Exhibit
4.11

Private
& confidential

Dated: 6th September, 2011

THE LENDERS AND FINANCIAL
INSTITUTIONS SET OUT IN SCHEDULE 1- and DEUTSCHE SCHIFFSBANK AKTIENGESELLSCHAFT
as joint Arranger, Agent, Swap Bank and Security Agent 
- and -UNICREDIT BANK AG
(formerly BAYERISCHE HYPO-UND
VEREINSBANK AKTIENGESELLSCHAFT)
as joint Arranger, Swap Bank and Account Bank
- and -HSH NORDBANK AG
as Swap Bank
- and -COSTAMARE INC.
as Borrower
- and -THE CORPORATE
GUARANTORS SET OUT IN SCHEDULE 2
as Corporate Guarantors

|                                                          
|----------------------------------------------------------
|                                                          
|                                                          
|THIRD SUPPLEMENTAL AGREEMENT                              
|                                                          
|in
 relation to a Facility Agreement dated 22nd July, 2008
|for
 an amount of up to US$1,000,000,000                  
|                                                          
|                                                          

Theo V. Sioufas & Co.
Law Offices
Piraeus

---



TABLE
OF CONTENTS

|       |  |                                                                |  |     
|------ |  | -------------------------------------------------------------- |  | ----
|CLAUSE |  | HEADINGS                                                       |  | PAGE
|       |  |                                                                |  |     
|       |  |                                                                |  |     
|1.     |  | Definitions                                                    |  | 2   
|       |  |                                                                |  |     
|2.     |  | Representations and warranties                                 |  | 3   
|       |  |                                                                |  |     
|3.     |  | Agreement of the Creditors                                     |  | 4   
|       |  |                                                                |  |     
|4.     |  | Conditions                                                     |  | 4   
|       |  |                                                                |  |     
|5.     |  | Variations to the Principal Agreement                          |  | 4   
|       |  |                                                                |  |     
|6.     |  | Entire agreement and amendment                                 |  | 6   
|       |  |                                                                |  |     
|7.     |  | Continuance of Principal Agreement and the Security
 Documents |  | 6   
|       |  |                                                                |  |     
|8.     |  | Continuance and reconfirmation of the Corporate
 Guarantees    |  | 6   
|       |  |                                                                |  |     
|9.     |  | Fees and expenses                                              |  | 7   
|       |  |                                                                |  |     
|10.    |  | Miscellaneous                                                  |  | 7   
|       |  |                                                                |  |     
|11.    |  | Applicable law and jurisdiction                                |  | 7   

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THIS AGREEMENT is made this 6th day of September, 2011

B E T W E E N

|    |                                                                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | THE LENDERS AND FINANCIAL
 INSTITUTIONS SET OUT IN SCHEDULE 1, as Lenders;                                                                                                                                                                 
|    |                                                                                                                                                                                                                                            
|(2) | DEUTSCHE SCHIFFSBANK
 AKTIENGESELLSCHAFT,
 as joint Arranger, Agent, Swap Bank and Security Agent;                                                                                                                                         
|    |                                                                                                                                                                                                                                            
|(3) | UNICREDIT BANK AG (formerly BAYERISCHE HYPO-UND
VEREINSBANK AKTIENGESELLSCHAFT), as
 joint Arranger, Swap Bank and Account Bank;                                                                                                           
|    |                                                                                                                                                                                                                                            
|(4) | HSH NORDBANK AG, as Swap Bank;                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                            
|(5) | COSTAMARE INC., as Borrower; and                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                            
|(6) | THE CORPORATE GUARANTORS SET OUT
 IN SCHEDULE 2, as
 Corporate Guarantors (hereinafter together called the Corporate Guarantors and singly a Corporate Guarantor, which expression
 shall include their respective successors in title)

AND IS SUPPLEMENTAL to a
term loan and revolving credit facility agreement dated 22nd July, 2008 made by
and among (1) COSTAMARE INC., of the Marshall Islands (therein and hereinafter referred to as
the Borrower) as borrower, (2) DEUTSCHE SCHIFFSBANK
AKTIENGESELLSCHAFT (DSB), as joint Arranger, Agent, Swap
Bank and Security Agent (3) UNICREDIT BANK AG (then named BAYERISCHE HYPO-UND VEREINSBANK
AKTIENGESELLSCHAFT) (UCB), as joint Arranger, Swap Bank and
Account Bank, and (3) THE LENDERS AND FINANCIAL INSTITUTIONS SET OUT IN
SCHEDULE 1 to the
Principal Agreement, as Lenders (therein and hereinafter together called the Lenders), as amended by (i) a first supplemental agreement dated 23rd
April, 2010 made between the Lenders, as Lenders, DSB, as joint Arranger,
Agent, Swap Bank and Security Agent, UCB, as joint Arranger, Swap Bank and Account
Bank, the Borrower, as borrower and the Corporate Guarantors, as corporate
guarantors and (ii) a second supplemental agreement dated 22nd June, 2010 made
between the Lenders, as Lenders, DSB, as joint Arranger, Agent, Swap Bank and
Security Agent, UCB, as joint Arranger, Swap Bank and Account Bank, the
Borrower, as borrower and the Corporate Guarantors, as corporate guarantors
(hereinafter called the Principal
Agreement), on the
terms and conditions of which the Lenders agreed to make available to the
Borrower, as borrower (i) a term loan facility in the amount of up to Seven
hundred million United States Dollars (US$700,000,000) and (ii) a revolving
credit facility in the maximum amount of up to Three hundred million United
States Dollars (US$300,000,000) and in the aggregate not exceeding One billion
United States Dollars (US$1,000,000,000), for the purposes therein specified.

