----

| (1)   | BEDFORD      MARITIME CORP., BRIGHTON MARITIME CORP., HARI MARITIME CORP., PROSPECT      NAVIGATION CORP., HANCOCK NAVIGATION CORP., COLUMBUS MARITIME CORP. and      WHITEHALL MARINE TRANSPORT CORP., each a corporation organized and      existing under the law of the Republic of The Marshall Islands, as joint      and several borrowers (each, a “Borrower” and together,      the “Borrowers”); |
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| (2)   | TBS      INTERNATIONAL LIMITED, a company organized and existing under the law of      Bermuda, as guarantor (the “Original      Guarantor”); |
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| (3)   | TBS      HOLDINGS LIMITED, a company organized and existing under the law of      Bermuda (“TBSHL”),      and TBS INTERNATIONAL PUBLIC LIMITED COMPANY, a company organized and      existing under the law of Ireland (“TBSPLC”), as additional      guarantors (collectively, the “Additional Guarantors”      and together with the Original Guarantor, the “Guarantors”); |
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| (4)   | DVB      GROUP MERCHANT BANK (ASIA) LTD., acting through its office at 77 Robinson      Road 30-02, Singapore, as lender (in such capacity, the “Lender”); |
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| (5)   | DVB      GROUP MERCHANT BANK (ASIA) LTD., acting through its office at 77 Robinson      Road 30-02, Singapore, as facility agent (in such capacity, the “Facility Agent”) for the      Lender and as security trustee (in such capacity, the “Security Trustee”) for      the Lender and the Swap Banks; and |
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| (6)   | DVB      BANK SE (as successor-in-interest to DVB Bank AG), acting through its      office at Platz der Republik 6, 60325 Frankfurt/Main, Germany, THE      GOVERNOR AND COMPANY OF THE BANK OF IRELAND, acting through its office at      Head Office, Building A3, Lower Baggot Street, Dublin 2, Ireland, and      NATIXIS, acting through its office at BP 4 - F-75060, Paris Cedex 02,      France, as swap banks (each, a “Swap Bank” and together,      the “Swap      Banks”). |
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| (a)   | add      TBSPLC and TBSHL as joint and several Guarantors (together with the      Original Guarantor) pursuant to the terms and conditions of Clause 21 of      the Loan Agreement, as amended hereby,and |
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| (b)   | amend      certain provisions of the LoanAgreement. |
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| 1   | DEFINITIONS |
|---------------|-------------|

| 1.1   | Defined      terms.  Capitalized terms used but not defined herein      shall have the meaning assigned such terms in the Loan      Agreement. |
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| 2   | JOINDER      OF TBSPLC AND TBSHL AS JOINT AND SEVERAL  GUARANTORS |
|---------------|-------------------------------------------------------------------|

| 2.1   | Joinder of Additional      Guarantors.  In consideration of the Credit Parties’      consent to a corporate reorganization pursuant to which, among other      things: |
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| (a)   | each      of TBSHL and TBSPLC were incorporated in their respective jurisdictions of      incorporation; |
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| (b)   | the      Original Guarantor transferred to TBSHL the shares held by the Original      Guarantor in various subsidiaries, including but not limited to Westbrook,      in exchange for the authorized shares in TBSHL and an interest-free      promissory note, thus resulting in TBSHL becoming a wholly-owned      subsidiary of the OriginalGuarantor; |
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| (c)   | the      Original Guarantor became a tax resident in Ireland by moving “management      and control” to Ireland; |
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| (d)   | the      outstanding shares in the Original Guarantor were cancelled and new shares      in the Original Guarantor were issued to TBSPLC, thus resulting in the      Original Guarantor becoming a wholly-owned subsidiary of TBSPLC;      and |
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| (e)   | TBSPLC      issued a number of its own ordinary shares to the Original Guarantor’s      shareholders so that each such shareholder would hold the same percentage      equity interest in TBSPLC as such shareholder held in the Original      Guarantor, |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2   | Acceptance of      Guaranty.  The Facility Agent, for and on behalf of the      Credit Parties, hereby acknowledges and accepts TBSPLC and TBSHL as joint      and several Guarantors with the Original Guarantor pursuant to the terms      and conditions of Clause 21 of the Loan Agreement, as amended      hereby. |
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| 3   | AMENDMENTS      TO THE LOAN AGREEMENT |
|---------------|---------------------------------------|

