| Facilities      Agreement                     |
|-----------------------------------------------|
| for      a                                    |
| US$145,000,000      Term Loan                 |
| and      a                                    |
| US$150,000,000      Revolving Credit Facility |
|                                          |   |
| to                                            |
|                                          |   |
| OMEGA      NAVIGATION ENTERPRISES, INC.       |
|                                          |   |
| provided      by the                          |
| banks      and financial institutions         |
| listed      in Schedule 1                     |
|                                          |   |
| Arranger                                      |
| HSH      NORDBANK AG                          |
|                                          |
| Swap      Bank                                |
| HSH      NORDBANK AG                          |
|                                          |
| Agent                                         |
| HSH      NORDBANK AG                          |
|                                          |

----

| Clause          |                                                                  | Page   |
|-----------------|-----------------------------------------------------------------------|--------|
|            |                                                                  |   |
| 1               | Definitions                                                           | 2      |
|            |                                                                  |   |
| 2               | Banks’      and Agent’s consent                           | 3      |
|            |                                                                  |   |
| 3               | Amendments      to the Principal Agreement and the Security Documents | 3      |
|            |                                                                  |   |
| 4               | Representations      and warranties                                   | 9      |
|            |                                                                  |   |
| 5               | Conditions                                                            | 10     |
|            |                                                                  |   |
| 6               | Fee                                                                   | 11     |
|            |                                                                  |   |
| 7               | Expenses                                                              | 11     |
|            |                                                                  |   |
| 8               | Miscellaneous      and notices                                        | 11     |
|            |                                                                  |   |
| 9               | Law      and jurisdiction                                             | 11     |
|            |                                                                  |   |
| Schedule      1 |                                                                  | 12     |
|            |                                                                  |   |
| Schedule      2 |                                                                  | 13     |
|            |                                                                  |   |
| Schedule      3 |                                                                  | 16     |
|            |                                                                  |   |
| Schedule      4 |                                                                  | 17     |

----

| (1) | OMEGA NAVIGATION ENTERPRISES,      INC. as borrower (the “Borrower”); |
|-----|-----------------------------------------------------------------------------------|

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

| (3) | HSH NORDBANK AG in its      capacity as mandated lead arranger (the “Arranger”); |
|-----|----------------------------------------------------------------------------------------------|

| (4) | HSH NORDBANK AG in its      capacity as swap bank (the “Swap Bank”);      and |
|-----|-------------------------------------------------------------------------------------------|

| (5) | HSH NORDBANK AG in its      capacity as agent, security agent and trustee (the “Agent”). |
|-----|------------------------------------------------------------------------------------------------------|

|   | (A) | This      Deed is supplemental to a facilities agreement dated 7 April 2006 (the      “OriginalAgreement”) as amended      and supplemented by a first supplemental deed dated 28 July 2006 (the      “First      Supplemental”) and a second supplemental deed dated 21 March 2007      (the “Second      Supplemental” and together with the First Supplemental and the      Original Agreement, the “Principal Agreement”)      each made between (1) the Borrower, (2) the Banks, (3) the Arranger,      (4) the Swap Bank and (5) the Agent as agent, security agent and trustee      on behalf of the Finance Parties, pursuant to which the Banks agreed      (inter alia) to advance by way of a term loan facility (“Facility A”) and a      revolving credit facility (“Facility B”) to the      Borrower the principal sum of up to two hundred and ninety five million      Dollars ($295,000,000) (the “Facility”) in respect of      which Facility A was not to exceed one hundred and forty five million      Dollars ($145,000,000) and Facility B was not to exceed one hundred and      fifty million Dollars ($150,000,000), upon the terms and conditions      contained in the PrincipalAgreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | On      the date of this Third Supplemental Deed the outstanding balance of the      Facility A Loan is equal to one hundred and thirty nine million nine      hundred and eighteen thousand six hundred and twenty Dollars seventy cents      ($139,918,620.70) (the “Outstanding Facility A      Loan”) and the outstanding balance of the Facility B Loan is equal      to one hundred and forty one million eight hundred and seven thousand two      hundred and four Dollars eighty six cents ($141,807,204.86) (the “Outstanding Facility B      Loan”). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | The      Borrower has requested to prepay the Outstanding Facility B Loan and the      Finance Parties agree to: |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      prepayment of the Outstanding Facility B Loan and, thereafter, the      cancellation of the Facility B; |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (ii) | (subject      to prepayment in full and cancellation of the Facility B) increase the      Outstanding Facility A Loan to a total aggregate amount of up to two      hundred and forty two million seven hundred and twenty thousand Dollars      ($242,720,000), by agreeing to advance an additional Advance in respect of      Facility A of up to one hundred and two million eight hundred and one      thousand three hundred and seventy nine Dollars and thirty cents      ($102,801,379.30) (the “Additional Loan      Amount”); |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |  (iii) | amend      the definitions of “Margin” and “Security Requirement”, the dividends and      distribution requirements set forth in clause 8.3.13 of the Principal      Agreement, certain financial covenants definitions contained in clause 8.6      of the Principal Agreement and certain financial covenants contained in      clause 8.7 of the PrincipalAgreement. |
|--------|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (D) | The      Finance Parties are willing to accede to such requests and amend the      Principal Agreement, the Security Documents and the Ship Security      Documents (as applicable) on the terms and subject to the conditions      contained in this SupplementalDeed. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1 | Definitions |
|--------|---|-------------|

