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EXHIBIT 4.25
  ADVENTURE FOUR S.A.
  FBB  FIRST BUSINESS BANK S.A.
 A S S I G N M E N T
 M/V FREE FIGHTER
 
 SARANTITIS LAW FIRM
91 AKTI MIAOULI
GR 185 38 PIRAEUS
GREECE




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THIS DEED OF ASSIGNMENT
 BETWEEN
 (1)
    
    ADVENTURE FOUR S.A.a company incorporated under the laws of the Republic of Marshall Islands, having its
registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands MH96960 (hereinafter called the Owner)(2)
    
    FBB  FIRST BUSINESS BANK S.A.a banking company incorporated in Greece and having its registered office at 91
Michalakopoulou Street, 11528 Athens, Greece acting for the purposes of this deed through
its Shipping division at 62 Notara & Sotiros Dios Streets, 18535 Piraeus, Greece
(hereinafter called the Assignee which expression shall include its successors and
assigns)
 WHEREAS
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(a)
    
    the Insurances and all benefits thereof (including claims of whatsoever nature and return of
premiums);(b)
    
    any Requisition Compensation; and(c)
    
    the Earnings.
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(i)
    
    the Owner shall forthwith and the Assignee may at any time thereafter instruct the
persons from whom the Earnings are or shall be due to pay the same to the Assignee or as it
may direct;(ii)
    
    any sum in respect of Earnings then in the hands of the Owners brokers, bankers or
other agents or representatives shall be deemed to have been received by them for the use
and on behalf of the Assignee; and(iii)
    
    any moneys in respect of Earnings received after such direction shall be applied in
accordance with clause 11.03 of the Loan Agreement.
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4.
    
    The Owner hereby covenants with the Assignee that:-(a)
    
    It will do or permit to be done each and every act, thing which the Assignee may from time to
time require to be done for the purpose of enforcing the Assignees rights under this
Assignment and will allow its name to be used as and when required by the Assignee for that
purpose;(b)
    
    It will from time to time upon the written request of the Assignee give written notice (in
such form as the Assignee shall reasonably require) to the persons from whom the property
hereby assigned is or may be due of the assignment herein contained;(c)
    
    It will pay to the Assignee by deduction (as the Owner hereby authorises) from any account of
the Owner with the Assignee or on demand all moneys whatsoever which the Assignee shall or may
expend (be put to or become liable for in or about the protection, maintenance or enforcement
of the security created by this Assignment or in or about the exercise by the Assignee of any
of the powers vested in it under the Mortgage or hereunder together with interest thereon at
the rate provided for in clause 2 (c) of the Mortgage from the date when such moneys were
expended by the Assignee until and including the date of demand, and thereafter until the date
of actual receipt whether (in either case) before or after any relevant judgement;5.
    
    It is agreed and declared that notwithstanding the assignment herein contained:-(a)
    
    The Assignee shall not be obliged to make any enquiry as to the nature or sufficiency of any
payment received by it hereunder or to make any claim or take any other action to collect any
moneys or to enforce any rights and benefits hereby assigned to the Assignee or to which the
Assignee may at any time be entitled hereunder;(b)
    
    The Owner shall remain liable to perform all the obligations assumed by it in relation to the
property hereby assigned and the Assignee shall be under no obligation of any kind whatsoever
in respect thereof or be under any liability whatsoever in event of any failure by the Owner
to perform its obligations in respect thereof;6.
    
    It is further agreed and declared that (without prejudice to the generality of the powers and
remedies vested in the Assignee by virtue of the assignment herein contained):-(a)
    
    If at any time the Owner does not comply with the provisions of clause 6 (a)-(f) of the
Mortgage, the Assignee shall be entitled (but not bound) following respective notification to
the Owner to effect and thereafter maintain all such Insurances on the Vessel as in its
discretion it may think fit;
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(b)
    
    Following the happening of an Event of Default (or following a Total Loss of the Vessel
whether or not such be one of the said events), the Assignee shall be entitled (but not bound)
to require that all policies contracts and other records relating to the Insurances (including
details of and correspondence concerning outstanding claims) be forthwith delivered to such
brokers as the Assignee may nominate and to collect, receive compromise and give a good
discharge for all claims then outstanding or thereafter arising under the Insurances or any of
them and to take over or institute (if necessary using the name of the Owner) all such
proceedings in connection therewith as the Assignee in its absolute discretion thinks fit and
to permit the brokers through whom collection or recovery is effected to charge the usual
brokerage therefor.7.
    