W H E R E A S:

|    |                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(A) | Pursuant to Drawdown
 Notices from the Borrower to the Agent, the Lenders have advanced to the
 Borrower the aggregate amount of United States Dollars One billion
 (US$1,000,000,000) (as the Borrower and the Corporate Guarantors hereby
 jointly and severally
 acknowledge), out of which the principal amount outstanding as at the date
 hereof is United States Dollars Nine hundred one million nine hundred ninety

1

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | nine
 thousand nine hundred ninety nine and ninety two cents (US$901,999,999.92)
 (as the Borrower and the Corporate Guarantors hereby jointly and severally
 acknowledge); and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|(B) | pursuant to clauses
 4.1.2 and 4.1.3 of the Principal Agreement it was agreed by the parties
 thereto that on the Amalgamation Date (upon which the Revolving Facility
 shall be terminated and the Term Advances and the Revolving Advances shall be
 amalgamated and shall comprise the Loan) upon the Agents request, the
 Borrower shall enter with the Creditors into an agreement supplemental to the
 Principal Agreement, wherein it shall be specified the exact amounts of the
 remaining twenty eight (28) Repayment Instalments and the Balloon Instalment.
 Additionally, the Borrower shall procure that each Owner (if required under
 the law applicable on the Mortgage registered on its Ship) shall enter into,
 execute and register any deed of amendment of such Mortgage to reflect the
 change of the repayment schedule of the Loan. The Borrower and the Corporate
 Guarantors have agreed so to do and the Principal Agreement shall be amended
 in the manner hereinafter set out.

NOW THEREFORE IT IS
HEREBY AGREED AS FOLLOWS:

|    |                                                                                                                                                                                        |                                                                                                                                                                                 
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1.  | Definitions                                                                                                                                                                           
|    |                                                                                                                                                                                        |                                                                                                                                                                                 
|1.1 | Words
 and expressions defined in the Principal Agreement and not otherwise defined herein
 (including the Recitals hereto) shall have the same meanings when used in
 this Agreement.
|    |                                                                                                                                                                                        |                                                                                                                                                                                 
|1.2 | In addition, in this
 Agreement the words and expressions specified below shall have the meanings attributed to them below:                                                           
|    |                                                                                                                                                                                        |                                                                                                                                                                                 
|    | Effective Date means
 the date hereof; and                                                                                                                                          
|    |                                                                                                                                                                                        |                                                                                                                                                                                 
|    | Facility Agreement means
 the Principal Agreement as hereby amended and as the same may from time to
 time be further amended and/or supplemented.                                  
|    |                                                                                                                                                                                        |                                                                                                                                                                                 
|1.3 | In this Agreement:                                                                                                                                                                    
|    |                                                                                                                                                                                        |                                                                                                                                                                                 
|    | (a)                                                                                                                                                                                    | Where the context so
 admits words importing the singular number only shall include the plural and
 vice versa and words importing persons shall include firms and corporations;
|    |                                                                                                                                                                                        |                                                                                                                                                                                 
|    | (b)                                                                                                                                                                                    | clause headings are
 inserted for convenience of reference only and shall be ignored in construing
 this Agreement;                                                             
|    |                                                                                                                                                                                        |                                                                                                                                                                                 
|    | (c)                                                                                                                                                                                    | references to Clauses
 are to clauses of this Agreement save as may be otherwise expressly provided
 in this Agreement; and                                                     

2

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | all capitalised terms
 used herein and not otherwise defined herein shall have the meanings ascribed
 to them in the Principal Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|2.  | Representations and warranties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|2.1 | The Borrower and the
 Corporate Guarantors hereby jointly and severally represent and warrant to the
 Creditors as at the date hereof that the representations and warranties set
 forth in Clause 7.1 of the Principal Agreement (excluding the representation
 in clause 7.1.10) and the Security Documents (updated mutatis mutandis to the
 date of this Agreement) are true and correct as if all references therein to
 this Agreement were references to the Principal Agreement as amended and
 supplemented by this Agreement.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|2.2 | In addition to the
 above the Borrower and the Corporate Guarantors hereby jointly and severally
 represent and warrant to the Creditors as at the date of this Agreement that:                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | each of the corporate
 Security Parties is duly formed, is validly existing and in good standing
 under the laws of the place of its incorporation and each of the Borrower and
 the Corporate Guarantors has full power to carry on its business as it is now
 being conducted and to enter into and perform its obligations under the
 Principal Agreement, this Agreement and the Security Documents to which is or
 is to be a party and has complied with all statutory and other requirements
 relative to its business and does not have an established place of business
 in any part of the United Kingdom or the USA;
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | all necessary licences,
 consents and authorities, governmental or otherwise under this Agreement, the
 Principal Agreement and the Security Documents have been obtained and, as of
 the date of this Agreement, no further consents or authorities are necessary
 for any of the Security Parties to enter into this Agreement or otherwise
 perform its obligations hereunder;                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | this Agreement
 constitutes the legal, valid and binding obligations of the Security Parties
 thereto enforceable in accordance with its terms;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | the execution and
 delivery of, and the performance of the provisions of this Agreement do not,
 and will not contravene any applicable law or regulation existing at the date
 hereof or any contractual restriction binding on any of the Security Parties
 or its respective constitutional documents;                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | no litigation,
 arbitration or administrative proceeding relating to an amount exceeding in
 respect of (a) the Group cumulatively US$50,000,000 and (b) each Related
 Company US$3,000,000 is taking place, pending or, to the knowledge of the
 officers of the Borrower, threatened against the Borrower or any of its
 Related Companies or any other Security Party which could have a material (in
 the reasonable opinion of the Majority Lenders) adverse effect on the
 business, assets or financial condition of the Borrower or any of its Related
 its Related Companies or any other Security Party; and         

3

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | none of the Borrower
 and the Corporate Guarantors is in default under any agreement by which it is
 bound or in respect of any financial commitment, or obligation.                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                              
|3.  | Agreement
 of the Creditors                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                              
|3.1 | The Creditors relying
 upon each of the representations and warranties set out in Clause 2 hereby agree with the Borrower, subject
 to and upon the terms and conditions of this Agreement and in particular, but
 without limitation, subject to the fulfilment of the conditions precedent set
 out in Clause 4, to consent on the matters referred to in Recital (B) hereof,
 subject to amendment of the Principal Agreement in the manner more
 particularly set out in Clause 5.1 hereof.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                              
|4.  | Conditions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                              
|4.1 | The agreement of the
 Creditors contained in Clause 3.1 shall be expressly subject to the condition that the Agent shall have
 received on or before the date hereof in form and substance satisfactory to
 the Agent and its legal advisers:                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | a certificate of good
 standing or equivalent document issued by the competent authorities of the
 place of its incorporation in respect of each of the Borrower and the
 Corporate Guarantors;                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | a recent certificate of
 incumbency of each the Borrower and the Corporate Guarantors issued by the
 appropriate authority or, as appropriate, signed by the secretary or a
 director thereof, stating (inter alia) the officers and the directors of each
 of them;                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | certified and duly
 legalised copies of resolutions passed at a meeting of the Board of Directors
 of the Borrower evidencing approval of this Agreement and authorising
 appropriate officers or attorneys to execute the same and to sign all notices
 required to be given under this Agreement on its behalf or other evidence of
 such approvals and authorisations as shall be acceptable to the Agent;
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | all documents
 evidencing any other necessary action or approvals or consents with respect
 to this Agreement;                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | the original of any
 power(s) of attorney issued in favour of any person executing this Agreement on
 behalf of the Borrower; and                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                              
|    | (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | evidence that any fees
 and commissions payable from the Borrower to the Creditors pursuant to the
 terms of clause 5.1 of the Principal Agreement or any other provision of the
 Security Documents have been paid in full.                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                              
|5.  | Variations
 to the Principal Agreement                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                              
|5.1 | In consideration of the
 agreement of the Creditors contained in Clause 3.1, the Borrower and the
 Corporate Guarantors hereby jointly and severally agree with the                                                                                                                                                                                                                                                                                                                            