| 3.1   | Amendments.  Pursuant      to Clause 19.1(b) of the Loan Agreement, subject to fulfillment or waiver      of the conditions subsequent stated in Clause 5 below, the parties hereto      agree to amend the Loan Agreement as follows with effect on and from the      date hereof: |
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| (a)   | All      references in the Loan Agreement to “the Guarantor” shall mean and refer      to the Guarantors and in the singular shall mean any one of them as the      context may require. |
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| (b)   | The      definition of “Compliance Certificate” in Clause 1.1 is amended and      restated to read as follows: |
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| (c)   | The      definition of “Guarantor Group” in Clause 1.1 is amended and restated to      read as follows: |
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| (d)   | Clause      9.16 is amended and restated to read asfollows: |
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|   | “9.16. | Corporate      structure. |
|--------|--------------|---------------------------|

| (a)   | None      of the Borrowers has anysubsidiaries. |
|-----------------|-------------------------------------------------|

| (b)   | All      of the outstanding equity of the Borrowers has been validly issued, is      fully paid, non-assessable and free and clear of all liens and is owned      beneficially and of record byWestbrook. |
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| (c)   | All      of the outstanding equity of Westbrook has been validly issued, is fully      paid, non-assessable and is owned beneficially and of record by      TBSHL. |
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| (d)   | All      of the outstanding equity of TBSHL has been validly issued, is fully paid,      non-assessable and is owned beneficially and of record by the Original      Guarantor. |
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| (e)   | All      of the outstanding equity of the Original Guarantor has been validly      issued, is fully paid, non-assessable and is owned beneficially and of      record by TBSPLC.” |
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| (e)   | Clause      10.1(h) is amended and restated to read as  follows: |
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|   | (i) | its      quarterly and annual financial statements and other reports of material      events as soon as practicable but not later than 10 Business Days after      TBSPLC files such financial statements on Forms 10-Q and 10-K and reports      on Form 8-K with the United States Securities and Exchange Commission (but      in no event later than: (1) 120 days after the end of its fiscal year with      respect to its annual financial statements and (2) 90 days after the end      of each fiscal quarter); |
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|   | (ii) | together      with its annual financial statements, reports of and/or updates on all      off-balance sheet financings and time charter hire commitments of any of      the Guarantors; |
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|   | (iii) | together      with its quarterly and annual financial statements, a Compliance      Certificate; and |
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|   | (iv) | such      other financial statements, annual budgets, projections and reports as may      be reasonably requested by the Facility Agent, each to be in such form as      the Facility Agent may reasonablyrequest;” |
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| (f)   | Clause      10.1(v) is amended and restated to read as  follows: |
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|   | “(v) | each      Borrower shall cause all loans made to it by any Guarantor and all sums      and other obligations (financial or otherwise) owed by it to the relevant      Bareboat Charterer or the Approved Managers to be fully subordinated to      all Secured Liabilities of suchBorrower;” |
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| (g)   | Clause      10.1(x) is amended and restated to read as  follows: |
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|   | “(x) | the      Guarantor Group, on a consolidated basis, shall be in compliance with the      Bank of America Credit Facility Financial Covenants (or such other      financial covenants temporarily permitted under the Bank of America Credit      Facility Agreement in lieu thereof pursuant to any amendment or waiver      executed in respect of the Bank of America Credit Facility Agreement)      regardless of whether the Bank of America Credit Facility Agreement is in      effect or not (in which case the Bank of America Credit Facility Financial      Covenants shall apply in their last form before termination of the Bank of      America Credit Facility Agreement), and shall evidence such compliance by      means of delivery of a quarterly compliance certificate to the Facility      Agent; and” |
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| (h)   | Clause      10.2(g) is amended and restated to read as  follows: |
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|   | “(g) | none      of the Borrowers will permit any act, event or circumstance that would      result in Westbrook holding directly less than 100% of such Borrower’s      equity and none of the Guarantors will permit any act, event or      circumstance that would result in: |
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| (i)   | TBSPLC      holding directly less than 100% of the Original  Guarantor; |
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| (ii)   | the      Original Guarantor holding directly less than 100% of TBSHL;      and |
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| (iii)   | TBSHL      holding directly less than 100% ofWestbrook;” |
|-------------------|----------------------------------------------------------------|

