| To: | Omega      Navigation Enterprises Inc. |
|-----|----------------------------------------|

|   | Trust      Company Complex, |
|--------|-----------------------------|

|   | Ajeltake      Road, |
|--------|---------------------|

|   | Ajeltake      Islands, |
|--------|------------------------|

|   | Majuro      MH 96960, |
|--------|-----------------------|

|   | Marshall      Islands |
|--------|-----------------------|
|   |                  |

| 1. | Borrower | : | Omega      Navigation Enterprises Inc. of the Republic of the Marshall      Islands |
|----|----------|---|-------------------------------------------------------------------------------------|

| 2. | Lender | : | HSH      Nordbank AG acting through its office at Gerhart-Hauptmann-Platz 50, 20095      Hamburg, Federal Republic ofGermany |
|----|--------|---|------------------------------------------------------------------------------------------------------------------------------|

| 3. | Amount | : | Two      million four hundred and thirty two thousand six hundred and fifty United      States Dollars (US$2,432,650). |
|----|--------|---|------------------------------------------------------------------------------------------------------------------------|

| 4. | Interest |   |   |
|----|----------|--------|--------|

|   | 4.1 | Interest      rate  Interest shall accrue and be payable on each day      elapsing and shall be calculated on the basis of a 360 day year. The      Borrower shall pay interest on outstanding principal in arrears on the      final day of each Interest Period (as defined in clause 4.2) or every      three months, if any Interest Period exceeds three months (or on the due      date for repayment of the Loan if earlier) at the rate (the "Interest Rate")      certified by the Lender to be one point two five per cent (1.25%) per      annum over LIBOR. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2 | Interest      Periods  The first period for the calculation of interest      in respect of the Loan (the "Interest Period") shall      commence on the date of drawdown of the Loan and each subsequent Interest      Period shall commence on the final day of the preceding Interest      Period.  Each Interest Period shall be either, one, three or six      months at the option of the Borrower by written notice to the Lender not      later than 11.00 a.m. on the third banking day before the beginning of the      Interest Period in question, or such other duration as may be selected by      the Borrower and agreed by the Lender.  If any Interest Period      would otherwise expire on a day which is not a banking day in London, New      York, or Hamburg ("Banking Day") that      Interest Period shall be extended to expire on the next succeeding Banking      Day. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5. | Availability |   |   |
|----|--------------|--------|--------|

|   | 5.1 | Conditions Precedent The      obligation of the Lender to make the Loan available is contingent upon the      Lender having received each of the following in form and substance      satisfactory to the Lender on or before the Drawdown  Date:- |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.1.1 | One      counterpart of this Facility Letter duly signed by a duly authorised      representative of the Borrower. |
|--------|--------|-------|--------------------------------------------------------------------------------------------------------------------|

|   |   | 5.1.2 | Such      corporate documents and corporate authorisations of the Borrower as the      Lender may require. |
|--------|--------|-------|------------------------------------------------------------------------------------------------------------|

|   |   | 5.1.3 | Copies      of all necessary permissions (if any are so required) by the relevant      governmental authorities for the obtaining and servicing of the      Loan. |
|--------|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.1.4 | Unqualified      legal opinions from lawyers appointed by the Lender in form and substance      acceptable to the Lender. |
|--------|--------|-------|---------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.1.5 | Evidence      that the sum of ten thousand United States Dollars (US $10,000) has been      deposited with the Lender for the purpose of paying the Arrangement Fee      (defined in clause 8). |
|--------|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | 5.1.6 | The      Borrower shall supply to the Lender, its audited (or un-audited, if the      audit has not been completed) consolidated financial statements for the      financial year ended 31 December2006. |
|--------|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2 | No      waiver   If the Lender in its absolute discretion      allows the Loan to be drawn down notwithstanding that it has not received      all the items specified in clause 5.1 hereof the Borrower hereby covenants      to procure the delivery of all the missing items to the Lender within      fifteen (15) days after the Drawdown Date of the  Loan. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6. | Purpose |   |
|----|---------|--------|