4

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| |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Creditors that (subject
 to the satisfaction of the conditions precedent contained in Clause 4) with
 effect from the Effective Date, the provisions of the Principal Agreement
 shall be varied and/or amended and/or supplemented as follows:
| |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                     
| | (a)                                                                                                                                                                                                                                             | with effect from the
 Effective Date the definitions Final Maturity Date and Repayment Date in
 Clause 1.2 is hereby amended to read as follows:                                                                                                
| |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                 | Final Maturity Datein
relation to the Loan means the 30th June, 2018;;                                                                                                                                                                           
| |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                 | Repayment Dates means,
subject to clause 6.3, the 30th September, 2011 and each of the dates falling
at three (3) monthly intervals after the 30th September, 2011
up to and including the 30th June, 2018;;                                     
| |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                     
| | (b)                                                                                                                                                                                                                                             | pursuant to the
 provisions of Clause 4.1.2 of the Principal Agreement and with effect from the
 date hereof the outstanding amount of the Loan as at the date hereof shall be
 repaid as hereinafter set forth and Clause 4.1.1 to read as follows:
| |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                 | 4.1.1                                                                                                                                                                                                                                               | Repayment
 of the Loan: The Borrower shall repay the outstanding
 principal amount of the Loan, being on the date hereof Dollars Nine hundred
 one million nine hundred ninety nine thousand nine hundred ninety nine and
 ninety two cents ($901,999,999,92) by:                                                                                                                                                                                                                    
| |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                      | (a)       twenty
 eight (28) consecutive quarterly Repayment Instalments, the first of which
 shall be payable on 30th September, 2011 and the last (the 28th) shall be
 payable on 30th June, 2018 (the Final Maturity Date). Subject to the provisions of this
 Agreement, the amount of each of the Repayment Instalments shall be in the
 amount of Dollars twenty two million four hundred seventy two thousand six
 hundred seven and ninety nine cents ($22,472,607.99); and
| |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                      | (b)       an
 additional instalment in the amount of $272,766,976.20 (Dollars Two hundred
 seventy two million seven hundred sixty six thousand nine hundred seventy six
 and 20 cents) (the Balloon Instalment) payable on the Final Maturity Date
 together with the last Repayment Instalment.                                                                                                                                                                                  
| |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                      | provided
 that (a) if the last Repayment Date would otherwise fall
 after the Final Maturity Date, the last Repayment Date shall be the Final
 Maturity Date, (b) there shall be no Repayment Dates after the Final Maturity
 Date and (c) on the Final Maturity Date the Borrower shall also pay to the
 Agent any and all other moneys then due and payable under this Agreement and
 the other Security Documents; and                                                            
| |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                     
| |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                      | provided
 further that if any of the Repayment Instalments shall
 become due on a day which is not a Banking Day, the due date therefor shall
 be extended to the next succeeding Banking Day unless such Banking Day falls
 in the next next calendar month in which                                                                                                                                                                                                                

5

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | event
 such due date shall be the immediately preceding Banking Day.;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | with effect from the
 date hereof Clauses 4.1.2 and 4.1.3 are deleted;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | with effect from the
 Effective Date all references in the Principal Agreement to this Agreement, hereunder and the
 like in the Principal Agreement and the Agreement in the Security Documents shall be construed as
 references to the Principal Agreement as amended and/or supplemented by this
 Agreement; and                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | the definition Security Documents with effect as from
 the date hereof shall be deemed to include the Security Documents as amended
 and/or supplemented in pursuance to the terms hereof as well as any document
 or documents (including if the context requires the Facility Agreement) that
 may now or hereafter be executed as security for the repayment of the
 Outstanding Indebtedness payable to the Creditors under the Principal
 Agreement (as hereby amended) and the Security Documents (as therein defined)
 as well as for the performance by the Borrower and the other Security Parties
 of all obligations, covenants and agreements pursuant to the Principal
 Agreement, this Agreement and/or the Security Documents.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|6.  | Entire
 agreement and amendment                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|6.1 | The Principal
 Agreement, the other Security Documents, and this Agreement represent the
 entire agreement among the parties hereto with respect to the subject matter
 hereof and supersede any prior expressions of intent or understanding with
 respect to this transaction and may be amended only by an instrument in
 writing executed by the parties to be bound or burdened thereby.                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|6.2 | This Agreement is
 supplementary to and incorporated in the Principal Agreement, all terms and
 conditions whereof, including, but not limited to, provisions on payments,
 calculation of interest and Events of Default, shall apply to the performance
 and interpretation of this Agreement.                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|7.  | Continuance
 of Principal Agreement and the Security Documents                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|7.1 | Save for the
 alterations to the Principal Agreement made or deemed to be made pursuant to
 this Agreement and such further modifications (if any) thereto as may be
 necessary to make the same consistent with the terms of this Agreement, the
 Principal Agreement shall remain in full force and effect and the security
 constituted by the Security Documents executed by the Borrower and the other
 Security Parties shall continue and remain valid and enforceable.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|8.  | Continuance
 and reconfirmation of the Corporate Guarantees                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|8.1 | Each of the Corporate
 Guarantors hereby respectively confirms that, notwithstanding the variation to the Principal Agreement
 contained, herein, the provisions of each Corporate Guarantee executed by such
 Corporate Guarantor shall remain in full force                                                                                                                                                                                                                 

