|  FIFTH SUPPLEMENTAL AGREEMENTTO SECURED LOAN FACILITY AGREEMENTDATED 18 AUGUST 2008 AS AMENDED AND SUPPLEMENTED BY (i) A FIRSTSUPPLEMENTAL AGREEMENT DATED 23 FEBRUARY 2009(ii) A SECOND SUPPLEMENTAL AGREEMENT DATED 3 APRIL 2009 (iii) A SIDELETTER DATED 2 JULY 2009 (iv) A THIRD SUPPLEMENTAL AGREEMENT DATED25 NOVEMBER 2009 AND (v) A FOURTH SUPPLEMENTAL AGREEMENT DATED 14OCTOBER 2011  |
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| 1      | Interpretation                             | 2      |
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| 2      | Conditions                                 | 3      |
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| 3      | Representations and Warranties             | 5      |
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| 4      | Amendments to Loan Agreement and Guarantee | 5      |
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| 5      | Confirmation and Undertaking               | 10     |
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| 6      | Further Assurance                          | 11     |
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| 7      | Miscellaneous                              | 11     |
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| 8      | Notices, Law and Jurisdiction              | 11     |
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| 9      | Costs and Expenses                         | 11     |

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| (1) | LICTHTENSTEIN SHIPPING COMPANY LIMITED, a company incorporated under the laws of the Republic of Liberia whose registered address is at 80, Broad Street, Monrovia, Liberia (the "Borrower"); and |
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| (2) | 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 Lender and the Borrower have agreed to amend clause 5.1 (Repayment of Loan) of the Loan Agreement on the terms and subject to the conditions contained in this Fifth Supplemental Agreement. |
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| (B) | The Borrower and the Lender have agreed for the Borrower to open a retention account in the name of the Borrower with the Lender designated "Lichtenstein Shipping Company Limited — Retention Account" or as otherwise may be designated from time to time. |
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| (C) | The Borrower has requested and the Lender has agreed, that: |
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|   | (i) | the Collateral Guarantor be released from the Loan Agreement and any Security Documents to which it is a party; and |
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|   | (ii) | all references to the "Collateral Vessel" be deleted from the Loan Agreement and the Security Documents. |
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| (D) | The Borrower and the Lender have also agreed to extend the application of the Margin at the rate of three per cent (3%) per annum, applicable during the currency of the period commencing on 26 October 2009 and ending on 28 February 2012 pursuant to the terms of the Fourth Supplemental Agreement, from 1 March 2012 and for the remainder of the Facility Period. |
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| (E) | The Lender is willing to accede to the requests set out in Recitals (A), (B) and (C) above and the Lender and the Borrower have agreed to amend the Loan Agreement and the Security Documents (as applicable) on the terms and subject to the conditions set forth in this Fifth Supplemental Agreement. |
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| (F) | At the date of this Fifth Supplemental Agreement the outstanding amount of the Loan is twenty seven million Dollars ($27,000,000). |
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|   | 1.1 | In this Fifth 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 Fifth Supplemental Agreement unless the context otherwise requires, and clause 1.2 of the Loan Agreement shall apply to the interpretation of this Fifth 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 request specified in Recital (C) 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 | Officer's bringdown certificates — Borrower and Guarantor 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 Schedule 1, Part I, Paragraphs 1(a), (c), (d) and (g) of the Original Loan Agreement, clauses 2.1.2, 2.1.3 and 2.1.4 of the First Supplemental Agreement, clauses 2.1.3 and 2.1.4 of the Second Supplemental Agreement, clauses 2.1.1, 2.1.3 and 2.1.4 of the Third Supplemental Agreement and clauses 2.1.1, 2.1.3 and 2.1.4 of the Fourth Supplemental 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 | Officer's certificates A certificate of a duly authorised officer of each Security Party certifying that each copy document relating to it specified in Clause 2.1.4 and 2.1.5 is correct, complete and in full force and effect and setting out the names of the directors, officers and shareholders of that Security Party and the proportion of shares held by each shareholder. |
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|   | 2.1.3 | Board and shareholder resolutions The original resolution of the directors and the shareholders of each Security Party (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 (as applicable) and any document to be executed by the Security Party in question pursuant to the New Security Documents. |
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|   | 2.1.4 | Power of attorney A legalised power of attorney of each of the Security Parties under which the New Security Documents (as applicable) and any documents required pursuant to any such New Security Document is to be executed by the Security Party in question. |
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|   | 2.1.5 | Goodstanding certificates A certificate of good standing in respect of each of the Security Parties. |
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|   | 2.1.6 | New Security Documents The New Security Documents together with all other documents required by any of them. |
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|   | 2.1.7 | Mandates such duly signed forms of mandate, and/or other evidence of the opening of the Retention Account, as the Lender may require. |
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|   | 2.1.8 | Legal opinions Confirmation satisfactory to the Lender that all legal opinions required by the Lender will be given substantially in the form required by the Lender. |
