Exhibit 4.36

| |       |                   |  | 
| | ----- | ----------------- |  | 
| | DATED | 25 SEPTEMBER 2008 |  | 

PELEA SHIPPING LTD
(as borrower)

-and-

DnB NOR BANK ASA
(as lender)

|                                                                                                                                                                                                             
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                             
|                                                                                                                                                                                                             
|SECOND SUPPLEMENTAL AGREEMENT TO A SECURED
 REDUCING REVOLVING
 MULTI-CURRENCY CREDIT FACILITY AGREEMENT DATED 12 JUNE 2007 AS
 AMENDED AND SUPPLEMENTED BY A FIRST SUPPLEMENTAL AGREEMENT
 DATED 22 MAY 2008
|                                                                                                                                                                                                             
|                                                                                                                                                                                                             

STEPHENSON HARWOOD
One, St. Pauls Churchyard
London EC4M 8SH
Tel: 020 7329 4422
Fax: 020 7329 7100
Ref: 04.144

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CONTENTS

|  |                                            |  |     
|- | ------------------------------------------ |  | ----
|  |                                            |  | Page
|  |                                            |  |     
|1 | Interpretation                             |  | 1   
|  |                                            |  |     
|2 | Conditions
 Precedent and Subsequent       |  | 3   
|  |                                            |  |     
|3 | Representations
 and Warranties            |  | 6   
|  |                                            |  |     
|4 | Amendments
 to Original Facility Agreement |  | 6   
|  |                                            |  |     
|5 | Confirmation
 and Undertaking              |  | 10  
|  |                                            |  |     
|6 | Communications,
 Law and Jurisdiction      |  | 11  

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SECOND SUPPLEMENTAL AGREEMENT
Dated: 25 September 2008
BETWEEN:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                            |                                         
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------
|(1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | PELEA SHIPPING LTD, a company incorporated
 under the laws of the Republic of Liberia whose registered office is at 80
 Broad Street, Monrovia, Liberia (the Borrower);
 and                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                            |                                         
|(2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | DnB NOR BANK ASA, acting through its office
 at 20 St. Dunstans Hill, London EC3R 8HY, England (the Lender).                                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                            |                                         
|SUPPLEMENTAL
 TO a secured reducing revolving multi-currency credit facility agreement
 dated 12 June 2007, as amended and supplemented by a first supplemental
 agreement dated 22 May 2008 (together, the Original Facility Agreement), each made between the
 Borrower and the Lender, on the terms and subject to the conditions of which
 the Lender agreed to advance to the Borrower an aggregate amount not
 exceeding forty two million Dollars ($42,000,000) (the Loan).
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                            |                                         
|WHEREAS:                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                            |                                         
|(A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | The Borrower
 has informed the Lender that it wishes to enter into (inter alia) an ISDA
 Master Agreement in 1992 Multicurrency - Cross Border form together with a
 Schedule thereto, pursuant to which the Borrower may enter into one or more
 Transactions the terms and conditions of which shall be specified in a
 Confirmation sent or to be sent by the Lender to the Borrower.                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                            |                                         
|(B)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | The Lender
 is willing to accede to such request as set out in Recital (A) above and has
 agreed to amend the Original Facility Agreement and the Security Documents
 (as applicable) on the terms and subject to the conditions contained in this
 Second Supplemental Agreement and (inter alia) to replace the Mortgage and
 the Deed of Assignment with the New Mortgage and the New Deed of Assignment
 respectively.
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                            |                                         
|IT IS AGREED THAT:                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                            |                                         
|1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Interpretation                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                            |                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 1.1                                                                                                                                                                                                                                                                                                                                                                                                                        | In this
 Second Supplemental Agreement:-

