|                                                         | EXHIBIT      4.9 |
|--------------------------------------------------------------|------------------|
|                                                         |             |
|                                                         |
|                                                         |
|                                                         |
| Dated 27 March      2008                                     |
|                                                         |
|                                                         |
|                                                         |
| Junior      Secured Loan Agreement                           |
| for      a loan of up to                                     |
| US$42,500,000                                                |
|                                                         |             |
|                                                         |             |
|                                                         |             |
| to                                                           |
| OMEGA      NAVIGATION ENTERPRISES, INC.                      |
|                                                         |             |
| provided      by the                                         |
| banks      and financial institutions                        |
| listed      in Schedule 1                                    |
|                                                         |             |
|                                                         |
| Swap      Banks                                              |
| THE      BANK OF TOKYO-MITSUBISHI UFJ, LTD., New York Branch |
| -and-                                                        |
| NIBC      BANK N.V.                                          |
|                                                         |
| Agent                                                        |
| NIBC      BANK N.V.                                          |
|                                                         |
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----

| Clause          |                                                                | Page   |
|-----------------|---------------------------------------------------------------------|--------|
|            |                                                                |   |
| 1               | Purpose      and definitions                                        | 2      |
|            |                                                                |   |
| 2               | The      Facility                                                   | 19     |
|            |                                                                |   |
| 3               | Interest      and Interest Periods                                  | 20     |
|            |                                                                |   |
| 4               | Repayment,      prepayment and reborrowing                          | 22     |
|            |                                                                |   |
| 5               | Commitment      commission, fees and expenses                       | 26     |
|            |                                                                |   |
| 6               | Payments      and taxes; accounts and calculations                  | 27     |
|            |                                                                |   |
| 7               | Representations      and warranties                                 | 28     |
|            |                                                                |   |
| 8               | Undertakings                                                        | 33     |
|            |                                                                |   |
| 9               | Conditions                                                          | 43     |
|            |                                                                |   |
| 10              | Events      of Default                                              | 44     |
|            |                                                                |   |
| 11              | Indemnities                                                         | 48     |
|            |                                                                |   |
| 12              | Unlawfulness      and increased costs                               | 49     |
|            |                                                                |   |
| 13              | Application      of Moneys, Security, set off and pro-rata payments | 51     |
|            |                                                                |   |
| 14              | Earnings      Accounts                                              | 53     |
|            |                                                                |   |
| 15              | Assignment,      substitution and lending office                    | 56     |
|            |                                                                |   |
| 16              | Agent                                                               | 58     |
|            |                                                                |   |
| 17              | Notices      and other matters                                      | 58     |
|            |                                                                |   |
| 18              | Governing      law and jurisdiction                                 | 60     |
|            |                                                                |   |
| Schedule      1 | The      Banks and the Swap Banks                                   | 61     |
|            |                                                                |   |
|            | Part      1 - Commitment                                            | 61     |
|            |                                                                |   |
|            | Part      2 – The Swap Bank                                   | 61     |
|            |                                                                |   |
| Schedule      2 | Ships                                                               | 62     |
|            |                                                                |   |
|            | Part      1 - Initial Ships                                         | 62     |
|            |                                                                |   |
| Schedule      3 | Form      of Drawdown Notice                                        | 65     |
|            |                                                                |   |
| Schedule      4 |                                                                | 66     |
|            |                                                                |   |
| Schedule      5 | Form      of Substitution Certificate                               | 73     |
|            |                                                                |   |
| Schedule      6 | Compliance      Certificate                                         | 77     |
|            |                                                                |   |
| Schedule      7 | Calculation      of Additional Cost                                 | 79     |

----

| (1) | OMEGA NAVIGATION ENTERPRISES,      INC. as Borrower; |
|-----|------------------------------------------------------|

| (2) | the      banks and financial institutions whose names and addresses are set out in      Schedule 1, Part 1 as Banks; |
|-----|----------------------------------------------------------------------------------------------------------------------|

| (3) | THE BANK OF TOKYO-MITSUBISHI      UFJ, LTD., New York Branch and NIBC BANK N.V. in their      capacities as Swap Banks; and |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

| (4) | NIBC BANK N.V. in its      capacity as Agent, security agent andtrustee. |
|-----|--------------------------------------------------------------------------|

| 1 | Purpose and      definitions |
|---|------------------------------|

| 1.1 | Purpose |
|-----|---------|

|   | This      Agreement sets out the terms and conditions upon and subject to which the      Banks agree, according to their several obligations, to make available to      the Borrower a loan facility of the lesser of: (i) Forty Two million Five      hundred thousand Dollars ($42,500,000), (ii) nine per cent (9%) of the      Fleet Market Value on the Drawdown Date and (iii) an amount which when      aggregated with the amount of the First Loan does not exceed seventy per      cent (70%) of the Fleet Market Value on the Drawdown Date, for the purpose      of (a) assisting the Borrower in prepaying part of the First Loan      presently secured on, inter alia, the Ships      pursuant to the First Loan Agreement and (b) providing the Borrower with      working capital. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | Definitions |
|-----|-------------|

----

|   | (i) | the      Emmanuel Ship: the time charterparty dated 1 March 2007 entered into      between the Emmanuel Owner and the relevant Charterer to be guaranteed by      the Charter Guarantor upon the terms and conditions acceptable to the      Agent as amended by the addendum no. 1 dated 4 May 2007 as the same may be      further amended, varied or supplemented with the Agent’s prior written      consent; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | the      Theodore Ship: the time charterparty dated 1 March 2007 entered into      between the Theodore Owner and the relevant Charterer to be guaranteed by      the Charter Guarantor upon the terms and conditions acceptable to the      Agent as amended by the addendum no. 1 dated 30 April 2007 as the same may      be further amended, varied or supplemented with the Agent’s prior written      consent; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      Prince Ship: the time charterparty dated 11 April 2006 entered into      between the Prince Owner and the relevant Charterer upon the terms and      conditions acceptable to the Agent as the same may be amended, varied or      supplemented with the Agent’s prior written  consent; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the      Princess Ship: the time charterparty dated 11 April 2006 entered into      between the Princess Owner and the relevant Charterer upon the terms and      conditions acceptable to the Agent as the same may be amended, varied or      supplemented with the Agent’s prior written  consent; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | the      Sarah Ship:  the time charterparty dated 11 April 2006 entered      into between the Sarah Owner and the relevant Charterer to be guaranteed      by the Charter Guarantor upon the terms and conditions acceptable to the      Agent as the same may be amended, varied or supplemented with the Agent’s      prior written consent; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | the      Miriam Ship:  the time charterparty dated 11 April 2006 entered      into between the Miriam Owner and the relevant Charterer to be guaranteed      by the Charter Guarantor upon the terms and conditions acceptable to the      Agent as the same may be amended, varied or supplemented with the Agent’s      prior written consent; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | the      Queen Ship:  the time charterparty dated 7 April 2006 entered      into between the Queen Owner and the relevant Charterer upon the terms and      conditions acceptable to the Agent as the same may be amended, varied or      supplemented with the Agent’s prior written consent;  and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | the      King Ship:  the time charterparty dated 7 April 2006 entered      into between the King Owner and the relevant Charterer upon the terms and      conditions acceptable to the Agent as the same may be amended, varied or      supplemented with the Agent’s prior written  consent; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      Emmanuel Ship, the Theodore Ship, the Sarah Ship and the Miriam Ship: ST      Shipping & Transport Pte. Limited of  Singapore; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      Prince Ship and the Princess Ship:  DS Norden A/S of      Denmark; |
|--------|------|---------------------------------------------------------------------------------------|

|   | (iii) | the      Queen Ship and the King Ship:  A/S Dampskibsselskabet Torm of      Hellerup, Denmark, |
|--------|-------|----------------------------------------------------------------------------------------------------------|

----

|   | (a) | in      relation to the Emmanuel Ship and the Theodore Ship:  Lloyd's      Register of Shipping; |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (b) | in      relation to the Prince Ship, the Princess Ship, the Sarah Ship and the      Miriam Ship:  American Bureau of Shipping;  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in      relation to the King Ship and the Queen Ship:  Det Norske      Veritas, |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | “Coordination Agreement“      means a deed, made or to be made by and among (1) the Borrower, (2) the      Owners, (3) the First Banks, (4) the First Swap Bank, (5) the First Loan      Arranger and the First Loan Agent (as senior mortgagee), (6) the Banks,      (7) the Swap Banks and (8) the Agent (as subordinated mortgagee)      regulating, inter      alia, their respective rights and powers in relation to the      enforcement of security and related matters, in such form as the First      Banks and the Banks shall approve orrequire; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Interest      Payable for such period; |
|--------|-----|----------------------------------------|

|   | (b) | the      total amount of the (but not voluntary or mandatory) repayment of the      Facility made by the Borrower or which fell due during such period;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      total amount of all scheduled (but not voluntary or mandatory) repayments      of principal under the terms of any other Indebtedness (save for any      revolving, overdraft or ancillary facility that is available for      simultaneous re-drawing according to its terms) made by the members of the      Borrower’s Group or which fell due during such period, including the      principal |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | element      of scheduled rental payments which under GAAP should be treated as a      finance lease or otherwise capitalised on the books of such person, in      accordance with such principles; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | any      and all enforcement, clean-up, removal or other governmental or regulatory      action or order or claim instituted or made pursuant to any Environmental      Law or resulting from a Spill; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any      claim made by any other person relating to a  Spill; |
|--------|-----|---------------------------------------------------------------|

|   | (a) | from      any Fleet Vessel; or |
|--------|-----|--------------------------------|

|   | (b) | from      any other vessel in circumstanceswhere: |
|--------|-----|---------------------------------------------------|

|   | (i) | any      Fleet Vessel or its owner, operator or manager may be liable for      Environmental Claims arising from the Spill (other than Environmental      Claims arising and fully satisfied before the date of this Agreement);      and/or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any      Fleet Vessel may be arrested or attached in connection with any such      Environmental Claims; |
|--------|------|----------------------------------------------------------------------------------------------------------|

----

|   | “First Banks” means the      banks and financial institutions listed in Schedule 1 of the First Loan      Agreement and includes their respective successors and      assigns; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “FirstCharter Assignment”      means the first priority specific assignment of each relevant Charter      executed by the relevant Owner in favour of the First Loan Agent as      security agent and trustee on behalf of the First Loan Finance Parties in      the agreed form; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "First General      Assignment" means where appropriate, in respect of each Ship a      first priority general assignment collateral to the First Mortgage of such      Ship executed by each Owner of that Ship in favour of the First Loan Agent      as agent and security trustee on behalf of the First Loan Finance Parties      and "First General      Assignments" means all ofthem; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “First Loan” means the      loan for the time being drawn and outstanding under the First Loan      Agreement; |
|--------|----------------------------------------------------------------------------------------------------------------------------|

|   | "First Loan Agency      Agreement" means the agency agreement executed between the First      Banks, the First Loan Swap Bank, the First Loan Agent and the First Loan      Arranger, in such form as the First Banks may approve or      require; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “First Loan Agent“ means      HSH Nordbank AG acting through its office at Gerhart-Hauptmann-Platz 50,      20095 Hamburg, Federal Republic of Germany; or any successor of it      appointed under the First Loan AgencyAgreement; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “First Loan Agreement”      means a facility agreement dated 7 April 2006 as amended and supplemented      by a first supplemental deed dated 28 July 2006, a second supplemental      deed dated 21 March 2007 and by a third supplemental deed dated 27 March      2008, all made between the Borrower as borrower, the First Loan Agent as      agent, security agent and trustee, the First Loan Swap Bank as swap bank,      the First Loan Arranger as arranger and the First Banks as lenders in      relation to certain loan facilities of up to Two hundred Ninety Five      million Dollars ($295,000,000) for the purposes and upon the terms      described therein; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “First Loan Arranger“      means HSH Nordbank AG acting through its office at Gerhart-Hauptmann-Platz      50, 20095 Hamburg, Germany; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "First Loan Finance      Parties" means, together, the First Loan Agent, the First Loan Swap      Bank and the First Banks, the First Loan Arranger and "First Loan      Finance Party" means any of      them; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “First Loan Security      Documents” shall have the meaning ascribed to “Security Documents”      in the First Loan Agreement and shall include, without limitation, the      First Account Pledges, the First General Assignments, the First Mortgages,      the First Share Charges and the First Assignments of Intra-Group Loan      Agreements; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "First Loan Swap Bank"      means HSH Nordbank AG acting through its office at Martensdamm 6, 24103,      Kiel, Republic of Germany and any other bank listed in Schedule 1, Part 2      of the First Loan Agreement; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | “First Manager’s      Undertaking” means an undertaking including, where appropriate, an      assignment of any obligatory Insurances executed by the relevant Approved      Manager in favour of the Agent as a condition precedent to the approval of      the appointment of such Approved Manager as manager of a Ship, such      undertaking being in substantially the agreed form and “Manager’s Undertakings”      means all of them; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "First Mortgage" means,      in relation to each Ship, a first preferred Marshall Islands or Liberian      (as the case may be) mortgage on such Ship executed by the relevant Owner      in favour of the First Loan Agent as security agent and trustee on behalf      of the First Loan Finance Parties and "First Mortgages" means      all of them; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "First Share Charge"      means, in relation to each Owner, the first priority charge of all of the      issued shares in the capital of such Owner executed or (as the context may      require) to be executed by the Borrower (or such other direct shareholder      of the Owner (being a wholly-owned Subsidiary of the Borrower) as the      First Loan Agent may require) in favour of the First Loan Agent as      security agent and trustee on behalf of the First Loan Finance Parties to      be in form and substance acceptable to the First Loan Agent and “First Share Charges”      means all of them; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Margin      Ratio | Margin |
|-------------------|--------|
| ≤      55%  | 2.25%  |
| 55.01%      - 60% | 2.50%  |
| 60.01%      - 70% | 2.75%  |
| >      70.01%  | 3%     |