----

|   | e) | Construction of certain      terms |
|--------|----|------------------------------------|

|   | 2 | Banks’      and Agent’s consent |
|--------|---|---------------------------------------------|

|   | 3 | Amendments      to the Principal Agreement and the Security  Documents |
|--------|---|------------------------------------------------------------------------|

|   | i) by deleting clause 1.1      of the Original Agreement and replacing it as  follows:- |
|--------|-----------------------------------------------------------------------------------------|

|   | This      Agreement sets out the terms and conditions upon and subject to which the      Banks agree, according to their several obligations, to make available to      the Borrower a term loan facility of up to two hundred and forty two      million seven hundred and twenty thousand Dollars ($242,720,000) in two      Advances, comprising (1) an Advance in the amount of one hundred and      thirty nine million nine hundred and eighteen thousand six hundred and      twenty Dollars and seventy cents ($139,918,620.70), which is to be applied      by the Borrower in making available to the relevant Initial Owners inter      group loans under the Intra Group Loan Agreements and to finance part of      the purchase price of the Initial Ships and (2) an Advance in the amount      of one hundred and two million eight hundred and one thousand three      hundred and seventy nine Dollars and thirty cents ($102,801,379.30), which      is to be applied by the Borrower in making available to the relevant      Initial Owners inter group loans under the Intra Group Loan Agreements and      to finance part of the purchase price of the Initial Ships (other than      Ekavi, Electra and Everhard) and the Two Additional    Ships.”; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii) | by      deleting the definitions of “Facility A Commitment”,      “Facility A Loan”,      “Facility A Repayment      Dates”, “Facility      B”, “Facility B      Commitment”, “Facility B Loan”, “Facility B Repayment      Dates”, “Total      Facility A Commitments”, “Total Facility B      Commitments”, “Repayment Dates” and      “Repayment      Schedule” in |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iii)          by construing any reference to “Facility A” or “Facility A and Facility      B” to mean “the      Loan”; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iv) | by      deleting in the definition of “Advance” in clause 1.2      of the Principal Agreement the words “(whether forming part of the      Facility A Loan or Facility BLoan)”; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | v) | by      deleting the definition of “Commitment” in clause      1.2 of the Principal Agreement and replacing it with the following      definition: |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | ““Commitment” means the      aggregate sum of two hundred and forty two million seven hundred and      twenty thousand Dollars ($242,720,000) and, in relation to each Bank the      amount set out opposite its name in Part 1 of Schedule 1 or, as the case      may be, in any relevant Substitution Certificate as reduced by any      relevant term of this Agreement;”; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | vi) | by      deleting the definition of “Facility” in clause 1.2      of the Principal Agreement and replacing it with the following      definition: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ““Facility” means the term      loan facility made available under this Agreement as described in clause      2;”; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | vii) | by      deleting the definition of “Final Repayment Date” in      clause 1.2 of the Principal Agreement and replacing it with the following      definition: |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ““Final Repayment Date”      means the date falling on 12 April2011;”; |
|--------|------------------------------------------------------------------------------------------------|

