|   | An      / To:                                                                                                                                                                                         |   |   |   | Von      / From:                                                                                                                                                   |   |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |  TBS      International LimitedMr.      Lawrence A BlatteMr.      Ferdinand V. Lepere612      East Grassy Sprain RoadYonkers,      New York 10710United      States of America    |   |   |   |  Commerzbank      AGGlobal      ShippingMartin      Hugger Ness      7 - 920457      Hamburg e-mail:      martin.hugger@commerzbank.com   |   |
|   |                                                                                                                                                                                                  |   |   |   |                                                                                                                                                               |   |

| Telefax-Nr.: +49-40-36      83-4068 / 4123                                                                                        | Tel.: +49-40-36      83 - 4074 | Datum/Date: 28.12.2010 |
|----------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|-----------------------------|
| If you receive this fax in      error, illegible  or not all pages please phone:+49-40-3683 -      4066  or - 4067 |

| Ø   | Maintenance      at all times of Minimum Liquidity (unrestricted cash and cash      equivalents), tested monthly, of at least USD 25.0  Mio. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | Maintenance      on a quarterly basis (on a trailing four quarter test) of minimum EBITDA      to Consolidated Interest Charges for such trailing period (EBITDA      definition will be amended in a manner to be agreed to address certain      impairment charges) of 1.75 :1.00: |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | Margin      to remain at 3.00% p.a. for the duration of the Waiver    Period |
|--------------------|------------------------------------------------------------------------------|

| Ø   | prepayment      of one quarterly repayment rate of USD 1 Million on or before January 5,      2010 |
|--------------------|----------------------------------------------------------------------------------------------------|

| Ø   | Waiver      fee of 0.25% flat on the remaining outstanding loan amount of USD 3.5      Million. |
|--------------------|-------------------------------------------------------------------------------------------------|

| Ø   | equal      treatment of with the majorcreditors |
|--------------------|-------------------------------------------------|

C O M M E R Z B A N K

|  /s/ Martin      Hugger                                                                                |   | /s/      Kristin      Roelver                         |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (Martin      Hugger)                            |   | (Kristin      Roelver)                                                                                                                                                        |