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|   | 2.1.9 | Process agent Evidence that the process agent referred to in clause 21.5 of the Loan Agreement has accepted its appointment as agent for service of process in relation to any proceedings before the English courts in connection with the New Security Documents. |
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|   | 2.1.10 | Other authorisations 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 accordingly) in connection with the entry into and performance of the |
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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 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 Fifth Supplemental Agreement shall be added to clause 1.1 of the Loan Agreement in alphabetical order; |
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|   | 4.2 | the following definition of "Accounts" shall be added in clause 1.1 of the Loan Agreement in the requisite alphabetical order as follows:- |
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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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|   | (a) | commencing on the date of this Agreement and until 2 April 2009 (inclusive), one point sixty-five per cent (1.65%) per annum; |
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|   | (b) | commencing on 3 April 2009 and until 25 October 2009 (inclusive), two point twenty five per cent (2.25%) per annum; and |
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|   | (c) | commencing on 26 October 2009 and throughout the remainder of the Facility Period, three point zero per cent (3.00%) per annum."; |
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|   | 4.4 | the following definition of "Outstanding Loan" shall be added in clause 1.1 of the Loan Agreement in the requisite alphabetical order as follows:- |
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|   | 4.5 | the definition of "Security Documents", as set forth in clause 1.1 of the Loan Agreement, shall be construed to include the New Security Documents; |
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|   | 4.6 | clause 5.1 of the Loan Agreement shall be deleted and replaced with the following clause 5.1:- |
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|   | 4.7 | clause 10.1 of the Loan Agreement shall be read and construed as including the New Security Documents; |
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|   | 4.8 | clause 10.2 of the Loan Agreement shall be deleted and replaced with the following clause 10.2:- |
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|   | 4.9 | the following clause is added as new clause 10.4 of the Loan Agreement and all other clauses are renumbered accordingly:- |
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|   | 10.4.1 | one-third of the amount of the Repayment Instalment due on the next Repayment Date (which shall be deemed to be the day for that transfer if that day is a Repayment Date); and |
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|   | 10.4.2 | the amount of interest due on the next Interest Payment Date (which shall be deemed to be the day for that transfer if that day is an Interest Payment Date) divided by the number of months between the last Interest Payment Date (or, if none, the first Drawdown Date) and that next Interest Payment Date, |
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|   | 4.10 | the following clause is added as new clause 10.5 of the Loan Agreement and all other clauses are renumbered accordingly:- |
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|   | 4.11 | clause 10.4 of the Loan Agreement shall be deleted and replaced with the following clause:- |
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|   | 10.6.1 | on each Repayment Date, the amount of the Repayment Instalment then due; and |
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|   | 10.6.2 | on each Interest Payment Date, the amount of interest then due, |
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|   | 4.12 | clause 10.5 of the Loan Agreement shall be deleted and replaced with the following clause:- |
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|   | 4.13 | clause 10.6 of the Loan Agreement shall be deleted and replaced with the following clause:- |
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|   | 4.14 | clause 10.7 of the Loan Agreement shall be deleted and replaced with the following clause:- |
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|   | 4.15 | clause 10.8 of the Loan Agreement shall be deleted and replaced with the following clause:- |
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|   | 4.16 | clause 10.9 of the Loan Agreement shall be deleted and replaced with the following clause:- |
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|   | 4.17 | clause 10.10 of the Loan Agreement shall be deleted and replaced with the following clause:- |
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|   | 10.12.1 | pursuant to a sale or other disposition of the Vessel or any right, title or interest in the Vessel; or |
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|   | 10.12.2 | by way of payment of any sum in respect of the Insurances, Earnings, Charter Rights or Requisition Compensation; or |
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|   | 10.12.3 | by way of transfer of any sum from either of the Accounts; or |
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|   | 10.12.4 | otherwise arising under or in connection with any Security Document, |
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|   | 4.18 | the wording "Clause 10.12" in lines 7 and 20 of clause 10.12 of the Loan Agreement shall be deleted and replaced with the wording "Clause 10.14"; |
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|   | 4.19 | the Collateral Guarantor is released from all its obligations under the Loan Agreement and the Security Documents to which it is a party; |
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|   | 4.20 | all references to the "Collateral Vessel" and "Collateral Guarantor" shall be deleted from the Loan Agreement and the Security Documents; |
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|   | 4.21 | all references to "this Agreement" (howsoever defined in the Loan Agreement and the Security Documents) shall be references to the Loan Agreement as amended and supplemented by this Fifth Supplemental Agreement; and |