| (i)   | Clause      10.2(i) is amended and restated to read as  follows: |
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|   | “(i) | from      March 23, 2009 until 12:00 a.m. on April 1, 2010 (the “No Distribution or Redemption      Period”) none of the Guarantorsmay: |
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|   | (1) | declare      or pay any dividends or return any capital to any equity holder or      authorize or make any other distribution, payment or delivery of property      or cash to any equity holder as such (collectively, a “Distribution”); |
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|   | (2) | redeem,      retire, purchase or otherwise acquire, directly or indirectly, for value,      any share of any class of its capital stock or other form of equity      interest (or require any rights, options or warrants relating thereto but      not including convertible debt) now or hereafter outstanding      (collectively, a “Redemption”);      or |
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|   | (A) | TBSHL      shall be permitted to set aside funds for, declare and make a Distribution      to or a Redemption from the Original Guarantor during the No Distribution      or Redemption Period; and |
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|   | (B) | the      Original Guarantor shall be permitted to set aside funds for, declare and      make a Distribution to or a Redemption from TBSPLC during the No      Distribution or Redemption Period; |
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|   | (ii) | at      any time other than during the No Distribution or Redemption Period none      of the Guarantors may set aside funds for, declare and make a Distribution      or Redemption unless TBSPLC first establishes to the reasonable      satisfaction of the Facility Agent that no Event of Default has occurred      and is continuing or would occur from the declaring or making of any such      Distribution or Redemption; and |
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|   | (iii) | if      an Event of Default shall have occurred and so long as such Event of      Default shall be continuing, none of the Borrowers shall (1) declare or      make any Distribution or Redemption, (2) repay any subordinated loans or      (3) set aside any funds for any of the foregoing  purposes;” |
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| (j)   | Clause      10.2(j) is amended and restated to read as  follows: |
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|   | “(j) | (i) | none      of the Borrowers will increase its capital by way of the creation of      preference securities, further common or ordinary securities or otherwise      howsoever, or create any new class ofequity; |
|--------|------------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | none      of the Borrowers will permit any act, event or circumstance that would      result in Westbrook owning beneficially and of record less than 100% of      the equity of each of theBorrowers; |
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|   | (iii) | TBSHL      shall not sell, transfer, assign or otherwise convey or dispose of any of      the share capital of Westbrook; |
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|   | (iv) | the      Original Guarantor shall not sell, transfer, assign or otherwise convey or      dispose of any of the share capital of TBSHL;  and |
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|   | (v) | TBSPLC      shall not sell, transfer, assign or otherwise convey or dispose of any of      the share capital of the OriginalGuarantor;” |
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| (k)   | Clause      13.1(g) is amended and restated to read as  follows: |
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|   | “(g) | the      occurrence of any act, event or circumstance which results    in: |
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| (i)   | TBSPLC      owning, beneficially and of record, directly or indirectly, less than 100%      of the issued and outstanding equity of the Original      Guarantor; |
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| (ii)   | the      Original Guarantor owning, beneficially and of record, directly or      indirectly, less than 100% of the issued and outstanding equity of      TBSHL; |
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| (iii)   | TBSHL      owning, beneficially and of record, directly or indirectly, less than 100%      of the issued and outstanding equity of Westbrook;  or |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | Westbrook      owning, beneficially and of record, directly or indirectly, less than 100%      of the issued and outstanding equity of a Borrower;  or” |
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| (l)   | Clause      20.2(d) is amended and restated to read as  follows: |
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| (m)   | Clause      21 is amended and restated to read asfollows: |
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|   | 21.1 | Guaranty.  The      Guarantors hereby guarantee (this “Guaranty”), on a joint      and several basis, as primary obligors and not merely as sureties, the      performance and punctual payment when due, whether at stated maturity, by      acceleration or otherwise, of all Secured Liabilities of the Borrowers now      or hereafter existing under this Agreement and any other Finance Document,      whether for principal, interest, fees, expenses or otherwise      (collectively, the “Guaranteed      Obligations”) due or owing to any of the Lenders or the Swap Banks      (each, a “Guaranteed      Party”), and agree to pay any and all expenses (including, without      limitation, counsel fees and expenses) incurred by a Guaranteed Party, the      Security Trustee, the Facility Agent or the Payment Agent in enforcing any      rights under this Guaranty.  The obligations of the Guarantors      under this Guaranty are in addition to and shall not in any way be      prejudiced by any other guaranty or security now or subsequently held by      the Guaranteed Parties.  The Guarantors hereby further agree      that if the Borrowers shall fail to pay in full when due (whether at      stated maturity, by acceleration or otherwise) any of the Guaranteed      Obligations, the Guarantors will promptly pay the same, on first demand,      and that in the case of any extension of time of payment or renewal of any      of the Guaranteed Obligations, the same will be promptly paid in full when      due (whether at extended maturity, by acceleration or otherwise) in      accordance with the terms of such extension or  renewal. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.2 | Obligations      absolute.  The Guarantors guarantee that the Guaranteed      Obligations will be performed and paid to the Guaranteed Parties strictly      in accordance with the terms of any applicable agreement, express or      implied, of the Borrowers, regardless of any law, regulation or order of      any jurisdiction affecting any term of any Guaranteed Obligation or the      rights of the Guaranteed Parties with respect thereto, including, without      limitation, any law, rule or policy which is now or hereafter promulgated      by any governmental authority (including, without limitation, any central      bank) or regulatory body any of which may adversely affect the Borrowers’      ability or obligation to make, or right of the Guaranteed Parties to      receive, such payments, including, without limitation, any sovereign act      or circumstance which might otherwise constitute a defense to, or a legal      or equitable discharge of, theBorrowers. |
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|   | 21.3 | Guaranty      Unconditional.  The liability of the Guarantors hereunder      shall be unconditional irrespective of, and the Guarantors hereby waive      any defenses they may assert with respectto: |
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|   | (a) | any      lack of validity or enforceability of any Guaranteed Obligation or      agreement or instrument relatingthereto; |
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|   | (b) | any      change in the time, manner or place of payment of, or in any other term      of, any Guaranteed Obligation; |
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|   | (c) | any      exchange, release or non-perfection of any other Collateral securing      payment of any GuaranteedObligation; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any      moratorium, bankruptcy, insolvency or other similar law or any other law,      regulation or order of any jurisdiction affecting any term of any      Guaranteed Obligation or a Guaranteed Party’s rights with respect thereto;      or |
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|   | (e) | any      other circumstance which might otherwise constitute a defense available      to, or the discharge of, any of the Borrowers, or any of the      Guarantors. |
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|   | 21.4 | Waiver of subrogation;      Contribution.  Notwithstanding any other provision of      this Guaranty, until payment in full of the Guaranteed Obligations in cash      after termination of any of the Guaranteed Parties’ commitments with      respect thereto: |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | each      Guarantor hereby irrevocably waives any right to assert, enforce, or      otherwise exercise any right of subrogation to any of the rights, security      interests, claims, or liens which the Guaranteed Parties have against the      Borrowers in respect of the Guaranteed  Obligations; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | each      Guarantor shall not have any right of recourse, reimbursements,      contribution, indemnification, or similar right (by contract or otherwise)      against the Borrowers in respect of the Guaranteed Obligations;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | each      Guarantor hereby irrevocably waives any and all of the foregoing rights      and also irrevocably waives the benefit of, and any right to participate      in, any Collateral or other security given to the Guaranteed Parties to      secure payment of the GuaranteedObligations. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.5 | Subordination.  The      Guarantors agree that, so long as the Borrowers remain under any actual or      contingent liability under this Agreement or any other Finance Document,      any rights which the Guarantors may have at any time by reason of the      performance by the Guarantors of the Guaranteed Obligations to take the      benefit (in whole or in part) of any security taken pursuant to this      Agreement or any of the other Finance Documents shall be subject and      subordinate to the rights of the Guaranteed Parties hereunder and shall be      exercised by the Guarantors in such manner and upon such terms as the      Guaranteed Parties may require and further agree to hold any monies at any      time received by any Guarantor as a result of the exercise of any such      rights or otherwise for and on behalf of the Guaranteed Parties for      application in or towards payment of any sums at any time owed by the      Borrowers under this Agreement or the other Finance    Documents. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.6 | Reinstatement.  This      Guaranty shall continue to be effective or be reinstated, as the case may      be, if at any time any payment of any of the Guaranteed Obligations is      rescinded or must otherwise be returned by a Guaranteed    Party. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.7 | Waiver.  Each      Guarantor waives promptness, diligence and notices with respect to any      Guaranteed Obligation and this Guaranty and any requirement that a      Guaranteed Party exhaust any right or take any action against the      Borrowers or any other entity or any or their  property. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.8 | Payments;      No Reductions. |
|--------|------|-------------------------------|

