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| 1 | Interpretation                             | 3        |
|---|-------------------------------------------------|----------|
| 2 | Conditions                                 | 3        |
| 3 | Representations      and Warranties        | 8        |
| 4 | Amendments      to Loan Agreement          | 8        |
| 5 | Confirmation      and Undertaking          | 12       |
| 6 | Communications,      Law and Jurisdiction  |  13 |

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| (1) | JAPAN III SHIPPING COMPANY      LIMITED, a company incorporated under the laws of the Republic of      Liberia whose registered office is at 80, Broad Street, Monrovia, Liberia      (the "Borrower");      and  |
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| (2) | LICHTENSTEIN SHIPPING COMPANY      LIMITED, a company incorporated under the laws of the Republic of      Liberia whose registered office is at 80, Broad Street Monrovia, Liberia      (the "Collateral      Guarantor"); and  |
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| (3) | ALPHA BANK A.E., acting      through its office at 89 Akti Miaouli, GR 185 38 Piraeus, Greece (the      "Lender"). |
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| (A) | The      Collateral Guarantor and the Lender have entered into a secured loan      agreement dated 18 August 2008 as amended and supplemented by a first      supplemental agreement dated 23 February 2009 and a supplemental agreement      dated April 2009 (together the "Lichtenstein Loan Agreement")      each made between, among others, the Collateral Guarantor, as      borrower and the Lender, as lender on the terms and subject to the      conditions of which the Lender has agreed to advance to the Collateral      Guarantor an aggregate      amount not exceeding thirty nine million Dollars ($39,000,000) (the "Lichtenstein      Loan").  As security for the obligations of the      Collateral Guarantor under the Lichtenstein Loan Agreement, the Collateral      Guarantor executed, delivered and registered (where applicable), in favour      of the Lender, as first mortgagee and assignee, a first preferred      Panamanian mortgage over the Collateral Vessel together with a first      priority assignment of the Collateral Vessel's Insurances, Earnings and      Requisition Compensation and a first priority deed of assignment and      subordination in respect of the bareboat charter of the Collateral      Vessel. |
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|   |  |
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| (B) | As      security for the obligations of the Borrower under the Loan Agreement the      Lender has requested and the Collateral Guarantor agreed to execute,      deliver and register (where applicable), in favour of the Lender a      guarantee and indemnity, a second preferred Panamanian mortgage over the      Collateral Vessel, a second priority deed of assignment of the Insurances,      Earnings and Requisition Compensation in respect of the Collateral Vessel      and a second priority deed of assignment and subordination in respect of      the bareboat charter of the Collateral Vessel.  |
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| (C) | The      aggregate of the Market Value of the Vessel pursuant to clause 10.12 of      the Loan Agreement is less than one hundred and thirty per cent (130%) of      the Loan.  |
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| (D) | Pursuant      to the provisions of clauses 10.12.1 to 10.12.3 of the Loan Agreement, the      Borrower has an obligation to take certain action following the occurrence      of the event set out in Recital (C) above.  |
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| (E) | The      Borrower has requested that the Lender agrees to waive the provisions of      clauses 10.12.1 to 10.12.3 and 12.2.2 of the Loan Agreement with effect      from the Effective Date until and including 31 March 2010.  |
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| (F) | Pursuant      to the provisions of clause 12.2.1 of the Loan Agreement, the Borrower      would procure that the Guarantor shall at all times during the Facility      Period on a consolidated basis commencing from the date of the Loan      Agreement maintain a Minimum Liquidity of not less than twenty five      million Dollars ($25,000,000).  |
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| (G) | The      Borrower has requested that the Lender agrees to reduce the amount of the      Minimum Liquidity referred to in clause 12.2.1 of the Loan Agreement to an      amount not less than fifteen million Dollars (S15,000,000) with effect      from the Effective Date up to and including 31 March 2010, whereupon and      for the remaining of the Facility Period the amount of the Minimum      Liquidity will be increased again to an amount of not less than twenty      five million Dollars ($25,000,000).  |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (H) | The      Lender is willing to agree to all the foregoing requests and amend the      Loan Agreement and the Security Documents subject to the terms and      conditions set forth in this Supplemental Agreement.  |
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| (I) | At      the date of this Supplemental Agreement the outstanding amount of the Loan      is thirty four million seven hundred and fifty thousand Dollars      (S34,750,000).  |
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|   | 1.1 | In      this Supplemental Agreement: |
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|   | 1.2 | Unless      otherwise defined, all words and expressions defined in the Loan Agreement      shall have the same meaning when used in this Supplemental Agreement      unless the context otherwise requires, and clause I.2 of the Loan      Agreement shall apply to the interpretation of this Supplemental Agreement      as if it was set out in full. |
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|   | 2.1 | As      conditions for the agreement of the Lender to the requests specified in      Recitals (E) and (G) above, the Borrower shall deliver or cause to be      delivered to or to the order of the Lender the following documents and      evidence: |
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|   | 2.1.1 | a      certificate from a duly authorised officer of each of the Borrower and the      Guarantor confirming that none of the documents delivered to the Lender      pursuant to clause 3.1 of the Loan Agreement have been amended or modified      in any way since the date of their delivery to the Lender, or copies,      certified by a duly authorised officer of each of the Borrower and the      Guarantor as true, complete, accurate and neither amended nor revoked, of      any documents which have been amended or  modified; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.2 | copies      of the constitutional documents of the Collateral Guarantor together with      such other evidence as the Lender may reasonably require that the      Collateral Guarantor is duly incorporated in its country of incorporation      and remains in existence with power to enter into, and perform its      obligations under, the New Security Documents to which it is or is to      become a party; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.3 | the      original resolution of the directors and the shareholders of each of the      Security Parties and the Guarantor (together, where appropriate, with      signed waivers of notice of any directors' or shareholders' meetings)      approving, and authorising or ratifying the execution of, the New Security      Documents and any document to be executed by each of the Security Parties      and the Guarantor pursuant to the New Security  Documents; |
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|   | 2.1.4 | a      notarially attested and legalised power of attorney of each of the      Security Parties and the Guarantor under which the New Security Documents      and any documents required pursuant to them are to be executed by each of      the Security Parties and theGuarantor; |
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|   | 2.1.5 | a      certificate of good standing in respect of each of the Security Parties      and the Guarantor; |
|--------|-------|--------------------------------------------------------------------------------------------------------|

