Exhibit 4.59

Private & Confidential


                               DATED 16 JUNE 2006







                             SUPPLEMENTAL AGREEMENT
            relating to a memorandum of agreement dated 14 March 2006
                          in relation to m.v. Doubtless
<PAGE>

                                    Contents

Clause                                                            Page

1       Definitions................................................ 2

2       Consent of Original Owner...................................3

3       Assumption of liability and obligations.....................3

4       Amendments to Original MOA..................................3

5       Conditions..................................................4

6       Counterparts................................................4

7       Applicable law..............................................5
<PAGE>


THIS SUPPLEMENTAL AGREEMENT is dated 16 June 2006 and made BETWEEN:


(1)    Falakro Shipping Company Limited, a company  incorporated in the Republic
       of  Liberia  with its  registered  office at 80 Broad  Street,  Monrovia,
       Liberia (the "Original Owner");

(2)    Tucker Navigation Co., a company  incorporated in the Republic of Liberia
       with its  registered  office at 80 Broad Street,  Monrovia,  Liberia (the
       "Current Owner"); and

(3)    ICON Doubtless, LLC, a limited liability company formed under the laws of
       the State of  Delaware,  United  States of  America  with its  registered
       office at 2711  Centerville  Road,  Suite  400,  Wilmington,  New  Castle
       County, Delaware 19808, United States of America (the "New Owner").

WHEREAS:

(A)    this Agreement is supplemental to a "NSF93" memorandum of agreement dated
       14 March  2006 (the  "Original  MOA") made  between  the  Original  Owner
       (therein  referred to as the  "Sellers")  and the Current Owner  (therein
       referred to as the "Buyers")  relating to the sale by the Original  Owner
       and the purchase by the Current  Owner of m.v.  Doubtless  (the  "Ship"),
       currently registered in the name of the Current Owner under Liberian flag
       with official number 9363;

(B)    the Current Owner has taken delivery of the Ship pursuant to the terms of
       the Original MOA and has paid to the Original  Owner the Cash Part of the
       Purchase  Price (as such  term is  defined  in clause 17 of the  Original
       MOA);

(C)    pursuant to clause 17 of the Original MOA it has been agreed  between the
       Original  Owner and the Current Owner that part of the Purchase Price (as
       defined therein)  amounting to US$2,420,000 (the "Sellers'  Credit") will
       not be paid by the Current  Owner to the  Original  Owner on the delivery
       and  acceptance  of the Ship under the  Original MOA and that payment the
       Sellers'  Credit shall be made in the manner and at the time  provided in
       clause 17 of the Original MOA;

(D)    the  Original  Owner and the Current  Owner have  entered into a "Barecon
       2001" bareboat  charter dated 14 March 2006 (the  "Charter")  whereby the
       Current Owner has let and the Original  Owner has taken on demise charter
       the Ship on the terms contained therein;

(E)    the Current  Owner wishes to transfer the ownership of the Ship to Eloise
       Finance Ltd. of 80 Broad  Street,  Monrovia,  Liberia (the  "Intermediate
       Owner")  pursuant to a memorandum  of  agreement  dated 14 March 2006 and
       made between the Current Owner and Oceanbulk Maritime S.A. who at a later
       date nominated as buyers the Intermediate  Owner (the "First MOA") who in
       turn  wishes  to  transfer  the  ownership  of the Ship to the New  Owner
       pursuant  to a  memorandum  of  agreement  dated 14  March  2006 and made
       between the Intermediate Owner and the New Owner;

(F)    the Current  Owner and the New Owner wish to novate the Charter in favour
       of the New  Owner to  enable  the New  Owner to  charter  the Ship to the
       Original Owner following the transfer of the Ship to the New Owner; and

(G)    this Agreement sets out the consent of the Original Owner, at the request
       of the Current  Owner,  to (i) the transfer of ownership of the Ship from
       the Current  Owner to the  Intermediate  Owner and from the  Intermediate
       Owner to the New Owner and (ii) the said novation of the Charter.
<PAGE>

NOW IT IS HEREBY AGREED as follows:

1      Definitions

1.1    Defined expressions

       Words and  expressions  defined  in the  Original  MOA shall  unless  the
       context otherwise  requires or unless otherwise defined herein,  have the
       same meanings when used in this Agreement.

1.2    Definitions

       In this Agreement, unless the context otherwise requires:

       "Effective  Date"  means  the date on which  the  Ship is  delivered  and
       accepted by the Intermediate Owner under the First MOA;

       "Existing  Mortgage"  means the third  preferred  mortgage dated 16 March
       2006  executed by the Current  Owner in favour of the  Original  Owner in
       respect of the Ship; and

       "Existing  Register"  means  the  register  of ships of the  Republic  of
       Liberia.

1.3    Original MOA

       References  in the Original MOA to "this  Agreement"  shall,  with effect
       from the Effective  Date and unless the context  otherwise  requires,  be
       references  to the  Original MOA as amended by this  Agreement  and words
       such  as  "herein",  "hereof',  "hereunder",  "hereafter",  "hereby"  and
       "hereto",  where they  appear in the  Original  MOA,  shall be  construed
       accordingly.

