(LOGO)THE COMMONWEALTH OF THE BAHAMASMORTGAGE REGISTRATION FORM(Page 1 of 2)
 Official Number
    
    IMO Number
    
    Name of Ship
    
    Port of Registry8000949
    
    9138707
    
    FREE KNIGHT
    
    NASSAU
 Propulsion and Engine Details
    
    Vessel DimensionsPropulsion:
    
    Single Propeller
    
    Length:
    
    151.71    metresType of Engines:
    
    Diesel
    
    Breadth:
    
    25.79    metresTotal Power:
    
    6074KW
    
    Depth:
    
    13.70    metres
 Particulars of TonnageGROSS TONNAGE:
    
    
    15888
    
    
    tons
    
    NET TONNAGE:
    
    
    8060
    
    
    tons
 Whereas (a) there is an account current made between ADVENTURE SEVEN S.A. (the Mortgagor), a company incorporated and existing under the laws of the Marshall Islands,
having its registered office at Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 and HOLLANDSCHE BANK-UNIE N.V., (the Mortgagee), a company
incorporated and existing under the laws of the Netherlands, having its registered office at Coolsingel 104, 3011 AG Rotterdam, the Netherlands, in respect of: a credit
agreement dated 21 January 2008 and a short term loan agreement dated 21 January 2008 (together as the same may be amended, supplemented or varied from time to time
together with the therein referred to HBU General Banking Conditions of 1995 and HBU General Credit Provisions of July 2006 the Financial Agreement) made between the
Mortgagor, ADVENTURE TWO S.A. and ADVENTURE THREE S.A. (jointly the Borrowers) and the Mortgagee, pursuant to which the Mortgagee agreed to make available to the
Borrowers: (i) an overdraft facility in the amount of USD 3,100,000 (three million one hundred thousand United States Dollars); (ii) and overdraft facility in the amount
of USD 1,500,000 (one million five hundred thousand United States Dollars; (iii) an overdraft facility in the amount of USD 3,000,000 (three million United States
Dollars); and (iv) an eight year roll-over loan facility in the amount of USD 27,000,000 (twenty-seven million United States Dollars); and WHEREAS it is a condition
under the Financial Agreement that the Mortgagor shall execute this mortgage in favour of the Mortgagee and shall enter into a deed of covenants supplemental to this
mortgage (hereinafter as the same may be amended, varied and/or supplemented referred to as the Deed of Covenants) of even date herewith for the purpose of securing
payment to the Mortgagee of all sums which may for the time being or at any time become owing by the Borrowers to the Mortgagee under or pursuant to the Financial
Agreement and the Deed of Covenants or from any other cause or for any other reason whatsoever and WHEREAS the amount due to the Mortgagee at any given time can be
ascertained by reference to the Financial Agreement and the Deed of Covenants or to the books of account or other accounting records of the Mortgagee.Now we (b) ADVENTURE SEVEN S.A. in consideration of the premises for ourselves and our successors, covenant with the said (c) HOLLANDSCHE BANK-UNIE N.V. and (d) its
assigns to pay to him or them or it the sums for the time being due on this security whether by way of principal or interest, at the times and manner aforesaid. And for
the purpose of better securing to the said (c) HOLLANDSCHE BANK-UNIE N.V. the payment of such sums as last aforesaid, we do hereby mortgage to the said (c) HOLLANDSCHE
BANK-UNIE N.V. 64/64th shares of which we are the Owners in the Ship above particularly described, and in her boats, guns, ammunition, small arms and appurtenances.
Lastly, we for ourselves and our successors, covenant with the said (c) HOLLANDSCHE BANK-UNIE N.V. and (d) its assigns that we have the power to mortgage in manner
aforesaid the above mentioned shares, and that the same are free from encumbrances (e)In witness whereof we have affixed our common seal this 19th day of March 2008
 Seal
    
    Individual/Corporation
    
    AttestationADVENTURE SEVEN S.A. 
name of individual/corporation
    
    I, (f)per
    
    of (g)hereby testify that in my presencesignature as Individual/Director/Secretary/Officer/ Attorney-in-fact
(h)
    
    (i) this Mortgage was signed byas Individual/Director/Secretary/Officer/Attorney-in-fact
(h)signature as Individual/Director/Secretary/Officer/Attorney-in-fact
(h)
    
    and
as Individual/Director/Secretary/Officer/Attorney-in-fact
(h)in the presence of the witness whose attestation
is given opposite
    
    And
(ii) the corporate seal (h)/personal seal (h) of
the transferor was affixed this day ofSignature of witness




---



##### 



(LOGO)
    
    THE COMMONWEALTH OF THE BAHAMASMORTGAGE REGISTRATION FORM
(Page 2 of 2)
 Official Number
    
    
    IMO Number
    
    
    Name of Ship
    
    
    Port of Registry
  I/we, the within mentioned
in consideration of
this day paid to me/us (a)
    
    by
  
 Seal
    
    
    Individual/Corporation
    
    
    AttestationI, (b)name of individual/corporationof (c)persignature as Individual/Director/Secretary/
Officer/Attorney-in-fact

signature as Individual/Director/Secretary/
Officer/Attorney-in-fact
in the presence of the witness whose attestation is given opposite
    
    
    hereby testify that in my presence

(i) this Transfer of mortgage was signed 
by 

as Individual/Director/Secretary/Officer/ Attorney-in-fact (a) 
and


as Individual/Director/Secretary/Officer/Attorney-in-fact
(a)
And

(ii) the corporate seal/personal seal (a) of
the transferor was affixed this day of 
Signature of witness
   
 I, (b)name of individual/corporationof (c)persignature as Individual/Director/Secretary/
Officer/Attorney-in-fact
signature as Individual/Director/Secretary/Officer/Attorney-in-fact
in the presence of the witness whose attestation is given opposite
    
    
    hereby testify that in my presence

(i) this Discharge of mortgage was signed

by 

as Individual/Director/Secretary/Officer/Attorney-in-fact
(a)

and 

as Individual/Director/Secretary/Officer/Attorney-in-fact
(a)
and

(ii) the corporate seal/personal seal (a) of
the mortgagee was affixed this  day of 
Signature of witness




---



#####