|   | 2.1.6 | the      New Security Documents, together with all other documents required by any      of them, including, without limitation, all other notices of assignment      and/or charge duly executed, and registered (where applicable) and      evidence that those notices will be duly acknowledged by the recipients      and in the case of the Collateral Mortgage registered with second priority      at the Ship's Registry (or equivalent office) of the Collateral Vessel's      current flag; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.7 | a      certificate of ownership and encumbrance (or equivalent) issued by the      Registrar of Ships (or equivalent official) of the Collateral Vessel's      current flag confirming that the Collateral Vessel is permanently      registered under the flag of the Republic of Panama in the ownership of      the Collateral Guarantor and that the Collateral Mortgage in respect of      the Collateral Vessel has been registered with second priority and that      there are no further encumbrances registered apart from a first preferred      Panamanian mortgage over the Collateral Vessel dated 23 February 2009      executed by the Collateral Guarantor in favour of the    Lender; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.8 | evidence      that the Collateral Vessel is insured in the manner required by the New      Security Documents and that letters of undertaking will be issued in the      manner required by the New Security Documents together with copies of the      relevant policies or cover notes or entry certificates duly endorsed with      the interest of the Lender as second mortgagee and assignee, together with      (if required by the Lender) the written approval of the Insurances by an      insurance adviser appointed by theLender; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 2.1.9 | if      required by the Lender, the written confirmation of the Managers that,      throughout the Facility Period unless otherwise agreed by the Lender, they      will remain the commercial and technical managers of the Collateral Vessel      and that they will not, without the prior written consent of the Lender      sub-contract or delegate the commercial or technical management of the      Collateral Vessel to any third party and confirming in terms acceptable to      the Lender that, following the occurrence of an Event of Default, all      claims against the Borrower shall be subordinated to the claims of the      Lender under the Finance Documents; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.10 | confirmation      satisfactory to the Lender that all legal opinions required by the Lender      will be given substantially in the form required by the      Lender; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.11 | evidence      that any process agent referred to in clause 21.5 of the Loan Agreement      and any process agent appointed under any New Security Document has      accepted its appointment; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.12 | such      duly signed forms of mandate, and/or other evidence of the opening of the      Cash Deposit Account, as the Lender may require in respect of the      Borrower; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.13 | evidence      satisfactory to the Lender that the Cash Deposit has been credited to the      Cash Deposit Account; and |
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|   | 2.1.14 | a      copy of any other consent, licence, approval, authorisation or other      document, opinion or assurance which the Lender considers to be necessary      or desirable (if it has notified the Borrower and/or the Collateral      Guarantor accordingly) in connection with the entry into and performance      of the transactions contemplated by this Supplemental Agreement and the      other New Security Documents or for the validity and enforceability of      this Supplemental Agreement and the other New Security      Documents. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 2.2 | If      the Lender agrees, in its sole discretion, to waive any conditions under      Clause 2.1 prior to the Effective Date, the Borrower undertakes to deliver      all outstanding documents and evidence to or to the order of the Lender no      later than the date specified by the Lender, which however, shall not be      taken as a waiver of the Lender's right to require production of all the      documents and evidence required by Clause2.1. |
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|   | 2.3 | All      documents and evidence delivered to the Lender pursuant to this Clause      shall: |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | 2.3.1 | be      in form and substance acceptable to theLender; |
|--------|-------|--------------------------------------------------------|

