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| (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 “Guarantor”); |
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| (3)   | 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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| (4)   | 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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| (5)   | 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)   | amend      certain provisions of the Loan Agreement;and |
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| (b)   | extend      the Specified Waivers until the expiration of the Waiver Period (as      defined below). |
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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.  In addition: |
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| 2   | AMENDMENTS      TO THE LOAN AGREEMENT |
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| 2.1   | 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)   | The      definition of “Bank of America Credit Facility” in Clause 1.1 is amended      and restated to read as follows: |
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| (b)   | The      definition of “Bank of America Credit Facility Financial Covenants” in      Clause 1.1 is amended and restated to read as  follows: |
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| (c)   | The      definition of “Margin” in Clause 1.1 is amended and restated to read as      follows: |
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| (d)   | The      definition of “RBS Credit Facility” in Clause 1.1 is amended and restated      to read as follows: |
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| (e)   | The      following definitions are added to Clause1.1: |
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| (f)   | Clause      10.2(h) is amended and restated to read as  follows: |
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|   | “(i) | none      of the Borrowers shall incur any Financial Indebtedness other than (A) the      Loan, (B) in the usual course of business, (C) as permitted by the Finance      Documents and (D) Financial Indebtedness that is fully subordinated to the      Loan; and |
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|   | (ii) | from      March 23, 2009 until 12:00 a.m. on April 1, 2010, the Guarantor Group      shall not, on a consolidated basis, incur any Financial Indebtedness other      than: |
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| (1)   | the      Loan; |
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| (2)   | in      the usual course of business; |
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| (3)   | pursuant      to the AIG Credit FacilityAgreement; |
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| (4)   | pursuant      to the Bank of America Credit Facility  Agreement; |
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| (5)   | pursuant      to the Berenberg Credit FacilityAgreement; |
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| (6)   | pursuant      to the Commerzbank Credit FacilityAgreement; |
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| (7)   | pursuant      to the Credit Suisse Credit FacilityAgreement; |
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| (8)   | pursuant      to the RBS Credit FacilityAgreement; |
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| (9)   | pursuant      to the RBS Guarantee Facility Agreement;and |
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| (10)   | Financial      Indebtedness that is fully subordinated to the Guarantors’ obligations      under Clause 21 of the LoanAgreement;” |
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| (g)   | Clause      10.2(i) is amended and restated to read as  follows: |
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|   | “(i) | (A)      from March 23, 2009 until 12:00 a.m. on April 1, 2010 or (B) at any time      thereafter if an Event of Default shall have occurred and so long as such      Event of Default shall be continuing, the Guarantor shall    not: |
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|   | (x) | 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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|   | (y) | 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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|   | (ii) | if      an Event of Default shall have occurred and so long as such Event of      Default shall be continuing, none of the Borrowers shall (x) declare or      make any Distribution or Redemption, (y) repay any subordinated loans or      (z) set aside any funds for any of the foregoing  purposes;” |
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| (h)   | Clause      13.1(q) is amended and restated to read as  follows: |
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|   | “(q) | the      Guarantor Group fails to comply with the Bank of America Credit Facility      Financial Covenants; or” |
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| 3   | EXTENSION      OF SPECIFIED WAIVERS |
|---------------|-------------------------------------|

| 3.1   | Extension of Specified      Waivers.  Pursuant to Clause 19.1(b) of the Loan      Agreement, the Credit Parties agree to extend temporarily the waiver of      compliance by the Obligors with the requirements of Clauses 10.1(x) and      10.3(a) of the Loan Agreement during the Waiver Period (and for the      avoidance of doubt the Obligors’ compliance with the requirements of      Clauses 10.1(x) and 10.3(a) of the Loan Agreement shall be reinstated      immediately upon the expiration of the Waiver Period and shall be required      at all times thereafter). |
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| 3.2   | Covenants.  In      consideration of the Credit Parties’ agreement in Clause 3.1 to extend the      Specified Waivers temporarily during the Waiver Period, so long as any      Lender shall have any Commitment under the Loan Agreement, as amended      hereby, or any Secured Liabilities shall remain unpaid or unsatisfied, the      Guarantor Group shall not, on a consolidated  basis: |