----

|   | (i) | the      Emmanuel Ship:  the EmmanuelOwner; |
|--------|-----|-------------------------------------------------------|

|   | (ii) | the      Theodore Ship:  the TheodoreOwner; |
|--------|------|-------------------------------------------------------|

----

|   | (iii) | the      Prince Ship:  the PrinceOwner; |
|--------|-------|---------------------------------------------------|

|   | (iv) | the      Princess Ship:  the PrincessOwner; |
|--------|------|-------------------------------------------------------|

|   | (v) | the      Sarah Ship:  the SarahOwner; |
|--------|-----|-------------------------------------------------|

|   | (vi) | the      Queen Ship:  the QueenOwner; |
|--------|------|-------------------------------------------------|

|   | (vii) | the      King Ship:  the King Owner;and |
|--------|-------|---------------------------------------------------|

|   | (viii) | the      Miriam Ship:  the MiriamOwner, |
|--------|--------|---------------------------------------------------|

|   | (a) | master’s,      officer’s or crew’s wages outstanding in the ordinary course of      trading; |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (b) | salvage      and any ship repairer’s or outfitter’s possessory lien for a sum not      (except with the prior written consent of the Agent) exceeding the      Casualty Amount (as defined in the relevant  Mortgage); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | damages      arising as a result of a claim in tort provided that the same is fully      covered by insurance subject to a reasonable deductible;    and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | general      average and for necessaries incurred in the ordinary course of trading and      have not been outstanding for more than sixty (60) days or are being      contested in good faith in a manner satisfactory to the Banks in their      sole discretion; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (a) | the      Accounts Pledges; |
|--------|-----|----------------------------|

|   | (b) | the      Assignment of Intra-Group LoanAgreements; |
|--------|-----|----------------------------------------------------|

|   | (c) | the      Charter Assignments; |
|--------|-----|-------------------------------|

|   | (d) | the      General Assignments; |
|--------|-----|-------------------------------|

|   | (e) | the      Manager’s Undertakings; |
|--------|-----|----------------------------------------|

|   | (f) | the      Master Swap Assignments; |
|--------|-----|-----------------------------------|

|   | (g) | the      Mortgages; |
|--------|-----|---------------------|

|   | (h) | the      Owners' Guarantees; |
|--------|-----|------------------------------|

|   | (i) | the      Share Charges; and |
|--------|-----|-----------------------------|

|   | (j) | any      Tripartite Deed(s), |
|--------|-----|------------------------------|

----

|   | (i) | The      Queen Ship and the King Ship:  Bernhard Schulte Shipmanagement      (L) Private Limited of .; |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (ii) | The      Sarah Ship, the Miriam Ship, the Prince Ship, the Princess Ship, the      Emmanuel Ship and the Theodore Ship:  V.Ships Management Limited      . of Skypark, 8 Elliot Place, Glasgow, G3 8EP,  Scotland, |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | actual,      constructive, compromised or arranged total loss of a Ship;    or |
|--------|-----|--------------------------------------------------------------------------------|

|   | (b) | the      Compulsory Acquisition of a Ship;or |
|--------|-----|----------------------------------------------|

|   | (c) | the      hijacking, theft, condemnation, capture, seizure, arrest, detention or      confiscation of a Ship (other than where the same amounts to the      Compulsory Acquisition of such Ship) by any Government Entity, or by      persons acting or purporting to act on behalf of any Government Entity,      unless such Ship be released and restored to the relevant Owner from such      hijacking, theft, condemnation, capture, seizure, arrest, detention or      confiscation within thirty (30) days after the occurrence      thereof; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.4 | Construction of certain      terms |
|-----|------------------------------------|

|   | In      this Agreement, unless the context otherwise  requires: |
|--------|-----------------------------------------------------------------|

| 1.4.1 | references      to clauses and schedules are to be construed as references to      clauses of, and schedules to, this Agreement and references to      this Agreement include itsschedules; |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.2 | references      to (or to any specified provision of) this Agreement or any other document      shall be construed as references to this Agreement, that provision or that      document as in force for the time being and as amended in accordance with      terms thereof, or, as the case may be, with the agreement of the relevant      parties; |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.3 | references      to a “regulation”      include any present or future regulation, rule, directive, requirement,      request or guideline (whether or not having the force of law) of any      agency, authority, central bank or government department or any      self-regulatory or other national or supra-national    authority; |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.4 | words      importing the plural shall include the singular and vice      versa; |
|-------|---------------------------------------------------------------------------------|

| 1.4.5 | references      to a time of day are to Londontime; |
|-------|-----------------------------------------------------|

| 1.4.6 | references      to a person shall be construed as references to an individual, firm,      company, corporation, unincorporated body of persons or any Government      Entity; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.7 | references      to a “guarantee”      include references to an indemnity or other assurance against financial      loss including, without limitation, an obligation to purchase assets or      services as a consequence of a default by any other person to pay any      Indebtedness and “guaranteed” shall be      construed accordingly; |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.8 | references      to acts or things to be done by the Agent and references to the Agent      entering into a Finance Document are to be construed as acts or thing to      be done for or by the Agent, or security to be given in favour of the      Agent, in the Agent’s capacity as agent, security agent and trustee on      behalf of the Banks; and |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.9 | references      to any enactment shall be deemed to include references to such enactment      as re-enacted, amended or extended. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------|

| 1.5 | Agreed    forms |
|-----|-----------------|

| 1.6 | Contracts (Rights of Third      Parties) Act 1999 |
|-----|---------------------------------------------------|

----

| 2 | The      Facility |
|---|-------------------|

| 2.1 | The    Facility |
|-----|-----------------|

|   | Subject      to the terms of this Agreement, the Banks agree to make available to the      Borrower a Dollar loan facility in an aggregate amount equal to the Total      Commitments. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | Obligations      several |
|-----|--------------------------|

|   | The      obligations of each Bank under this Agreement are several; the failure of      any Bank to perform such obligations shall not relieve any other Bank, the      Agent, the Swap Banks or the Borrower of any of their respective      obligations or liabilities under this Agreement or either Master Swap      Agreement nor shall the Agent be responsible for the obligations of any      Bank or either Swap Bank (except for its own obligations, if any, as a      Bank or Swap Bank) nor shall any Bank or Swap Bank be responsible for the      obligations of any other Bank or Swap Bank under this      Agreement. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | Interests      several |
|-----|------------------------|

|   | Notwithstanding      any other term of this Agreement, the interests of each Swap Bank, the      Agent and the Banks are several and the amount due to each Swap Bank, the      Agent (for its own account) and to each Bank is a separate and independent      debt.  The Agent, each Swap Bank and each Bank shall have the      right to protect and enforce their respective rights arising out of this      Agreement and it shall not be necessary for the Agent, each Swap Bank or      any Bank (as the case may be) to be joined as an additional party in any      proceedings for this purpose. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.4 | Drawdown |
|-----|----------|

|   | Subject      to the terms and conditions of this Agreement, the Facility shall be made      following receipt by the Agent from the Borrower of a Drawdown Notice not      later than 10 a.m. on the third Banking Day before the Drawdown Date      relative to the Facility, which shall be a Banking Day falling within the      Drawdown Period, on which the Facility is intended to be made. A Drawdown      Notice shall be effective on actual receipt by the Agent and, once given,      shall, subject as provided in clause 3.6.1, be      irrevocable.  The Facility shall be made available in one amount      and not after the Termination Date. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.5 | Timing and limitation of      the      Facility |
|-----|-------------------------------------------------|

| 2.5.1 | The      amount of the Facility shall, subject to the following provisions of this      clause 2.5, be for such amount as is specified in the Drawdown      Notice. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.5.2 | The      Facility shall be made solely for the purpose set out in clause      1.1. |
|-------|------------------------------------------------------------------------------------|

| 2.5.3 | The      Facility shall not be made available if the amount of such Facility will      exceed at any relevant time the Total  Commitments. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.5.4 | The      Facility shall not be made available if the making of such Facility will      result in the Security Value being less than the Security      Requirement. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.6 | Availability |
|-----|--------------|

| 2.7 | Termination of      Commitment |
|-----|--------------------------------|

| 2.8 | Application of      proceeds |
|-----|------------------------------|

| 3 | Interest and Interest      Periods |
|---|----------------------------------------------|

| 3.1 | Normal interest      rate |
|-----|---------------------------|

| 3.2 | Selection of Interest      Periods |
|-----|------------------------------------|

| 3.3 | Determination of Interest      Periods |
|-----|----------------------------------------|

----

| 3.3.1 | the      first Interest Period in respect of the Facility shall commence on the      Drawdown Date and shall end on 28 April 2008 and each subsequent Interest      Period shall commence on the expiry of the preceding Interest Period in      respect thereof; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3.2 | if      the Borrower fails to specify the duration of an Interest Period in      accordance with the provisions of clause 3.2 and this clause 3.3      such Interest Period shall have a duration of three (3) months or such      other period as shall comply with this  clause 3.3; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3.3 | if      any Interest Period for the Facility would otherwise overrun the Repayment      Date, then such Interest Period shall end on the Repayment      Date. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4 | Default      interest |
|-----|-----------------------|

| 3.5 | Notification of Interest      Periods and interest rate |
|-----|---------------------------------------------------------|

| 3.6 | Market disruption;      non-availability |
|-----|------------------------------------------|

| 3.6.1 | If      and whenever, at any time prior to the commencement of any Interest      Period, the Agent shall have determined (which determination shall, in the      absence of manifest error, beconclusive): |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | that      adequate and fair means do not exist for ascertaining LIBOR during such      Interest Period; or |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Agent shall have received notification from any of the Banks that deposits      in Dollars are not available to such Bank(s) in the ordinary course of      business in sufficient amounts to fund their Contributions for such      Interest Period or, where applicable, that the quotation for LIBOR      (together with (where applicable) the normal spread being paid by any such      Bank in respect of |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Dollar      borrowings) does not accurately reflect the cost to such Bank(s) of      obtaining such deposit; |
|--------|--------------------------------------------------------------------------------------------------------------|

| 3.6.2 | During      the period of ten (10) days after any Determination Notice has been given      by the Agent under clause 3.6.1, each Bank shall certify an      alternative basis (the “Substitute Basis”) for      maintaining its Contribution.  The Substitute Basis may (without      limitation) include alternative interest periods, alternative currencies      or alternative rates of interest but shall include a margin above the cost      of funds to such Bank equivalent to the Margin.  Each Substitute      Basis so certified shall be binding upon the Borrower and shall take      effect in accordance with its terms from the date specified in the      Determination Notice until such time as each Bank notifies the Borrower      that none of the circumstances specified in clause 3.6.1 continues to      exist whereupon the normal interest rate fixing provisions of this      Agreement shall apply. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | Repayment,      prepayment and reborrowing |
|---|--------------------------------------------|

| 4.1.1 | If      the Total Commitments are not drawn in full, the amount of the repayment      instalment shall be reducedaccordingly. |
|-------|-------------------------------------------------------------------------------------------------------------------------------|

| 4.1.2 | On      the Repayment Date the Borrower shall additionally pay to the Agent for      the account of the Banks all other sums then accrued or owing in respect      of the Facility or under any FinanceDocument. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | Voluntary      prepayment |
|-----|---------------------------|

| 4.3.1 | the      Contribution of any Bank to which the Borrower shall have become obliged      to pay additional amounts under clauses 3.6 or 12.2;  or |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3.2 | any      Bank’s Contribution to which a Substitute Basis applies by virtue of      clause 3.6.2. |
|-------|--------------------------------------------------------------------------------------------------------|

----

| 4.4 | Prepayment      on Total Loss and Sale |
|-----|----------------------------------------|

| 4.4.1 | in      the case of an actual total loss of a Ship on the actual date and at the      time such Ship was lost or, if such date is not known, on the date on      which such Ship was last reported; |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4.2 | in      the case of a constructive total loss of a Ship, upon the date and at the      time notice of abandonment of such Ship is given to the insurers of such      Ship for the time being (provided a claim for total loss is admitted by      such insurers) or, if such insurers do not forthwith admit such a claim,      at the date and at the time at which either a total loss is subsequently      admitted by the insurers or a total loss is subsequently adjudged by a      competent court of law or arbitration tribunal to have      occurred; |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4.3 | in      the case of a compromised or arranged total loss, on the date upon which a      binding agreement as to such compromised or arranged total loss has been      entered into by the insurers of aShip; |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4.4 | in      the case of Compulsory Acquisition, on the date upon which the relevant      requisition of title or other compulsory acquisition occurs;      and |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4.5 | in      the case of hijacking, theft, condemnation, capture, seizure, arrest,      detention or confiscation of a Ship (other than where the same amounts to      Compulsory Acquisition of such Ship) by any Government Entity, or by      persons purporting to act on behalf of any Government Entity, which      deprives the relevant Owner of the use of such Ship for more than thirty      (30) days, upon the expiry of the period of thirty (30) days after the      date upon which the relevant hijacking, theft, condemnation, capture,      seizure, arrest, detention or confiscation  occurred. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5 | Mandatory      prepayments |
|-----|----------------------------|

| 4.5.1 | The      Borrower shall immediately prepay such part of the Facility as may at any      time be necessary to ensure that the Security Value is not less than the      Security Requirement. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5.2 | The      Borrower shall immediately prepay the Facility in full in the event that      the First Loan is prepaid in full prior to maturity under the First Loan      Agreement. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.6 | Amounts payable on      prepayment |
|-----|------------------------------------|

----

| 4.6.1 | accrued      interest on the amount to be prepaid to the date of such      prepayment; |
|-------|----------------------------------------------------------------------------------------|

| 4.6.2 | any      additional amount payable under clause 6.7 or 12.2;    and |
|-------|--------------------------------------------------------------------------|

| 4.6.3 | all      other sums then payable by the Borrower to the Banks under this Agreement      and either Master Swap Agreement or any of the other Security Documents      including, without limitation, any amounts payable under      clause 11. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.7 | Notice of prepayment; reduction      of repayment instalments |
|-----|---------------------------------------------------------------|

|              | For      the purpose of this Clause 4.8, “Surplus” means, (in each case for      the three (3) month period immediately prior to the date of determination)      the excess of (x) the Earnings of all of the Ships, over (y) the sum of      (i) any commissions and operating expenses relating to each Ship and      approved by the Agent (including G&A expenses and management fees),      plus (ii) any Debt Service relating to the Facility and the First Loan      paid or payable to the Finance Parties hereunder or to the First Loan      Finance Parties under the First Loan Agreement, plus (iii) any cash      deposited into any restricted account pursuant to this Agreement or the      First Loan Agreement. |
|--------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.9 | Master Swap Agreements,      Repayments and Prepayments |
|-----|---------------------------------------------------------|

| 4.9.1 | Notwithstanding      any provision of each Master Swap Agreement to the contrary, in the case      of a prepayment of all or part of the Facility (including, without limit,      upon a Total Loss in accordance with clause 4.4 and under      clause 8.2) then subject to clause 4.9.2 either Swap Bank shall      be entitled and obliged should the Borrower request to do so subject to      the provisions of Clause 4.9.2 or 4.9.5 respectively (and, where relevant,      may |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.9.2 | If      less than the full amount of or the Facility remains outstanding,      following a prepayment under this Agreement and each Swap Bank in its      absolute discretion agree, following a written request of the Borrower,      that the Borrower may be permitted to maintain all or part of a      Transaction in an amount not wholly matched with or linked to all or part      of the Facility, the Borrower shall within ten (10) days of being notified      by such Swap Bank of such requirement, provide such Swap Bank with, or      procure the provision to such Swap Bank of, such additional security as      shall in the opinion of such Swap Bank be adequate to secure the      performance of such Transaction, which additional security shall take such      form, be constituted by such documentation and be entered into between      such parties, as such Swap Bank in its absolute discretion may approve or      require, and each document comprising such additional security shall      constitute a Credit SupportDocument. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.9.3 | The      Borrower shall on the first written demand of either Swap Bank indemnify      such Swap Bank in respect of all losses, costs and expenses (including,      but not limited to, legal costs and expenses) incurred or sustained by      such Swap Bank as a consequence of or in relation to the effecting of any      matter or transactions referred to in this  clause 4.9. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.9.4 | Notwithstanding      any provision of the Master Swap Agreements to the contrary, if for any      reason a Transaction has been entered into but the Facility is not drawn      down under this Agreement then, subject to clause 4.9.5, the Swap      Banks shall be entitled and obliged should the Borrower request to do so      subject to the provisions of Clause 4.9.2 or 4.9.5 respectively (and,      where relevant, may do so without the consent of the Borrower where it      would otherwise be required whether under the Master Swap Agreements or      otherwise) to amend, re-book, supplement, cancel, close out, net out,      terminate, liquidate, transfer or assign all or any part of the rights,      benefits and obligations created by such Transaction and/or the Master      Swap Agreements and/or to obtain or re-establish any hedge or related      trading position in any manner and with any person the Swap Banks in their      absolute discretion may determine. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.9.5 | If      a Transaction has been entered into but the Facility is not drawn down      under this Agreement and a Swap Bank in its absolute discretion agrees,      following a written request of the Borrower, that the Borrower may be      permitted to maintain all or part of a Transaction, the Borrower shall      within ten (10) days of being notified by the Swap Bank of such      requirement, provide the Swap Bank with, or procure the provision to the      Swap Bank of, such additional security as shall in the opinion of the Swap      Bank be adequate to secure the performance of such Transaction, which      additional security shall take such form, be constituted by such      documentation and be entered into between such parties, as such Swap Bank      in its absolute discretion may approve or require, and each document      comprising such additional security shall constitute a Credit Support      Document for the purposes of the relevant Master Swap Agreement and/or      otherwise. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.9.6 | Without      prejudice to or limitation of the obligations of the Borrower under      clause 4.9.3, in the event that a Swap Bank exercises any of its      rights under clauses 4.9.1, 4.9.2, 4.9.4 and 4.9.5 and such exercise      results in all or part of a Transaction being terminated    such |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.1 | Fees |
|-----|------|

|   | The      Borrower shall pay any fees due under the Fee Letter to the Agent (as      applicable upon the terms and conditions set out in the Fee      Letter). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | Expenses |
|-----|----------|

| 5.2.1 | in      connection with the negotiation, preparation, execution and, where      relevant, registration of the Finance Documents and of any amendment or      extension of or the granting of any waiver or consent under, any of the      Finance Documents; and |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2.2 | in      contemplation of, or otherwise in connection with, the enforcement of, or      preservation of any rights under, any of the Finance Documents, (including      without limitation expenses relating to any  inspections of the      Ships or any of them carried out in accordance with the terms of the      Mortgages) or otherwise in respect of the moneys owing under any of the      Finance Documents together with interest at the rate referred to in      clause 0 from the date on      which such expenses were incurred to the date of payment (as well after as      before judgment). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | Value Added      Tax |
|-----|----------------------|

----

| 6 | Payments      and taxes; accounts andcalculations |
|---|---------------------------------------------------|

| 6.2 | Payment by the Banks |
|-----|----------------------|

| 6.3 | Agent may assume      receipt |
|-----|-------------------------------|

| 6.5 | Calculations |
|-----|--------------|

----

| 6.6 | Certificates      conclusive |
|-----|------------------------------|

| 6.8 | Account |
|-----|---------|

| 7.1 | Continuing representations and      warranties |
|-----|------------------------------------------------|

| 7.1.1 | Due      incorporation |
|-------|------------------------|

|   | the      Borrower and each of the other Security Parties are duly incorporated and      validly existing in good standing under the laws of the Marshall Islands,      in the case of the Borrower, and, in the case of each of the other      Security Parties, under the laws of their respective countries of      incorporation as a corporation with limited liability and have power to      carry on their respective businesses as they are now being conducted and      to own their respective property and other  assets; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.2 | Corporate      power |
|-------|----------------------|

|   | the      Borrower has power to execute, deliver and perform its obligations under      this Agreement, the Underlying Documents, the Borrower’s Security      Documents and the other Finance Documents and to borrow the Commitment and      each of the other Security Parties has power to execute and deliver and      perform its obligations under theFinance |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7.1.3 | Binding      obligations |
|-------|--------------------------|

|   | the      Underlying Documents and the Finance Documents constitute or will, when      executed, constitute valid and legally binding obligations of the relevant      Security Parties enforceable in accordance with their respective      terms; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.4 | No conflict with other      obligations |
|-------|-----------------------------------------|

|   | the      execution and delivery of, the performance of its obligations under, and      compliance with the provisions of, the Underlying Documents and the      Finance Documents by the relevant Security Parties will    not: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | contravene      any existing applicable law, statute, rule or regulation or any judgment,      decree or permit to which the Borrower or any other Security Party is      subject; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | conflict      with, or result in any breach of any of the terms of, or constitute a      default under, any agreement or other instrument to which the Borrower or      any other Security Party is a party or is subject or by which it or any of      its property is bound; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | contravene      or conflict with any provision of the memorandum and articles of      association/articles of incorporation/by-laws/statutes or other      constitutional documents of the Borrower or any other Security Party;      or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | result      in the creation or imposition of or oblige the Borrower or any of its      Related Companies or any other Security Party to create any Encumbrance      (other than a Permitted Encumbrance) on any of the undertakings, assets,      rights or revenues of the Borrower or its Related Companies or any other      Security Party; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.5 | No      litigation |
|-------|--------------------|

|   | no      litigation, arbitration or administrative proceeding is taking place,      pending or, to the knowledge of the officers of the Borrower, threatened      against the Borrower or any of its Related Companies or any other Security      Party which could have a material adverse effect on the business, assets      or financial condition of the Borrower or any of its Related Companies or      any other Security Party; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.6 | No filings      required |
|-------|--------------------------|

|   | save      for the registration of the Mortgages in the relevant Flag States it is      not necessary to ensure the legality, validity, enforceability or      admissibility in evidence of the Underlying Documents or any of the      Finance Documents that they or any other instrument be notarised, filed,      recorded, registered or enrolled in any court, public office or elsewhere      in any Relevant Jurisdiction or that any stamp, registration or similar      tax or charge be paid in any Relevant Jurisdiction on or in relation to      the Underlying Documents or the Finance Documents and each of the      Underlying Documents, the Finance Documents is in proper form for its      enforcement in the courts of each Relevant  Jurisdiction; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7.1.7 | Choice      of law |
|-------|--------------------|

|   | the      choice of English law to govern the Underlying Documents, the Finance      Documents (other than the Mortgages and the Accounts Pledges and the      Master Swap Agreement entered into, or as the case may be, to be entered      into with The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch (the      “BTMU Master      Agreement”)) and the choice of the laws of the relevant Flag State      to govern each Mortgage and the laws of Germany or The Netherlands (as the      case may be) to govern the Accounts Pledges or New York to govern the BTMU      Master Agreement and the submissions by the Security Parties to the      non-exclusive jurisdiction of the English courts are valid and      binding; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.8 | No    immunity |
|-------|----------------|

|   | neither      the Borrower nor any other Security Party nor any of their respective      assets is entitled to immunity on the grounds of sovereignty or otherwise      from any legal action or proceeding (which shall include, without      limitation, suit, attachment prior to judgement, execution or other      enforcement); |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.9 | Financial      Statements |
|-------|---------------------------|

|   | the      pro forma historical consolidated financial statements of the Borrower’s      Group for the 2007 Financial Years provided to the Banks in the      negotiation of this Agreement have been prepared in accordance with GAAP      which have been consistently applied and present fairly and accurately the      financial position of the Borrower and the Borrower’s Group and at such      date neither the Borrower nor any member of the Borrower’s Group had any      significant liabilities (contingent or otherwise) or any unrealised or      anticipated losses which are not disclosed by, or reserved against or      provided for in, such financialstatements; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.10 | Consents      obtained |
|--------|------------------------|

|   | every      consent, authorisation, licence or approval of, or registration with or      declaration to, governmental or public bodies or authorities or courts      required by any Security Party to authorise, or required by any Security      Party in connection with, the execution, delivery, validity,      enforceability or admissibility in evidence of each of the Underlying      Documents, each of the Finance Documents or the performance by each      Security Party of its obligations under the Underlying Documents, the      Finance Documents has been obtained or made and is in full force and      effect and there has been no default in the observance of any of the      conditions or restrictions (if any) imposed in, or in connection with, any      of the same; and |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.11 | No money      laundering |
|--------|--------------------------|

|   | in      relation to the borrowing by the Borrower of the Facility, the performance      and discharge of its obligations and liabilities under this Agreement and      the transactions and other arrangements effected or contemplated by this      Agreement, the Borrower is acting for its own account and that the      foregoing will not involve or lead to contravention of any law, official,      requirement or other regulatory measure or procedure implemented to combat      “money laundering”      (as defined in Article 1 of the Directive (91/308/EEC) of the Council of      the European Communities). |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7.2.1 | Pari    passu |
|-------|---------------|

| 7.2.2 | No default under other      Indebtedness |
|-------|------------------------------------------|

|   | (a) | in      the absolute ownership of the relevant Owner who will on the date of this      Agreement be the sole, legal and beneficial owner of that      Ship; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | permanently      or, as the case may be, provisionally registered in the name of the      relevant Owner under the laws and flag of the relevant Flag State through      the relevant Registry and the Borrower shall not do and shall procure and      ensure that each relevant owner shall not do or allow to be done anything      as a result of which such registration might be cancelled or imperilled;      and shall not change the name or Registry of the Ship owned by      it. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | operationally      seaworthy and in every way fit for service;and |
|--------|-----|-------------------------------------------------------------------|

|   | (d) | classed      with the relevant Classification free of all requirements and      recommendations affecting class of the relevant Classification      Society; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2.7 | Ships’      employment |
|-------|------------------------------|

----

|   | contract      or to any agreement to enter into any charter or contract which, if      entered into after the date of the relevant Mortgage would have required      the consent of the Agent and on the date of this Agreement and there will      not be any agreement or arrangement whereby the Earnings for such      Mortgaged Ship may be shared with any other  person; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2.8 | Freedom from      Encumbrances |
|-------|--------------------------------|

| 7.2.9 | Environmental      matters |
|-------|----------------------------|

|   | (a) | all      Environmental Laws applicable to any Fleet Vessel have been complied with      and all consents, licences and approvals required under such Environmental      Laws have been obtained and complied with;and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | no      Environmental Claim has been made or threatened or is pending against any      member of the Borrower’s Group or any Fleet Vessel and not fully      satisfied; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | there      has been no Environmental Incident; |
|--------|-----|------------------------------------------------|

| 7.2.10 | No material adverse      change |
|--------|---------------------------------|

| 7.2.11 | Parent      company |
|--------|---------------------|

| 7.2.12 | Copies true and      complete |
|--------|-------------------------------|

| 7.3 | Repetition of representations      and warranties |
|-----|---------------------------------------------------|

----

| 7.4 | The      Banks accept and acknowledge that all representations and warranties      contained in this clause 7 made by the Borrower with respect to any      Approved Manager (not being Omega Management Inc. or any other Related      Company of the Borrower and/or any Owner) are made by the Borrower to the      best of its information, knowledge and belief, having made due      enquiry. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8 | Undertakings |
|---|--------------|

| 8.1 | General |
|-----|---------|

| 8.1.1 | Notices |
|-------|---------|

|   | (a) | promptly      inform the Agent and each of the Finance Parties of any occurrence of      which it becomes aware which might adversely affect the ability of any      Security Party to perform its obligations under any of the Finance      Documents and/or the Underlying Documents and, without limiting the      generality of the foregoing, will inform the Agent and each of the Finance      Parties of any Default forthwith upon becoming aware thereof and will from      time to time, if so requested by the Agent or any Finance Party, confirm      to the Agent and each of the Finance Parties in writing that, save as      otherwise stated in such confirmation, no Default has occurred and is      continuing; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | promptly      inform the Agent and each of the Finance Parties of any Environmental      Incident which might reasonably be expected to adversely affect the      security position of the Banks and/or Finance  Parties. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.1.2 | Consents and      licences |
|-------|----------------------------|

| 8.1.3 | Use of      proceeds use the Facility exclusively      for the purpose specified inclause 1.1; |
|-------|----------------------------------------------------------------------------------------------------------|

----

| 8.1.4 | Pari    passu |
|-------|---------------|

| 8.1.5 | Financial      statements |
|-------|---------------------------|

| 8.1.6 | Delivery of      reports |
|-------|--------------------------|

| 8.1.7 | Provision of financial and      other information |
|-------|---------------------------------------------------|

|   | (a) | financial      projections for each Financial Year (to the extent that such financial      projections are provided to the First Loan Finance      Parties); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | budgets      for each Financial Year (to the extent that such budgets are provided to      the First      Loan Finance Parties); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | appraisal      reports and valuations for each Ship on a semi-annual basis (commencing      from the date of this Agreement) pursuant to clause 8.2.2, or at any other      time as the Agent may reasonably require, or, upon the occurrence of a      Default, upon the request of theAgent; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | copies      of any filings by the Borrower with, and reports to, the United States      Securities and Exchange Commission, the SGX-ST and the MAS, and any      announcement or disclosure made by the Borrower to the SGX-ST and/or the      MAS; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Compliance      Certificates at the end of each Financial Quarter (including supporting      schedules); and |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (f) | such      financial and other information concerning the Borrower, the other      Security Parties and their respective affairs as they may from time to      time reasonably require; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.1.9 | Compliance with ISM      Code |
|-------|-------------------------------|

| 8.1.12 | Compliance with ISPS      Code |
|--------|--------------------------------|

| 8.1.13 | Interest rate      hedging |
|--------|----------------------------|

| 8.1.14 | Share      Charges |
|--------|--------------------|

| 8.1.15 | Owner’s      Guarantee |
|--------|------------------------------|

----

| 8.1.16 | Charter      Assignment |
|--------|-------------------------|

| 8.1.17 | Listing on NASDAQ and/or      SGX-ST |
|--------|--------------------------------------|

|   | (a) | maintain      its listing as a public limited company on NASDAQ and/or the main board of      the SGX-ST and comply with all of the listing rules, laws and regulations      applicable to public companies listed on NASDAQ and/or the main board of      the SGX-ST and not to seek any secondary or further listing without the      prior consent of the Agent; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | comply      with all relevant Singapore laws, regulations and rules, including but not      limited to the Securities and Futures Act (Chapter 289) of the Statutes of      the Republic of Singapore and the SGX-ST Listing  Manual; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.1.18 | Intra-Group Loan      Agreements |
|--------|----------------------------------|

| 8.1.19 | Know your customer and money      laundering complianceand trade sanctions      compliance |
|--------|--------------------------------------------------------------------------------------------|

| 8.1.20 |   | ensure      that the Security Parties shall at all times comply with all trade      sanction laws applicable to the Banks, including United States      Treasury Department OFACRegulations. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| 8.2 | Security value      maintenance |
|-----|---------------------------------|

| 8.2.1 | Security      shortfall |
|-------|-------------------------|

|   | (a) | prepay      within a period of fifteen (15) days of the date of receipt by the      Borrower of the Agent’s said notice such sum in Dollars as will result in      the Security Requirement after such prepayment being equal to the Security      Value; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | within      thirty (30) days of the date of receipt by the Borrower of the Agent’s      said notice constitute to the satisfaction of the Banks such further      security for the Facility as shall |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | be      acceptable to the Banks having a value for security purposes (as      determined by the Banks in their absolute discretion) at the date upon      which such further security shall be constituted which, when added to the      Security Value, shall not be less than the Security Requirement as at such      date. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2.2 | Valuation of a      Ship |
|-------|--------------------------|

| 8.2.3 | Information |
|-------|-------------|

| 8.2.4 | Costs |
|-------|-------|

| 8.2.5 | Valuation of additional      security |
|-------|---------------------------------------|

| 8.2.6 | Documents and      evidence |
|-------|-----------------------------|

| 8.3 | Negative      undertakings |
|-----|----------------------------|

----

| 8.3.1 | Negative      pledge |
|-------|----------------------|

| 8.3.2 | No  merger |
|-------|------------|

| 8.3.3 | Disposals |
|-------|-----------|

| 8.3.4 | Other      business |
|-------|---------------------|

| 8.3.5 | Acquisitions |
|-------|--------------|

| 8.3.6 | Other      obligations |
|-------|------------------------|

| 8.3.7 | No    borrowing |
|-------|-----------------|

| 8.3.8 | Repayment of      borrowings |
|-------|------------------------------|

|   | the      Owners or any of them repay the principal of, or pay interest on or any      other sum in connection with any of its Borrowed Money except for Borrowed      Money pursuant to the Finance Documents and the First Loan Security      Documents; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.3.9 | Guarantees |
|-------|------------|

|   | issue      any guarantees or indemnities or otherwise become directly or contingently      liable for the obligations of any person, firm, or corporation except      pursuant to the Finance Documents and except for guarantees or indemnities      from time to time required in the ordinary course by any protection and      indemnity or war risks association with which the Ships is entered,      guarantees required to procure the release of a Ship from any arrest,      detention, attachment or levy or guarantees or undertakings required for      the salvage of such Ship); |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3.10 | Loans |
|--------|-------|

|   | make      any loans (other than the loans under the Intra-Group Loan Agreements) or      grant any credit (save for normal trade credit in the ordinary course of      business) to any person or agree to do so and in the case of the loans to      be made under the Intra-Group Loan Agreements, the Borrower will not      without the prior written agreement of the Agent and except as envisaged      in clause 14.4 accept any repayments of principal or interest or other      sums due or payable thereunder or take any action against any      Owner; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3.11 | Sureties |
|--------|----------|

|   | permit      any Indebtedness of the Borrower to any person (other than the Banks) to      be guaranteed by any person (save for guarantees or indemnities from time      to time required in the ordinary course by any protection and indemnity or      war risks association with which any Ship is entered, guarantees required      to procure the release a Ship from any arrest, detention, attachment or      levy or guarantees or undertakings required for the salvage of such      Ship); |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3.12 | Share      capital |
|--------|--------------------|

|   | purchase      or otherwise acquire for value any shares of its  capital; |
|--------|--------------------------------------------------------------------------|

| 8.3.13 | Dividends and distribution;      Reduction or loss of capital |
|--------|---------------------------------------------------------------|

|   | declare      or pay any dividends or distribute any of its present or future assets,      undertakings, rights or revenues to any of its shareholders or convene a      meeting for the purpose of passing any resolution to purchase, reduce or      redeem any of its share capital: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | where      an Event of Default has occurred and is continuing or would occur as a      result of or following the declaration of such dividend;  or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | where      the Fleet Market Value is less than one hundred twenty five per cent      (125%) of the aggregate of the Facility and the First  Loan; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | without      submitting a Compliance Certificate to the Agent at least five (5) Banking      Days in advance of the date upon which it intends to declare any dividends      or distribute any of its present or future assets, undertakings, rights or      revenues to any of itsshareholders; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3.14 | Subsidiaries and      parent |
|--------|------------------------------|

|   | cease      to legally and beneficially own 100% of the issued shares in the capital      of the Owners, whether directly or indirectly;  and |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.3.15 | Financial      Year |
|--------|---------------------|

|   | make      any change to the Financial Year for the Borrower or any member of the      Borrower’s Group. |
|--------|---------------------------------------------------------------------------------------------------------------|

| 8.4 | Ship      undertakings |
|-----|------------------------|

| 8.4.1 | Assignment of      Earnings |
|-------|-----------------------------|

|   | not      assign or agree to assign otherwise than to the Agent and the First Loan      Agent the Earnings of each Ship or any part  thereof; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

| 8.4.2 | Chartering |
|-------|------------|

|   | (a) | on      demise charter for any period; or |
|--------|-----|-------------------------------------------|

|   | (b) | other      than pursuant to any relevant Charter by any time or consecutive voyage      charter for a term which exceeds or which by virtue of any optional      extensions therein contained may exceed eleven (11) months’ duration;      or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | on      terms whereby more than two (2) months’ hire (or the equivalent) is      payable in advance; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (d) | below      the market rate prevailing at the time when such Ship is fixed or other      than on arms length terms; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

| 8.4.3 | Approved      Manager |
|-------|-----------------------|

| 8.5 | Financial Covenants |
|-----|---------------------|

|   | (a) | certificates      of deposit maturing within one year after the relevant date of calculation      and issued by a bank or financial institution acceptable to the      Agent; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any      investment in marketable debt obligations issued or guaranteed by the      government of the United States of America, the United Kingdom, any member      state of the European |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Economic      Area or any Participating Member State or by an instrumentality or agency      of any of them having an equivalent credit rating, maturing within one      year after the relevant date of calculation and not convertible or      exchangeable to any other security;or |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any      other debt security approved by theAgent, |
|--------|-----|----------------------------------------------------|

|   | (a) | adjusted      to exclude Interest Receivable and Interest Payable and other similar      income or costs to the extent not already  excluded; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | adjusted      to exclude any gain or loss realised on the disposal of fixed assets      (whether tangible or intangible); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (c) | after      adding back depreciation; |
|--------|-----|--------------------------------------|

|   | (d) | adjusted      to exclude any exceptional or extraordinary costs or    income; |
|--------|-----|-------------------------------------------------------------------------------|

|   | (e) | after      deducting any profit arising out of the release of any provisions against      a liability or charge; |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (a) | gross      interest, commitment fees, discount and acceptance fees and guarantee,      fronting and ancillary facility fees payable or incurred on any form of      such Borrowed Money; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | repayment      and prepayment premiums payable or incurred in repaying or prepaying such      Borrowed Money; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      interest element of Finance Leases, |
|--------|-----|----------------------------------------------|

----

|   | (a) | the      amounts charged and posted (or estimated to be charged and posted) as a      current accrual accrued during such period in respect of members of the      Borrower’s Group by way of Interest on all Borrowed Money, but excluding      any amount accruing as interest in-kind (and not as cash pay) to the      extent capitalised as principal during such period;  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | net      payments in relation to interest rate or currency hedging arrangements in      respect of Borrowed Money (after deducting net income in relation to such      interest rate or currency hedgingarrangements); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.5.1 | Leverage      Ratio |
|-------|---------------------|

|   | maintain      a Leverage Ratio of not more than seventy per cent  (70%); |
|--------|--------------------------------------------------------------------------|

| 8.5.2 | Minimum      Liquidity |
|-------|------------------------|

|   | maintain      on a consolidated basis MinimumLiquidity; |
|--------|---------------------------------------------------------|

| 8.5.3 | Interest      coverage |
|-------|------------------------|

|   | maintain      a ratio of EBITDA to Interest Payable on a trailing four (4) Financial      Quarter basis of not less than 2.00 to1.00; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------|

| 8.5.4 | Security Value      Maintenance |
|-------|---------------------------------|

|   | ensure      that at all times the Security Value is not less than the Security      Requirement; and |
|--------|------------------------------------------------------------------------------------------------------|

| 8.5.5 | Compliance      Certificate |
|-------|-----------------------------|

|   | deliver      to the Agent within ninety (90) days of the end of each Financial Quarter      a Compliance Certificate issued and signed by the Borrower’s Chief      Financial Officer certifying that the covenants contained in this clause      8.5 are being complied with and providing full calculations supporting      such compliance derived from the then latest financial statements of the      Borrower’s Group as lodged with the Securities and  Exchange |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.6 | Financial      testing |
|-----|------------------------|

| 9 | Conditions |
|---|------------|

| 9.1 | Documents and      evidence |
|-----|-----------------------------|

| 9.1.1 | Commitment |
|-------|------------|

|   | The      obligation of the Banks to make the Commitment available shall be subject      to the condition that the Agent, or its duly authorised representative,      shall have received the documents and evidence set out in Part 1 of      Schedule 4. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.1.2 | Facility |
|-------|----------|

|   | The      obligation of the Banks to make the Facility available shall be subject to      the condition that the Agent or its duly authorised representative shall      have received not later than two (2) Banking Days before the day on which      the Drawdown Notice is given, the documents and evidence specified in Part      2 of Schedule 4 in form and substance satisfactory to the Banks, provided      that this Agreement and all other Finance Documents shall have been      executed. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2 | General conditions      precedent |
|-----|-----------------------------------|

| 9.2.1 | the      representations and warranties contained in (i) clauses 7.1, 7.2 and      7.3 and (ii) clauses 4.1 and 4.3 of each Owner’s Guarantee are true      and correct on and as of each such time as if each was made with respect      to the facts and circumstances existing at such time;  and |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2.2 | no      Default shall have occurred and be continuing or would result from the      making of the Facility. |
|-------|-------------------------------------------------------------------------------------------------------------|

| 9.3 | Waiver of conditions      precedent |
|-----|-------------------------------------|

| 9.4 | Further conditions      precedent |
|-----|-----------------------------------|