|   | viii) | by      deleting the definition of “Interest Period” in      clause 1.2 of the Principal Agreement and replacing it with the following      definition: |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ““Interest Period” means      each period for the calculation of interest in respect of the Loan      ascertained in accordance with clauses 3.2 and  3.3;”; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ix) | by      deleting the definition of “Loan” in clause 1.2 of      the Principal Agreement and replacing it with the following      definition: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ““Loan” means the loan      made or to be made under the Facility or the principal amount outstanding      for the time being of the loan under the  Facility;”; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | x) | by      deleting the definition of “Termination Date” in      clause 1.2 of the Principal Agreement and replacing it with the following      definition: |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ““Termination Date” means      the date falling on 30 April2008;”; |
|--------|--------------------------------------------------------------------------------------------|

|   | xi) | by      deleting the definition of “Margin” in clause 1.2 of      the Principal Agreement and replacing it with the following      definition: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | ““Margin” means the margin      listed in the following table which shall be adjusted semi-annually in      arrears based upon the most recent Compliance  Certificate; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Margin      Ratio | Margin          |
|-------------------|-----------------|
| ≤      55%  | 0.90%      p.a. |
| >      55%     | 1.10%      p.a. |

|   | Where: |
|--------|--------|

|   | ““Margin Ratio” means the      ratio of the Loan divided by the Fleet Market  Value;”; |
|--------|----------------------------------------------------------------------------------------------------------------|

|   | xii) | by      deleting the definition of “Retention Amount” in      clause 1.2 of the Principal Agreement and replacing it with the following      definition: |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ““Retention Amount” means,      in relation to any Retention Date, the applicable fraction (as hereinafter      defined) of the aggregate amount of interest falling due for payment in      respect of each part of the Loan during and at the end of each Interest      Period current at the relevant Retention Date and, for this purpose, the      expression “applicable fraction” in relation to each Interest Period shall      mean a fraction having a numerator of one and a denominator equal to the      number of Retention Dates falling within the relevant Interest      Period;”; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | xiii) | by      deleting the definition of “Manager” in clause 1.2      of the Principal Agreement and replacing it with the following      definition: |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ““Manager”      means: |
|--------|------------------------------------------|

|   | (a) | in      relation to any Additional Ships which are dry cargo vessels, Target      Marine S.A. of 24, Kanigos St., Kastella, 18534 Piraeus Greece;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      relation to the Initial Ships and any Additional Ships which are tankers,      either V.Ships UK Ltd of Skipart, 8 Elliot Place, Glasgow, G3 8EP,      Scotland, or V.Ships Management Limited of Eaglehurst, Belmont Hill,      Douglas, Isle of Man, or Bernhard Schulte Shipmanagement (L) Ltd. of      [                      ], or Bernhard Schulte Shipmanagement (India) Ltd. of      [                         ], |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | or      any other person appointed by the Borrower, with the prior written consent      of the Agent, as the manager of the Ships and includes its successors in      title and assignees;”; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | xiv) | by      inserting the following new definitions in clause 1.2 of the Principal      Agreement: |
|--------|------|------------------------------------------------------------------------------------------------|

----

|   | ““Restructuring Fee      Letter” means the letter dated [   ] 2008 executed      between the Borrower, the Agent and the Arranger, setting out the fees to      be paid by the Borrower to the Agent and the Arranger;”;    and |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ““Third Supplemental Deed”      means the Deed      dated [               ]      2008 supplemental to this Agreement made between (1) the Borrower, (2) the      Banks, (3) the Arranger, (4) the Swap Bank and (5) the      Agent;”; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | xv) | by      inserting the words “(as supplemented and amended from time to time      including, without limitation, by the First Supplemental Deed, the Second      Supplemental Deed and the Third Supplemental Deed) and the Restructuring      Fee Letter”, after the words “this Agreement” in paragraph (b) of the      definition of “Security      Documents” in clause 1.2 of the Principal      Agreement;”; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | xvi) | by      deleting the words “one hundred and thirty five per cent (135%)” in line 3      of the definition of “Security Requirement” in      clause 1.2 of the Principal Agreement and replacing them with the words      “one hundred and twenty per cent(120%); |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | xvii) | by      replacing the headings “The Facilities” and the words “Total Facility A      Commitments” respectively with the words “The Loan” and “Commitments” in      clauses 2.1 and 2.1.1 of the Principal Agreement and by replacing the      words “Facility A” with the word “Facility” and the words “clause 1.1(i)”      with the words “clause 1.1” in clause 2.5 or the Principal Agreement and      by deleting clauses 2.1.2, 2.6, 2.7, 2.8 and 2.10.2 of the Principal      Agreement and renumbering clause 2 of the Principal Agreement      accordingly; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | xviii) | by      deleting the words “or, as the case may be the Facility A Loan, or the      Facility B Loan” in lines 1 and 2 of clause 3.1 of the Principal      Agreement; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | xix) | by      construing the words “Facility A” and “Facility A Loan” in clause 3.3 of      the Principal Agreement to mean theLoan; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | xx) | by      deleting clause 3.3.3 of the Principal  Agreement; |
|--------|-----|------------------------------------------------------------|