|   | (a) | All      payments under this Guaranty shall be made in accordance with Clauses 11,      15 and 16 of this Agreement. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Guarantors agree to pay any taxes which arise from any payment made      hereunder or from the execution, delivery or registration by such      Guarantor of, or otherwise with respect to, this  Agreement. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Guarantors will indemnify a Guaranteed Party in accordance with Clause 15      upon demand. |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (d) | Within      30 days after the date of any payment of taxes, the Guarantors will      furnish to each Guaranteed Party at its address for notices, the original      or a certified copy of a receipt evidencing payment thereof.  If      no taxes are payable in respect of any payment, the Guarantors will      furnish to each Guaranteed Party a certificate from each appropriate      taxing authority, or an opinion of counsel acceptable to each Guaranteed      Party, in either case stating that such payment is exempt from or not      subject to taxes. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.9 | Continuing      Guarantee.  This Guaranty is a continuing guaranty, is      joint and several with any other guarantee given in respect of the      Guaranteed Obligations, and shall remain in full force and effect until      the later of the termination of any Commitment of the Lenders under this      Agreement and the payment in full of the Guaranteed Obligations and all      other amounts payable hereunder and shall be binding upon the Guarantors,      their respective successors and permitted assigns.  The      obligations of the Guarantors under this Guaranty shall rank pari passu with all      other unsecured obligations of eachGuarantor.” |
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| 4   | RELEASE |
|---------------|---------|