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|   | 4.22 | all references in the Finance Documents to the Loan Agreement (however it may be defined) shall be read and construed as the Loan Agreement as amended and supplemented by this Fifth Supplemental Agreement. |
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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 or pursuant to this Fifth 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 Fifth 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 Fifth Supplemental Agreement. |
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|   | 7.1 | Clauses 20.1 (No oral variations), 20.5 (Counterparts) and 20.6 (Contracts (Rights of Third Parties) Act 1999) of the Loan Agreement shall (mutatis mutandis) apply to this Fifth Supplemental Agreement. |
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|   | 7.2 | With effect from the Effective Date, this Fifth Supplemental Agreement shall be construed with and shall constitute an instrument supplemental to the Loan Agreement. Save as otherwise provided herein and as hereby expressly varied and supplemented, the Loan Agreement shall remain valid and binding and in full force and effect after the Effective Date. |
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| SIGNED and DELIVERED                                                                                                                                                                                                                                                                                      | )      |
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| as a DEED                                                                                                                                                                                                                                                                                                 | )      |
| by /s/ Alexandros Tsirikos                                                                                                                                                                                                                                                                                | )      |
| duly authorised attorney-in-fact                                                                                                                                                                                                                                                                          | )      |
| for and on behalf of                                                                                                                                                                                                                                                                                      | )      |
| LICTHTENSTEIN SHIPPING COMPANY LIMITED                                                                                                                                                                                                                                                                    | )      |
| in the presence of:-                                                                                                                                                                                                                                                                                      | )      |
| CHRISTODOULOS V. VARTZIS                SOLICITORSTEPHENSON HARWOOD LLP2 FILELLINON STR.&AKTI MIAOULIPIRAEUS 185 36 - TEL. 210 42 95 160          SRA NO. 3 3 0 4 0 1 3  |   |
| SIGNED and DELIVERED                                                                                                                                                                                                                                                                                      | )      |
| as a DEED                                                                                                                                                                                                                                                                                                 | )      |
| by  /s/ Constantinos Flokos                                                                                                                                                                                                                                                                     | )      |
| and by Christina Aroni                                                                                                                                                                                                                                                                                    | )      |
| duly authorised attorneys-in-fact                                                                                                                                                                                                                                                                         | )      |
| for and on behalf of                                                                                                                                                                                                                                                                                      | )      |
| ALPHA BANK A.E.                                                                                                                                                                                                                                                                                           | )      |
| in the presence of:-                                                                                                                                                                                                                                                                                      | )      |
| CHRISTODOULOS V. VARTZIS              SOLICITORSTEPHENSON HARWOOD LLP2 FILELLINON STR.&AKTI MIAOULIPIRAEUS 185 36 - TEL. 210 42 95 160      SRA NO. 3 3 0 4 0 1 3                                      |   |