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| |  |       |                                                                                                                                                                                                                                                                                                                                                      
| |  | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 1.1.1 | Effective
 Date means the date on which the Lender
 confirms to the Borrower that all of the conditions referred to in Clause 2.1
 have been satisfied, which confirmation the Lender shall be under no
 obligation to give if an Event of Default shall have occurred.                                                                            
| |  |       |                                                                                                                                                                                                                                                                                                                                                      
| |  | 1.1.2 | Additional
 Documents means this Second Supplemental
 Agreement, the Master Agreement, the New Assignment, the New Mortgage, the
 Deeds of Confirmation and any other Credit Support Documents and Additional Document
 means any one of them.                                                                                                   
| |  |       |                                                                                                                                                                                                                                                                                                                                                      
| |  | 1.1.3 | Deeds
 of Confirmation means the deeds of
 confirmation of the Guarantors, each in favour of the Lender, in such form
 and containing such terms and conditions as the Lender shall require, and Deed of Confirmation
 means any one of them.                                                                                                    
| |  |       |                                                                                                                                                                                                                                                                                                                                                      
| |  | 1.1.4 | New
 Assignment means a first priority deed of
 assignment of the Insurances, Earnings and Requisition Compensation of the
 Vessel to be granted by the Borrower in favour of the Lender.                                                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                                                                                      
| |  | 1.1.5 | New
 Mortgage means a first priority statutory
 mortgage over the Vessel together with a collateral deed of covenants to be
 granted by the Borrower in favour of the Lender.                                                                                                                                                                      
| |  |       |                                                                                                                                                                                                                                                                                                                                                      
| |  | 1.1.6 | Master
 Agreement means any ISDA Master Agreement
 (or any other form of master agreement relating to interest or currency
 exchange transactions) entered into between the Lender and the Borrower
 during the Facility Period, including each Schedule to any Master Agreement
 and each Confirmation exchanged pursuant to any Master Agreement.
| |  |       |                                                                                                                                                                                                                                                                                                                                                      
| |  | 1.1.7 | Second
 Supplemental Agreement means the agreement
 contained herein.                                                                                                                                                                                                                                                                              
| |  |       |                                                                                                                                                                                                                                                                                                                                                      
| |  | 1.1.8 | Security
 Parties means the Borrower, the Guarantors,
 any other Credit Support Provider and any other person who may at any time
 during the Facility Period be liable for, or provide security for, all or any
 part of the Indebtedness, and Security
 Party means any one of them.                                                           

2

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|  |                                     |                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|- | ----------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  | 1.2                                 | All words
 and expressions defined in the Original Facility Agreement shall have the
 same meaning when used in this Second Supplemental Agreement unless the
 context otherwise requires, and clause 1.2 of the Original Facility Agreement
 shall apply to the interpretation of this Second Supplemental Agreement as if
 it were set out in full.
|  |                                     |                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|2 | Conditions Precedent and Subsequent
|  |                                     |                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|  | 2.1                                 | Conditions Precedent
 As conditions for the agreement of the Lender to the requests specified in
 Recital (A) above and for the effectiveness of Clause 4, the Borrower shall
 deliver or cause to be delivered to or to the order of the Lender the
 following documents and evidence:                                                              
|  |                                     |                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|  |                                     | 2.1.1                                                                                                                                                                                                                                                                                                                                                 | Officers certificates                                                                                                                                                                                              
|  |                                     |                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|  |                                     |                                                                                                                                                                                                                                                                                                                                                       | (a)                                                                                                                                                                                                                  | A
 certificate of a duly authorised officer of each Security Party confirming
 that none of the documents delivered to the Lender pursuant to Schedule 1
 Part 1, 1(a), (b), (c) and (e) of the Original Facility Agreement have been
 amended, modified or revoked in any way since the date of their delivery to
 the Lender; and                                                                                                                                                                            
|  |                                     |                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|  |                                     |                                                                                                                                                                                                                                                                                                                                                       | (b)                                                                                                                                                                                                                  | A
 certificate of a duly authorised officer of each Security Party certifying
 that each copy document relating to it specified in this Clause 2.1.1 is
 correct, complete and in full force and effect as at a date no earlier than
 the date of this Second Supplemental Agreement and setting out the names of
 the directors, officers and, other than in respect of the Corporate
 Guarantor, the names of the shareholders of that Security Party and the
 proportion of shares held by each shareholder.
|  |                                     |                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|  |                                     | 2.1.2                                                                                                                                                                                                                                                                                                                                                 | Certificates of good standing A certificate
 of good standing in respect of each Security Party.                                                                                                                    
|  |                                     |                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|  |                                     | 2.1.3                                                                                                                                                                                                                                                                                                                                                 | Board and Shareholders Resolutions
 A copy, certified by a director or the secretary of each Security Party as
 true, complete and accurate and neither amended nor revoked, of a resolution
 of the directors and a