| 4.1   | Release. |
|-----------------|----------|

| (a)   | In      consideration of the Lender, the Facility Agent, the Security Trustee and      the Swap Banks entering into this Third Amendatory Agreement, each of the      Obligors acknowledges and agreesthat: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | such      Obligor does not have any claim or cause of action against any Credit      Party (or any of such Credit Party’s respective directors, officers,      employees or agents); |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | such      Obligor does not have any offset right, counterclaim or defense of any      kind against any of its respective Secured Liabilities to any Credit      Party; and |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | each      of the Credit Parties has heretofore properly performed and satisfied in a      timely manner all of their respective obligations to the      Obligors. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | To      eliminate any possibility that any past conditions, acts, omissions,      events, circumstances or matters would impair or otherwise adversely      affect any Credit Party’s rights, interests, contracts, collateral      security or remedies, each Obligor unconditionally releases, waives and      forever discharges: |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | any      and all liabilities, obligations, duties, promises or indebtedness of any      kind of any Credit Party to such Obligor, except the obligations to be      performed by any Credit Party on or after the date hereof as expressly      stated in this Third Amendatory Agreement, the Loan Agreement and the      other Finance Documents; and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | all      claims, offsets, causes of action, suits or defenses of any kind      whatsoever (if any), whether arising at law or in equity, whether known or      unknown, which such Obligor might otherwise have against any Credit Party      or any of its directors, officers, employees or  agents, |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5   | CONDITIONS      SUBSEQUENT |
|---------------|----------------------------|

