation Inc. | ST      Shipping & Transport Pte. Ltd. | Hull      No. 2143 |
|                             |                                       |               |
| Turneville      Navigation Inc.  | ST      Shipping & Transport Pte. Ltd. | Hull      No. 2198 |

----

| 1.   | The      Mandatory Cost is an addition to the interest rate to compensate the      Lender for the cost of compliance with (a) the requirements of the Bank of      England and/or the Financial Services Authority (or, in either case, any      other authority which replaces all or any of its functions) or (b) the      requirements of the European CentralBank. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | On      the first day of each Interest Period (or as soon as possible thereafter)      the Lender shall calculate, as a percentage rate, a rate (the "Additional Cost Rate")      for the Lender, in accordance with the paragraphs set out      below.  The Mandatory Cost will be calculated by the Lender as a      weighted average of the Lender's Additional Cost Rates and will be      expressed as a percentage rate perannum. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | The      Additional Cost Rate for the Lender lending from a lending office in a      Participating Member State will be the percentage notified by the Lender      to the Borrowers.  This percentage will be certified by the      Lender in its notice to be its reasonable determination of the cost      (expressed as a percentage of that Lender's participation in the Loan made      from that lending office) of complying with the minimum reserve      requirements of the European Central Bank in respect of loans made from      that lending office. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | The      Additional Cost Rate for the Lender lending from a lending office in the      United Kingdom will be calculated by the Lender as  follows: |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | E | is      designed to compensate the Lender for amounts payable under the Fees Rules      and is calculated by the Lender as being the average of the most recent      rates of charge supplied by the Lender pursuant to paragraph 6 below and      expressed in pounds per £1,000,000. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | For      the purposes of this Schedule: |
|----------------|-----------------------------------------|

|   | "Eligible Liabilities"      and "Special      Deposits" have the meanings given to them from time to time under      or pursuant to the Bank of England Act 1998 or (as may be appropriate) by      the Bank of England; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "Fees Rules" means the      rules on periodic fees contained in the FSA Supervision Manual or such      other law or regulation as may be in force from time to time in respect of      the payment of fees for the acceptance of  deposits; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "Fee Tariffs" means the      fee tariffs specified in the Fees Rules under the activity group A.1      Deposit acceptors (ignoring any minimum fee or zero rated fee required      pursuant to the Fees Rules but taking into account any applicable discount      rate); |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "Participating Member      State" means any member state of the European Union that adopts or      has adopted the Euro as its lawful currency in accordance with legislation      of the European  Union relating to European Monetary Union;      and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | "Tariff Base" has the      meaning given to it in, and will be calculated in accordance      with, |
|--------|----------------------------------------------------------------------------------------------------|

| 6.   | The      rates of charge of the Lender for the purpose of E above shall be      determined by the Lender based upon applicable information above and on      the assumption that the Lender's obligations in relation to cash ratio      deposits and Special Deposits are the same as those of a typical bank from      its jurisdiction of incorporation with a lending office in the same      jurisdiction as its lending office. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | The      Lender shall have no liability to any person if such determination results      in an Additional Cost Rate which over or under compensates any Lender and      shall be entitled to assume that the information provided by it pursuant      to paragraph 3 above is true and correct in all  respects. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | Any      determination by the Lender pursuant to this Schedule in relation to a      formula, the Mandatory Cost, an Additional Cost Rate or any amount payable      to the Lender shall, in the absence of manifest error, be conclusive and      binding on all Parties. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | The      Lender may from time to time, after consultation with the Borrowers,      determine and notify to all parties any amendments which are required to      be made to this Schedule in order to comply with any change in law,      regulation or any requirements from time to time imposed by the Bank of      England, the Financial Services Authority or the European Central Bank      (or, in any case, any other authority which replaces all or any of its      functions) and any such determination shall, in the absence of manifest      error, be conclusive and binding on allParties. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  SIGNED for and on behalf    | )  |
|-----------------------------------|---------|
|  of                          | )  |
|  LEMANNVILLE                 | )  |
|  NAVIGATION INC.        | )  |
|  by                          | )  |
|  its duly appointed attorney | )  |
|  in the presence of:         | )  |

|  SIGNED for and on behalf    | )  |
|-----------------------------------|---------|
|  of                          | )  |
|  TURNEVILLE                  | )  |
|  NAVIGATION INC.             | )  |
|  by                          | )  |
|  its duly appointed attorney | )  |
|  in the presence of:         | )  |

|  THE LENDER |   |
|------------------|--------|

|  SIGNED for and on behalf | )  |
|--------------------------------|---------|
|  of                       | )  |
|  LLOYDS TSB BANK PLC      | )  |
|  by                       | )  |
|  its authorised signatory | )  |
|  in the presence of:      | )  |
|                           |    |