1.4    Headings

       Clause headings and the table of contents are inserted for convenience of
       reference  only  and  shall  be  ignored  in the  interpretation  of this
       Agreement.

1.5    Construction of certain terms

       In this Agreement, unless the context otherwise requires:

       1.5.1  references  to  clauses  and  schedules  are  to be  construed  as
              references  to clauses of, and  schedules  to, this  Agreement and
              references to this Agreement includes its schedules;

       1.5.2  references to (or to any specified provision of) this Agreement or
              any  other  document  shall be  construed  as  references  to this
              Agreement,  that  provision  or that  document as in force for the
              time being and as amended in accordance with terms thereof, or, as
              the case may be, with the agreement of the relevant parties;

       1.5.3  words  importing  the plural  shall  include the singular and vice
              versa;

       1.5.4  references  to a person  shall be construed  as  references  to an
              individual,  firm,  company,  corporation,  unincorporated body of
              persons or any government entity; and

       1.5.5  references to a "guarantee"  include references to an indemnity or
              other  assurance   against   financial  loss  including,   without
              limitation,  an  obligation  to  purchase  assets or services as a
              consequence   of  a  default  by  any  other  person  to  pay  any
              Indebtedness and "guaranteed" shall be construed accordingly.

2      Consent of Original Owner

2.1    Consent

       The Original  Owner agrees with the Current  Owner and the New Owner that
       as of the date of this Agreement the Original Owner consents to:

       2.1.1  the transfer of the Ship by the Current Owner to the  Intermediate
              Owner and by the Intermediate Owner to the New Owner; and

       2.1.2  the novation of the Charter by the Current  Owner in favour of the
              New Owner.

2.2    Discharge of Mortgage

       The Original Owner hereby agrees that it shall,  simultaneously  with the
       delivery  of the Vessel to the  Intermediate  Owner  under the First MOA,
       execute and  thereafter  register  at the  Existing  Register,  a deed of
       discharge in respect of the Existing Mortgage.

3      Assumption of liability and obligations

3.1    Substitution

       It is hereby agreed that, as and with effect from the Effective Date, the
       New Owner shall be, and is hereby  made,  a party to the  Original MOA in
       respect of the provisions of clause 17 of the MOA and in substitution for
       the Current Owner as regards the  provisions of clause 17 of the Original
       MOA and the Original MOA shall henceforth be construed and treated in all
       respect as if the New Owner was named in clause 17 instead of the Current
       Owner from the time the Original  MOA was executed by the Original  Owner
       and the Current Owner.

3.2    Assumption of liability

       The New Owner  hereby  agrees with the Original  Owner that,  as and with
       effect from the  Effective  Date,  it shall be  indebted to the  Original
       Owner for the full amount of the Sellers' Credit and all other sums which
       may be or become due to the Original  Owner  pursuant to clause 17 of the
       Original  MOA and the New Owner  further  agrees  that it shall  duly and
       punctually  perform all the liabilities  and obligations  whatsoever from
       time to time to be performed or  discharged  by the Original  Owner under
       clause  17 of the  Original  MOA and  shall be bound by the  terms of the
       Original  MOA as if the New Owner had at all times been named  therein as
       the Buyer.

3.3    Release

       The  Original  Owner  hereby  agrees  that,  as and with  effect from the
       Effective Date, it shall release and discharge the Current Owner from all
       liabilities,  obligations,  claims and  demands  whatsoever  touching  or
       concerning  clause 17 of the Original MOA and in respect of anything done
       or  omitted  to be done  under or in  connection  therewith  but  without
       prejudice to the rights of the Original  Owner and the New Owner  against
       each other in respect of any such  liabilities,  obligations,  claims and
       demands.

4      Amendments to Original MOA

4.1    Amendments

       Clause  17 of the  Original  MOA  shall,  with  effect  on and  from  the
       Effective  Date,  be (and it is hereby)  deleted  and the  following  new
       clause  inserted in its place (and the Original MOA (as so amended)  will
       continue to be binding upon the Original Owner, the Current Owner and the
       New Owner upon such terms as so amended):  "a) At the time  stipulated in
       Clause 3, the Buyers shall pay to the Sellers part of the Purchase  Price
       amounting to United States Dollars  Twenty-one  million seven hundred and
       eighty thousand  (US$21,780,000)  (the "Cash Part of the Purchase Price")
       while the balance  amounting  to United  States  Dollars Two million four
       hundred  and  twenty  thousand  (US$2,420,000)  shall  be  credited  (the
       "Sellers'  Credit") and shall be payable by ICON  Doubtless,  LLC of 2711
       Centerville  Road,  Suite 400,  Wilmington,  New Castle County,  Delaware
       19808,  United  States of America  (the "New  Buyers")  to the Sellers in
       accordance with the terms of this Clause 17.