| 5.1   | Conditions      subsequent.  The effectiveness of this Third Amendatory      Agreement shall be subject to the following conditions subsequent being      completed to the reasonable satisfaction of the Facility Agent on or      before 5:00 p.m. New York time on January 29, 2010 (the “Conditions Subsequent      Deadline”): |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | an      original of this Third Amendatory Agreement, duly executed by the parties      hereto; |
|-----------------|------------------------------------------------------------------------------------------------|

| (ii)   | copies      of the constitutional documents, and each amendment thereto, of each      Obligor, certified as of a date reasonably near the date of this Third      Amendatory Agreement by a director or the president or the secretary (or      equivalent officer) of such party as being a true and correct copy      thereof; |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | copies      of certificates dated as of a date reasonably near the date of this Third      Amendatory Agreement, certifying that each Obligor is duly incorporated      (or formed) and in goodstanding under the laws of such party’s      jurisdiction of incorporation (or formation) and, in respect of each      Borrower, that such Borrower is duly qualified and in goodstanding as a      foreign maritime entity under the law of the Republic of      Liberia; |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | copies      of resolutions of the directors (or equivalent governing body) (and where      required, the shareholders or equivalent equity holders) of each Obligor      authorizing the execution of each of this Third Amendatory Agreement and      authorizing named officers or attorneys-in-fact to execute such documents,      certified as of a date reasonably near the date of this Third Amendatory      Agreement by a director or the president or the secretary (or equivalent      officer) of such party as being a true and correct copy      thereof; |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v)   | the      original of any power of attorney under which this Third Amendatory      Agreement and any document to be executed pursuant to this Third      Amendatory Agreement is to be executed on behalf of an      Obligor; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi)   | copies      of all consents which any of the Obligors requires to enter into, or make      any payment or perform any of its obligations under or in connection with      the transactions contemplated by this Third Amendatory Agreement, each      certified as of a date reasonably near the date of this Third Amendatory      Agreement by a director or the president or the secretary (or equivalent      officer) of such party as being a true and correct copy thereof, or      certification by such director, president or secretary (or equivalent      officer) that no such consents arerequired; |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vii)   | a      certificate of each Obligor, signed on behalf of such party by a director      or the president or the secretary (or equivalent officer) of the Original      Guarantor, dated as of a date reasonably near the date of this Third      Amendatory Agreement, certifying asto: |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | the      absence of any proceeding for the dissolution or liquidation of such      party; |
|----------------|-------------------------------------------------------------------------------------------|

| 2.   | the      veracity in all material respects of the representations and warranties      contained in the Loan Agreement, as amended hereby, as though made on and      as of the date of this Third Amendatory Agreement, except for (A)      representations or warranties which expressly relate to an earlier date in      which case such representations and warranties shall be true and correct,      in all material respects, as of such earlier date or (B) representations      or warranties which are no longer true as a result of a transaction      expressly permitted by the LoanAgreement; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | the      absence of any material misstatement of fact in any information provided      by any of the Obligors to the Facility Agent or the Lender or the Swap      Banks since the date of the Original Loan Agreement and that such      information did not omit to state any material fact necessary to make the      statements therein, in the light of the circumstances under which they      were made, not misleading; and |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | the      absence of any event occurring and continuing, or resulting from this      Third Amendatory Agreement, that constitutes a Potential Event of Default      or an Event of Default. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (viii)   | a      favorable opinion of Cardillo & Corbett, New York, Liberian and      Marshall Islands counsel to the Borrowers, in form, scope and substance      satisfactory to the Credit Parties; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ix)   | a      favorable opinion of Conyers Dill & Pearman, Bermuda counsel to the      Original Guarantor and TBSHL, in form, scope and substance satisfactory to      the Credit Parties; and |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (x)   | a      favorable opinion of Arthur Cox, Irish counsel to TBSPLC, in form, scope      and substance satisfactory to the Credit Parties;  and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | No      Event of Default or Potential Event of Default shall have occurred and be      continuing and there shall have been no material adverse change in the      financial condition, operations or business prospects of the Obligors      since the date of the LoanAgreement. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2   | Waiver of conditions      subsequent.  The Facility Agent, with the consent of the      Lender and the Swap Banks, may waive one or more of the conditions      referred to in Clause 5.1 provided that the      Obligors deliver to the Facility Agent a written undertaking to satisfy      such conditions within ten (10) Business Days after the Facility Agent      grants such waiver (or such longer period as the Facility Agent may      specify). |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3   | Failure to complete conditions      subsequent.  If the Obligors fail to complete all or any      of the conditions subsequent required by Clause 5.1(a) by the Conditions      Subsequent Deadline, the Obligors acknowledge and agree that the      amendments made in Clause 3 hereof shall be null, void and of no effect      whatsoever and that the Credit Parties shall be entitled to all rights and      to exercise all remedies afforded to them under the terms of the Loan      Agreement (all of which are expressly reserved) as if such amendments had      not been made. |
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| 6   | EFFECT      OF AMENDMENTS AND WAIVERS |
|---------------|---------------------------------------|