6

---



|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|     | and
 effect as guarantee of the obligations of the Borrower under the Principal
 Agreement as amended hereby and in respect of all sums due to the Creditors
 under the Principal Agreement (as so amended) and the Security Documents.                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|9.   | Fees
 and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|9.1  | The Borrower agrees to
 pay to the Creditors upon demand on a full indemnity basis and from time to
 time all reasonable and documented costs, charges and expenses (including
 legal fees) incurred by the Creditors (or any of them) in connection with the
 negotiation, preparation, execution and enforcement or attempted enforcement
 of this Agreement and any document executed pursuant thereto and/or in
 preserving or protecting or attempting to preserve or protect the security
 created hereunder and/or the other Security Documents.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|9.2  | The Borrower and the
 Corporate Guarantors jointly and severally covenant and agree to pay and
 discharge all stamp duties, registration and recording fees and charges and
 any other charges whatsoever and wheresoever payable or due in respect of
 this Agreement and/or any document executed pursuant hereto.                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|10.  | Miscellaneous                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|10.1 | The provisions of
 Clause 15 (Assignment, Transfer and Lending Office) and 17.1 (Notices)
 and 17.2 (Notices through the Agent) of the Principal Agreement (as
 such Clause is hereby amended) shall apply to this Agreement as if the same
 were set out herein in full.                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|10.2 | No term of this
 Agreement is enforceable under the Contracts (Rights of Third Parties) Act
 1999 by a person who is not party to this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|11.  | Applicable
 law and jurisdiction                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 
|11.1 | This letter shall be
 governed by and construed in accordance with English law and the provisions
 of Clause 18 (Governing Law and Jurisdiction) of the Principal
 Agreement as hereby amended shall extend and apply to this Agreement as if
 the same were (mutatis mutandis) set out herein in full.                                                                                                                                                                                                                                                

IN WITNESS whereof the
parties hereto have caused this Agreement to be duly executed the date first
above written.

7

---



Schedule
1
The Lenders and their Commitments (originally)

|                                                                                  |  |                                                                                                                                                                                                                                                                                           |  |                    |  |                    
|--------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ |  | -------------------
|                                                                                  |  |                                                                                                                                                                                                                                                                                           |  | Commitment
 (US$) 
|                                                                                  |  |                                                                                                                                                                                                                                                                                           |  |                   
|Name                                                                              |  | Address and fax numbers                                                                                                                                                                                                                                                                   |  | Term
 LoanFacility |  | Revolving
 Facility
|                                                                                  |  |                                                                                                                                                                                                                                                                                           |  |                    |  |                    
|Deutsche
 Schiffsbank Aktiengesellschaft                                          |  | Lending
 OfficeDomshof 17, 28195 Bremen,
 Federal Republic of GermanyAddress
 for NoticesDeutsche Schiffsbank Aktiengesellschaft
 Domshof 17, 28195 Bremen,
 Federal Republic of Germany
 Fax No.: +49 421 3609 293
 email:Sandrina.Zurmuehlen@schiffsbank.com
 Attn: International Loans |  | 210,000,000        |  | 90,000,000         
|                                                                                  |  |                                                                                                                                                                                                                                                                                           |  |                    |  |                    
|UNICREDIT
 BANK AG
 (formerly BAYERISCHE HYPO-UND VEREINSBANK AKTIENGESELLSCHAFT) |  | Lending
 OfficeUniCredit Bank AG,Address for Notices
UniCredit Bank AG,
 7 Heraklitou Street, 106 73 Athens, Greece
 Fax No.: +30 210 3640063
 e-mail:anastasia.kerpinioti@unicreditgroup.gr
 Attn: Mrs. Anastasia Kerpinioti                                                             |  | 210,000,000        |  | 90,000,000         

8

---



|                 |  |                                                                                                                                                                                                                                                                                                                |  |                     |  |                    
|---------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------- |  | -------------------
|                 |  |                                                                                                                                                                                                                                                                                                                |  | Commitment
 (US$)  
|                 |  |                                                                                                                                                                                                                                                                                                                |  |                    
|Name             |  | Address and fax numbers                                                                                                                                                                                                                                                                                        |  | Term
 Loan Facility |  | Revolving
 Facility
|                 |  |                                                                                                                                                                                                                                                                                                                |  |                     |  |                    
|Credit Suisse AG |  | Lending
 Office
 St. Alban-Graben 1, CH-4002 Basel, Switzerland
 Fax No. :41 61 266 79 39
 e-mail:lydia.lampadaridou@credit-suisse.comAddress
 for NoticesSt. Alban-Graben 1, CH-4002 Basel, Switzerland
 Fax No. : 41 61 266 79 39
 e-mail:lydia.lampadaridou@credit-suisse.com
 Attn: Ms. Lydia Lampadaridou |  | 140,000,000         |  | 60,000,000         
|                 |  |                                                                                                                                                                                                                                                                                                                |  |                     |  |                    
|HSH Nordbank AG  |  | Lending Office
 Gerhart-Hauptmann-Platz 50, 20095
 Hamburg,
 Federal Republic of GermanyAddress for NoticesGerhart-Hauptmann-Platz 50, 20095
 Hamburg,
 Federal Republic of Germany
 Fax No.: +49 40/3333 34118
 Attention: Mr. Jan Herzel
 e-mail:jan.herzel@hsh-nordbank.com                                 |  | 105,000,00          |  | 45,000,000         

9

---



|                                                          |  |                                                                                                                                                                                                                                                                          |  |                    |  |                    
|--------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ------------------ |  | -------------------
|                                                          |  |                                                                                                                                                                                                                                                                          |  | Commitment
 (US$) 
|                                                          |  |                                                                                                                                                                                                                                                                          |  |                   
|Name                                                      |  | Address and fax numbers                                                                                                                                                                                                                                                  |  | Term
 LoanFacility |  | Revolving
 Facility
|                                                          |  |                                                                                                                                                                                                                                                                          |  |                    |  |                    
|BNP PARIBAS S.A.
 (as successor of FORTIS BANK S.A./N.V.) |  | Lending Office
 94 Vas. Sofias Ave. & 1 Kerasountos Str.
 115 28 Athens, Greece,Address for Notices94 Vas. Sofias Ave. & 1 Kerasountos Str.
 115 28 Athens, Greece,
 Fax No.: +30 210 7468318
 e-mail: yiannis.karamanolis@bnpparibas.com
 Attn: Mr. Yiannis Karamanolis |  | 35,000,000         |  | 15,000,000         
|                                                          |  |                                                                                                                                                                                                                                                                          |  |                    |  |                    
|                                                          |  | Total Commitment                                                                                                                                                                                                                                                         |  | 700,000,000        |  | 300,000,000        

