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|   |                                      | Page     |
|--------|-------------------------------------------|----------|
|   |                                      |     |
| 1      | Interpretation                       | 3        |
| 2      | Conditions                           | 3        |
| 3      | Representations      and Warranties  | 7        |
| 4      | Amendments      to Loan Agreement    | 7        |
| 5      | Confirmation      and Undertaking    |  10 |
| 6      | Communications,      Law and Jurisdiction |  10 |

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| (1) | 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 "Borrower");    and |
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| (2) | 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 "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 17 December 2007 (the "Japan      Loan Agreement")made      between 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      forty eight million Dollars ($48,000,000) (the "Japan      Loan").As security for      the obligations of the Collateral Guarantor under the Japan Loan      Agreement, the Collateral Guarantor executed, delivered and registered      (where applicable) in favour of the Lender, as first mortgagee and      assignee, a first preferred Liberian mortgage over the Collateral Vessel      together with a first priority assignment of the Collateral Vessel's      Insurances, Earnings and Requisition  Compensation. |
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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 Liberian mortgage over the      Collateral Vessel and a second priority deed of assignment of the      Insurances, Earnings and Requisition Compensation in respect 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 ($15,000,000) 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). |
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| (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 Second Supplemental  Agreement. |
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| (I) | At      the date of this Second Supplemental Agreement the outstanding amount of      the Loan is thirty nine million Dollars  ($39,000,000). |
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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 Second Supplemental      Agreement unless the context otherwise requires, and clause 1.2 of the      Loan Agreement shall apply to the interpretation of this Second      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 clauses 3.1 and 3.5 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; |
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|   | 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; |
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|   | 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 the Guarantor;  |
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|   | 2.1.5 | a      certificate of good standing in respect of each of the Security Parties      and the Guarantor;  |
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|   | 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;  |
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|   | 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 Liberia 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      Liberian mortgage over the Collateral Vessel dated 19 December 2007      executed by the Collateral Guarantor in favour of the    Lender; |
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|   | 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 the Lender;  |
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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; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 2.1.12 | 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 Second Supplemental Agreement and      the other New Security Documents or for the validity and enforceability of      this Second Supplemental Agreement and the other New Security      Documents.  |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 Clause 2.1.  |
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|   | 2.3 | All      documents and evidence delivered to the Lender pursuant to this Clause      shall:  |
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|   | 2.3.1 | be      in form and substance acceptable to the Lender;  |
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|   | 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 "Effective      Date")of this Second      Supplemental Agreement shall be added to clause 1.1 of the Loan      Agreement;  |
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|   | 4.2 | the      definition of "Collateral      Guarantor" contained in Recital 2 was added in clause 1.1 of 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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|   | 4.4 | 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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|   | 4.5 | the      definition of "Security      Documents" set forth in clause 1.1 of the Loan Agreement was      construed to include the New Security Documents;  |
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|   | 4.6 | the      definition of "Security      Parties" set forth in clause 1.1 of the Loan Agreement was      construed to include the Collateral Guarantor;  |
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|   | 4.7 | 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;  |
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|   | 4.8 | 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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|   | 4.9 | 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  |
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|   | 6.3.2 | give      to the Lender other additional security in amount and form acceptable to      the Lender in its discretion; or  |
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|   | 6.3.3 | prepay      an amount of the Indebtedness,  |
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|   | 4.10 | clause      12.2 of the Loan Agreement was deleted and replaced with the following      clause 12.2:  |
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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 ($25,000,000); 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).";                                                                                                               |

|   | 4.11 | clause      13.1. I 8 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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|   | 4.12 | 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 Second 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      Second Supplemental Agreement.  |
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|   | 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 Second Supplemental  Agreement. |
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| SIGNED and DELIVERED as a DEED      by                                | )                                              |
|-----------------------------------------------------------------------|------------------------------------------------|
| LICHTENSTEIN      SHIPPING COMPANY LIMITED                            | )                                              |
| acting      by Andreas Louka                                          | )    /s/Andreas      Louka |
| its      duly authorised  attorney-in-fact                  | )                                              |
| in      the presence of:                                              | )                                              |
|                                                                  |                                           |
| /s/Stephenson Harwood         |                                           |
| STEPHENSON      HARWOOD                                               |                                           |
| ARISTON      BUILDING                                                 |                                           |
| 2      FILELL NON STR & AKTI MIA OULI                             |                                           |
| PIRAEUS      185 36 GREECE                                            |                                           |
| VAT      NO  998711156                                      |                                           |
| TEL       210 42 95 160                                          |                                           |

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

| /s/Stephenson Harwood         |   |
|-----------------------------------------------------------------------|--------|
| STEPHENSON      HARWOOD                                               |   |
| ARISTON      BUILDING                                                 |   |
| 2      FILELL NON STR & AKTI MIA OULI                             |   |
| PIRAEUS      185 36 GREECE                                            |   |
| VAT      NO  998711156                                      |   |
| TEL       210 42 95 160                                          |   |

| 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:                              | )                                                    |

| /s/Stephenson Harwood        |   |
|-----------------------------------------------------------------|--------|
| STEPHENSON      HARWOOD                                         |   |
| ARISTON      BUILDING                                           |   |
| 2      FILELL NON STR & AKTI MIA OULI                       |   |
| PIRAEUS      185 36 GREECE                                      |   |
| VAT      NO  998711156                                |   |
| TEL       210 42 95 160                                    |   |

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