| 6.1   | References.  Each      reference in the Original Loan Agreement to “this Third Amendatory      Agreement”, “hereunder”, “hereof”, “herein” or words of like import, and      each reference to the “Loan Agreement” in any of the other Finance      Documents, shall mean and refer to the Original Loan Agreement as amended      hereby and by the First Amendatory Agreement and the Second Amendatory      Agreement. |
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| 6.2   | Effect of      amendments.  Subject to the terms of this Third      Amendatory Agreement, with effect on and from the date hereof (subject to      fulfillment or waiver of the conditions subsequent stated in Clause 5      above), the Loan Agreement shall be, and shall be deemed by this Third      Amendatory Agreement to have been, amended upon the terms and conditions      stated herein and, as so amended, the Loan Agreement shall continue to be      binding on each of the parties to it in accordance with its terms as so      amended.  In addition, each of the Finance Documents shall be,      and shall be deemed by this Third Amendatory Agreement to have been,      amended as follows: |
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| (a) | the      definition of, and references throughout each of such Finance Documents      to, the “Loan Agreement” and any of the other Finance Documents shall be      construed as if the same referred to the Original Loan Agreement and those      Finance Documents as amended or supplemented by this Third Amendatory      Agreement, the First Amendatory Agreement and the Second Amendatory      Agreement; and |
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| (b) | by      construing references throughout each of the Finance Documents to “this      Agreement”, “hereunder” and other like expressions as if the same referred      to such Finance Documents as amended and supplemented by this Third      Amendatory Agreement, the First Amendatory Agreement and the Second      Amendatory Agreement. |
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| 6.3   | No other amendments;      ratification.  Except as amended hereby, all other terms      and conditions of the Loan Agreement and the other Finance Documents      remain unchanged and in full force and effect and are hereby ratified and      confirmed in all respects.  Without limiting the foregoing, the      Guarantors acknowledge and agree that the Guaranty remains in full force      and effect.  The Obligors acknowledge and agree that the Loan      Agreement shall, together with this Third Amendatory Agreement, be read      and construed as a singleagreement. |
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| 7   | REPRESENTATIONS      AND WARRANTIES |
|---------------|-------------------------------------|

| 7.1   | Authority.  The      execution and delivery by each of the Obligors of this Third Amendatory      and the performance by each Obligor of all of its agreements and      obligations under the Loan Agreement, as amended hereby, are within such      Obligor’s corporate authority and have been duly authorized by all      necessary corporate action on the part of such  Obligor. |
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| 7.2   | Enforceability.  This      Third Amendatory Agreement and the Loan Agreement, as amended hereby,      constitute the legal, valid and binding obligations of each of the      Obligors party hereto and are enforceable against such Obligors Borrowers      in accordance with their terms, except as enforceability is limited by      bankruptcy, insolvency, reorganization, moratorium or other laws relating      to or affecting generally the enforcement of, creditors’ rights and except      to the extent that availability of the remedy of specific performance or      injunctive relief is subject to the discretion of the court before which      any proceeding may be brought. |
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| 8   | MISCELLANEOUS |
|---------------|---------------|

