Exhibit 4.55
 Coolsingel 1043011 AG RotterdamMailing addressP.O. Box 2493000 AE RotterdamTelephone +31 10 2B2 02 82 
Fax +31 10 282 03 99
 CONFIDENTIAL
    
    Bankaccount 52.52.30.025FreeSeas Inc.For the attention of the Management
    
    Swift HBUANL2R89 Akti Miaouli & 4 Gr Mavrokordatou street
    
    www.HBU.nlPIRAEUS 185 38Griekenland
 Department
 Reference
    
    Telephone
    
    Fax
    
    DateL.J.M. Bloemheuvel/je
    
    31-10-2820146
    
    31-10-2820149
    
    12 August2008
 Re:
    
    credit arrangement Adventure Two S.A. / Adventure Three S.A. / Adventure Seven S.A./
Adventure Eleven S.A.
  
     [ILLEGIBLE]HOLLANDSCHE BANK UNIE N.V.Register of Commerce
Rotterdam no 33259495VAT no NL003027144B01




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HOLLANDSCHE
                               BANK-UNIE N.V.
    
 Encl:
    
    Credit Agreement in twofold HBU General

Credit Provisions General Banking Conditions of

HBU Short term Loan Agreement in twofold

Text of the Independent Corporate Guarantee
 HOLLANDSCHE BANK-UNIE N.V.Handelsregister K. v.K.
Rotterdam nr
 33259495B.T.W. ident nr. NL
00.30.27.144,B01




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HOLLANDSCHE
                               BANK-UNIE N.V.
 CREDIT AGREEMENT
 The undersigned:
 1.
    
    Adventure Two S.A., established in Majuro, Marshall Islands,Adventure Three S.A., established in Majuro, Marshall Islands,Adventure Seven S.A., established in Majuro, Marshall Islands,Adventure Eleven S.A., established in Monrovia, Liberia,
    
    (new)hereinafter (together and individually) referred to as the Borrower,2.
    
    HOLLANDSCHE BANK-UNIE N.V., having
its registered office in Rotterdam, the Netherlands, hereinafter
referred to as HBU.
 Have agreed as follows:
  Facility amount
    
    USD
    
    66,725,000
    
    (was USD
32,125,000)Breakdown of facility amountOverdraft facility I
    
    USD
    
    2,500,000Overdraft
facility II
    
    USD
    
    1,375,000Overdraft facility III
    
    USD
    
    3,000,000Overdraft facility IV
    
    USD
    
    34,600,000
    
    
    (new)8-year rollover loan
    
    USD
    
    25,250,000
    
    (outstanding amount)(principal amount USD 27,000,000)
 Overdraft facility I, II and IV
  Reduction scheme overdraft facility I
 
 Reduction scheme overdraft facility II
    
    [ILLEGIBLE]
 beginning three months after
drawing date The next reduction will be 27 September 2008
 Reduction scheme overdraft facility III
    
    
    
    (amendment)
   HOLLANDSCHE BANK-UNIE N.V.Handelsregister K. v.K.
Rotterdam nr
 33259495B.T.W. ident nr. NL
00.30.27.144,B01
 Reduction scheme overdraft facility IV
    
    (new)




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HOLLANDSCHE
                               BANK-UNIE N.V.
 31,500,000
 [ILLEGIBLE]
 The 8-year rollover loan
 (amendment)
 Rates and charges
 Overdraft facility I, II, III and IV
    
    (amendment)
 
    
    Current variable USD debit interest rate, based on the market rate, will be 3.76%.
    
    Short term loans: libor+ 1.30%.
    