|   | The      purpose of the Loan is to assist the Borrower in providing inter-company      loans to Orange Navigation Inc. and Baytown Navigation Inc. respectively      (together, the "Owners", and each an      "Owner"), which      are both subsidiaries of the Borrower, to assist them in part –financing      the purchase of the Ice Class 1A coated Panamax –Tankers m.t. OMEGA      EMMANUEL (with IMO number 9314167) and m.t. OMEGA THEODORE with (IMO      number 9314179) (together, the "Ships" and each a "Ship") each built at STX      Shipyard of South Korea and upon delivery to be registered under the laws      and flag of the Republic of Liberia in the ownership of each respective      Owner. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.     | Drawdown                                                                                                                                                                                                                                                                             |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                 |
|   | Subject      to the provisions of clause 5 hereof, the Loan shall be drawn down in one      amount on the delivery date of the last Ship to be delivered to its Owner      but not later than 15 May 2007 (the "Drawdown Date") upon      the Borrower giving due notice ofdrawdown. |

| 8.     | Fee                                                                                                                                                                                              |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                             |
|   | The      Borrower shall pay the Lender an arrangement fee of ten thousand United      States Dollars (US $10,000) no later than the Drawdown Date of the Loan      (the "Arrangement      Fee"). |

| 9.     | Indemnity                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | All      costs, legal fees, registration fees, taxes, stamp duties and all other      charges and disbursements whatsoever incurred by the Lender in connection      with the preparation, execution and/or administration of this letter and      the documents executed pursuant thereto and the completion protection      and/or enforcement of the Lender's security hereunder or thereunder shall      be paid by the Borrower forthwith upon the demand by the      Lender. |

----

| 10.    | Repayment                                                                                                                                                                               |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                    |
|   | The      Borrower shall repay the Loan in full in one amount on the date falling      364 days after the Drawdown Date but not later than May 14 2008 (the "Final Maturity      Date"). |

| 11. | Prepayment |
|-----|------------|

|   | 11.1                                                                 | Voluntary Prepayment      Subject to fifteen (15) days' prior written notice to the Lender the      Borrower may prepay the whole (but not part) of the Loan on the final day      of any Interest Period. Any prepayment under this clause will be made      without penalty.                                                                                                                                                                                                                                                                                                                                                                            |
|--------|----------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | 11.2                                                                 | Mandatory prepayment on sale or      Total Loss   If a Ship is sold by its Owner, or      becomes a Total Loss, the Borrower shall, simultaneously with any such      sale or within one hundred and twenty (120) days after any such Total      Loss, prepay the whole of the Loan, together with accumulated interest      thereon.  If such prepayment does not take place on the last day      of an Interest Period, the Borrower has to compensate the Lender for any      costs, losses, premiums or penalties incurred by the Lender as a result of      its receiving any prepayment of all or any part of the    Loan. |
|   |                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | Any      amount so prepaid shall not be available for  re-borrowing. |

| 12. | Payments |
|-----|----------|

|   | 12.1   | All      payments by the Borrower hereunder, shall be made in United States Dollars      free and clear of taxes, deductions or withholdings to such bank or banks      as the Lender may nominate from time to time. In the event that any taxes      deductions or withholdings are introduced the Borrower shall pay such      additional amounts as will result in the Lender receiving the full amount      due to it hereunder.                                    |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   | 12.2   | If      the Borrower for any reason defaults in the payment of any amount due on      its due date under this Facility Letter, the Borrower shall on the demand      of the Lender from time to time pay interest on the defaulted amounts at      the Default Rate (as defined below) from the date of default until the      date of actual payment to the Lender.  The Lender in such      circumstances reserves the right to claim additional    damages. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   | 12.3   | The      "Default Rate"      means the Interest Rate plus two per cent (2%) per  annum.                                                                                                                                                                                                                                                                                                                                                                                  |