| 8.1   | Governing      Law.  THIS THIRD AMENDATORY AGREEMENT      SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE      STATE OF NEW YORK, EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF      LAW (OTHER THAN THE NEW YORK GENERAL OBLIGATIONS LAW      §5-1401). |
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| 8.2   | Counterparts.  This      Third Amendatory Agreement may be executed in any number of counterparts,      all of which taken together shall constitute one and the same      instrument. |
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| 8.3   | Severability.  Any      provision of this Third Amendatory Agreement that is prohibited or      unenforceable in any jurisdiction shall, as to such jurisdiction, be      ineffective to the extent of such prohibition or unenforceability without      invalidating or affecting the validity or enforceability of such provision      in any other jurisdiction. |
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| 8.4   | Payment of      Expenses.  The Obligors agree to pay or reimburse each of      the Credit Parties for all reasonable expenses in connection with the      preparation, execution and carrying out of this Third Amendatory Agreement      and any other document in connection herewith or therewith, including but      not limited to, reasonable fees and expenses of any counsel whom the      Credit Parties may deem necessary or appropriate to retain, any duties,      registration fees and other charges and all other reasonable out-of-pocket      expenses incurred by any of the Credit Parties in connection with the      foregoing. |
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| 8.5   | Headings and      captions.  The headings captions in this Third Amendatory      Agreement are for convenience of reference only and shall not define or      limit the provisions hereof. |
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----

| BEDFORD      MARITIME CORP., as Borrower   By:      /s/ Christophil B.      Costas                              Christophil B.CostasAttorney-in-Fact                                                                                                                                                                                                                                                                                                                  | DVB      GROUP MERCHANT BANK (ASIA) LTD., as Lender  By:      /s/ Jane Freeberg      Sarma                                   Jane Freeberg Sarma Attorney-in-Fact                                                                                                                                                                                                                                                                                                                                                                                                 |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| BRIGHTON      MARITIME CORP., as Borrower   By:/s/ Christophil B.      Costas                              Christophil B.CostasAttorney-in-Fact                                                                                                                                                                                                                                                                                                                       | DVB      GROUP MERCHANT BANK (ASIA) LTD., as Facility Agent and Security      Trustee  By/s/ Jane Freeberg      Sarma                                   Jane Freeberg Sarma      Attorney-in-Fact                                                                                                                                                                                                                                                                                                                                                                 |
| HARI      MARITIME CORP., as Borrower  By:/s/ Christophil B.      Costas                              Christophil B.CostasAttorney-in-Fact PROSPECT      NAVIGATION CORP., as Borrower  By:/s/ Christophil B.      Costas                              Christophil B.CostasAttorney-in-Fact           | THE      GOVERNOR AND COMPANY OF THE BANK OF IRELAND, as Swap Bank  By:      /s/ Lars      Torum                                                   Lars TorumSenior Manager  By:      /s/ Kimberly      Jones                                           Kimberly JonesManager  |
| HANCOCK      NAVIGATION CORP., as Borrower  By:/s/ Christophil B.      Costas                              Christophil B.CostasAttorney-in-Fact COLUMBUS      MARITIME CORP., as Borrower  By:/s/ Christophil B.      Costas                              Christophil B.CostasAttorney-in-Fact   | NATIXIS,      as Swap Bank  By:      /s/ Michel      Degermann                                       Michel DegermannAuthorized Signatory  By:      /s/ Franck      Chambras                                      Franck ChambrasAuthorized Signatory                                                                                 |
| WHITEHALL      MARINE TRANSPORT CORP.,as      Borrower  By:/s/ Christophil B.      Costas                              Christophil B.CostasAttorney-in-Fact                                                                                                                                                                                                                                                                                                                | DVB      BANK SE, as Swap Bank   By:      /s/ Jane      Freeberg      Sarma                                   Jane Freeberg Sarma      Attorney-in-Fact                                                                                                                                                                                                                                                                                                                                                                                                      |
| TBS      INTERNATIONAL LIMITED,as      Guarantor  By:/s/ Christophil B.      Costas                              Christophil B.CostasAttorney-in-Fact                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| TBS      HOLDINGS LIMITED,as      Guarantor  By:/s/ Christophil B.      Costas                              Christophil B.CostasAttorney-in-Fact                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| TBS      INTERNATIONAL PUBLIC LIMITED COMPANY,as      Guarantor  By:/s/ Christophil B.      Costas                              Christophil B.CostasAttorney-in-Fact                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |