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1. EGNATIA BANK S.A.,
 2. ADVENTURE FOUR S.A.
 WHEREAS:
 A. th
 B.
 C.




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2  NOW THIS DEED WITNESSES AND IT IS HEREBY AGREED as
 1. DEFINITIONS
 1.1.
 (a)
    
    Words and expressions defined in the Security Documents (as the term is described in Clause 1
of the Loan Agreement) shall have the same meaning when used in this Deed, irrespective of
whether it is so explicitly mentioned herein or not, unless it is otherwise defined herein or
the context otherwise requires.(b)
    
    This Deed will be read together with the other Security Documents but in case of any conflict
between this Assignment and the Loan Agreement, the provisions of the Loan Agreement shall
prevail whereas in the case of conflict between this Assignment and any other Security
Documents, the Assignment Agreement will prevail. The rights, powers and remedies of the Bank
provided herein and/or in any other Security Documents are cumulative and not exclusive of
each other.
 1.2.
    
    In this Deed, unless the context otherwise requires:
 Assigned Property
 1.3.
    
    In this Deed, unless the context otherwise requires:(a)
    
    references to Clauses and Recitals are to be construed as references to clauses and recitals
to this Deed;(b)
    
    references to (or any specified provision of) this Deed or any other document will be
construed as references thereto as in force for the time being;(c)
    
    words importing the plural shall include the singular and vice versa;




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3 
 (d)
    
    references to persons shall include bodies corporate, bodies unincorporated and individuals;(e)
    
    references to assets include property, rights and assets of every description.
 2. CONTINUING REPRESENTATIONS AND WARRANTIES
  (a)
    
    the Assignor is the sole legal and beneficial Owner of the whole of the Assigned Property;(b)
    
    the Assignor has not, save by this Deed or any other Security Documents, sold or transferred
or created any security interest other than those permitted by this Deed and the
aforementioned Security Documents over any of its rights, the title or interest to or in the
Assigned Property;(c)
    
    no agreement or arrangement exists whereby the Assigned Property may be shared with any other
person.
 3. PRESERVATION OF SECURITY AND OTHER PROVISIONS
 3.1.
    
    It is declared by the Assignor and agreed that:
 (a)
    
    i.
    the security created by this Deed will
be held by the Bank as a continuing
security for the payment of the
Indebtedness as well as for the
performance and/or the compliance with
all the covenants and conditions
contained, expressly or impliedly, in
the Security Documents and that
 ii.
    the security so created will not be satisfied by any intermediate payment or
satisfaction of any part of the Indebtedness.
 (b)
    
    the security so created will be in addition to, and will not in any way be affected by (and
may be enforced by the Bank without prior recourse to) any security created by any other of
the Security Documents, or other security, or right or remedy whatsoever now or hereafter held
by the Bank, or enforcement and will not in any way be prejudiced thereby or by the invalidity
or unenforceability thereof or any other of the Security Documents, or by the Bank releasing,
modifying or refraining from




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4 
 perfecting or enforcing any of the same, or granting time or indulgence or compounding with
any person liable;(c)
    
    the Assignor will remain liable to perform all the obligations assumed by the Assignor in
relation to the Assigned Property and the Bank will be under no obligation of any kind
whatsoever in respect thereof;(d)
    
    any waiver by the Bank of any terms of this Deed or any consent given by the Bank under this
Deed will only be effective if given in writing and then only for the purpose and upon the
terms for which it is given;(e)
    
    all governmental or other consents as well as all levies and/or taxes required by law and/or
any other steps required for the validity, enforceability and legality of this Agreement and
the other Security Documents and for the performance thereof by the Assignor are appropriately
taken by the Assignor and are maintained in full force and effect.
 3.2.
 4. ASSIGNMENT
 4.1.




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5 (a)
    
    unless and until an Event of Default occurs:
 i.
    
    any and every moneys recoverable in connection with each particular incident
under the contracts of insurance provided for in Clause 4.3.(e) of the Loan Agreement
(the Insurances) exceeding US$ 200.000 shall be paid to the Bank and the terms of
the relevant Loss Payable Clause shall be stipulated accordingly;ii.
    
    any and every sum recoverable in respect of any casualty (inclusive of
deductible) under the Insurances not exceeding US$ 200.000 will be paid to the
Assignor but so that the Assignor with the insurance moneys received shall make good
and repaired all loss and damage resulting from the casualty.iii.
    
    All Earnings shall be payable and credited to the Operating Account, in
accordance with the Loan Agreement.
 (b)
    
    Upon or after the simple receipt by the Insurer of a written advice of the Bank to the effect
that an Event of Default has occurred, any sums recoverable under the Insurances and the
Earnings provided for in the Loan Agreement shall be payable to the Bank and be applied in the
manner specified in Clause 15 of the Loan Agreement.(c)
    
    Any requisition compensation will at all times be payable to the Bank and be applied
in the manner specified in Clause 15 of the Loan Agreement
 4.2.
 (a)
    
    create or suffer the creation of any Security Interest other than this present on or in
respect of the whole or any part of the Assigned Property in favour of any person other than
the Bank; or(b)
    
    enter into any agreement or arrangement whereby the receivables may be pooled or shared with
any other person.
 4.3.




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6  i.
    
    it will proceed forthwith at its own expense in serving a written Notice of
the Assignment herein contained (in the form annexed hereto as Annex ) upon the
persons from whom any part of the Assigned Property is or may be due and forthwith
forward by facsimile message or mail a copy of the Acknowledgement of Notice to the
Bank and thatii.
    
    the Assignor will name
 a
 b)
 4.4.
 5. COVENANTS AND PROTECTIONS
 5.1.
    
    The Assignor hereby covenants and undertakes with the Bank that:
 (a)
    
    it will do or permit to be done each and every act or thing which the Bank may from time to
time require to be done for the purpose of enforcing the




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7 Banks rights under this Deed and will allow its name to be used as and when required by
the Bank for that purpose;(b)
    
    it will pay all such expenses, claims, liabilities, losses, costs, duties, fees, charges or
other moneys as are stated in this Deed to be payable by the Assignor;(c)
    
    it will pay interest on any such expenses, claims, liabilities, losses, costs, duties, fees,
charges or other monies referred to in Clause 5.1.(b) from the date on which same is/are paid
or incurred by the Bank until the date of reimbursement thereof to the Bank at the rate
described in Clause 8.4. of the Loan Agreement, such interest to be compounded in accordance
with Clause 8 of the Loan Agreement and payable on demand.(d)
    
    It will deliver to and provide the Bank with the originals and/or copies as the case may be
of any and all documentation (including but not limited to agreements, contracts, policies,
cover notes, certificates of entry, e.t.c.) and information in relation to the Assigned
Property or incidental thereto whether same was intentionally or incidentally obtained by or
became known to the Assignor prior or after the execution of this deed or any other deed,
contract or agreement by virtue of which any right, title or interest to or in the Assigned
Property is or will be acquired.
 5.2.
 6. POWERS OF THE BANK
 6.1.




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8  6.2.
 (a)
    
    to require that all records as well as any other documentation then in possession of the
Assignor or of any other person acting in the name or behalf of the Assignor relating to the
Assigned Property (including details of and correspondence covering outstanding claims) be
forthwith delivered to or to the order of the Bank;(b)
    
    to collect, recover, discharge, compound, release or compromise claims that are then
outstanding or arise thereafter in respect of the Assigned Property or any part thereof and to
take or institute (if necessary using the name of the Assignor, who hereby authorizes the Bank
to do so) all such proceedings in connection therewith as the Bank in its sole discretion
thinks fit, in the case of the Insurances, to permit any brokers through whom collection or
recovery is effected to charge the usual brokerage therefore;(c)
    
    generally, to recover from the Assignor on demand each and every Expense incurred by the Bank
in or about or incidental to the exercise by it of any of the aforesaid powers.
 6.3.