    The Owner hereby irrevocably and by way of security appoints and constitutes the Assignee as the
Owners true and lawful attorney with full power (in the name of the Owner or otherwise) to ask,
require, demand, receive, compound and give acquittance for any and all moneys and claims for
moneys due and to become due, to endorse any cheque or other instrument or order in connection
therewith and to file any claims or take any action or institute any proceedings which to the
Assignee may seem to be necessary or advisable and otherwise to do any and all things which the
Owner itself could do in relation to the property hereby assigned PROVIDEDhowever that such power
shall not be exercisable by or on behalf of the Assignee unless and until the happening of an Event
of Default but the exercise of such power by the Assignee shall not put any person dealing with the
Assignee upon any enquiry as to whether any such event has happened nor shall any such person be in
any way affected by notice that no such event has happened and the exercise by the Assignee of such
power shall be conclusive evidence of its right to exercise the same.8.
    
    The Owner agrees that at any time and from time to time upon the written request of the Assignee
it will promptly and duly execute and deliver to the Assignee any and all such further instruments
and documents as the Assignee may deem desirable in obtaining the full benefits of this Assignment
and of the rights and powers herein granted.9.
    
    The security created by this Assignment shall be held by the Assignee as a continuing security
for the payment of the Outstanding Indebtedness and the performance and observance of and
compliance with all of the covenants, terms and conditions contained in the Loan Agreement, the
Mortgage and this Assignment and the Security so created shall not be satisfied by any intermediate
payment or satisfaction of any part of the amounts hereby and thereby secured or by any settlement
of accounts between the Assignee and the Owner or any other person and the security so created
shall be in addition to and shall not in any way be prejudiced or affected by any collateral or
other security now or hereafter held by the Assignee for all or any part of the moneys hereby and
thereby secured and every power and remedy given to the Assignee hereunder shall be in addition to
and not a limitation of any and every other power or remedy vested in the Assignee under the Loan
Agreement, the Mortgage, this Assignment or the other Security Documents
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or at law and all the powers so vested in the Assignee may be exercised from time to time and as
often as the Assignee may deem expedient and no delay or omission of the Assignee to exercise any
right or power vested in it hereunder shall impair such right or power or be construed as a waiver
of or an acquiescence in any default by the Owner.10.
    
    The provisions of clause 19 of the Loan Agreement shall apply mutatis mutandis in respect of
any certificate, notice or demand to be given or made under this Assignment.11.
    
    This Assignment shall be governed by and construed in accordance with Greek law, and in
relation to any dispute arising out of or in connection with this Assignment and for the exclusive
benefit of the Assignee, the Owner irrevocably and unconditionally:-(a)
    
    submits to the non-exclusive jurisdiction of the Courts of Piraeus, Greece and waives any
objection to proceedings with respect to this Assignment in such court on the grounds of venue or
inconvenient forum; and(b)
    
    appoints Mr. Ion Varouxakis of 93, Akti Miaouli, Piraeus 185 38, Greece, as agent to accept
service upon whom any judicial process may be served and any notice, request, demand or other
communication under this Assignment regarding the Owner. In the event that the process agent (or
any substitute process agent notified to the Assignee by the Owner according to this presents)
cannot be located at the address specified above which will be conclusively proved by a deed of the
process server that the process agent cannot be found at such address, any such document served as
aforesaid may be validly effected upon the District Attorney of the First Instance Court of
Piraeus, Greece.Nothing in this clause shall affect the Assignees right to serve process in any other manner
permitted by law or limit the right of the Assignee to take proceedings with respect to this
Assignment against the Owner in any jurisdiction nor shall the taking of proceedings with respect
to this Assignment in any jurisdiction preclude the Assignee from taking proceedings with respect
to this Assignment in any other jurisdiction, whether concurrently or not.
  SIGNED and DELIVERED
    
    SIGNED and DELIVEREDby
    
    bythe duly authorised Attorney of
    
    the duly authorised attorney ofADVENTURE FOUR S.A.
    
    FBB  FIRST BUSINESS BANK S.A.in the presence of :-
    
    in the presence of :-
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