| ·   | You      will prepay an amount ofUSD 812,500.00 on 18 January 2010 representing the      instalment of USD 812,500.00 due on 22 March 2010. The next regular      repayment instalment will become due on 22 June 2010 as per the attached      repayment schedule. |
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| Grainger      Maritime Corp                                                                               |   |
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| Account/Customer                                                                                          |   |   |   |   |   |   |   |   |   | Currency: |   |
| No.:      23281                                                                                           |   |   |   |   |   |   |   |   |   | USC |   |
| REPAYMENT      SCHEDULE                                                                                   |   |
| Installment:      quarterly                                                                               |   |
|                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| No.                                                                                                       |   |   | Due      Date |   |        Interest |   | Instalment |   |   | Total      amount |   |   | Outstanding |   |
|                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                      |   |   |   | 30.12.09 |   |   |   |   |   |   |   |   |   |   | 8.125.000,00 |   |
|                                                                                                      | 1      |   |   |   | 18.01.10 |   |   |   |   | 812.500,00 |   |   |   | 812.500,00 |   |   |   | 7.312.500,00 |   |
|                                                                                                      | 2      |   |   |   | 22.06.10 |   |   |   |   | 812.500,00 |   |   |   | 812.500,00 |   |   |   | 6.500.000,00 |   |
|                                                                                                      | 3      |   |   |   | 22.09.10 |   |   |   |   | 812.500,00 |   |   |   | 812.500,00 |   |   |   | 5.687.500,00 |   |
|                                                                                                      | 4      |   |   |   | 22.12.10 |   |   |   |   | 812.500,00 |   |   |   | 812.500,00 |   |   |   | 4.875.000,00 |   |
|                                                                                                      | 5      |   |   |   | 22.03.11 |   |   |   |   | 812.500,00 |   |   |   | 812.500,00 |   |   |   | 4.062.500,00 |   |
|                                                                                                      | 6      |   |   |   | 22.06.11 |   |   |   |   | 812.500,00 |   |   |   | 812.500,00 |   |   |   | 3.250.000,00 |   |
|                                                                                                      | 7      |   |   |   | 22.09.11 |   |   |   |   | 812.500,00 |   |   |   | 812.500,00 |   |   |   | 2.437.500,00 |   |
|                                                                                                      | 8      |   |   |   | 22.12.11 |   |   |   |   | 812.500.00 |   |   |   | 812.500,00 |   |   |   | 1.625.000,00 |   |
|                                                                                                      | 9      |   |   |   | 22.03.12 |   |   |   |   | 812.500,00 |   |   |   | 812.500,00 |   |   |   | 812.500,00 |   |
|                                                                                                      | 10     |   |   |   | 22.06.12 |   |   |   |   | 812.500,00 |   |   |   | 812.500,00 |   |   |   | 0,00 |   |
|                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Data      in marked area depend on further interest developments and can therefore      not be guaranteed |   |

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| ·   | All other banks      granting loans to TBS International Group i.e. Bank of America, The Royal      Bank of Scotland, DVB Bank, Credit Suisse and AIG Commercial Equipment      Finance Inc have waived their financial covenants - including the asset      protection clause - required in their respective loan documentation      through 31 March 2010.  Please confirm this in writing to      us. |
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