10

---



EXECUTION PAGE

THE BORROWER

|                                               |                          |  |                              |  |  | 
|---------------------------------------------- | ------------------------ |  | ---------------------------- |  |  | 
|SIGNED by                                      | )                        |  |                              | 
|Mr. Konstantinos
 Zacharatos                   | )                        |  |                              | 
|for and on behalf of                           | )                        |  |                              | 
|COSTAMARE INC.,                                | )                        |  |                              | 
|as Borrower                                    | )                        |  | /s/ Konstantinos
 Zacharatos | 
|                                               |                          |  |                              | 
|in the presence of:                            | )                        |  | Attorney-in-fact             | 
|                                               |                          |  |                              | 
|Witness:                                       | /s/ Efstratios Kalantzis |  |                              |  |  | 
|                                               |                          |  |                              |  |  | 
|Name: Efstratios Kalantzis                     |                          |  |                              | 
|Address: 13 Defteras Merarchias Street         |                          |  |                              | 
|185
 35 Piraeus, Greece                        |                          |  |                              | 
|Occupation: Attorney-at-Law                    |                          |  |                              | 
|                                               |                          |  |                              | 
|THE
 CREDITORS                                 |                          |  |                              | 
|                                               |                          |  |                              | 
|SIGNED by                                      | )                        |  |                              | 
|Mr. Charalambos V. Sioufas                     | )                        |  |                              | 
|for and on behalf of                           | )                        |  |                              | 
|Deutsche Schiffsbank
 Aktiengesellschaft,      | )                        |  |                              | 
|as joint Arranger,
 Security Agent, Swap Bank, | )                        |  |                              | 
|Agent and Lender                               | )                        |  | /s/ Charalambos V. Sioufas   | 
|                                               |                          |  |                              | 
|in the presence of:                            | )                        |  | Attorney-in-fact             | 
|                                               |                          |  |                              | 
|Witness:                                       | /s/ Efstratios Kalantzis |  |                              |  |  | 
|                                               |                          |  |                              |  |  | 
|Name: Efstratios Kalantzis                     |                          |  |                              | 
|Address: 13 Defteras Merarchias Street         |                          |  |                              | 
|185
 35 Piraeus, Greece                        |                          |  |                              | 
|Occupation: Attorney-at-Law                    |                          |  |                              | 

11

---



|                                                     |                          |  |                            |  |  | 
|---------------------------------------------------- | ------------------------ |  | -------------------------- |  |  | 
|SIGNED by                                            | )                        |  |                            | 
|Mrs. Anastasia Kerpinioti
 and Mr. Pericles Lycoudis | )                        |  | /s/ Anastasia Kerpinioti   | 
|                                                     |                          |  |                            | 
|for and on behalf of                                 | )                        |  | Attorney-in-fact           | 
|Unicredit Bank Ag                                    | )                        |  |                            | 
|(formerly BAYERISCHE HYPO-UND                        | )                        |  |                            | 
|Vereinsbank
 Aktiengesellschaft),                    | )                        |  |                            | 
|as joint Arranger,                                   | )                        |  |                            | 
|Account Bank, Swap Bank
 and Lender                  | )                        |  | /s/ Pericles Lycoudis      | 
|                                                     |                          |  |                            | 
|in the presence of:                                  | )                        |  | Attorney-in-fact           | 
|                                                     |                          |  |                            | 
|Witness:                                             | /s/ Efstratios Kalantzis |  |                            |  |  | 
|                                                     |                          |  |                            |  |  | 
|Name: Efstratios Kalantzis                           |                          |  |                            | 
|Address: 13 Defteras Merarchias Street               |                          |  |                            | 
|185
 35 Piraeus, Greece                              |                          |  |                            | 
|Occupation: Attorney-at-Law                          |                          |  |                            | 
|                                                     |                          |  |                            | 
|SIGNED by                                            | )                        |  |                            | 
|Mr. Charalambos V. Sioufas                           | )                        |  |                            | 
|for and on behalf of                                 | )                        |  |                            | 
|Credit Suisse AG,                                    | )                        |  |                            | 
|(formerly CREDIT SUISSE), as Lender                  | )                        |  | /s/ Charalambos V. Sioufas | 
|                                                     |                          |  |                            | 
|in the presence of:                                  | )                        |  | Authorised
 Officer        | 
|                                                     |                          |  |                            | 
|Witness:                                             | /s/ Efstratios Kalantzis |  |                            |  |  | 
|                                                     |                          |  |                            |  |  | 
|Name: Efstratios Kalantzis                           |                          |  |                            | 
|Address: 13 Defteras Merarchias Street               |                          |  |                            | 
|185
 35 Piraeus, Greece                              |                          |  |                            | 
|Occupation: Attorney-at-Law                          |                          |  |                            | 
|                                                     |                          |  |                            | 
|SIGNED by                                            | )                        |  |                            | 
|Mr. Ioannis Karamanolis
 and                         | )                        |  |                            | 
|Georgios Pitaoulis                                   | )                        |  | /s/ Y. Karamanolis         | 
|                                                     |                          |  |                            | 
|for and on behalf of                                 | )                        |  | Authorised
 Officer        | 
|BNP PARIBAS S.A.,                                    | )                        |  |                            | 
|(as successor of FORTIS BANK S.A./N.V.),             | )                        |  |                            | 
|as Lender                                            | )                        |  |                            | 
|in the presence of:                                  | )                        |  |                            | 
|Attorney-in-fact                                     | )                        |  | /s/ Georgios Pitaoulis     | 
|                                                     |                          |  |                            | 
|                                                     |                          |  | Authorised
 Officer        | 
|Witness:                                             | /s/ Efstratios Kalantzis |  |                            |  |  | 
|                                                     |                          |  |                            |  |  | 
|Name: Efstratios Kalantzis                           |                          |  |                            | 
|Address:13 Defteras Merarchias Street                |                          |  |                            | 
|185
 35 Piraeus, Greece                              |                          |  |                            | 
|Occupation: Attorney-at-Law                          |                          |  |                            | 

