Exhibit 4.63

Private & Confidential










                               DATED 16 JUNE 2006







                             SUPPLEMENTAL AGREEMENT
            relating to a memorandum of agreement dated 14 March 2006
                          in relation to m.v. Vanguard
<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)     Pageon Shipping Company Limited, a company  incorporated in the Republic
        of Cyprus with its registered  office at 284 Arch.  Makarios Ill Avenue,
        Limassol, Cyprus (the "Original Owner");

(2)     Comoros  Shipping  Limited,  a company  incorporated  in the Republic of
        Cyprus  with its  registered  office  at 41  Themistokli  Dervi,  Hawai,
        Nicosia Tower,  8th floor,  Flat/office  806-807,  P.C. 1066,  Lefkosia,
        Cyprus (the "Current Owner"); and

(3)     Isomar Marine Company Limited, a limited liability company  incorporated
        in the  Republic  of Cyprus  with its  registered  office at 1  Costakis
        Pantelides Avenue,  Kolokasides Building,  1010 Nicosia,  Cyprus, Cyprus
        (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.  Vanguard  (the  "Ship"),
        currently  registered in the name of the Current Owner under Cyprus flag
        with IMO number 8913605;

(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$2,610,000 (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
        Oceanmaximum  Shipping  Limited of Nicosia,  Cyprus  (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 priority statutory mortgage dated 17
        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
        Cyprus.

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.
<PAGE>

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-three  million four hundred and ninety  thousand  (US$23,490,000)
        (the "Cash Part of the Purchase  Price") while the balance  amounting to
        United  States   Dollars  Two  million  six  hundred  and  ten  thousand
        (US$2,610,000)  shall be credited (the  "Sellers'  Credit") and shall be
        payable  by isomar  Marine  Company  Limited  of 1  Costakis  Pantelides
        Avenue, Kolokasides Building, 1010 Nicosia, Cyprus (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 00
        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 (U) 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  priority  statutory
        Mortgage  over  the  Vessel,  being  subordinate  to  a  first  priority
        statutory  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.
<PAGE>


SIGNED, SEALED and DELIVERED as a
DEED by PAGEON SHIPPING COMPANY LIMITED

by E. Alexandropolou
its duly authorised attorney-in-fact                   /s/ E. Alexandropolu
pursuant to a power of attorney dated 13 June 2006     ------------------------
in the presence of                                     Attorney-in-fact

/s/ Angela Makri
Norton Rose
Piraeu


SIGNED, SEALED and DELIVERED as a
DEED by ISOMAR MARINE COMPANY LIMITED

by M. Gatto
its duly authorised attorney-in-fact                   /s/ M. Gatto
pursuant to a power of attorney dated 15 June 2006     ------------------------
in the presence of                                     Attorney-in-fact

/s/ Angela Makri
Norton Rose
Piraeu


SIGNED, SEALED and DELIVERED as a
DEED by COMOROS SHIPPING LIMITED

by A. Tatagia
its duly authorised attorney-in-fact                   /s/ A. Tatagia
pursuant to a power of attorney dated 14 June 2006     ------------------------
in the presence of                                     Attorney-in-fact

/s/ Angela Makri
Norton Rose
Piraeus