----

| 13.    | Judgment      Currency                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | The      Borrower shall indemnify the Lender fully for any loss or damage arising      from any judgment obtained or enforced in respect of the non-payment of      any amount by the Borrower under or pursuant to this Facility Letter      consequent upon any variation of rates of exchange between the currency in      which that amount was due and the currency in which that judgment is      obtained.                                                                                                                                                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
| 14.    | Loan      Account                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   | The      Lender shall open and maintain a loan account in the name of the Borrower      showing the advance of the Loan, the computation and payment of interest      and the payment of all other sums due hereunder.  The Borrower's      obligation to repay the Loan, pay interest thereon and all other sums      shall be evidenced by the entries from time to time made therein, such      entries to be conclusive and binding on the Borrower.  A      certificate issued by the Lender in respect of such account or any other      matter in connection with this Facility Letter shall save in the case of      manifest error be conclusive and binding on the  Borrower. |

| 15.    | Assignment |
|--------|------------|
|   |       |   |
|   | 15.1       | Assignment by Lender The Lender may      assign all or any part of its rights under the Loan 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”) and provided      that no Event of Default has occurred with the consent of the Borrower      (which consent shall not be unreasonably withheld or    delayed). |
|   |       |   |
|   | 15.2       | Benefit and      burden  This Facility Letter shall be binding upon, and      endure for the benefit of, the Lender, the Borrower and their respective      successors. |
|   |       |   |
|   | 15.3       | No assignment by      Borrower The Borrower may not assign or transfer any of its rights      or obligations under this FacilityLetter. |

----

| 16.    | Application      of Funds                                                                                                                                                                                  |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                       |   |
|   | After      repayment of the Loan has been demanded by the Lender any and all moneys      received by the Lender under or pursuant to this Facility Letter shall be      applied by the Lender as follows:- |
|   |                                                                                                                                                                                                       |   |
|   | 16.1                                                                                                                                                                                                       | first,      in payment of all unpaid costs and expenses of the Lender;    and |
|   |                                                                                                                                                                                                       |   |
|   | 16.2                                                                                                                                                                                                       | secondly,      in payment of any and all other sums whatsoever due and payable to the      Lender under this Facility Letter in such order as the Lender shall select      in its discretion. |

| 17.    | Representations                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|   | No      litigation, arbitration or administrative proceedings of or before any      court, arbitral body  or agency have been started or (to the      best of the Borrower's knowledge threatened) which, if adversely      determined, might reasonably be expected to have a materially adverse      effect on the business, assets, financial condition or credit worthiness      of the Borrower. |

| 18.    | Financial      Undertakings |
|--------|-----------------------------|
|   |                        |   |
|   | 18.1                        | Financial Covenants The      Borrower shall procure that the financial covenants contained in clause      8.7 of the Loan Agreement (as defined in clause 21) are complied with in      all respects. |
|   |                        |   |
|   | 18.2                        | Financial      statements   The Borrower shall supply to the Lender      at the end of each Financial Quarter a compliance certificate (in form and      substance acceptable to the Lender), signed by the Borrower's Chief      Financial Officer, setting out (in reasonable detail) computations as to      compliance with clause 18.1 as at the date as at which those financial      statements were drawn up. |

| 19.    | General      covenants                                                                                                                                                                                           |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                             |   |
|   | The      Borrower shall not without the prior written consent of the Lender make      any substantial change to the general nature of its business from that      carried on at the date of this FacilityLetter. |

----

| 20.    | Further      Assurance                                                                                                                                                                                                                                                                                                        |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                          |   |
|   | The      Borrower shall from time to time at the written request of the Lender do      all such things and execute or procure the execution of all such documents      as the Lender may consider necessary or desirable for giving full effect      to this Facility Letter and the documents executed pursuant      hereto. |

| 21.    | Definitions      and Interpretation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|   | The      terms "Borrower's      Group", "Encumbrance",      "Financial      Quarter", "LIBOR",      "Permitted      Liens" and "Total      Loss" defined in the loan agreement made between the (1)      Borrower and (2) the banks and financial institutions whose names and      addresses are set out in Schedule 1, Part 1 thereto, the Lender (in its      capacity as mandated lead arranger), the Lender (in its capacity as swap      bank) and the Lender (in its capacity as agent, security agent and      trustee) dated 7 April 2006  as amended and supplemented by a      first supplemental agreement dated 28 July 2006 and as further amended and      supplemented by a second supplemental agreement dated 21 March 2007 (the      "Loan      Agreement"),  shall have the same meaning (mutatis      mutandis) when used in this FacilityLetter. |