3

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| |  |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 
| |  | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
| |  |       | resolution
 of the shareholders of each Security Party (other than a resolution of the
 shareholders in respect of the Corporate Guarantor) (together, where
 appropriate, with signed waivers of notice of any directors or shareholders
 meetings) approving, and authorising or ratifying the execution of, this
 Second Supplemental Agreement by the Borrower and any document to be executed
 by the Security Party in question pursuant to this Second Supplemental
 Agreement.             
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 
| |  | 2.1.4 | Powers of attorney A notarially attested or
 legalised (as applicable) power of attorney of each Security Party under
 which this Second Supplemental Agreement and any documents required pursuant
 to it are to be executed by that Security Party.                                                                                                                                                                                                                                                
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 
| |  | 2.1.5 | Additional Documents The Additional
 Documents duly executed by all parties thereto, together with all other
 documents required by any of them, including, without limitation, all notices
 of assignment and/or charge and, if applicable, evidence that those notices
 will be duly acknowledged by the recipients.                                                                                                                                                                               
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 
| |  | 2.1.6 | Legal Opinions if a Security Party is
 incorporated in a jurisdiction other than England and Wales or if any
 Additional Document is governed by the laws of a jurisdiction other than
 England and Wales, a legal opinion of the legal advisers to the Lender in
 each relevant jurisdiction, substantially in the form or forms provided to
 the Lender prior to signing of this Second Supplemental Agreement or
 confirmation satisfactory to the Lender that such legal opinions will be
 given.
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 
| |  | 2.1.7 | 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 Security Parties accordingly) in connection with the entry into
 and performance of the transactions contemplated by any of the Additional
 Documents or for the validity and enforceability of any of the Additional
 Documents.                                                      
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 
| |  | 2.1.8 | Evidence of Borrowers title Evidence that
 on the date of this Second Supplemental Agreement (i) the Vessel is
 permanently registered under                                                                                                                                                                                                                                                                                                                                                        

4

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| |     |                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                        | the flag
 stated in Recital (A) of the Original Facility Agreement in the ownership of
 the Borrower and (ii) the New Mortgage will be capable of being registered
 against the Vessel with first priority.                                                                                                                                                                                                                                                                                   
| |     |                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     | 2.1.9                                                                                                                                                                                                                                  | Evidence of insurance Evidence that the
 Vessel is insured in the manner required by the Additional Documents and that
 letters of undertaking will be issued in the manner required by the
 Additional Documents, together with (if required by the Lender) the written
 approval of the Insurances by an insurance adviser appointed by the Lender.                                                                                                                                         
| |     |                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     | 2.1.10                                                                                                                                                                                                                                 | Process agent Evidence that the process
 agent referred to in clause 22.5 of the Original Facility Agreement and any
 process agent appointed under the Additional Documents has accepted its
 appointment.                                                                                                                                                                                                                                                                                   
| |     |                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | 2.2 | Conditions subsequent The Borrower shall
 deliver or cause to be delivered to or to the order of the Lender on, or as
 soon as practicable after the date of this Second Supplemental Agreement the
 following documents and evidence:
| |     |                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     | 2.2.1                                                                                                                                                                                                                                  | Evidence of Borrowers title Certificate of
 ownership and encumbrance (or equivalent) issued by the Registrar of Ships
 (or equivalent official) of the flag stated in Recital (A) of the Original
 Facility Agreement confirming that (a) the Vessel is permanently registered
 under that flag in the ownership of the Borrower, (b) the New Mortgage has
 been registered with first priority against the Vessel and (c) there are no
 further Encumbrances registered against the Vessel.
| |     |                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     | 2.2.2                                                                                                                                                                                                                                  | Letters of undertaking Letters of
 undertaking in respect of the Insurances as required by the Additional
 Documents together with copies of the relevant policies or cover notes or
 entry certificates duly endorsed with the interest of the Lender.                                                                                                                                                                                                                                       
| |     |                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     | 2.2.3                                                                                                                                                                                                                                  | Acknowledgements of notices Acknowledgements
 of all notices of assignment and/or charge given pursuant to the Additional
 Documents.                                                                                                                                                                                                                                                                                                                                                         
| |     |                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     | 2.2.4                                                                                                                                                                                                                                  | Legal opinions Such of the legal opinions
 specified in Clause 2.1.7 as have not already been provided to the Lender.                                                                                                                                                                                                                                                                                                                                                                         