       b) Subject to the  provisions of Clause 17(c)  hereinbelow,  the Sellers'
       Credit  shall  be  payable  by  the  New  Buyers  to the  Sellers  in one
       instalment,  free of interest,  immediately upon either expiration of the
       "Barecon  2001" form demise  charter dated 14 March 2006 made between the
       Sellers and the Buyers (the  "Original  Charter") as novated in favour of
       the New Buyers and amended pursuant to a novation agreement dated 16 June
       2006 made  between  the  Sellers,  the  Buyers  and the New  Buyers  (the
       "Novation Agreement" and together with the Original Charter the "Bareboat
       Charter) by effluxion of time or the sale of the Vessel to another  party
       (the "buying party") as described in Clause 22(b) of the Bareboat Charter
       provided  however  that such sale is on terms that the buying party shall
       pay to the New Buyers the relevant  acquisition price in cash and in full
       at the time of delivery and acceptance of the Vessel by the buying party.
       IT IS HEREBY  FURTHER  AGREED  THAT in the event that the New Buyers sell
       the Vessel on terms  providing  that the buying  party  shall pay for the
       acquisition  of the Vessel by, inter alia,  agreeing to take over the New
       Buyers'  obligation  under this Clause 17 to repay the Sellers' Credit to
       the  Sellers,  then (1) the Seller's  Credit shall not be repayable  upon
       such sale being agreed or the relevant  delivery  and  acceptance  of the
       Vessel  thereunder  taking  place  (since the sale  consideration  is not
       payable in cash and in full on delivery and acceptance of the Vessel) and
       (2) the Sellers  shall execute any such document and take any such action
       as the New Buyers may  consider  necessary  or  desirable  for the buying
       party to (i) take the place of the New Buyers  under  this  Clause 17 and
       under the  Bareboat  Charter  and (ii)  receive the benefit of any of the
       securities  provided  under the Bareboat  Charter and, in particular  but
       without limitation to the foregoing, clauses 32Aa, 32Ab and 32C thereof.

       c) In the event that the Bareboat Charter be terminated because of any of
       the reasons  provided in Clause 28(a) of the Bareboat  Charter and/or any
       other reason attributable to the Sellers as charterers under the Bareboat
       Charter,  then upon such  termination  taking place,  the Purchase  Price
       shall be  automatically  reduced by an amount (such amount referred to as
       the "Purchase  Price  Reduction  Amount") which is equal to the lesser of
       (i) the Seller's Credit and (ii) the total amount of hire that would have
       been paid to the New Buyers under the terms of the  Bareboat  Charter had
       the Bareboat Charter continued  uninterrupted for its full duration up to
       14 March 2011 and such reduction  shall have as a result the reduction of
       the Sellers'  Credit by an amount equal to the Purchase  Price  Reduction
       Amount.

       As security for the payment of the Sellers' Credit,  as hereinabove,  the
       New Buyers  shall  provide the Sellers with a second  preferred  Mortgage
       over the Vessel, being subordinate to a first preferred Mortgage over the
       Vessel in favour of Fortis Bank NV/SA, as more particularly  described in
       the Bareboat Charter.".

4.2    Continued force and effect

       Save as clauses 16 and 17 have been amended by this  Agreement,  no other
       provision of the Original MOA shall be amended by this  Agreement and the
       Original  MOA and  this  Agreement  shall be read  and  construed  as one
       instrument.

5      Conditions

       The  consent  of the  Original  Owner  referred  to in  clause 2 shall be
       subject  to the  conditions  precedent  contained  in  schedule  1  being
       satisfied.

6      Counterparts

       This Agreement may be executed in any number of  counterparts  and by the
       different  parties  on  separate  counterparts,  each  of  which  when so
       executed and delivered  shall be an original but all  counterparts  shall
       together constitute one and the same instrument.

7      Applicable law

7.1    Law

       This Agreement is governed by, and shall be construed in accordance with,
       English law.

7.2    Arbitration

       The  provisions  of clause 16 of the Original  Agreement  shall be deemed
       incorporated  in this  Agreement  and the terms of the said clause  shall
       apply herein  mutatis  mutandis,  provided  however that if each party to
       this Agreement appoints its own arbitrator it will not be required for an
       umpire to be  appointed  and any  decision to be taken in relation to any
       such  arbitration  shall  be taken by the  panel of the  three  appointed
       arbitrators.

       IN  WITNESS  whereof  the  parties to this  Agreement  have  caused  this
       Agreement to be duly executed as a deed on the date first above written.



EXECUTED as a DEED by

Erini Alexandropolou
FALAKRO SHIPPING COMPANY                        /s/ Erini Alexandropolou
its duly authorised                             ---------------------------
attorney-in-fact pursuant
to a power of attorney
dated 13 June  2006
in the presence of: V. Madia
                    Norton Rose
                    Piraeus


EXECUTED as a DEED by
ICON DOUBTLESS, LLC

by Mark Gatto
its duly authorised attorney-in-fact            /s/ Mark Gatto
pursuant to a power of attorney dated           ---------------------------
15 June 2006
in the presence of: V. Madia
                    Norton Rose
                    Piraeus



EXECUTED as a DEED by
TUCKER NAVIGATION CO.

by Alexandra Tatagia
its duly authorised attorney-in-fact            /s/ Alexandra Tatagia
pursuant to a power of attorney dated           ---------------------------
14 June 2006                                    Attorney-in-fact
in the presence of: V. Madia
                    Norton Rose
                    Piraeus