| 22     | Events      of Default                      |
|--------|---------------------------------------------|
|   |                                        |   |
|   | 22.1                                        | Events |
|   |                                        |   |
|   | There      shall be an Event of Default if: |

|   |   | 22.1.1 | Non-payment: the      Borrower fails to pay any sum payable by it under this Facility Letter at      the time, in the currency and in the manner stipulated in this Facility      Letter (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                                                                                                                                                                                                 |
|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   | 22.1.2 | Breach of other      obligations: the Borrower 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 this Facility      Letter and, in respect of any such breach or omission which in the opinion      of the Lender is capable of remedy, such action as the Lender may require      shall not have been taken within fourteen (14) days of the Lender      notifying the Borrower of such default and of such required action;      or |

----

|   |   | 22.1.3 | Misrepresentation: any      representation or warranty made or deemed to be made or repeated by or in      respect of the Borrower in or pursuant this Facility Letter or in any      notice, certificate or statement referred to in or delivered      under  this Facility Letter is or proves to have been incorrect      or misleading in any material respect; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   | 22.1.4 | Cross-default: any      indebtedness of the Borrower is not paid when due or any indebtedness of      the Borrower 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 Borrower of a      voluntary right of prepayment), or any creditor of the Borrower becomes      entitled to declare any such indebtedness due and payable or any facility      or commitment available to the Borrower relating to indebtedness is      withdrawn, suspended or cancelled by reason of any default (however      described) of the person concerned unless the Borrower shall have      satisfied the Lender that such withdrawal, suspension or cancellation will      not affect or prejudice in any way the Borrower’s ability to pay its debts      as they fall due and fund its commitments, or any guarantee given by the      Borrower in respect of indebtedness is not honoured when due and called      upon; or |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   | 22.1.5 | Legal process: any      judgment or order made against the Borrower 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 the Borrower and is not discharged within seven (7) days;      or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   | 22.1.6 | 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

----

|   |   | 22.1.7  | Reduction or loss of      capital: a meeting is convened by the Borrower for the purpose of      passing any resolution to purchase, reduce or redeem any of its share      capital; or                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |   | 22.1.8  | Winding up: any      corporate action, legal proceedings or other procedure or step is taken      for the purpose of winding up the Borrower or an order is made or      resolution passed for the winding up of the Borrower or a notice is issued      convening a meeting for the purpose of passing any such resolution;      or                                                                                                                                                                                                                                                                                                                  |
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |   | 22.1.9  | Administration: any      petition is presented, notice given or other step is taken for the purpose      of the appointment of an administrator of the Borrower and/or the Lender      believes that any such petition or other step is imminent or an      administration order is made in relation to the Borrower;    or                                                                                                                                                                                                                                                                                                                           |
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |   | 22.1.10 | Appointment of receivers and      managers: any administrative or other receiver is appointed of the      Borrower 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      the Borrower; or                                                                                                                                                                                                                                                                                                                                                              |
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |   | 22.1.11 | Compositions: any      corporate action, legal proceedings or other procedures or steps are      taken, or negotiations commenced, by the Borrower 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                                                                                                                                                                                                                                   |
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |   | 22.1.12 | Analogous proceedings:      there occurs, in relation to the Borrower, in any country or territory in      which it 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 Lender, appears in that country or territory to correspond      with, or have an effect equivalent or similar to, any of those mentioned      in clauses 22.1.5 to 22.1.11 (inclusive) or the Borrower otherwise      becomes subject, in any such country or territory, to the operation of any      law relating to insolvency, bankruptcy or liquidation;  or |
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |   | 22.1.13 | Cessation of business:      the Borrower suspends or ceases or threatens to suspend or cease to carry      on its business; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

