| 1   | receipt      by us from the Borrowers on or before 4 January 2010 of US$417,500 in      prepayment of the next repayment of Loan A due on 3 March      2010; |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2   | receipt      by us from the Borrowers of US$417,500 in prepayment of the first      repayment of Loan B to be prepaid upon delivery of Ship B scheduled for      February 2010; |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3   | receipt by us of a      (non-refundable) amendment fee of $378,893.75      on or before 5 January2010; |
|---------------|--------------------------------------------------------------------------------------------------------|

| 4   | receipt      by us of a copy of this Letter duly acknowledged by you and the Guarantor      confirming your agreement and the Corporate Guarantor’s agreement to the      terms of this Letter. |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | the      definition of Margin in clause 1.1 shall be deleted and replaced with the      following: |
|-----------------|----------------------------------------------------------------------------------------------------|

| (b)   | the      amount of $40,000,000 referred to in the amended Minimum Cash Liquidity      covenant (set out in Schedule 2 of the Supplemental Agreement) shall be      reduced to $25,000,000 during the extension of the Covenant Waiver      Period. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  /s/      Keith      Krut                                                |   |                          |  /s/      Keith      Krut                                 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| duly      authorised for                                                                                                                                                                                                                                     |   |                          | duly      authorised for                                                                                                                                                                                                       |
| Argyle      Maritime Corp.                                                                                                                                                                                                                                   |   |                          | Caton      Maritime Corp.                                                                                                                                                                                                      |
| Per:      Keith Krut                                                                                                                                                                                                                                         |   |                          | Per:      Keith Krut                                                                                                                                                                                                           |
| Attorney-in-Fact                                                                                                                                                                                                                                             |   |                          | Attorney-in-Fact                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                         |   |                          |                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                         |   |                          |                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                         |   |                          |                                                                                                                                                                                                                           |
|  /s/      Keith      Krut                                           |   |                          |  /s/      Keith      Krut                                 |
| duly      authorised for                                                                                                                                                                                                                                     |   |                          | duly      authorised for                                                                                                                                                                                                       |
| Dorchester      Maritime Corp.                                                                                                                                                                                                                               |   | Longwoods      Maritime Corp. |
| Per:      Keith Krut                                                                                                                                                                                                                                         |   |                          | Per:      Keith Krut                                                                                                                                                                                                           |
| Attorney-in-Fact                                                                                                                                                                                                                                             |   |                          | Attorney-in-Fact                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                         |   |                          |                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                         |   |                          |                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                         |   |                          |                                                                                                                                                                                                                           |
|  /s/      Keith      Krut                                      |   |                          |  /s/      Keith      Krut                                 |
| duly      authorised for                                                                                                                                                                                                                                     |   |                          | duly      authorised for                                                                                                                                                                                                       |
| McHenry      Maritime Corp.                                                                                                                                                                                                                                  |   | Sunswyck      Maritime Corp.  |
| Per:      Keith Krut                                                                                                                                                                                                                                         |   |                          | Per:      Keith Krut                                                                                                                                                                                                           |
| Attorney-in-Fact                                                                                                                                                                                                                                             |   |                          | Attorney-in-Fact                                                                                                                                                                                                               |

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