|   | xxi) | by      deleting clause 3.3.4 of the Principal Agreement and replacing it as      follows:- |
|--------|------|---------------------------------------------------------------------------------------------|

|   | “3.3.4 | if      any Interest Period for any Advance and/or the Loan would otherwise      overrun the Final Repayment Date, then such Interest Period shall end on      the Final Repayment Date; and”; |
|--------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | xxii) | by      deleting the second paragraph of clause 3.3.5 of the Principal      Agreement”; |
|--------|-------|-----------------------------------------------------------------------------------------------|

|   | xxiii) | by      deleting clause 4.1 of the Principal Agreement and replacing it with the      following clause: |
|--------|--------|---------------------------------------------------------------------------------------------------------|

----

|   | xxiv) | by      deleting clause 4.2 and renumbering clause 4  accordingly; |
|--------|-------|--------------------------------------------------------------------|

|   | xxv) | by      deleting the first two paragraphs of clause 4.5 of the Principal Agreement      and replacing it as follows:- |
|--------|------|-----------------------------------------------------------------------------------------------------------------------|

|   | “4.5 | Prepayment on Total      Loss and      Sale |
|--------|------------|---------------------------------------------|

|   | (Loan      x 110%) x |                      | Fair Market Value ofShip |
|--------|----------------------|---------------------------|--------------------------|
|   |                 | Fleet      Market Value). |

|   | xxvi) | by      deleting the second paragraph of clause 4.8 of the Principal Agreement and      replacing it with the following: |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------|

|   | “No      amount of the Loan which is prepaid may be  reborrowed.”; |
|--------|--------------------------------------------------------------------------------|

|   | xxvii) | by      deleting clause 5.1 and renumbering clause 5  accordingly; |
|--------|--------|--------------------------------------------------------------------|

|   | xxviii) | by      deleting clause 8.1.15 and renumbering clause 8.1    accordingly; |
|--------|---------|---------------------------------------------------------------------------|

|   | xxix) | by      deleting sub-clauses (b), (c) and (d) of clause 8.3.13 of the Principal      Agreement and replacing it with the following sub-clause    (b): |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

|   | xxx) | by      deleting the definition of “Leverage Ratio” in      clause 8.6 of the Principal Agreement and replacing it with the following      definition: |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | xxxi) | by      adding the following definitions in clause 8.6 of the Principal      Agreement: |
|--------|-------|-----------------------------------------------------------------------------------------|

|   | ““Net Debt” means Total      Debt minus Cash and Cash EquivalentInvestments. |
|--------|------------------------------------------------------------------------------------------------|

|   | “Net Capitalisation”      means the total capitalisation of the Borrower minus Cash and Cash      Equivalents.”; |
|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | xxxii) | by      deleting clause 8.7.1 of the Principal Agreement and replacing it with the      following clause: |
|--------|--------|-----------------------------------------------------------------------------------------------------------|

|   | xxxiii) | by      deleting clause 8.7.4 of the Principal Agreement and replacing it with      the  following clause: |
|--------|---------|----------------------------------------------------------------------------------------------------------------------|

|   | “8.7.4 | Interest      coverage |
|--------|--------------|------------------------|

|   | xxxiv) | by      deleting clauses 9.1.4 and 9.1.5; |
|--------|--------|-------------------------------------------|

|   | xxxv) | by      deleting clause 14.4.2 (a) of the Principal Agreement and replacing it      with the  followingclause: |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------|

|   | “(a) | upon      the Final Repayment Date, and on each day that interest is payable      pursuant to clause 3.1 in respect of the Loan, in or towards payment to      the Agent of the instalment then falling due for repayment or (as the case      may be) the amount of interest then due.  Each such application      by the Account Bank shall constitute a payment in or towards satisfaction      of the Borrower’s corresponding payment obligations under this Agreement      but shall be strictly without prejudice to the obligations of the Borrower      to make any such payment to the extent that the aforesaid application by      the Account Bank is insufficient to meet the same; and”;    and |
|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | xxxvi) | by      deleting Schedule 1 Part 1 of the Principal Agreement and replacing it      with Schedule 1 of this Deed. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------|