    Short term loans: libor + 1.25%, when Borrower will conclude an IRS or CAP.
 Overdraft facility IV
    
    (new)
 
    
    Upfront fee:
    
    0.6% of the principal amount
  
    
    Commitment fee
    
    0.65% per annum
  Security and covenants
 
    
    First preferred mortgage, on the vessel m.v. Voge Katja to be renamed
m.v. Free Maverick, registered under the flag of Liberia. IMO number 9157416. Fuller
details will be included in the mortgage deed. On this mortgage the laws of Liberia will be applicable.      (new)
    
    First preferred mortgage of USD 3,700,000 on the vessel m.v. Free Destiny, registered under the flag of the
Marshall Islands. IMO number 8128157, call letters V7GD9. Fuller details are included in the mortgage deed. On this
mortgage the laws of the Marshall Islands are applicable.
    
    Second preferred mortgage on the vessel m.v. Free Destiny, registered under the flag
of the Marshall Islands. IMO number 8128157, call letters V7GD9. Fuller details are included
in the mortgage deed. On this mortgage the laws of the Marshall Islands are
applicable.
    
    Third preferred mortgage on the vessel m.v. Free Destiny, registered under the flag
of the Marshall Islands. IMO number 8128157, call letters V7GD9. Fuller details will be
included in the mortgage deed. On this mortgage the laws of the Marshall Islands are
applicable. (new)
 HOLLANDSCHE BANK-UNIE N.V.Handelsregister K. v.K.
Rotterdam nr
 33259495B.T.W. ident nr. NL
00.30.27.144,B01




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HOLLANDSCHE
                               BANK-UNIE N.V.
   (new)
  (new)
  (amendment)
      HOLLANDSCHE BANK-UNIE N.V.Handelsregister K. v.K.
Rotterdam nr
 33259495B.T.W. ident nr. NL
00.30.27.144,B01




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HOLLANDSCHE
                               BANK-UNIE N.V.
   Other provisions
 
    
    With a view to the continuity of the Borrowers business, HBU deems it necessary that, as from the
end 2008:
 
    
    the Interest Coverage Ratio of Freeseas Inc. must amount to at least 2.5;
    
    the Debt Service Cover Ratio of Freeseas Inc. is not less than 1.1.
    
    the Gearing of Freeseas Inc. must amount to maximum 2.5;
    
    out of the Excess Cash of the Borrowers 50% has to be used to save as extra repayment on
overdraft facility IV. (new)
  
    
    All definitions concerning this Credit Agreement are stated in the Appendix B.
    
    In case of a sale of the m.v. Free Envoy or the m.v. Free Destiny any outstanding balance under Borrowers
    
    the corresponding overdraft facility I or II will be fully repaid,
    
    the balance will be repaid on the overdraft facility IV, and
    
    any remaining balance will be repaid on the rollover loan.(amendment)
 
    
    The vessels will be safely operated and maintained and will in any case always be in class (acceptable IACS members) during the loan period.
 
    
    Borrower will give HBU a time charter agreement with respect to the new vessel
for inspection. The contents, a contract of at least 1 year at a rate of at least USD 30,000 a
day, must be acceptable to HBU.(new)
    
    Borrower will give HBU the time charter agreements for inspection. The contents thereof must be
acceptable to HBU.
    
    Borrower will give HBU the time charter agreement with respect to the m.v. Free Envoy for inspection.
The contents, a contract of at least 1 year at a rate of at least USD 25,000 a
day, must be acceptable to HBU.(new)
  (amendment)
 HOLLANDSCHE BANK-UNIE N.V.Handelsregister K. v.K.
Rotterdam nr
 33259495B.T.W. ident nr. NL
00.30.27.144,B01




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HOLLANDSCHE
                               BANK-UNIE N.V.
  
    
 Marshall Islands,  Majuro,
    
    
    2008/s/
Ion G. Varouxakis

Adventur Two S.A.
    
    /s/ Ion G. Varouxakis

Adventur Three S.A./s/ Ion G. Varouxakis

Adventur Seven S.A./s/

Liberia, Monrovia.
    