|   | 2.3.2 | be      accompanied, if required by the Lender, by translations into the English      language, certified in a manner acceptable to the Lender;    and |
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|   | 2.3.3 | if      required by the Lender, be certified, notarised, legalised or attested in      a manner acceptable to the Lender. |
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|   | 4.1 | the      definitions contained in Clause 1.1(other than the definition      of "EffectiveDate") of this      Supplemental Agreement shall be added to clause 1.1of the Loan      Agreement; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2 | the      definition of "Collateral      Guarantor" contained in Recital 2 was added in clause 1.1of the Loan      Agreement; |
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|   | 4.3 | the      definition of the term "Margin", as is set out      in clause 1.1 of the Loan Agreement shall be substituted as      follows:- |
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|   | "Margin" means two point      five per cent (2.5%) per annum."; |
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|   | 4.4 | where      the context so admits, all references to the term "Earnings Account" (however      defined) in the Loan Agreement and the Security Documents, shall be read      and construed as including the Cash Deposit  Account; |
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|   | 4.5 | where      the context so admits, all references to the term "Mortgage" (however defined) in the Loan      Agreement and the Security Documents, shall be read and construed as      including the plural of such term or as referring to each "Mortgage", as if they      were references to the Mortgage in respect of the Vessel and to the      Collateral Mortgage in respect of the Collateral  Vessel; |
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|   | 4.6 | the      definition of "SecurityDocuments" set forth in      clause 1.1 of the Loan Agreement was construed to include the New Security      Documents; |
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|   | 4.7 | the      definition of "SecurityParties" set forth in      clause 1.1 of the Loan Agreement was construed to include the Collateral      Guarantor; |
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|   | 4.8 | where      the context so admits, all references to the term "Vessel" (however      defined) in the Loan Agreement, including but not limited to references in      clauses 1.1, 10, 12 and 13 of the Loan Agreement, and the Security      Documents, shall be read and construed as including the plural of such      term or as referring to each "Vessel" respectively,      as if they were references to the Vessel in relation to the Borrower and      to the Collateral Vessel in relation to the Collateral      Guarantor; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.9 | clause      6.2.3 of the Loan Agreement was deleted and replaced with the following      clause 6.2.3: |
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|   | "6.2.3.       any prepayment under this Clause 6.2 shall satisfy the obligations under      Clause 5.1 (Repayment of      Loan) as follows: |
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|   | (a) | if      prepayment is made by 31 March 2010, fifty per cent (50%) of such      prepayment shall be applied in reducing pro rata any unpaid part of the      first thirteen (1st-13th) Repayment Instalments and the other fifty per      cent (50%) of such prepayment shall be applied in reducing pro rata the      following nineteen (14th-32nd) Repayment  Instalments; |
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|   | (b) | if      prepayment is made following the repayment of the fourteenth (14th)      Repayment Instalment, such prepayment shall be applied in reducing pro      rata the outstanding Repayment Instalments including the Balloon      Payment"; |
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|   | 4.10 | clause      6.3 of the Loan Agreement was deleted and replaced with the following      clause 6.3: |
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|   | 6.3.1  | pay      to the Lender or to its nominee a cash deposit to be secured in favour of      the Lender as additional security for the payment of the Indebtedness;      or   |
|--------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 6.3.2       | give      to the Lender other additional security in amount and form acceptable to      the Lender in its discretion; or                                                      |

|   | 6.3.3 | prepay      an amount of the Indebtedness,  |
|--------|-------|--------------------------------------------------|

|   | 4.11 | the      following clause was added as clause 10.13 of the Loan      Agreement: |
|--------|------|---------------------------------------------------------------------------------|