12

---



|                                       |                               |  |                              |  |  | 
|-------------------------------------- | ----------------------------- |  | ---------------------------- |  |  | 
|SIGNED by                              | )                             |  |                              | 
|Mr. Charalambos V. Sioufas             | )                             |  |                              | 
|for and on behalf of                   | )                             |  |                              | 
|HSH NORDBANK AG,                       | )                             |  |                              | 
|as Lender and Swap Bank                | )                             |  | /s/ Charalambos V. Sioufas   | 
|                                       |                               |  |                              | 
|in the presence of:                    | )                             |  | Attorney-in-fact             | 
|                                       |                               |  |                              | 
|Witness:                               | /s/ Efstratios Kalantzis      |  |                              |  |  | 
|                                       |                               |  |                              |  |  | 
|Name: Efstratios Kalantzis             |                               |  |                              | 
|Address: 13 Defteras Merarchias Street |                               |  |                              | 
|185
 35 Piraeus, Greece                |                               |  |                              | 
|Occupation: Attorney-at-Law            |                               |  |                              | 
|                                       |                               |  |                              | 
|THE CORPORATE GUARANTORS               |                               |  |                              | 
|                                       |                               |  |                              | 
|SIGNED by Mr. Konstantinos Zacharatos  | )                             |  |                              | 
|for and on behalf of                   | )                             |  |                              | 
|ACHILLEAS MARITIME CORPORATION,        | )                             |  | /s/ Konstantinos
 Zacharatos | 
|                                       |                               |  |                              | 
|of Liberia, in the
 presence of:       | )                             |  | Attorney-in-fact             | 
|                                       |                               |  |                              | 
|Witness:                               | /s/ Efstratios Kalantzis      |  |                              |  |  | 
|                                       |                               |  |                              |  |  | 
|Name:                                  | Efstratios Kalantzis          |  |                              |  |  | 
|Address:                               | 13 Defteras Merarchias Street |  |                              |  |  | 
|                                       | 185 35 Piraeus, Greece        |  |                              |  |  | 
|Occupation:                            | Attorney-at-Law               |  |                              |  |  | 
|                                       |                               |  |                              | 
|SIGNED by Mr. Konstantinos Zacharatos  | )                             |  |                              | 
|for and on behalf of                   | )                             |  |                              | 
|ALEXIA TRANSPORT CORP.,                | )                             |  | /s/ Konstantinos
 Zacharatos | 
|                                       |                               |  |                              | 
|of Liberia, in the
 presence of:       | )                             |  | Attorney-in-fact             | 
|                                       |                               |  |                              | 
|Witness:                               | /s/ Efstratios Kalantzis      |  |                              |  |  | 
|                                       |                               |  |                              |  |  | 
|Name:                                  | Efstratios Kalantzis          |  |                              |  |  | 
|Address:                               | 13 Defteras Merarchias Street |  |                              |  |  | 
|                                       | 185 35 Piraeus, Greece        |  |                              |  |  | 
|Occupation:                            | Attorney-at-Law               |  |                              |  |  | 

13

---



|                                       |                                                     |                  |                              |  |  | 
|-------------------------------------- | --------------------------------------------------- | ---------------- | ---------------------------- |  |  | 
|SIGNED by Mr.
 Konstantinos Zacharatos | )                                                   |                  |                              | 
|for and on
 behalf of                  | )                                                   |                  |                              | 
|ANGISTRI CORPORATION,                  | )                                                   |                  | /s/
 Konstantinos Zacharatos | 
|                                       |                                                     |                  |                              |  |  | 
|of Liberia,
 in the presence of:       | )                                                   | Attorney-in-fact
|                                       |                                                     |                  |                              |  |  | 
|Witness:                               | /s/ Efstratios
 Kalantzis                           |                  |                              |  |  | 
|                                       |                                                     |                  |                              |  |  | 
|Name:                                  | Efstratios Kalantzis                                |                  |                              |  | 
|Address:                               | 13 Defteras Merarchias Street185 35 Piraeus, Greece |                  |                              |  | 
|Occupation:                            | Attorney-at-Law                                     |                  |                              |  | 
|                                      
|SIGNED by Mr.
 Konstantinos Zacharatos | )                                                   |                  |                              | 
|for and on
 behalf of                  | )                                                   |                  |                              | 
|CARAVOKYRA MARITIME CORPORATION,       | )                                                   |                  | /s/
 Konstantinos Zacharatos | 
|                                       |                                                     |                  |                              | 
|of Liberia,
 in the presence of:       | )                                                   |                  | Attorney-in-fact             | 
|                                       |                                                     |                  |                              |  |  | 
|Witness:                               | /s/
 Efstratios Kalantzis                           |                  |                              |  |  | 
|                                       |                                                     |                  |                              |  |  | 
|Name:                                  | Efstratios Kalantzis                                |                  |                              |  |  | 
|Address:                               | 13 Defteras Merarchias Street                       |                  |                              |  |  | 
|                                       | 185 35 Piraeus, Greece                              |                  |                              |  |  | 
|Occupation:                            | Attorney-at-Law                                     |                  |                              |  |  | 
|                                      
|SIGNED by Mr.
 Konstantinos Zacharatos | )                                                   |                  |                              | 
|for and on
 behalf of                  | )                                                   |                  |                              | 
|COSTACHILLE MARITIME CORPORATION,      | )                                                   |                  | /s/
 Konstantinos Zacharatos | 
|                                       |                                                     |                  |                              | 
|of Liberia,
 in the presence of:       | )                                                   |                  | Attorney-in-fact             | 
|                                       |                                                     |                  |                              |  |  | 
|Witness:                               | /s/
 Efstratios Kalantzis                           |                  |                              |  |  | 
|                                       |                                                     |                  |                              |  |  | 
|Name:                                  | Efstratios Kalantzis                                |                  |                              |  |  | 
|Address:                               | 13 Defteras Merarchias Street                       |                  |                              |  |  | 
|                                       | 185 35 Piraeus, Greece                              |                  |                              |  |  | 
|Occupation:                            | Attorney-at-Law                                     |                  |                              |  |  | 