5

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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 the Lender;                                                                                                                                                                                                               
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           |                                                                                    |                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           | 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                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           |                                                                                    |                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           | 2.3.3                                                                              | if required
 by the Lender, be certified, notarised, legalised or attested (as applicable)
 in a manner acceptable to the Lender.                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           |                                                                                    |                                                                                                                                                                                                                                                                   
|3                                                                                                                                                                                                                                                                                                                                                                                           | Representations and Warranties           
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           |                                                                                    |                                                                                                                                                                                                                                                                   
|Each of the
 representations and warranties contained in clauses 12 and 13 of the Original
 Facility Agreement shall be deemed repeated by the Borrower at the date of
 this Second Supplemental Agreement and at the Effective Date, by reference to
 the facts and circumstances then pertaining, as if references to the Finance
 Documents included this Second Supplemental Agreement.
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           |                                                                                    |                                                                                                                                                                                                                                                                   
|4                                                                                                                                                                                                                                                                                                                                                                                           | Amendments to Original Facility Agreement
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           |                                                                                    |                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                            | 4.1                                       | With effect
 from the Effective Date:                                             
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           |                                                                                    |                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           | 4.1.1                                                                              | The
 following additional definitions shall be added in clause 1.1 of the Original
 Facility Agreement, and the numerical and alphabetical order of the remaining
 definitions in such Clause shall be amended accordingly:                                       
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           |                                                                                    |                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           |                                                                                    | Credit Support Document means any
 document described as such in the Master Agreement and, where the context
 permits, any other document referred to in any Credit Support Document which
 has the effect of creating an Encumbrance in favour of the Lender.
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           |                                                                                    |                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           |                                                                                    | Credit Support Provider means any person
 (other than the Borrower) described as such in the Master Agreement.                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           |                                                                                    |                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           |                                                                                    | Deeds of Confirmation means the deeds of
 confirmation referred to in Clause 11.1.9 and Deed of Confirmation means
 any one of them.                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           |                                                                                    |                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                            |                                           |                                                                                    | Master Agreement means any ISDA Master
 Agreement (or any other form of master agreement relating to interest or
 currency exchange transactions) entered into between the Lender and the
 Borrower during                                                     

6

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| |  |       |                                                                                                                                                                                                                                                                                             |                                                                                                                              
| |  | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------
| |  |       | the Facility
 Period, including each Schedule to any Master Agreement and each Confirmation
 exchanged pursuant to any Master Agreement.                                                                                                                                                  
| |  |       |                                                                                                                                                                                                                                                                                             |                                                                                                                              
| |  |       | New Assignment means the deed of
 assignment referred to in Clause 11.1.2.                                                                                                                                                                                                             
| |  |       |                                                                                                                                                                                                                                                                                             |                                                                                                                              
| |  |       | New Deed of Covenants means the deed of
 covenants referred to in Clause 11.1.1.                                                                                                                                                                                                       
| |  |       |                                                                                                                                                                                                                                                                                             |                                                                                                                              
| |  |       | New Mortgage means the first priority
 statutory mortgage referred to in Clause 11.1.1 together with the New Deed of
 Covenants.                                                                                                                                                       
| |  |       |                                                                                                                                                                                                                                                                                             |                                                                                                                              
| |  |       | Transaction means a transaction entered
 into between the Lender and the Borrower governed by the Master Agreement.                                                                                                                                                                    
| |  |       |                                                                                                                                                                                                                                                                                             |                                                                                                                              
| |  | 4.1.2 | The
 following definitions set out in clause 1.1 of the Original Facility
 Agreement shall be deleted and replaced by the following new respective
 definitions:-                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                             |                                                                                                                              
| |  |       | Security Parties means the Borrower, the
 Guarantors, any other Credit Support Provider and any other person who may at
 any time during the Facility Period be liable for, or provide security for,
 all or any part of the Indebtedness, and Security Party means any
 one of them.
| |  |       |                                                                                                                                                                                                                                                                                             |                                                                                                                              
| |  | 4.1.3 | In clause
 1.2.8 of the Original Facility Agreement the period shall be deleted and a
 semi-colon added with the word and to follow at the end of the sentence.                                                                                                                          
| |  |       |                                                                                                                                                                                                                                                                                             |                                                                                                                              
| |  | 4.1.4 | In clause
 1.2.9 of the Original Facility Agreement the word and at the end of the
 sentence shall be added.                                                                                                                                                                             
| |  |       |                                                                                                                                                                                                                                                                                             |                                                                                                                              
| |  | 4.1.5 | An
 additional clause 1.2.10 shall be added to the Original Facility Agreement
 which shall be read and construed as follows:-                                                                                                                                                             
| |  |       |                                                                                                                                                                                                                                                                                             |                                                                                                                              
| |  |       | 1.2.10                                                                                                                                                                                                                                                                                     | words and
 expressions defined in the Master Agreement, unless the context otherwise
 requires, shall have the same meaning.

7

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| |  |        |                                                                                                                                                                                                          |                                                                                                                                                                     
| |  | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 4.1.6  | In clause 9.3
 of the Original Facility Agreement the words Transaction or any other shall
 be added after the word any in line 10.                                                                 
| |  |        |                                                                                                                                                                                                          |                                                                                                                                                                     
| |  | 4.1.7  | In clause
 9.3 of the Original Facility Agreement the words or the Master Agreement
 shall be added at the end of the sentence in the last line.                                                      
| |  |        |                                                                                                                                                                                                          |                                                                                                                                                                     
| |  | 4.1.8  | In clause
 9.5.4 of the Original Facility Agreement the words and/or the Master
 Agreement shall be added after the words this Agreement in line 2.                                                 
| |  |        |                                                                                                                                                                                                          |                                                                                                                                                                     
| |  | 4.1.9  | In clause
 9.5 the words or its obligations under the Master Agreement shall be added
 after the words making or maintaining the Loan in lines 2 and 3 of the last
 paragraph.                      
| |  |        |                                                                                                                                                                                                          |                                                                                                                                                                     
| |  | 4.1.10 | In clause
 9.5 the words or the Master Agreement shall be added after the words
 entering into this Agreement in line 6 and after the words under this
 Agreement in line 7 of the last paragraph.
| |  |        |                                                                                                                                                                                                          |                                                                                                                                                                     
| |  | 4.1.11 | In clause
 11.1.7 of the Original Facility Agreement the period shall be deleted and a
 semi-colon added with the word and to follow at the end of the sentence.                                      
| |  |        |                                                                                                                                                                                                          |                                                                                                                                                                     
| |  | 4.1.12 | In clause
 11.1.8 of the Original Facility Agreement the word and at the end of the
 sentence shall be added.                                                                                         
| |  |        |                                                                                                                                                                                                          |                                                                                                                                                                     
| |  | 4.1.13 | An
 additional clause 11.1.9 shall be added to the Original Facility Agreement
 which shall be read and construed as follows:-                                                                          
| |  |        |                                                                                                                                                                                                          |                                                                                                                                                                     
| |  |        | 11.1.9                                                                                                                                                                                                  | a deed of
 confirmation to be granted by each of the Guarantors in favour of the
 Lender.                                                                          
| |  |        |                                                                                                                                                                                                          |                                                                                                                                                                     
| |  | 4.1.14 | An
 additional clause 13.2.23 shall be added to the Original Facility Agreement
 which shall be read and construed as follows:-                                                                         
| |  |        |                                                                                                                                                                                                          |                                                                                                                                                                     
| |  |        | 13.2.23                                                                                                                                                                                                 | No dealings with Master Agreement
 The Borrower shall not assign, novate or encumber or in any other way
 transfer any of its rights or obligations under the Master

8

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| |  |        |                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |  | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |        |                                                                                                                                                                                                       | Agreement,
 nor enter into any interest rate exchange or hedging agreement with anyone
 other than the Lender.                                                                                                                                                                                                                                                                                                                            
| |  |        |                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |  | 4.1.15 | An
 additional clause 14.1.21 shall be added to the Original Facility Agreement
 which shall be read and construed as follows:-                                                                      
| |  |        |                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |  |        | 14.1.21                                                                                                                                                                                              | Master Agreement termination A notice is
 given by the Lender under section 6(a) of the Master Agreement, or by any
 person under section 6(b)(iv) of the Master Agreement, in either case
 designating an Early Termination Date for the purpose of the Master
 Agreement, or the Master Agreement is for any other reason terminated,
 cancelled, suspended, rescinded, revoked or otherwise ceases to remain in
 full force and effect.
| |  |        |                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |  | 4.1.16 | Clause 16 of
 the Original Loan Agreement shall be split into two subparagraphs numbered
 16.1 and 16.2 and the paragraph under clause 16 of the Original Facility
 Agreement shall be numbered 16.1.
| |  |        |                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |  | 4.1.17 | An
 additional clause 16.2 shall be added to the Original Facility Agreement
 which shall be read and construed as follows:-                                                                         
| |  |        |                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |  |        | 16.2                                                                                                                                                                                                 | Master Agreement rights
 The rights conferred on the Lender by this Clause 16 shall be in addition to,
 and without prejudice to or limitation of, the rights of netting and set off
 conferred on the Lender by the Master Agreement.                                                                                                                                                                                                    
| |  |        |                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |  | 4.1.18 | In clause
 17.5 of the Original Facility Agreement the words or a payment under the
 Master Agreement shall be added after the words on a Drawing in line 2.                                     
| |  |        |                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |  | 4.1.19 | In clause
 17.6 of the Original Facility Agreement the words and the Master Agreement
 shall be added after the words under this Agreement in both line 4 and line
 5.                           

9

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|  |                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                      
|- | ---------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  |                              | 4.1.20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | All
 references in the Original Facility Agreement and in the Finance Documents to
 the Finance Documents shall be read and construed to include the Master
 Agreement.                                                            
|  |                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                      
|  |                              | 4.1.21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | All
 references in the Original Facility Agreement and in the Finance Documents to
 the Security Documents shall be read and construed to include the
 Additional Documents and to exclude the Mortgage and the Deed of Assignment.
|  |                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                      
|  |                              | 4.1.22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | All references
 in the Finance Documents to the Agreement (however it may be defined) shall
 be read and construed as the Original Facility Agreement as amended and/or
 supplemented by this Second Supplemental Agreement.       
|  |                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                      
|  |                              | 4.1.23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | All
 references in the Original Facility Agreement and in the Finance Documents to
 the Mortgage and the Assignment shall be deleted and replaced by the New
 Mortgage and the New Assignment respectively.                  
|  |                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                      
|  |                              | 4.1.24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | All other
 terms and conditions of the Original Facility Agreement shall remain
 unaltered and in full force and effect.                                                                                                             
|  |                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                      
|5 | Confirmation and Undertaking
|  |                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                      
|  | 5.1                          | The Borrower
 confirms that all of its 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 Original Facility Agreement made in this Second
 Supplemental Agreement, as if all references in any of the Security Documents
 to the Original Facility Agreement (however described) were references to the
 Original Facility Agreement as amended and supplemented by this Second
 Supplemental Agreement.
|  |                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                      
|  | 5.2                          | The
 definition of any term defined in any of the Finance Documents shall, to the
 extent necessary, be modified to reflect the amendments to the Original
 Facility Agreement made in this Second Supplemental Agreement.                                                                                                                                                                                                                                                                                   

10

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|  |                                                                                                                                                                                                                                                                                                                                  
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|6 | Communications, Law and Jurisdiction                                                                                                                                                                                                                                                                                             
|  |                                                                                                                                                                                                                                                                                                                                  
|  | The
 provisions of clauses 17 and 21 of the Original Facility Agreement shall
 apply to this Second Supplemental Agreement as if they were set out in full
 and as if references to the Agreement were references to this Second
 Supplemental Agreement and references to the Borrower were references to the
 Security Parties.

IN WITNESS of
which the parties to this Second Supplemental Agreement have executed this
Second Supplemental Agreement as a deed the day and year first before written.

|                                      |  |   |                              
|------------------------------------- |  | - | -----------------------------
|SIGNED and
 DELIVERED as              |  | ) |                              
|a DEED by                             |  | ) |                              
|PELEA SHIPPING LTD                    |  | ) |                              
|acting by
 Konstantinos Adamopoulos   |  | ) | /s/
 Konstantinos Adamopoulos
|                                      |  | ) |                              
|its duly
 authorized attorney-in-fact |  | ) |                              
|                                      |  | ) |                              
|in the
 presence of: Sofia Tzanaki    |  | ) |                              
|                                      |  |   |                              
|Stephenson Harwood                    |  |   |                              
|Ariston Building                      |  |   |                              
|2 Filellinon Str. & Akti Miaouli      |  |   |                              
|Piraeus 18536                         |  |   |                              
|Vat No. 998711156                     |  |   |                              
|Tel 210 42 05 160                     |  |   |                              
|                                      |  |   |                              
|SIGNED and
 DELIVERED as              |  | ) |                              
|a DEED by                             |  | ) |                              
|DnB NOR BANK ASA                      |  | ) |                              
|acting by
 Christodoulos Vartzis      |  | ) | /s/
 Christodoulos Vartzis   
|                                      |  | ) |                              
|its duly
 authorized attorney-in-fact |  | ) |                              
|                                      |  | ) |                              
|in the
 presence of: Sofia Tzanaki    |  | ) |                              
|                                      |  |   |                              
|Stephenson Harwood                    |  |   |                              
|Ariston Building                      |  |   |                              
|2 Filellinon Str. & Akti Miaouli      |  |   |                              
|Piraeus 18536                         |  |   |                              
|Vat No. 998711156                     |  |   |                              
|Tel 210 42 05 160                     |  |   |                              

11

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