    
    2008/s/ Ion G. Varouxakis

Adventur Eleven S.A.
 HOLLANDSCHE BANK-UNIE N.V.Handelsregister K. v.K.
Rotterdam nr
 33259495B.T.W. ident nr. NL
00.30.27.144,B01




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HOLLANDSCHE
                               BANK-UNIE N.V.
 APPENDIX B
 Definitions
 Adjusted Balance Sheet Total
 Annual Accounts accordance
 Capital Expenditure
 Consolidated EBIT
 Consolidated EBITDA
 Consolidated Net Finance Charges
 excluding
 including
 including
 deducting
 deducting
 excluding
 Consolidated Total Bank Debt excluding
 including,
  HOLLANDSCHE BANK-UNIE N.V.Handelsregister K. v.K.
Rotterdam nr
 33259495B.T.W. ident nr. NL
00.30.27.144,B01




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HOLLANDSCHE
                               BANK-UNIE N.V.
 Consolidated Total Bank Debt/Consolidated EBITDA Ratio
 Debt Service Cover Ratio
 Excess Cash
 Financial Indebtedness
 
    
    any indebtedness for or in respect of indebtedness for borrowed money;
    
    any documentary credit facility;
    
    any treasury transaction or any other transaction entered into in connection
with protection against or benefit from fluctuation in any rate or price and the amount
of the financial indebtedness in relation to any such transaction shall be calculated
by reference to the marked-to-market valuation of such transaction at the relevant
time; and
    
    any guarantee, indemnity, bond, standby letter of credit or any other
instrument issued in connection
  Financial Year
 Free Operating Cash Flow
 adding:
 
    
    any decrease in the amount of Working Capital;
    
    any cash receipt in respect of any exceptional or extraordinary item
(including, without limitation, the proceeds of the sale of any assets other than
material part of the business disposal proceeds or the proceeds from the disposal of a
material asset);
    
    any increase in provisions, other non-cash debits and other non-cash charges
taken into account in establishing Consolidated EBITDA;
 and deducting:
 
    
    any amount of Capital Expenditure actually made by FreeSeas Inc.;
    
    any increase in the amount of Working Capital;
    
    any cash payment in respect of any exceptional or extraordinary item;
    
    any amount actually paid or due and payable in respect of taxes on the profits
of FreeSeas Inc.;
    
    any decrease in provisions and other non-cash credits taken
into account in establishing Consolidated EBITDA;
  HOLLANDSCHE BANK-UNIE N.V.Handelsregister K. v.K.
Rotterdam nr
 33259495B.T.W. ident nr. NL
00.30.27.144,B01




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HOLLANDSCHE
                               BANK-UNIE N.V.
 Gearing
 Interest Coverage Ratio
 Interest Expense
 
    
    gross interest and arrangement fee on any form of such Financial Indebtedness which
has accrued as an obligation of FreeSeas Inc. during that Relevant Period, including the
interest element of finance leases; and
    
    the consideration given by FreeSeas Inc. during that Relevant Period by way of
discount in connection with such Financial Indebtedness by way of acceptance credit, bill
discounting or other like arrangement.
 GAAP
 Net Interest Expense
 Net Total Debt Service
 
    
    Net Interest Expense for such Relevant Period; and
    
    all scheduled repayments of capital or principal under the terms of any Financial
Indebtedness of FreeSeas Inc. (excluding any Financial Indebtedness owed by FreeSeas Inc.
to any other member of FreeSeas Inc.) in each case which fall due during that Relevant
Period.
 Quarterly Accounts
 Relevant Period
 Total Net Debt
 HOLLANDSCHE BANK-UNIE N.V.Handelsregister K. v.K.
Rotterdam nr
 33259495B.T.W. ident nr. NL
00.30.27.144,B01




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HOLLANDSCHE
                               BANK-UNIE N.V.
 Tangible Net Worth
 Test Date
 Working Capital
 HOLLANDSCHE BANK-UNIE N.V.Handelsregister K. v.K.
Rotterdam nr
 33259495B.T.W. ident nr. NL
00.30.27.144,B01