----

|   | 3.2 | Continued      force and effect |
|--------|-----|---------------------------------|

|   | 4 | Representations      and warranties |
|--------|---|-------------------------------------|

|   | iv) | No conflict with other      obligations |
|--------|-----|-----------------------------------------|

----

|   | 5 | Conditions |
|--------|---|------------|

|   | i) | the      representations and warranties in clause 4 being true and correct on      the Effective Date and each Drawdown Date as if each was made with respect      to the facts and circumstances existing at such  time; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii) | no      Default having occurred and continuing at the time of the Effective Date      and each Drawdown Date; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

----

|   | iii) | all      expenses payable by the Borrower to the Agent and/or the Banks being paid      in full. |
|--------|------|--------------------------------------------------------------------------------------------------|

|   | i) | each      of the Security Documents to which it is a party, and its obligations      thereunder, shall remain in full force and effect notwithstanding the      amendments made to the Principal Agreement by this Deed;    and |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii) | with      effect from the Effective Date, references to “the Agreement” or “the      Facilities Agreement” in any of the Security Documents to which it is a      party shall henceforth be reference to the Principal Agreement as amended      by this Deed and as from time to time hereafter  amended. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6 | Fee |
|--------|---|-----|

|   | 7 | Expenses |
|--------|---|----------|

|   | 8 | Miscellaneous      and notices |
|--------|---|--------------------------------|

|   | 9 | Law      and jurisdiction |
|--------|---|---------------------------|

----

| Name                      | Address      and fax                                                                                                                                               | Commitment                       |
|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|
| HSH      Nordbank AG      | Attn:   Shipping,      Greek ClientsGerhart-Hauptmann-Platz      5020095      HamburgGermany Fax:      + 49 40 3333 34118                      |   $98,440,108.69       |
| Credit      Suisse        | Attn:   Ship      FinanceSGAS      6St.      Alban Graben 1-3P.O.      Box4002      BasleSwitzerland Fax:      +41 61 266 7939                 |    $61,834,239.13 |
| Bank      of Scotland plc | Attn:    Marine      FinanceSecond      FloorPentland      House8      Lochside AvenueEdinburgh      EH12 9DJ Fax:      + 44 131 658 3220 |    $41,222,826.09 |
| Dresdner      Bank AG     | Attn:   Corporate      BankingJungfernstieg      2220349  HamburgGermany Fax:      +49 40 3501 4007                                  |   $41,222,826,09       |

----

| 1 | Corporate      authorisation |
|---|------------------------------|

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

|   | (b) | Resolutions      of Directors |
|--------|-----|-------------------------------|

|   | (1) | being      true and correct; |
|--------|-----|------------------------------|

|   | (2) | being      duly passed at meetings of the directors of the Borrower and the Owners      duly convened and held; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (3) | not      having been amended, modified or revoked;and |
|--------|-----|-------------------------------------------------------|

|   | (4) | being      in full force and effect |
|--------|-----|-------------------------------------|

|   | (c) | Resolutions      of Shareholders |
|--------|-----|----------------------------------|

|   | (d) | Certificate      of incumbency |
|--------|-----|--------------------------------|