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9 6.4.
 6.5.
 7. FURTHER ASSURANCES
  (a)
    
    perfecting or protecting the security created (or intended to be created) by this Deed; or(b)
    
    preserving or protecting any of the rights of the Bank under this Deed; or(c)
    
    ensuring that the security constituted by this Deed and the covenants and obligations of the
Assignor under this Deed shall inure to the benefit of any such assignee of the Bank as is
referred to in Clause 10.3.; or(d)
    
    facilitating the appropriation or realization of the Assigned Property or any part thereof in
the manner contemplated by this Deed; or(e)
    
    the exercise of any power, authority or discretion vested in the Bank under this Deed in any
such case, forthwith upon demand by the Bank and at the expense of the Assignor.
 8. ATTORNEY




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10   9. INDEMNITIES AND COSTS
 9.1.
 (a)
    
    in or in connection with the exercise or purported exercise of any rights, powers remedies or
discretions vested in it pursuant to this Deed or any other Security or any of them or(b)
    
    in or in connection with the preservation or enforcement or attempt to enforce or preserve of
the Banks rights under this Deed or any other Security documents or any of them or(c)
    
    in or in connection with the preparation, completion or registration of this Deed or any
other Security documents or any of them or




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11 (d)
    
    on the release of any part of the Assigned Property from the security created by this Deed,
or any other Security Documents or any of them, and the Bank or each such agent or attorney
may retain all sums in respect of the above. All such amounts recoverable by the Bank or
each such agent or attorney shall be recoverable on a full indemnity basis.
 9.2.
 9.3.




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12 9.4.
 10. ASSIGNMENTS
 10.1.
 10.2.
 10.3.




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13  10.4.
 11. MISCELLANEOUS
 11.1.
 11.2.
 11.3.
 12. NOTICE
 12.1.




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14 freebulk@otenet.gr
 12.2.
 13. GOVERNING LAW AND JURISDICTION
 13.1.
 13.2.




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15 13.3.
 IN WITNESS
 SIGNED by
    
    
    )Stefanos Kardamakis
    
    
    )Pantelis Vokos
    
    
    )duly authorized attorneys-in-fact
    
    
    )for and on behalf of
    
    
    )EGNATIA BANK S.A.
    
    
    )SIGNED by
    
    
    )/s/
[ILLEGIBLE]
    
    
    ))duly authorized attorney-in-fact
    
    
    )for and on behalf of
    
    
    )ADVENTURE FOUR S.A.
    
    
    )




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16 ANNEX
 NOTICE OF ASSIGNMENT OF INSURANCES
 ADVENTURE FOUR S.A.
 Dated          June 2005
 
 ADVENTURE FOUR S.A.




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17 Loss payable clause
  (1) Hull and Machinery (Marine & War Risks): ADVENTURE FOUR S.A. EGNATIA BANK S.A
  (2) Protection and Indemnity Risks: ADVENTURE FOUR S.A. EGNATIA BANK S.A.




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18 NOTICE OF ASSIGNMENT OF EARNINGS
 ADVENTURE FOUR S.A.
 Dated          June 2005
 
 ADVENTURE FOUR S.A.




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19 INDEX
 CLAUSE
    
    PAGE1.     DEFINITIONS
    
    
    22.     CONTINUING REPRESENTATIONS AND WARRANTIES
    
    
    33.     PRESERVATION OF SECURITY AND OTHER PROVISIONS
    
    
    34.     ASSIGNMENT
    
    
    45.     COVENANTS AND PROTECTIONS
    
    
    66.     POWERS OF THE BANK
    
    
    77.     FURTHER ASSURANCES
    
    
    98.     ATTORNEY
    
    
    99.     INDEMNITIES AND COSTS
    
    
    1010.   ASSIGNMENTS
    
    
    1211.   MISCELLANEOUS
    
    
    1312.   NOTICE
    
    
    1313.   GOVERNING LAW AND JURISDICTION
    
    
    14