14

---



|                                       |                               |  |                              |  |  | 
|-------------------------------------- | ----------------------------- |  | ---------------------------- |  |  | 
|SIGNED by Mr.
 Konstantinos Zacharatos | )                             |  |                              | 
|for and on
 behalf of                  | )                             |  |                              | 
|FANAKOS MARITIME CORPORATION,          | )                             |  | /s/
 Konstantinos Zacharatos | 
|                                       |                               |  |                              | 
|of Liberia,
 in the presence of:       | )                             |  | Attorney-in-fact             | 
|                                       |                               |  |                              |  |  | 
|Witness:                               | /s/
 Efstratios Kalantzis     |  |                              |  |  | 
|                                       |                               |  |                              |  |  | 
|Name:                                  | Efstratios Kalantzis          |  |                              |  |  | 
|Address:                               | 13 Defteras Merarchias Street |  |                              |  |  | 
|                                       | 185 35 Piraeus, Greece        |  |                              |  |  | 
|Occupation:                            | Attorney-at-Law               |  |                              |  |  | 

|                                       |                                                      |  |                              |  |  | 
|-------------------------------------- | ---------------------------------------------------- |  | ---------------------------- |  |  | 
|SIGNED by Mr.
 Konstantinos Zacharatos | )                                                    |  |                              | 
|for and on
 behalf of                  | )                                                    |  |                              | 
|FASTSAILING MARITIME CO.,              | )                                                    |  | /s/
 Konstantinos Zacharatos | 
|                                       |                                                      |  |                              | 
|of Liberia,
 in the presence of:       | )                                                    |  | Attorney-in-fact             | 
|                                       |                                                      |  |                              |  |  | 
|Witness:                               | /s/
 Efstratios Kalantzis                            |  |                              |  |  | 
|                                       |                                                      |  |                              |  |  | 
|Name:                                  | Efstratios Kalantzis                                 |  |                              |  |  | 
|Address:                               | 13 Defteras Merarchias Street 185 35 Piraeus, Greece |  |                              |  |  | 
|Occupation:                            | Attorney-at-Law                                      |  |                              |  |  | 
|                                      
|SIGNED by Mr.
 Konstantinos Zacharatos | )                                                    |  |                              | 
|for and on
 behalf of                  | )                                                    |  |                              | 
|FLOW SHIPPING CO.,                     | )                                                    |  | /s/
 Konstantinos Zacharatos | 
|                                       |                                                      |  |                              | 
|of Liberia,
 in the presence of:       | )                                                    |  | Attorney-in-fact             | 
|                                       |                                                      |  |                              |  |  | 
|Witness:                               | /s/
 Efstratios Kalantzis                            |  |                              |  |  | 
|                                       |                                                      |  |                              |  |  | 
|Name:                                  | Efstratios Kalantzis                                 |  |                              |  |  | 
|Address:                               | 13 Defteras Merarchias Street                        |  |                              |  |  | 
|                                       | 185 35 Piraeus, Greece                               |  |                              |  |  | 
|Occupation:                            | Attorney-at-Law                                      |  |                              |  |  | 
|                                      
|SIGNED by Mr.
 Konstantinos Zacharatos | )                                                    |  |                              | 
|for and on
 behalf of                  | )                                                    |  |                              | 
|HONAKER SHIPPING COMPANY,              | )                                                    |  | /s/
 Konstantinos Zacharatos | 
|                                       |                                                      |  |                              | 
|of Liberia, in
 the presence of:       | )                                                    |  | Attorney-in-fact             | 
|                                       |                                                      |  |                              |  |  | 
|Witness:                               | /s/
 Efstratios Kalantzis                            |  |                              |  |  | 
|                                       |                                                      |  |                              |  |  | 
|Name:                                  | Efstratios Kalantzis                                 |  |                              |  |  | 
|Address:                               | 13 Defteras Merarchias Street                        |  |                              |  |  | 
|                                       | 185 35 Piraeus, Greece                               |  |                              |  |  | 
|Occupation:                            | Attorney-at-Law                                      |  |                              |  |  | 

15

---



|                                       |                                             |                  |                              |  |  | 
|-------------------------------------- | ------------------------------------------- | ---------------- | ---------------------------- |  |  | 
|SIGNED by Mr.
 Konstantinos Zacharatos | )                                           |                  |                              | 
|for and on
 behalf of                  | )                                           |                  |                              | 
|KALAMATA SHIPPING CORPORATION,         | )                                           |                  | /s/
 Konstantinos Zacharatos | 
|                                       |                                             |                  |                              |  |  | 
|of Liberia,
 in the presence of:       | )                                           | Attorney-in-fact
|                                       |                                             |                  |                              |  |  | 
|Witness:                               | /s/ Efstratios
 Kalantzis                   |                  |                              |  |  | 
|                                       |                                             |                  |                              |  |  | 
|Name:                                  | Efstratios Kalantzis                        |                  |                              |  | 
|Address:                               | 13 Defteras Merarchias Str. Piraeus, Greece |                  |                              |  | 
|Occupation:                            | Attorney-at-Law                             |                  |                              |  | 
|                                       |                                             |                  |                              |  |  | 
|SIGNED by Mr.
 Konstantinos Zacharatos | )                                           |                  |                              | 
|for and on
 behalf of                  | )                                           |                  |                              | 
|MARINA MARITIME
 CORPORATION,          | )                                           |                  | /s/
 Konstantinos Zacharatos | 
|                                       |                                             |                  |                              | 
|of Liberia,
 in the presence of:       | )                                           |                  | Attorney-in-fact             | 
|                                       |                                             |                  |                              |  |  | 
|Witness:                               | /s/
 Efstratios Kalantzis                   |                  |                              |  |  | 
|                                       |                                             |                  |                              |  |  | 
|Name:                                  | Efstratios Kalantzis                        |                  |                              |  |  | 
|Address:                               | 13 Defteras Merarchias Street               |                  |                              |  |  | 
|                                       | 185 35 Piraeus, Greece                      |                  |                              |  |  | 
|Occupation:                            | Attorney-at-Law                             |                  |                              |  |  | 
|                                       |                                             |                  |                              |  |  | 
|SIGNED by Mr.
 Konstantinos Zacharatos | )                                           |                  |                              | 
|for and on
 behalf of                  | )                                           |                  |                              | 
|MARVISTA MARITIME
 INC.,               | )                                           |                  | /s/
 Konstantinos Zacharatos | 
|                                       |                                             |                  |                              | 
|of Liberia,
 in the presence of:       | )                                           |                  | Attorney-in-fact             | 
|                                       |                                             |                  |                              |  |  | 
|Witness:                               | /s/
 Efstratios Kalantzis                   |                  |                              |  |  | 
|                                       |                                             |                  |                              |  |  | 
|Name:                                  | Efstratios Kalantzis                        |                  |                              |  |  | 
|Address:                               | 13 Defteras Merarchias Street               |                  |                              |  |  | 
|                                       | 185 35 Piraeus, Greece                      |                  |                              |  |  | 
|Occupation:                            | Attorney-at-Law                             |                  |                              |  |  | 
|                                       |                                             |                  |                              |  |  | 
|SIGNED by Mr.
 Konstantinos Zacharatos | )                                           |                  |                              | 
|for and on
 behalf of                  | )                                           |                  |                              | 
|MERTEN SHIPPING CO.,                   | )                                           |                  | /s/
 Konstantinos Zacharatos | 
|                                       |                                             |                  |                              | 
|of Liberia,
 in the presence of:       | )                                           |                  | Attorney-in-fact             | 
|                                       |                                             |                  |                              |  |  | 
|Witness:                               | /s/
 Efstratios Kalantzis                   |                  |                              |  |  | 
|                                       |                                             |                  |                              |  |  | 
|Name:                                  | Efstratios Kalantzis                        |                  |                              |  |  | 
|Address:                               | 13 Defteras Merarchias Street               |                  |                              |  |  | 
|                                       | 185 35 Piraeus, Greece                      |                  |                              |  |  | 
|Occupation:                            | Attorney-at-Law                             |                  |                              |  |  | 