----

| 10 | Events of Default |
|----|-----------------------------|

| 10.1 | Events |
|------|--------|

| 10.1.1 | Non-payment: any      Security Party fails to pay any sum payable by it under any of the Finance      Documents or the Underlying Documents at the time, in the currency and in      the manner stipulated in the Finance Documents or the Underlying Documents      (and so that, for this purpose, sums payable on demand shall be treated as      having been paid at the stipulated time if paid within three (3) Banking      Days of demand); or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.2 | Master Swap Agreements:      (a) an Event of Default or Potential Event of Default (in each case as      defined in each Master Swap Agreement) has occurred and is continued under      such Master Swap Agreement or (b) an Early Termination Date (as defined in      each Master Swap Agreement) has occurred or been or become capable of      being effectively designated under such Master Swap Agreement or (c) a      person entitled to do so gives notice of an Early Termination Date under      Section 6(b)(iv) of either Master Swap Agreement or (d) either Master      Swap Agreement is terminated, cancelled, suspended, rescinded or revoked      or otherwise ceases to remain in full force and effect for any reason;      or |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.3 | Breach of Insurance and certain      other obligations: the Borrower or any Owner fails to obtain and/or      maintain the Insurances (as defined in, and in accordance with the      requirements of, the Finance Documents) for a Ship or if any insurer in      respect of such Insurances cancels the Insurances or disclaims liability      by reason, in either case, of mis-statement in any proposal for the      Insurances or for any other failure or default on the part of the Borrower      or any Owner or any other person or the Borrower or any Owner commits any      breach of or omits to observe any of the obligations or undertakings      expressed to be assumed by it under clauses 8.2 or 8.3 or 8.4;      or |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.4 | Breach of other      obligations: any Security Party commits any breach of or omits to      observe any of its obligations or undertakings (including, without      limitation, any Financial Covenant) expressed to be assumed by it under      any of the Finance Documents or any of the Underlying Documents (other      than those referred to in clauses 10.1.1 and 10.1.3 above) and, in      respect of any such breach or omission which in the opinion of the Banks      is capable of remedy, such action as the Banks may require shall not have      been taken within fourteen (14) days of the Banks notifying the relevant      Security Party of such default and of such required action;    or |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.5 | Misrepresentation: any      representation or warranty made or deemed to be made or repeated by or in      respect of any Security Party in or pursuant to any of the Finance      Documents or in any notice, certificate or statement referred to in or      delivered under any of the Finance Documents or any of the Underlying      Documents is or proves to have been incorrect or misleading in any      material respect; or |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.6 | Cross-default: any      Indebtedness of any Security Party in excess in aggregate of Ten million      Dollars ($10,000,000) is not paid when due or any Indebtedness of any      Security Party becomes (whether by declaration or automatically in      accordance with the relevant agreement or instrument constituting the      same) due and payable prior to the date when it would otherwise have      become due (unless as a result of the exercise by the relevant Security      Party of a voluntary right of prepayment), or any creditor of any Security      Party becomes entitled to declare any such Indebtedness due and payable or      any facility or commitment available to any Security Party relating to      Indebtedness is withdrawn, suspended or cancelled by reason of any default      (however described) of the person concerned unless the relevant Security      Party shall have satisfied the Banks thatsuch |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.1.7 | Legal process: any      judgment or order made against any Security Party is not stayed or      complied with within seven (7) days or a creditor attaches or takes      possession of, or a distress, execution, sequestration or other process is      levied or enforced upon or sued out against, any of the undertakings,      assets, rights or revenues of any Security Party and is not discharged      within seven (7) days; or |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.8 | Insolvency: the Borrower      or any Owner is unable or admits inability to pay its debts as they fall      due; suspends making payments on any of its debts or announces an      intention to do so; becomes insolvent; has assets the value of which is      less than the value of its liabilities (taking into account contingent and      prospective liabilities); or suffers the declaration of a moratorium in      respect of any of its Indebtedness;or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.9 | Winding up: any      corporate action, legal proceedings or other procedure or step is taken      for the purpose of winding up any Security Party or an order is made or      resolution passed for the winding up of any Security Party or a notice is      issued convening a meeting for the purpose of passing any such resolution;      or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.10 | Administration: any      petition is presented, notice given or other step is taken for the purpose      of the appointment of an administrator of any Security Party or the Banks      and/or the Agent believe that any such petition or other step is imminent      or an administration order is made in relation to any Security Party;      or |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.11 | Appointment of receivers and      managers: any administrative or other receiver is appointed of any      Security Party or any part of its assets and/or undertaking or any other      steps are taken to enforce any Encumbrance over all or any part of the      assets of any Security Party; or |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.12 | Compositions: any      corporate action, legal proceedings or other procedures or steps are      taken, or negotiations commenced, by any Security Party or by any of its      creditors with a view to the general readjustment or rescheduling of all      or part of its indebtedness or to proposing any kind of composition,      compromise or arrangement involving such company and any of its creditors;      or |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.13 | Analogous proceedings:      there occurs, in relation to any Security Party, in any country or      territory in which any of them carries on business or to the jurisdiction      of whose courts any part of their assets is subject, any event which, in      the reasonable opinion of the Banks and/or the Agent, appears in that      country or territory to correspond with, or have an effect equivalent or      similar to, any of those mentioned in clauses 10.1.7 to 10.1.12      (inclusive) or any Security Party otherwise becomes subject, in any such      country or territory, to the operation of any law relating to insolvency,      bankruptcy or liquidation; or |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.14 | Cessation of business:      any Security Party suspends or ceases or threatens to suspend or cease to      carry on its business; or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.15 | Seizure: all or a      material part of the undertaking, assets, rights or revenues of, or shares      or other ownership interests in, any Security Party are seized,      nationalised, expropriated or compulsorily acquired by or under the      authority of any government; or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.16 | Invalidity: any of the      Finance Documents or any of the Underlying Documents shall at any time and      for any reason become invalid or unenforceable or otherwise cease      to |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.1.17 | Unlawfulness: it becomes      impossible or unlawful at any time for any Security Party, to fulfil any      of the covenants and obligations expressed to be assumed by it in any of      the Finance Documents, either Master Swap Agreement or any of the      Underlying Documents or for the Agent or the Banks to exercise the rights      or any of them vested in them under any of the Finance Documents or any      Underlying Documents or otherwise;or |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.18 | Repudiation: any      Security Party repudiates any of the Finance Documents or any of the      Underlying Documents or does or causes or permits to be done any act or      thing evidencing an intention to repudiate any of the Finance Documents or      any of the Underlying Documents; or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.19 | Encumbrances      enforceable: any Encumbrance (other than Permitted Liens) in      respect of any of the property (or part thereof) which is the subject of      any of the Security Documents becomes enforceable;  or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.20 | Material adverse change:      there occurs, in the opinion of the Banks and/or the Agent, a material      adverse change in the financial condition of any Security Party as      described by the Borrower or any Security Party to the Banks and/or the      Agent in the negotiation of this Agreement;or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.21 | Arrest: any Ship is      arrested, confiscated, seized, taken in execution, impounded, forfeited,      detained in exercise or purported exercise of any possessory lien or other      claim or otherwise taken from the possession of the Borrower or Owner and      the Borrower or Owner shall fail to procure the release of such Ship      within a period of fourteen (14) days thereafter;  or |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.22 | Registration: the      registration of any Ship under the laws and flag of the Flag State is      cancelled or terminated without the prior written consent of the      Agent; |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.23 | Unrest: any of the Flag      States becomes involved in hostilities or civil war or there is a seizure      of power in any of the Flag States by unconstitutional means if, in any      such case, such event could in the opinion of the Banks and/or the Agent      reasonably be expected to have a material adverse effect on the security      constituted by any of the Security Documents;or |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.24 | Environmental Incidents:      there is an Environmental Incident which gives rise, or may give rise, to      an Environmental Claim which could, in the opinion of the Banks and/or the      Agent be expected to have a material adverse effect (i) on the business,      assets, operations, property or financial condition of any Security Party      or the Borrower’s Group taken as a whole or (ii) on the security      constituted by any of the Security Documents or the enforceability of that      security in accordance with its terms;or |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.25 | P&I: the Borrower or      any Owner or any other person fails or omits to comply with any      requirements of the protection and indemnity association or other insurer      with which a Ship is entered for insurance or insured against protection      and indemnity risks (including oil pollution risks) to the effect that any      cover (including, without limitation, any cover in respect of liability      for Environmental Claims arising in jurisdictions where such Ship operates      or trades) is or may be liable to cancellation, qualification or exclusion      at any time; or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.1.26 | Parent company: any      Owner ceases to be a wholly-owned Subsidiary of the Borrower or the      Borrower (without the prior written consent of the Agent) ceases to be a      listed company on NASDAQ and/or the main board of the SGX-ST;      or |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.27  |   |
|---------------|--------|

| 10.1.27 | Termination or variation of a      Charter: a Charter is terminated for any reason whatsoever or a      Charter is frustrated or varied in any manner not permitted by or pursuant      to the relevant Charter Assignment or this Agreement;  or |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.28 | Material events: any      other event occurs or circumstance arises which, in the opinion of the      Banks and/or the Agent, is likely materially and adversely to affect      either |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      ability of any Security Party to perform all or any of its obligations      under or otherwise to comply with the terms of any of the Finance      Documents; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      security created by any of the Security Documents;  or |
|--------|-----|-----------------------------------------------------------------|

| 10.1.29 | Intra-Group Loans      Agreements:  the Borrower demands or accepts any      repayments of principal or interest or any other sum payable under the      Intra-Group Loan Agreements save as envisaged by clause 14.5 or takes any      action against any Owner without the prior written consent of the Agent;      or |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.30 | First Loan      Agreement:  an event of default occurs under and as      defined in the First Loan Agreement or any of the First Loan Security      Documents. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Acceleration |
|------|--------------|

| 10.2.1 | the      obligation of each Bank to make its Commitment available shall be      terminated, whereupon the Commitment of each Bank shall be reduced to zero      forthwith; and/or |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2.2 | the      Facility and all interest and commitment commission accrued and all other      sums payable under the Finance Documents have become due and payable,      whereupon the same shall, immediately or in accordance with the terms of      such notice, become due andpayable. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.3.1 | call      for repayment of the Facility on such date as may be specified whereupon      the Facility shall become due and payable on the date so specified      together with all interest and commitment commission accrued and all other      sums payable under this Agreement;or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3.2 | withdraw      such declaration with effect from the date specified in such      notice. |
|--------|-----------------------------------------------------------------------------------------|

| 11 | Indemnities |
|----|-------------|

| 11.1.1 | any      default in payment by the Borrower of any sum under any of the Finance      Documents when due; |
|--------|----------------------------------------------------------------------------------------------------------|

| 11.1.2 | the      occurrence of any other Event ofDefault; |
|--------|---------------------------------------------------|

| 11.1.3 | any      prepayment of the Facility or part thereof being made under      clause 4.2, 4.4, 8.2.1 or 12.1, or any other repayment of the      Facility or part thereof being made otherwise than on an Interest Payment      Date relating to the part of the Facility prepaid or repaid;      or |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.1.4 | the      Facility not being made for any reason (excluding any default by the Agent      or any Bank) after the Drawdown Notice in relation thereto has been      given, |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | including,      in any such case, but not limited to, any loss or expense sustained or      incurred by any Bank in maintaining or funding its Contribution or any      part thereof or in liquidating or re-employing deposits from third parties      acquired to effect or maintain its Contribution or any part thereof or any      other amount owing to such Bank Provided always that no such indemnity      shall be payable in the case where such loss or expenses sustained or      incurred has arisen as a result of the gross negligence or wilful      misconduct of the Finance Parties. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2.1 | making      or filing a claim or proof against theBorrower; |
|--------|-------------------------------------------------------------|

| 11.2.2 | obtaining      an order or judgment in any court or other tribunal;  or |
|--------|-------------------------------------------------------------------------|

| 11.2.3 | enforcing      any order or judgment given or made in relation to any of the Finance      Documents, the Borrower shall indemnify and hold harmless the Agent and      each Bank from and against any loss suffered as a result of any difference      between: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      rate of exchange used for such purpose to convert the sum in question from      the first currency into the second currency;and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      rate or rates of exchange at which the Agent and/or any Bank may in the      ordinary course of business purchase the first currency with the second      currency upon receipt of a sum paid to it in satisfaction, in whole or in      part, of any such |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11.3 | Environmental      indemnity |
|------|------------------------------|

| 12 | Unlawfulness      and increased costs |
|----|---------------------------------------|

| 12.1 | Unlawfulness |
|------|--------------|

| 12.1.1 | such      Bank's Commitment shall be reduced to zero;and |
|--------|----------------------------------------------------------|

| 12.1.2 | the      Borrower shall be obliged to prepay the Contribution of such Bank      either: |
|--------|-----------------------------------------------------------------------------------------|

|   | (a) | forthwith;      or |
|--------|-----|--------------------|

|   | (b) | on      a future specified date not being earlier than the latest date permitted      by the relevant law or regulation together with interest and commitment      commission accrued to the date of prepayment and all other sums payable by      the Borrower under this Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.1 | subject      any Bank to Taxes or change the basis of Taxation of any Bank with respect      to any payment under any of the Finance Documents (other than Taxes or      Taxation on the overall net income, profits or gains of such Bank imposed      in the jurisdiction in which its principal or lending office under this      Agreement is located); and/or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.2.2 | increase      the cost to, or impose an additional cost on, any Bank or its holding      company in making or keeping the Commitment available or maintaining or      funding its Contribution; and/or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.3 | reduce      the amount payable or the effective return to any Bank under any of the      Finance Documents; and/or |
|--------|--------------------------------------------------------------------------------------------------------------------|

| 12.2.4 | reduce      any Bank’s or its holding company’s rate of return on its overall capital      by reason of a change in the manner in which it is required to allocate      capital resources to its obligations under any of the Finance Documents;      and/or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.5 | require      any Bank or its holding company to make a payment or forgo a return on or      calculated by reference to any amount received or receivable by it under      any of the Finance Documents;and/or |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.6 | require      any Bank or its holding company to incur or sustain a loss (including a      loss of future potential profits) by reason of being obliged to deduct all      or part of its Commitment from its capital for regulatory      purposes, |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | such      Bank shall notify the Borrower in writing of such event promptly upon its      becoming aware of the same; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Agent shall negotiate with the Borrower in good faith with a view to      restructuring the transaction constituted by the Finance Documents in a      way which will (in the reasonable opinion of the Agent) satisfactorily      avoid either the unlawfulness or increased costs concerned (each as the      case may be) without either decreasing the amounts or net returns due to      the Agent and the Banks under the Finance Documents or which would, but      for such unlawfulness or such increased costs (each as the case may be),      have been so due, or otherwise adversely affecting the rights, interests      and security of the Banks under the transaction as presently constituted      and will not (in the reasonable opinion of the Agent) increase the cost to      the Borrower of or otherwise adversely affect the rights, and interests of      the Borrower under the transactions (and unless the Agent nominates a      longer period (which it shall be at liberty to do)), such negotiations      shall continue for a period of thirty (30) days after the Borrower has      been given notice under clause 12.2.6 0 or for such lesser period as      is permitted under applicable law having regard to either the unlawfulness      or the increased costs concerned (such period called the “Negotiation      Period”); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if      at the end of the Negotiation Period the Agent and the Borrower have not      reached agreement on a restructuring of the transaction on the basis      described in sub-clause (b) above then the Borrower shall on demand, made      at any time after expiry of the Negotiation Period whether or not the      relevant Bank’s Contribution has been repaid, pay to such Bank the amount      which the Bank specifies (in a certificate (which shall be conclusive in      the absence of manifest error) setting forth the basis of the computation      of such amount but not including any matters which such Bank regards as      confidential in relation to its funding arrangements) is required to      compensate such Bank for such alternative funding, increased cost,      reduction, payment or forgonereturn. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.3 | Exception |
|------|-----------|

| 13 | Application      of Moneys, Security, set-off and pro-rata  payments |
|----|----------------------------------------------------------------------|

| 13.1.1 | first      in or toward payment of all unpaid fees, commissions and expenses which      may be owing to any Finance Party (on a pari passu basis      between them) under any of the Finance  Documents; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.1.2 | secondly      in or towards payment of any arrears of interest payable to the Finance      Parties (on a pari      passu basis between them) under the Finance Documents (and, for      this purpose, the expression "interest" shall include any net amount which      the Borrower shall have become liable to pay or deliver under section 2      (Obligations) of either Master Swap Agreement but shall have failed to pay      or deliver to the relevant Swap Bank at the time of application or      distribution under this Clause13.1; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.1.3 | thirdly      in or towards repayment of the principal of Facility (whether the same is      due and payable or not); |
|--------|----------------------------------------------------------------------------------------------------------------------|

| 13.1.4 | fourthly      in or towards payment to any Bank for any loss suffered by reason of any      such payment in respect of principal not being effected on an Interest      Payment Date relating to the part of the Facility  repaid; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.1.5 | fifthly      in or towards payment to any Bank of any other sums owing to it under any      of the Finance Documents; and |
|--------|---------------------------------------------------------------------------------------------------------------------------|

| 13.1.6 | sixthly      the surplus (if any) shall be paid to the Borrower or to whomsoever else      may be entitled to receive suchsurplus, |
|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | or      in such other manner as the Banks and the Swap Banks may      determine. |
|--------|----------------------------------------------------------------------------------|

| 13.2.1 | to      apply any credit balance to which the Borrower is then entitled standing      upon any account of the Borrower with any branch of such Bank in or      towards satisfaction of any sum due and payable from the Borrower to such      Bank under any of the FinanceDocuments; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2.2 | in      the name of the Borrower and/or such Bank to do all such acts and to      execute all such documents as may be necessary or expedient to effect such      application; and |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 13.2.3 | to      combine and/or consolidate all or any accounts in the name of the Borrower      with such Bank. |
|--------|---------------------------------------------------------------------------------------------------------|

| 13.3.1 | within      two (2) Banking Days of such receipt or recovery, the Recovering Bank      shall pay to the Agent an amount equal (or equivalent) to the excess      amount; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3.2 | the      Agent shall treat such payment as if it were part of the payment to be      made by the Borrower and shall distribute the same in accordance with      clause 13.1; and |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3.3 | as      between the Borrower and the Recovering Bank the excess amount shall be      treated as not having been paid but the obligations of the Borrower to the      other Banks shall, to the extent of the amount so paid to them, be treated      as discharged. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.4 | No    release |
|------|---------------|

| 13.5 | No  charge |
|------|------------|

----

| 13.6 | Further      assurance |
|------|------------------------|

| 14 | Earnings      Accounts |
|----|------------------------|

| 14.1 | General |
|------|---------|

| 14.1.1 | on      or before the Drawdown Date procure that each Owner will open each of the      Earnings Accounts; |
|--------|-----------------------------------------------------------------------------------------------------------|

| 14.1.2 | on      or before the Drawdown Date open the Retention Account;  and |
|--------|----------------------------------------------------------------------|

| 14.1.3 | procure      that all moneys payable to the Borrower and/or the Owners in respect of      the Earnings of the Ships shall, unless and until the Agent directs to the      contrary pursuant to proviso (a) to clause 2.1 of the relevant      General Assignment, be paid to the Earnings Accounts Provided however that      if any of the moneys paid to the Earnings Accounts are payable in a      currency other than Dollars, the Borrower shall instruct and shall procure      that the relevant Owner shall instruct the relevant Account Bank to      convert such moneys into Dollars at such Account Bank’s spot rate of      exchange at the relevant time for the purchase of Dollars with such      currency and the term “spot rate of exchange”      shall include any premium and costs of exchange payable in connection with      the purchase of Dollars with such currency;and |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2 | Earnings Accounts      terms |
|------|------------------------------|

| 14.2.1 | The      Banks acknowledge that the relevant Owner shall, unless and until a      Default shall occur and the Agent shall direct to the contrary, be      entitled from time to time, subject to the agreement of the relevant      Account Bank to require that moneys for the time being standing to the      credit of the Earnings Accounts be transferred in such amounts and for      such periods as the Borrower or relevant Owner selects to fixed-term      deposit accounts (“deposit accounts”)      opened in the name of the relevant Owner with such Account      Bank.  The relevant Owner shall not be entitled pursuant to      clause 14.3 to withdraw moneys standing to the credit of the Earnings      Accounts which are the subject of a fixed term deposit until the expiry of      the period of such deposit unless the relevant Owner shall, on withdrawing      such moneys pay to the relevant Account Bank on demand any loss or expense      which such Account Bank shall certify that it has sustained or incurred as      a result of such withdrawal being made prior to the expiry of the period      of the relevant deposit and the relevant Account Bank shall be entitled to      debit the Earnings Accounts for the amount so certified prior to such      withdrawal being made.  In the event that any moneys so      deposited are to be applied pursuant to clause 14.4, the Borrower or      relevant Owner shall, on such application being made, pay to the relevant      Account Bank on demand any loss or |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14.3.1 | to      pay all unpaid fees and expenses which may be owning to the Agent under      any of the Finance Documents; |
|--------|--------------------------------------------------------------------------------------------------------------------|

| 14.3.2 | to      transfer to the Retention Account on each Retention Date all or part of      the Retention  Amount for such Retention  Date; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3.3 | to      pay any amount to the Swap Banks of net amounts then payable      pursuant to section 2 of either Master Swap Agreement and the      Borrower hereby irrevocably and unconditionally instructs the relevant      Account Bank to make such payments on their due date if and to the extent      the Borrower does not issue the appropriate instructions on or before such      due date; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3.4 | to      pay any amount to the Agent and/or the other Finance Parties in or towards      payments of any instalments of interest payable pursuant to this Agreement      and the Borrower hereby irrevocably and unconditionally instructs the      relevant Account Bank to make such payments on their due date if and to      the extent the Borrower does not issue the appropriate instructions on or      before such due date; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3.5 | to      pay any amount to the Agent and/or the other Finance Parties in or towards      payments of any principal or any other amounts then payable pursuant to      the cash sweep obligation contained in clause 4.8 and the Borrower      hereby irrevocably and unconditionally instructs the relevant Account Bank      to make such payments on their due date if and to the extent the Borrower      does not issue the appropriate instructions on or before such due      date; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3.6 | to      pay any amount to the Agent and/or the other Finance Parties any other      amounts then payable pursuant to the Finance Documents (including any      other amounts owing to either Swap Bank under the relevant Master Swap      Agreement) and the Borrower hereby irrevocably and unconditionally      instructs the relevant Account Bank to make such payments on their due      date if and to the extent the Borrower does not issue the appropriate      instructions on or before such duedate; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3.7 | to      pay the proper and reasonable operating expenses (including costs of      insuring, repairing and maintaining each Ship) of each Ship and the proper      and reasonable expenses of administering the affairs of the relevant      Owner; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3.8 | to      pay any Approved Manager’s remuneration under any Management Agreement in      the amounts and at the times thereinstated; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14.3.9 | to      pay or discharge liabilities or obligations to third parties not exceeding      the aggregate of any deductible under a Ship’s Insurances applicable to      such liabilities or obligations and the amount of any insurance moneys in      respect of such liabilities or obligations which have been paid by such      Ship’s insurers to the relevant Earnings Account with the knowledge and      approval of the Agent; and |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3.10 | to      pay for the making good and/or repair of any loss or damage resulting from      a casualty to a Ship not exceeding the aggregate of any deductible under      such Ship’s Insurances applicable to such casualty and the amount of any      insurance moneys in respect of such casualty and not exceeding the costs      of making good and/or repairing any such loss or damage which have been      paid by such Ship’s insurers to the relevant Earnings Account with the      knowledge and approval of theAgent. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.4.1 | The      Borrower undertakes with the Agent and the Finance Parties that it will,      from the date of this Agreement and so long as any moneys are owing under      the Finance Documents, on each Retention Date pay to the relevant Account      Bank for credit to the Retention Account, the Retention Amount for such      Retention Date provided however that, to the extent that there are moneys      standing to the credit of the Earnings Accounts as at the relevant      Retention Date, such moneys shall, up to an amount equal to the Retention      Amount, be transferred to the Retention Account on such Retention Date      (and the Borrower hereby instructs the relevant Account Bank to effect      each such transfer) and to that extent the Borrower’s obligations to make      the payments referred to in this clause 14.4.1 shall have been fulfilled      upon such transfer being effected. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.4.2 | Unless      and until there shall occur an Event of Default (whereupon the provisions      of clause 14.5 shall apply), all Retention Amounts credited to the      Retention Account together with interest from time to time accruing or at      any time accrued thereon shall be applied by the relevant Account Bank      (and the Borrower hereby irrevocably and unconditionally instructs such      Account Bank so to apply the same) in the following  manner: |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | on      each day that interest is payable pursuant to Clause 3.1 in respect of the      Facility in or towards payment to the Agent of the amount of interest then      due.  Each such application by the relevant Account Bank shall      constitute a payment in or towards satisfaction of the Borrower’s      corresponding payment obligations under this Agreement but shall be      strictly without prejudice to the obligations of the Borrower to make any      such payment to the extent that the aforesaid application by such Account      Bank is insufficient to meet the same;and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | following      any application by the relevant Account Bank pursuant to clause 14.4.2(a)      in transfer to the Earnings Accounts of any moneys standing to the credit      of the Retention Account to the extent that such moneys do not constitute      Retention Amounts or any payments received from either Swap Bank pursuant      to the provisions of the relevant Swap  Assignment. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.4.3 | Unless      the Agent otherwise agrees in writing and subject to clause 14.4.2, the      Borrower shall not be entitled to withdraw any moneys from the Retention      Account at any time from the date of this Agreement and so long as any      moneys are owing under the FinanceDocuments. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.5 | Application of      Accounts |
|------|------------------------------|

----

| 14.7 | Security over      account |
|------|----------------------------|

| 15 | Assignment,      substitutionand lending office |
|----|-----------------------------------------------------------|

| 15.2 | No assignment by      Borrower |
|------|--------------------------------|

|   | The      Borrower may not assign or transfer any of its rights or obligations under      this Agreement. |
|--------|----------------------------------------------------------------------------------------------------------|

| 15.3 | Assignment by Banks |
|------|---------------------|

|   | Each      Bank may assign all or any part of its rights in respect of its      Contribution under this Agreement or under any of the other Finance      Documents to any other bank or financial institution or to a trust, fund      or other entity which is regularly engaged in or established for the      purpose of making, purchasing or investing in liens, securities or other      financial assets (an “Assignee”) with the      approval of the Agent and provided that no Default has occurred the      consent of the Borrower (which consent shall not be unreasonably withheld      or delayed), and on the date upon which such assignment takes effect, the      Assignee shall pay to the Agent for its own account an assignment fee of      three thousand Dollars ($3,000). |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4 | Substitution |
|------|--------------|

|   | Each      Bank may transfer, by way of novation, all or any part of its rights,      benefits and/or obligations under this Agreement to another person subject      to a minimum transfer amount of five million Dollars ($5,000,000) to be      transferred (a “Substitute”) and      provided that no Default has occurred and is continuing the consent of the      Borrower (which consent shall not be unreasonably withheld or      delayed).  Any such novation shall be effected upon five (5)      Banking Days’ prior notice by delivery to the Agent of a duly completed      Substitution Certificate duly executed by such Bank, the Substitute and      the Agent (for itself, the Borrower and the other Banks) and following      receipt by the transferring Bank from the Substitute of an amount equal to      the purchase price to be paid by the Substitute for the Contribution being      transferred.  On the effective date specified in a      Substitution |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15.4.1 | the      existing parties to this Agreement and the Bank party to the relevant      Substitution Certificate shall be released from their respective      obligations towards one another under this Agreement (“discharged obligations”)      and their respective rights against one another under this Agreement      (“discharged      rights”) shall be cancelled; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4.2 | the      Substitute party to the relevant Substitution Certificate and the existing      parties to this Agreement (other than the Bank party to such Substitution      Certificate) shall assume obligations towards each other which differ from      the discharged obligations only insofar as they are owed to or assumed by      such Substitute instead of to or by such Bank;  and |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4.3 | the      Substitute party to the relevant Substitution Certificate and the existing      parties to this Agreement (other than the Bank party to such Substitution      Certificate) shall acquire rights against each other which differ from the      discharged rights only insofar as they are exercisable by or against such      Substitute instead of by or against suchBank |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.5 | Reliance on Substitution      Certificate |
|------|-------------------------------------------|

| 15.6 | Signing of Substitution      Certificate |
|------|------------------------------------------|

|   | The      Borrower and each of the Banks irrevocably authorise the Agent to      countersign each Substitution Certificate on its behalf without any      further consent of, or consultation with, the Borrower or such Bank (as      the case may be). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.7 | Construction of certain      references |
|------|-----------------------------------------|

|   | If      any Bank assigns all or any part of its rights or novates all or any part      of its rights, benefits and obligations as provided in clause 15.3 or 15.4      all relevant references in this Agreement to such Bank shall thereafter be      construed as a reference to such Bank and/or its Assignee or Substitute      (as the case may be) to the extent of their respective      interests. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.8 | Documenting assignments and      novations |
|------|--------------------------------------------|

|   | If      any Bank assigns all or any part of its rights or novates all or any part      of its rights, benefits and/or obligations as provided in      clauses 15.3 or 15.4 the Borrower undertakes, immediately on being      requested to do so by the Agent and at the cost of the Bank that has so      assigned or novated all or any part of its rights and/or obligations, to      enter into, and procure that the other Security Parties shall enter into,      such documents as may be necessary or desirable to transfer to the      Assignee or Substitute all or the relevant part of such Bank’s interest in      the Finance Documents and all relevant references in this Agreement to      such Bank shall thereafter be |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15.9 | Lending      office |
|------|---------------------|

|   | Each      Bank shall lend through its office at the address specified in Schedule 1      or, as the case may be, in any relevant Substitution Certificate or      through any other office of such Bank selected from time to time by it      through which such Bank wishes to lend for the purposes of this Agreement      Provided always that such change of office shall not result in an increase      in the obligations of the Borrower under clause 6.7.  If the      office through which such Bank is lending is changed pursuant to this      clause 15.9, such Bank shall notify the Agent promptly of such change and      the Agent shall notify the Banks and the  Borrower. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.10 | Disclosure of      information |
|-------|--------------------------------|

|   | Any      Bank or the Agent may, with the prior consent of the Borrower which shall      not be unreasonably withheld, disclose to a prospective assignee,      substitute or transferee or to any other person who may propose entering      into contractual relations with such Bank or the Agent in relation to this      Agreement information about the Borrower save for in the Event of Default      or if the prospective assignee, substitute or transferee is an affiliate      of any Bank or the Agent where such consent of the Borrower is not      required. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16 | Agent |
|----|-------|

| 16.1 | Appointment of the      Agent |
|------|-------------------------------|

|   | The      terms and basis on which the Agent has been appointed by the Banks as      facility agent and as security agent and trustee respectively are set out      in the Agency Agreement including, among other things, the manner in which      any decision to exercise any right, powers, discretion or authority or to      carry out any duty are to be made between the Banks and the      Agent. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17 | Notices and other matters |
|----|------------------------------------------|

| 17.1 | Notices |
|------|---------|

|   | Every      notice, request, demand or other communication under this Agreement or      (unless otherwise provided therein) under any of the other Finance      Documents shall: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.1 | be      in writing delivered personally or by first-class prepaid letter (airmail      if available) or facsimile transmission or other means of      telecommunication in permanent writtenform; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.2 | be      deemed to have been received, subject as otherwise provided in the      relevant Finance Document, in the case of a letter, when delivered      personally or three (3) days after it has been put in to the post and, in      the case of a facsimile transmission or other means of telecommunication      in permanent written form, at the time of despatch (provided that if the      date of despatch is not a business day in the country of the addressee or      if the time of despatch is after the close of business in the country of      the addressee it shall be deemed to have been received at the opening of      business on the next such business day);and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.3 | be      sent: |
|--------|---------------|

|   | (a) | to      the Borrower and any Owner at: | 24, Kanigos      StreetKastella185    34 PiraeusGreeceFax      No:  + 30 210 4220230 |
|--------|-----|----------------------------------------|---------------------------------------------------------------------------------------------------------------|

----

|   | Fax      No: + 1 617 345 1444 |
|--------|-------------------------------|

|                          (d)         to the Swap Banks      at: | The      Bank of Tokyo-Mitsubishi UFJ, Ltd., |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|

|   | 1251      Avenue of the Americas |
|--------|----------------------------------|

|   | New      York |
|--------|---------------|

|   | New      York 10020-4624 |
|--------|--------------------------|

|   | United      States of America |
|--------|-------------------------------|

|   | Fax      No: +1 212 7826429 |
|--------|-----------------------------|

| 17.2 | No implied waivers, remedies      cumulative |
|------|----------------------------------------------|

|   | No      failure or delay on the part of the Agent, the Banks or any of them to      exercise any power, right or remedy under any of the Finance Documents      shall operate as a waiver thereof, nor shall any single or partial      exercise by the Agent, the Banks or any of them of any power, right or      remedy preclude any other or further exercise thereof or the exercise of      any other power, right or remedy.  The remedies provided in the      Finance Documents are cumulative and are not exclusive of any remedies      provided by law. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 17.3 | English      language |
|------|-----------------------|

|   | All      certificates, instruments and other documents to be delivered under or      supplied in connection with any of the Finance Documents shall be in the      English language or shall be accompanied by a certified English      translation upon which the Bank shall be entitled to  rely. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.4 | Counterparts |
|------|--------------|

|   | This      Agreement may be entered into in any number of counterparts and by the      parties to it on separate counterparts, each of which when executed and      delivered shall be an original, but all the counterparts shall together      constitute one and the sameinstrument. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18 | Governing law and jurisdiction |
|----|-----------------------------------------------|

| 18.1 | Law |
|------|-----|

|   | This      Agreement is governed by and shall be construed in accordance with English      law. |
|--------|------------------------------------------------------------------------------------------------|

| 18.2 | Submission to      jurisdiction |
|------|---------------------------------|

|   | The      Borrower agrees, for the benefit of the Agent and the Banks, that any      legal action or proceedings arising out of or in connection with this      Agreement against the Borrower or any of its assets may be brought in the      English courts.  The Borrower irrevocably and unconditionally      submits to the jurisdiction of such courts and irrevocably designates,      appoints and empowers Hill Dickinson Services Limited at present of      Irongate House, Duke’s Place, London EC3A 7HX England to receive for it      and on its behalf, service of process issued out of the English courts in      any such legal action or proceedings.  The submission to such      jurisdiction shall not (and shall not be construed so as to) limit the      right of the Agent and/or the Banks to take proceedings against the      Borrower in the courts of any other competent jurisdiction nor shall the      taking of proceedings in any one or more jurisdictions preclude the taking      of proceedings in any other jurisdiction, whether concurrently or      not. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      parties further agree that only the Courts of England and not those of any      other State shall have jurisdiction to determine any claim which the      Borrower may have against the Agent, the Banks or any of them arising out      of or in connection with thisAgreement. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | IN WITNESS whereof      the parties to this Agreement have caused this Agreement to be duly      executed on the date first abovewritten |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

----

| Name                          | Address      and fax                                                                                                                                                           | Commitment($) |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
| BTMU      Capital Corporation | 111      Huntington AvenueSuite      400BostonMA      02199-8001United      States of AmericaFax      nr.: +1 617 345 1444 Attn:  SVP      Administration  | 21,250,000    |
| NIBC      BANK N.V.           | Carnegieplein      42517      KJ The HagueThe      NetherlandsFax      Nr. +31703425577Attn:  Mr.      Maurice Wijmans                                               | 21,250,000    |
| TOTAL                         |                                                                                                                                                                           | 42,500,000    |

| Name                                                         | Address      and fax                                                                                                                                                                                                                   |
|--------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| The      Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch | 1251      Avenue of the AmericasNew      YorkNew      York 10020-1104United      States of AmericaFax      No: +1 212 7826429Attn:  Senior      Vice President and Group Head Derivatives and Structured Products      Group |
| NIBC      Bank N.V.                                          | Carnegieplein      42517      KJ The HagueThe      NetherlandsFax      Nr. +31703425577Attn:  Mr.      Maurice Wijmans                                                                                                       |

----

| Ship                                 | Owner                         | Country      of Incorporation of Owner | Flag                  | Official      Number | Country      of Underlying Registration | IMO      Number | Classification      Society      | Classification                                                                                               | Ship      Type         | Year      Built | Deadweight/TEU | Charterer                                                  |
|--------------------------------------|-------------------------------|----------------------------------------|-----------------------|----------------------|-----------------------------------------|-----------------|----------------------------------|--------------------------------------------------------------------------------------------------------------|------------------------|-----------------|----------------|------------------------------------------------------------|
| “OMEGA      EMMANUEL”    | Orange      Navigation Inc    | Marshall      Islands                  | Liberia               | 13287                | Marshall      Islands                   | 9314167         | Lloyds      Register             | +100A1      Double Hull Oil Tanker ShipRight (SDA, FDA Plus, CM), ESP,      *1WSL1,      SPM                 | Panamax  LR1 | 2007            | 74,200         | ST      Shipping & Transport Pte. Limited of Singapore |
| “OMEGA      THEODORE”    | Baytown      Navigation Inc   | Marshall      Islands                  | Liberia               | 13288                | Marshall      Islands                   | 9314179         | Lloyds      Register             | +100A1      Double Hull Oil Tanker ShipRight (SDA, FDA Plus, CM), ESP,      *1WSL1,      SPM                 | Panama  LR1  | 2007            | 74,200         | ST      Shipping & Transport Pte. Limited of Singapore |
| “OMEGA      PRINCE”      | Carrolton      Navigation Inc | Marshall      Islands                  | Marshall      Islands |  2554           | Marshall      Islands                   |  9312901   | American      Bureau of Shipping | XA1, Chemical      Carrier, Oil Carrier, Ice Class 1A, E XAMS, XACCU, VEC-L, FL      25, SH, SHCM  | Handy-max      MR PT   | 2006            | 36,660      mt | DS      Norden                                             |
| “OMEGA      PRINCESS”    | Decatur      Navigation Inc   | Marshall      Islands                  | Marshall      Islands | 2523                 | Marshall      Islands                   | 9327425         | American      Bureau of Shipping | XA1, Chemical      Carrier, Oil Carrier, Ice Class 1A, E XAMS, XACCU, VEC-L, FL      25, SH, SHCM  | Handy      -max MR PT  | 2006            | 36,660      mt | DS      Norden                                             |
| “OMEGA      LADY SARAH”  | Beaumont      Navigation Inc  | Marshall      Islands                  | Marshall      Islands | 2648                 | Marshall      Islands                   | 9252955         | American      Bureau of Shipping | XA1, Oil Carrier,      Ice Class 1C,  E,XAMS,  XACCU, VEC, SH,      SHM             | Handy      -max LR1 PT | 2004            | 71,498      mt | ST      Shipping and Transport Pte. Limited of Singapore   |
| “OMEGA      LADY MIRIAM” | Galveston      Navigation Inc | Marshall      Islands                  | Marshall      Islands | 1893                 | Marshall      Islands                   | 9252943         | American      Bureau of Shipping | XA1, Oil Carrier,      Ice Class 1C,  E,XAMS,  XACCU, VEC, SH,      SHCM            | Handy      -max LR1 PT | 2003            | 71,522      mt | ST      Shipping and Transport Pte. Limited of Singapore   |
| “OMEGA      QUEEN”       | Elgin      Navigation Inc     | Marshall      Islands                  | Marshall      Islands | 2622                 | Marshall      Islands                   | 9283679         | Det      norske Veritas          | .X 1A1 Tanker for      Oil ESP SPM EO TMON NAUTICUS (Newbuilding)                                            | Handy      -max LR1 PT | 2004            | 74,999      mt | DS      Torm                                               |
| “OMEGA      KING”        | Fulton      Navigation Inc    | Marshall      Islands                  | Marshall      Islands | 2621                 | Marshall      Islands                   | 9273088         | Det      norske Veritas          |  X 1A1 Tanker for      Oil ESP SPM EO TMON NAUTICUS (Newbuilding)                                       | Handy      -max LR1 PT | 2004            | 74,999      mt | DS      Torm                                               |

----

|   | (a) | no      event or circumstance has occurred and is continuing which constitutes a      Default; |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | (b) | the      representations and warranties containedin: |
|--------|-----|------------------------------------------------------|

|   | (i) | clauses      7.1, 7.2 and 7.3 of the Agreement;and |
|--------|-----|----------------------------------------------------|

|   | (ii) | clauses 4.1      and 4.2 of the Owners’ Guarantees; |
|--------|------|----------------------------------------------------------------|

|   | (c) | the      borrowing to be effected by the drawdown of the Facility will be within      our corporate powers, has been validly authorised by appropriate corporate      action and will not cause any limit on our borrowings (whether imposed by      statute, regulation, agreement or otherwise) to be exceeded;      and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | there      has been no material adverse change in our financial position from that      described by us to the Finance Parties in the negotiation of the      Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a) | Constitutional      documents |
|-----|-------------------------------|

| (b) | Corporate      authorisations |
|-----|-------------------------------|

|   | (i) | being      true and correct; |
|--------|-----|------------------------------|

|   | (ii) | being      duly passed at meetings of the directors of such Security Party and of the      shareholders of such Security Party each duly convened and      held; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | not      having been amended, modified or revoked;and |
|--------|-------|-------------------------------------------------------|

|   | (iv) | being      in full force and effect |
|--------|------|-------------------------------------|

| (c) | Specimen      signatures |
|-----|--------------------------|

| (d) | Certificates      of incumbency |
|-----|---------------------------------|

| (e) | Know      your customer and money launderingcompliance |
|-----|--------------------------------------------------------|

----

| (f) | Fees,      commissions and expenses |
|-----|-------------------------------------|

----

| (a) | Conditions      precedent |
|-----|---------------------------|

| (b) | Borrower’s      consents and approvals |
|-----|----------------------------------------------|

| (c) | No      judgments etc |
|-----|-----------------------|

| (d) | No      litigation or other event |
|-----|-----------------------------------|

| (e) | Other      consents and approvals |
|-----|-----------------------------------|

| (f) | Certified      Underlying Documents |
|-----|-------------------------------------|

| (g) | Charters |
|-----|----------|

----

----

----

|   | (i) | Registration      and Encumbrances |
|--------|-----|------------------------------------|

|   | (ii) | Classification |
|--------|------|----------------|

|   | (iii) | Insurance |
|--------|-------|-----------|

----

----

| To: | NIBC      Bank N.V. on its own behalf, as agent for the Banks party to the Agreement      mentioned below and on behalf of Omega Navigation Enterprises,      Inc. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1 | [name of Existing Bank]      (the “Existing      Bank”) (a) confirms the accuracy of the summary of its      participation in the Agreement set out in the schedule below; and (b)      requests [name of      Substitute Bank] (the “Substitute”) to accept      by way of novation the portion of such participation specified in the      schedule hereto by counter-signing and delivering this Substitution      Certificate to the Agent at its address for the service of notices      specified in the Agreement along with the transfer fee of      $3,000. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | The      Substitute hereby requests the Agent (on behalf of itself and the other      Banks) to accept this Substitution Certificate as being delivered to the      Agent pursuant to and for the purposes of clause 15.4 of the      Agreement, so as to take effect in accordance with the respective terms      thereof on [date of      transfer] (the “Effective Date”) or on      such later date as may be determined in accordance with the respective      terms thereof. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | The      Agent (on behalf of itself, the other Banks and all other parties to the      Agency Agreement) confirms the novation effected by this Substitution      Certificate pursuant to and for the purposes of clause 15.4 of the      Agreement so as to take effect in accordance with the respective terms      thereof. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | The      Substitute confirms: |
|---|-------------------------------|

|   | (a) | that      it has received a copy of the Agreement and each of the other Finance      Documents and all other documentation and information required by it in      connection with the transactions contemplated by this Substitution      Certificate; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | that      it has made and will continue to make its own assessment of the validity,      enforceability and sufficiency of the Agreement, the other Finance      Documents and this Substitution |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Certificate      and has not relied and will not rely on the Existing Bank or the Agent or      any statements made by either of them in that  respect; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | that      it has made and will continue to make its own credit assessment of the      Borrower and has not relied and will not rely on the Existing Bank or the      Agent or any statements made by either of them in that respect;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | that,      accordingly, neither the Existing Bank nor the Agent shall have any      liability or responsibility to the Substitute in respect of any of the      foregoing matters. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | Execution      of this Substitution Certificate by the Substitute constitutes its      representation to the Existing Bank and all other parties to the Agreement      that it has power to become party to the Agreement as a Bank on the terms      herein and therein set out and has taken all necessary steps to authorise      execution and delivery of this Substitution  Certificate. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | The      Existing Bank makes no representation or warranty and assumes no      responsibility with respect to the legality, validity, effectiveness,      adequacy or enforceability of the Agreement or any of the other Finance      Documents or any document relating thereto and assumes no responsibility      for the financial condition of the Borrower or any other party to the      Agreement or any of the other Finance Documents or for the performance and      observance by the Borrower or any other such party of any of its      obligations under the Agreement or any of the other Finance Documents or      any document relating thereto and any and all such conditions and      warranties, whether express or implied by law or otherwise, are hereby      excluded. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7 | The      Substitute hereby undertakes to the Existing Bank, the Borrower and the      Agent and each of the other parties to the Agreement that it will perform      in accordance with their terms all those obligations which by the      respective terms of the Agreement will be assumed by it after acceptance      of this Substitution Certificate by theAgent. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8 | All      terms and expressions used but not defined in this Substitution      Certificate shall bear the meaning given to them in the      Agreement. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9 | This      Substitution Certificate and the rights and obligations of the parties      hereunder shall be governed by and construed in accordance with English      law. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Commitment:      $ [ ̃]               | Portion      Transferred: $ [ ̃] |
|-------------------------------------------|--------------------------------------|
| Contribution:      $ [ ̃]             | Portion      Transferred: $ [ ̃] |
| Next      Interest Payment Date: [ ̃] |

----

----

| 1 | We      refer to the Agreement.  This is a Compliance      Certificate.  Terms defined in the Financial Agreement have the      same meaning when used in this Compliance Certificate unless given a      different meaning in this Compliance  Certificate. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | We      refer to clause 8.5 of the Agreement and hereby certify    that: |
|---|--------------------------------------------------------------------------|

|   | (b) | Minimum      Liquidity |
|--------|-----|------------------------|

|   | (c) | Interest      Coverage |
|--------|-----|------------------------|

|   | (d) | Security Value      Maintenance |
|--------|-----|---------------------------------|

----

*

*

----

 
| * | If      this statement cannot be made, the certificate should identify any Default      that is continuing and the steps, if any, being taken to remedy      it. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 
| ** | Only      applicable if the Compliance Certificate accompanies the audited financial      statements and is to be signed by the auditors.  To be agreed      with the Company's auditors prior to signing the  Agreement. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1 | The      Additional Cost is an addition to the interest rate to compensate Banks      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 Agent shall calculate, as a percentage rate, a rate (the "Additional Cost Rate")      for each Bank, in accordance with the paragraphs set out      below.  The Additional Cost will be calculated by the Agent as a      weighted average of the Banks' Additional Cost Rates (weighted in      proportion to the percentage participation of each Bank in the relevant      Facility) and will be expressed as a percentage rate per      annum. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | The      Additional Cost Rate for any Bank lending from an office in any member      state of the European Community that has adopted or adopts the Euro as its      lawful currency in accordance with the legislation of the European      Community relating to Economic and Monetary Union will be the percentage      notified by that Bank to the Agent.  This percentage will be      certified by that Bank in its notice to the Agent to be its reasonable      determination of the cost (expressed as a percentage of that Bank's      participation in all Loans made from that office) of complying with the      minimum reserve requirements of the European Central Bank in respect of      loans made from that office. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | The      Additional Cost Rate for any Bank lending from an Office in the United      Kingdom will be calculated by the Agent as  follows: |
|---|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | E x      0.01 | per cent. per      annum |
|--------|---------------|--------------------------|
|   | 300           |

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

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

|   | (a) | "Fees Rules" means the      rules on periodic fees contained in the Supervision Manual of the      Financial Services Authority Handbook of rules and guidance 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 ofdeposits; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | "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); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | "Tariff Base" has the      meaning given to it in, and will be calculated in accordance with, the      Fees Rules; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (d) | “Pounds” and “£” mean the lawful      currency of the United Kingdom. |
|--------|-----|----------------------------------------------------------------------------------------------------|

----

| 6 | If      requested by the Agent, each Reference Bank shall, as soon as practicable      after publication by the Financial Services Authority, supply to the      Agent, the rate of charge payable by that Reference Bank to the Financial      Services Authority pursuant to the Fees Rules in respect of the relevant      financial year of the Financial Services Authority (calculated for this      purpose by that Reference Bank as being the average of the Fee Tariffs      applicable to that Reference Bank for that financial year) and expressed      in Pounds per £1,000,000 of the Tariff Base of that Reference      Bank. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7 | Each      Bank shall supply any information required by the Agent for the purpose of      calculating its Additional Cost Rate.  In particular, but      without limitation, each Bank shall supply the following information on or      prior to the date on which it becomes aBank: |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      jurisdiction of its lending office;and |
|--------|-----|-------------------------------------------------|

|   | (b) | any      other information that the Agent may reasonably require for such      purpose. |
|--------|-----|-----------------------------------------------------------------------------------------|

| 8 | The      rates of charge of each Reference Bank for the purpose of E above shall be      determined by the Agent based upon the information supplied to it pursuant      to paragraphs 6 and 7 above and on the assumption that, unless a Bank      notifies the Agent to the contrary, each Bank's obligations in relation to      cash ratio 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. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9 | The      Agent shall have no liability to any person if such determination results      in an Additional Cost Rate which over or under compensates any Bank and      shall be entitled to assume that the information provided by any Bank or      Reference Bank pursuant to paragraphs 3, 6 and 7 above is true and correct      in all respects. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10 | The      Agent shall distribute the additional amounts received as a result of the      Additional Cost to the Banks on the basis of the Additional Cost Rate for      each Bank based on the information provided by each Bank and each      Reference Bank pursuant to paragraphs 3, 6 and 7  above. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11 | Any      determination by the Agent pursuant to this Schedule in relation to a      formula, the Additional Cost, an Additional Cost Rate or any amount      payable to a Bank shall, in the absence of manifest error, be conclusive      and binding on all Parties. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12 | The      Agent may from time to time, after consultation with the Borrowers and the      Banks, 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. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Borrower                                    |   |   |                                                |
|---------------------------------------------|--------|--------|-----------------------------------------------------|
|                                        |   |   |                                                |
| SIGNEDby                                    | )      |   |                                                |
| for      and on behalf of                   | )      |   | ....................... |
| OMEGA      NAVIGATION ENTERPRISES, INC.     | )      |   | Attorney-in-fact                                    |
|                                        |   |   |                                                |
|                                        |   |   |                                                |
|                                        |   |   |                                                |
| Banks                                       |   |   |                                                |
|                                        |   |   |                                                |
| SIGNEDby                                    | )      |   |                                                |
| for      and on behalf of                   | )      |   | ....................... |
| BTMU      CAPITAL CORPORATION               | )      |   | Authorised      signatory                           |
|                                        |   |   |                                                |
|                                        |   |   |                                                |
| SIGNEDby                                    | )      |   |                                                |
| for      and on behalf of                   | )      |   | ....................... |
| NIBC      BANK N.V.                         | )      |   | Attorney-in-Fact                                    |
|                                        |   |   |                                                |
|                                        |   |   |                                                |
|                                        |   |   |                                                |
| Swap      Banks                             |   |   |                                                |
|                                        |   |   |                                                |
| SIGNEDby                                    | )      |   |                                                |
| for      and on behalf of                   | )      |   |                                                |
| THE      BANK OF TOKYO-MITSUBISHI UFJ, LTD. | )      |   | ....................... |
| New      York Branch                        | )      |   | Authorised      signatory                           |
|                                        |   |   |                                                |
|                                        |   |   |                                                |
| SIGNEDby                                    | )      |   |                                                |
| for      and on behalf of                   | )      |   | ....................... |
| NIBC      BANK N.V.                         | )      |   | [Authorised      signatory]                         |
|                                        |   |   |                                                |
|                                        |   |   |                                                |
|                                        |   |   |                                                |
| Agent                                       |   |   |                                                |
|                                        |   |   |                                                |
| SIGNEDby                                    | )      |   |                                                |
| for      and on behalf of                   | )      |   | ....................... |
| NIBC      BANK N.V.                         | )      |   | [Attorney-in-Fact]                                  |

----