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|   | 4.12 | the      following clause was added as clause 10.14 of the Loan      Agreement; |
|--------|------|---------------------------------------------------------------------------------|

|   | (a)  | an      amount of two million Dollars ($2,000,000) will be released to the      Borrower or to its order on 31 December 2009; and  |
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|   | (b)       | an      amount of two million Dollars ($2,000,000) will be released to the      Borrower or to its order on 31 March2010,               |

|   | 4.13 | the      Lender agrees to waive the breach of the covenant contained in clause      10.12 of the Loan Agreement only until 31 March  2010; |
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|   | 4.14 | clause      12.2 of the Loan Agreement was deleted and replaced with the following      clause 12.2:- |
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|   | "12.2      Financial      covenants |
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|   | 12.2.1 | maintain      a Minimum Liquidity of not less than twenty five million Dollars      ($25,000,000), but of not less than fifteen million Dollars ($15,000,000)      from the Effective Date until 31 March 2010 whereupon and for the      remaining of the Facility Period the amount of the Minimum Liquidity will      be increased again to an amount of not less than twenty five million      Dollars (525,000,000); and  |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 12,2,2 | maintain      a Minimum Adjusted Net Worth of not less than two hundred and fifty      million Dollars ($250,000,000) with the exception of the period between      the Effective Date and 31 March 2010; and  |
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|   | 12.2.3 | maintain      Minimum Equity of not less than one hundred million Dollars      ($100,000,000).";  |
|--------|--------|--------------------------------------------------------------------------------------------------------|

|   | 4.15 | clause      13.1.18 of the Loan Agreement was deleted and replaced with the following      clause 13.1.18:- |
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|   | "13.1.18 | Notice of termination      The Guarantor or the Collateral Guarantor gives notice to the      Lender to determine its obligations under the Guarantee or the Collateral      Guarantee."; and  |
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|   | 4.16 | clause      10.1 of the Loan Agreement shall be read and construed as including the      New Security Documents. |
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|   | 5.1 | The      Borrower confirms that all of its respective obligations under or pursuant      to each of the Security Documents to which it is a party remain in full      force and effect, despite the amendments to the Loan Agreement made in      this Supplemental Agreement, as if all references in any of the Security      Documents to the Loan Agreement (however described) were references to the      Loan Agreement as amended and supplemented by this Supplemental      Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2 | The      definition of any term defined in any of the Security Documents shall, to      the extent necessary, be modified to reflect the amendments to the Loan      Agreement made in this SupplementalAgreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| SIGNED and DELIVERED as a DEED      by               | ) |                         |
|------------------------------------------------------|---|------------------------------|
| JAPAN      III SHIPPING COMPANY LIMITED              | ) |                         |
| acting      by Andreas Louka                         | ) |  /s/      Andreas Louka |
| its      duly authorized  attorney-in-fact | ) |                         |
| in      the presence of:                             | ) |                         |

| SIGNED and DELIVERED as a DEED      by               | ) |                               |
|------------------------------------------------------|---|------------------------------------|
| LICHTENSTEIN      SHIPPING COMPANY LIMITED           | ) |                               |
| acting      by Andreas Louka                         | ) |  /s/      Andreas Louka  |
| its      duly authorized  attorney-in-fact | ) |                               |
| in      the presence of:                             | ) |                               |

| SIGNED and DELIVERED as a DEED      by                | ) |                               |
|-------------------------------------------------------|---|------------------------------------|
| ALPHA      BANK A.E.                                  | ) |                               |
| acting      by Constantinos Flokos                    | ) |  /s/      Constantinos Flokos |
| and      by Gregorios Kondilis                        | ) |  /s/      Gregorios Kondilis  |
| its      duly authorized  attorneys-in-fact | ) |                               |
| in      the presence of:                              | ) |                               |

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