16

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|                                       |                                              |  |                              |  |  | 
|-------------------------------------- | -------------------------------------------- |  | ---------------------------- |  |  | 
|SIGNED by Mr.
 Konstantinos Zacharatos | )                                            |  |                              | 
|for and on
 behalf of                  | )                                            |  |                              | 
|MIKO SHIPPING CO.,                     | )                                            |  | /s/
 Konstantinos Zacharatos | 
|                                       |                                              |  |                              | 
|of Liberia,
 in the presence of:       | )                                            |  | Attorney-in-fact             | 
|                                       |                                              |  |                              |  |  | 
|Witness:                               | /s/
 Efstratios Kalantzis                    |  |                              |  |  | 
|                                       |                                              |  |                              |  |  | 
|Name:                                  | Efstratios Kalantzis                         |  |                              |  |  | 
|Address:                               | 13 Defteras Merarchias Str., Piraeus, Greece |  |                              |  |  | 
|Occupation:                            | Attorney-at-Law                              |  |                              |  |  | 
|                                       |                                              |  |                              |  |  | 
|SIGNED by Mr.
 Konstantinos Zacharatos | )                                            |  |                              | 
|for and on
 behalf of                  | )                                            |  |                              | 
|NAVARINO MARITIME
 CORPORATION,        | )                                            |  | /s/
 Konstantinos Zacharatos | 
|                                       |                                              |  |                              | 
|of Liberia,
 in the presence of:       | )                                            |  | Attorney-in-fact             | 
|                                       |                                              |  |                              |  |  | 
|Witness:                               | /s/
 Efstratios Kalantzis                    |  |                              |  |  | 
|                                       |                                              |  |                              |  |  | 
|Name:                                  | Efstratios Kalantzis                         |  |                              |  |  | 
|Address:                               | 13 Defteras Merarchias Street                |  |                              |  |  | 
|                                       | 185 35 Piraeus, Greece                       |  |                              |  |  | 
|Occupation:                            | Attorney-at-Law                              |  |                              |  |  | 
|                                       |                                              |  |                              |  |  | 
|SIGNED by Mr.
 Konstantinos Zacharatos | )                                            |  |                              | 
|for and on
 behalf of                  | )                                            |  |                              | 
|TAKOULIS MARITIME
 CORPORATION,        | )                                            |  | /s/
 Konstantinos Zacharatos | 
|                                       |                                              |  |                              | 
|of Liberia, in
 the presence of:       | )                                            |  | Attorney-in-fact             | 
|                                       |                                              |  |                              |  |  | 
|Witness:                               | /s/
 Efstratios Kalantzis                    |  |                              |  |  | 
|                                       |                                              |  |                              |  |  | 
|Name:                                  | Efstratios Kalantzis                         |  |                              |  |  | 
|Address:                               | 13 Defteras Merarchias Street                |  |                              |  |  | 
|                                       | Piraeus, Greece                              |  |                              |  |  | 
|Occupation:                            | Attorney-at-Law                              |  |                              |  |  | 
|                                       |                                              |  |                              |  |  | 
|SIGNED by Mr.
 Konstantinos Zacharatos | )                                            |  |                              | 
|for and on
 behalf of                  | )                                            |  |                              | 
|WEST END SHIPPING
 CO. LTD.,           | )                                            |  | /s/
 Konstantinos Zacharatos | 
|                                       |                                              |  |                              | 
|of Liberia,
 in the presence of:       | )                                            |  | Attorney-in-fact             | 
|                                       |                                              |  |                              |  |  | 
|Witness:                               | /s/
 Efstratios Kalantzis                    |  |                              |  |  | 
|                                       |                                              |  |                              |  |  | 
|Name:                                  | Efstratios Kalantzis                         |  |                              |  |  | 
|Address:                               | 13 Defteras Merarchias Street                |  |                              |  |  | 
|                                       | 185 35 Piraeus, Greece                       |  |                              |  |  | 
|Occupation:                            | Attorney-at-Law                              |  |                              |  |  | 

17

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SCHEDULE 2

List of Corporate Guarantors

Achilleas
Maritime Corporation

Angistri
Corporation

Alexia
Transport Corp.

Caravokyra
Maritime Corporation

Costachille
Maritime Corporation

Fanakos
Maritime Corporation

Fastsailing
Maritime Co.

Flow
Shipping Co.

Honaker
Shipping Company

Kalamata
Shipping Corporation

Marina
Maritime Corporation

Marvista
Maritime Inc.

Merten
Shipping Co.

Miko
Shipping Co.

Navarino
Maritime Corporation

Takoulis
Maritime Corporationand

West End Shipping Co. Ltd.

18

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