----

| 6 | Consents |
|---|----------|

| 7 | Legal      opinions |
|---|---------------------|

| 8 | Payments |
|---|----------|

| 9 | Prepayment |
|---|------------|

| 10 | Expenses |
|----|----------|

| 12 | Fee |
|----|-----|

----

| 1 | the      guarantee dated [●] (the “Guarantee”) executed by us in favour of you (in      your capacity as Security Agent and Trustee for the Banks (as hereinafter      defined)) guaranteeing the obligations of Omega Navigation Enterprises,      Inc. (the “Borrower”) to you and the Banks under the Facilities Agreement      (as supplemented and amended) made between (1) the Borrower, (2) the banks      and financial institutions whose names are set out in Schedule 1 Part 1 of      the Facilities Agreement (the “Banks”) (3) yourselves in your capacity as      mandated lead arranger, (4) yourselves in your capacity as swap bank and      (5) yourselves in your capacity as Agent, security agent and trustee (the      “Agent”); and |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | each      of the Security Documents (as defined in the Facilities Agreement) to      which we are a party (together the “Security  Documents”); |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | the      Guarantee and the Security Documents, and our obligations thereunder,      shall remain and continue in full force and effect notwithstanding the      said amendments to the Facilities Agreement contained in the Supplemental      Deed; and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | with      effect from the Effective Date references in the Guarantee and the      Security Documents to “the Agreement” or “the Facilities Agreement” shall      henceforth be references to the Facilities Agreement as amended by the      Supplemental Deed and as from time to time hereafter amended and shall      also be deemed to include the Supplemental Deed and the obligations of the      Borrower thereunder. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| SIGNED      and DELIVERED                  | ) |   |                                                |
|--------------------------------------------|---|--------|-----------------------------------------------------|
| as      a DEED by                          | ) |   |                                                |
| [THE      RELEVANT OWNER]                  | ) |   |                                                |
| by                                         | ) |   | ....................... |
| [its      duly authorised attorney-in-fact | ) |   | [Attorney-in-fact]                                  |
| pursuant      to a power of attorney       | ) |   |                                                |
| dated................. | ) |   |                                                |
| in      the presence of:]                  | ) |   |                                                |

----

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

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

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

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

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

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

----

| SIGNED      and DELIVERED as a DEED                                                                                                                                                                                                                                                                                                     | )      |   |                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------|
| by                                                                                                                                                                                                                                                                                                                                      | )      |   |                                                |
| authorised      signatory for and on behalf of                                                                                                                                                                                                                                                                                          | )      |   |                                                |
| OMEGA      NAVIGATION ENTERPRISES, INC.                                                                                                                                                                                                                                                                                                 | )      |   | ....................... |
| pursuant      to a Board Resolution                                                                                                                                                                                                                                                                                                     | )      |   | Attorney-in-fact                                    |
| dated                                                          2008 | )      |   |                                                |
| in      the presence of:                                                                                                                                                                                                                                                                                                                | )      |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
| .............................Witness                                                                                                                                                                                                                                                                |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
| Name:                                                                                                                                                                                                                                                                                                                                   |   |   |                                                |
| Address:Occupation:                                                                                                                                                                                                                                                                                                                     |   |   |                                                |

| SIGNED      and DELIVERED as a DEED                                                                                                                                                                                                                                                                                                     | )      |   |                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------|
| by                                                                                                                                                                                                                                                                                                                                      | )      |   |                                                |
| for      and on behalf of                                                                                                                                                                                                                                                                                                               | )      |   |                                                |
| HSH      NORDBANK AG                                                                                                                                                                                                                                                                                                                    | )      |   | ....................... |
| pursuant      to a power of attorney                                                                                                                                                                                                                                                                                                    | )      |   | Attorney-in-fact                                    |
| dated                                                          2008 | )      |   |                                                |
| in      the presence of:                                                                                                                                                                                                                                                                                                                | )      |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
| .............................Witness                                                                                                                                                                                                                                                                |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
| Name:                                                                                                                                                                                                                                                                                                                                   |   |   |                                                |
| Address:Occupation:                                                                                                                                                                                                                                                                                                                     |   |   |                                                |

| SIGNED      and DELIVERED as a DEED                                                                                                                                                                                                                                                                                                     | )      |   |                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------|
| by                                                                                                                                                                                                                                                                                                                                      | )      |   |                                                |
| for      and on behalf of                                                                                                                                                                                                                                                                                                               | )      |   |                                                |
| HSH      NORDBANK AG                                                                                                                                                                                                                                                                                                                    | )      |   | ....................... |
| pursuant      to a power of attorney                                                                                                                                                                                                                                                                                                    | )      |   | Attorney-in-fact                                    |
| dated                                                          2008 | )      |   |                                                |
| in      the presence of:                                                                                                                                                                                                                                                                                                                | )      |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
| .............................Witness                                                                                                                                                                                                                                                                |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
| Name:                                                                                                                                                                                                                                                                                                                                   |   |   |                                                |
| Address:Occupation:                                                                                                                                                                                                                                                                                                                     |   |   |                                                |

