| 1   | receipt by us of a (non-refundable) amendment      fee of $70,000 on or before 5 January 2010; |
|---------------|------------------------------------------------------------------------------------------------|

| 2   | 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. |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  /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                                                                                                                                                                                                               |

----