----

|   |   | 22.1.14 | Seizure: all or a      material part of the undertaking, assets, rights or revenues of, or shares      or other ownership interests in, the Borrower are seized, nationalised,      expropriated or compulsorily acquired by or under the authority of any      government; or                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |   | 22.1.15 | Disposals: the Borrower      sells, transfers, abandons, lends or otherwise disposes of or ceases to      exercise direct control over any part (being either alone or when      aggregated with all other disposals falling to be taken into account      pursuant to this clause 22.1.15 material in the opinion of the Banks      in relation to the undertakings, assets, rights and revenues of the      Borrower’s Group) of its present or future undertakings, assets, rights or      revenues (otherwise than by transfers, sales or disposals for full      consideration in the ordinary course of trading) whether by one or a      series of transactions related or not; or |
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |   | 22.1.16 | Invalidity: this      Facility Letter shall at any time and for any reason become invalid or      unenforceable or otherwise cease to remain in full force and effect, or if      the validity or enforceability of this Facility Letter shall at any time      and for any reason be contested by the Borrower, or if the Borrower shall      deny that it has any, or any further, liability thereunder;    or                                                                                                                                                                                                                                                                                     |
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |   | 22.1.17 | Unlawfulness: it becomes      impossible or unlawful at any time for the Borrower, to fulfil any of the      covenants and obligations expressed to be assumed by it in this Facility      Letter or for the Lender to exercise the rights or any of them vested in      them under this Facility Letter or otherwise; or                                                                                                                                                                                                                                                                                                                                                                            |
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |   | 22.1.18 | Repudiation: the      Borrower repudiates this Facility Letter or does or causes or permits to      be done any act or thing evidencing an intention to repudiate this      Facility Letter; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |   | 22.1.19 | Encumbrances      enforceable: any Encumbrance (other than Permitted Liens) in      respect of any of the property (or part thereof) of the Borrower becomes      enforceable; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |   | 22.1.20 | Material adverse change:      there occurs, in the opinion of the Lender, a material adverse change in      the financial condition of the Borrower as described by the Borrower to      the Lender in the negotiation of this Facility Letter;  or                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |   | 22.1.21 | Loan Agreement default:      an Event of Default (as such term is defined therein) occurs under the      Loan Agreement; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

----

|   |   | 22.1.22                                                                                                                | Material events: any      other event occurs or circumstance arises which, in the opinion of the      Lender, is likely materially and adversely to affect  the      ability of the Borrower to perform all or any of its obligations under or      otherwise to comply with the terms this facilityletter. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                   |
|   | 22.2   | Acceleration   If      an Event of Default is continuing the Lender may by notice to the      Borrower: |
|   |   |                                                                                                                   |                                                                                                                                                                                                                                                                                                                  |
|   |   | 22.2.1                                                                                                                 | declare      that the Loan, together with accrued interest, and all other amounts      accrued or outstanding under this Facility Letter are immediately due and      payable, whereupon they shall become immediately due and payable;      and/or                                                                   |
|   |   |                                                                                                                   |                                                                                                                                                                                                                                                                                                                  |
|   |   | 22.2.2                                                                                                                 | declare      that the Loan is payable on demand, whereupon it shall immediately become      payable on demand by the Lender.                                                                                                                                                                                          |

| 23.    | Notices      and Correspondence                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |
|   | All      notices and correspondence to the Lender shall  (unless notified      to the contrary) be sent to HSH Nordbank AG, Attn: Shipping, Greek      Clients, Gerhart-Hauptmann-Platz 50, 20095 Hamburg,  (Fax No:      +49 40 33363 34118).                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |
|   | All      notices and correspondence to the Borrower shall (unless notified to the      contrary) be sent to  Omega Navigation Enterprises, Inc., 24,      Kanigos St. Kastella 18534 Piraeus Greece (Fax No: + 30 210 422 2541      /2542).                                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |
| 24.    | Counterparts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |
|   | This      Facility Letter may be executed in any number of counterparts each of      which shall be original but which shall together constitute the same      instrument.                                                                                                                                                                                                                                                                                                                                                       |
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| 25.    | Governing      Law and Jurisdiction                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |
|   | This      Facility Letter will be governed by and construed in accordance with      English law and for the benefit of the Lender the Borrower hereby submits      to the non-exclusive jurisdiction of the courts of England.  The      Borrower hereby irrevocably authorises and appoints Hill Taylor Dickinson      at present of Irongate House, Duke’s Place, London EC3A 7HX as its agent      to accept service of any legal proceedings arising out of or in connection      with this Facility Letter. |

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