----

| SIGNED      and DELIVERED as a DEED                                                                                                                                                                                                                                                                                                     | )      |   |                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------|
| by                                                                                                                                                                                                                                                                                                                                      | )      |   |                                                |
| for      and on behalf of                                                                                                                                                                                                                                                                                                               | )      |   |                                                |
| HSH      NORDBANK AG                                                                                                                                                                                                                                                                                                                    | )      |   | ....................... |
| pursuant      to a power of attorney                                                                                                                                                                                                                                                                                                    | )      |   | Attorney-in-fact                                    |
| dated                                                          2008 | )      |   |                                                |
| in      the presence of:                                                                                                                                                                                                                                                                                                                | )      |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
| .............................Witness                                                                                                                                                                                                                                                                |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
| Name:                                                                                                                                                                                                                                                                                                                                   |   |   |                                                |
| Address:Occupation:                                                                                                                                                                                                                                                                                                                     |   |   |                                                |

| SIGNED      and DELIVERED as a DEED                                                                                                                                                                                                                                                                                                     | )      |   |                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------|
| by                                                                                                                                                                                                                                                                                                                                      | )      |   |                                                |
| for      and on behalf of                                                                                                                                                                                                                                                                                                               | )      |   |                                                |
| HSH      NORDBANK AG                                                                                                                                                                                                                                                                                                                    | )      |   | ....................... |
| pursuant      to a power of attorney                                                                                                                                                                                                                                                                                                    | )      |   | Attorney-in-fact                                    |
| dated                                                          2008 | )      |   |                                                |
| in      the presence of:                                                                                                                                                                                                                                                                                                                | )      |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
| .............................Witness                                                                                                                                                                                                                                                                |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
| Name:                                                                                                                                                                                                                                                                                                                                   |   |   |                                                |
| Address:Occupation:                                                                                                                                                                                                                                                                                                                     |   |   |                                                |

| SIGNED      and DELIVERED as a DEED                                                                                                                                                                                                                                                                                                     | )      |   |                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------|
| by                                                                                                                                                                                                                                                                                                                                      | )      |   |                                                |
| for      and on behalf of                                                                                                                                                                                                                                                                                                               | )      |   |                                                |
| CREDIT      SUISSE                                                                                                                                                                                                                                                                                                                      | )      |   | ....................... |
| pursuant      to a power of attorney                                                                                                                                                                                                                                                                                                    | )      |   | Attorney-in-fact                                    |
| dated                                                          2008 | )      |   |                                                |
| in      the presence of:                                                                                                                                                                                                                                                                                                                | )      |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
| .............................Witness                                                                                                                                                                                                                                                                |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
| Name:                                                                                                                                                                                                                                                                                                                                   |   |   |                                                |
| Address:Occupation:                                                                                                                                                                                                                                                                                                                     |   |   |                                                |

----

| SIGNED      and DELIVERED as a DEED                                                                                                                                                                                                                                                                                                     | )      |   |                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------|
| by                                                                                                                                                                                                                                                                                                                                      | )      |   |                                                |
| for      and on behalf of                                                                                                                                                                                                                                                                                                               | )      |   |                                                |
| BANK      OF SCOTLAND plc                                                                                                                                                                                                                                                                                                               | )      |   | ....................... |
| pursuant      to a power of attorney                                                                                                                                                                                                                                                                                                    | )      |   | Attorney-in-fact                                    |
| dated                                                          2008 | )      |   |                                                |
| in      the presence of:                                                                                                                                                                                                                                                                                                                | )      |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
| .............................Witness                                                                                                                                                                                                                                                                |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
| Name:                                                                                                                                                                                                                                                                                                                                   |   |   |                                                |
| Address:Occupation:                                                                                                                                                                                                                                                                                                                     |   |   |                                                |

| SIGNED      and DELIVERED as a DEED                                                                                                                                                                                                                                                                                                     | )      |   |                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------|
| by                                                                                                                                                                                                                                                                                                                                      | )      |   |                                                |
| for      and on behalf of                                                                                                                                                                                                                                                                                                               | )      |   |                                                |
| DRESDNER      BANK AG                                                                                                                                                                                                                                                                                                                   | )      |   | ....................... |
| pursuant      to a power of attorney                                                                                                                                                                                                                                                                                                    | )      |   | Attorney-in-fact                                    |
| dated                                                          2008 | )      |   |                                                |
| in      the presence of:                                                                                                                                                                                                                                                                                                                | )      |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
| .............................Witness                                                                                                                                                                                                                                                                |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
|                                                                                                                                                                                                                                                                                                                                    |   |   |                                                |
| Name:                                                                                                                                                                                                                                                                                                                                   |   |   |                                                |
| Address:Occupation:                                                                                                                                                                                                                                                                                                                     |   |   |                                                |

----