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| (a)   | for      each calendar month ending on or after January 1, 2010, permit Qualified      Cash of the Loan Parties (other than the Limited Guarantors), to be less      than the greater of (i) $25,000,000 or (ii) $40,000,000 minus      any prepayment of Indebtedness made during such calendar month as      permitted after giving effect to Amendment No. 2 to the Bank of America      Credit Facility Agreement, of which a minimum average balance of      $9,375,000 in any such calendar month shall be deposited with Bank of      America, N.A.; |
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| (b)   | permit      the Consolidated Interest Charges Coverage Ratio as of the four fiscal      quarters ending December 31, 2009 to be less than 1.75:1.00;      and |
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| (c)   | prepay,      redeem, purchase, defease or otherwise satisfy prior to the scheduled      maturity thereof, in any manner, or make any payment in violation of any      subordination terms of, any Indebtedness,  except: |
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|   | (i) | the      prepayment of the Credit Extensions in accordance with the terms of the      Bank of America Credit FacilityAgreement; |
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|   | (ii) | regularly      scheduled or required repayments, mandatory prepayments or redemptions of      Indebtedness described on Schedule 7.02 of the Bank of America Credit      Facility Agreement in respect of the RBS Credit Facility Agreement, the      Credit Suisse Credit Facility Agreement, the AIG Credit Facility      Agreement, the Commerzbank Credit Facility Agreement and the Berenberg      Credit Facility Agreement; and |
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|   | (iii) | other      prepayments of Indebtedness described on Schedule 7.02 the Bank of America      Credit Facility Agreement in respect of the RBS Credit Facility Agreement,      the Credit Suisse Credit Facility Agreement, the AIG Credit Facility      Agreement, the Commerzbank Credit Facility Agreement and the Berenberg      Credit Facility Agreement, |
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| 4   | RELEASE |
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| 4.1   | Release. |
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| (a)   | In      consideration of the Lender, the Facility Agent, the Security Trustee and      the Swap Banks entering into this Second Amendatory Agreement, each of the      Obligors acknowledges and agreesthat: |
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| (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); |
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| (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 |
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| (iii)   | each      of the Credit Parties has heretofore properly performed and satisfied in a      timely manner all of their respective obligations to the      Obligors. |
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| (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: |
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| (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 Second Amendatory Agreement, the Loan Agreement and the      other Finance Documents; and |
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| (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, |
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| 5   | CONDITIONS      SUBSEQUENT |
|---------------|----------------------------|

| 5.1   | Conditions      subsequent.  The effectiveness of this Second 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”): |
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| (i)   | an      original of this Second Amendatory Agreement, duly executed by the parties      hereto; |
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| (ii)   | a      copy of the Bank of America Credit Facility Agreement and any amendment      thereto, duly executed by the parties thereto, certified as of a date      reasonably near the date of this Second Amendatory Agreement by a director      or the president or the secretary (or equivalent officer) of the Guarantor      as being a true and correct copythereof; |
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| (iii)   | an      original addendum to the Mortgage in respect of each of the Ships, each      such addendum to be in form and substance satisfactory to the Facility      Agent and duly executed by the parties thereto, together with documentary      evidence that the relevant Mortgage addendum has been duly recorded      according to the laws of the Republic of Liberia and, if required by      Philippine law, that a cautionary notice with respect to such Mortgage      addendum has been filed in the Philippine Bareboat    Registry; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | copies      of the constitutional documents, and each amendment thereto, of each      Obligor, certified as of a date reasonably near the date of this Second      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; |
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| (v)   | copies      of certificates dated as of a date reasonably near the date of this Second      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; |
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| (vi)   | 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 Second 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 Second 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; |
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| (vii)   | the      original of any power of attorney under which this Second Amendatory      Agreement and any document to be executed pursuant to this Second      Amendatory Agreement is to be executed on behalf of an      Obligor; |
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| (viii)   | 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 Second Amendatory Agreement, each      certified as of a date reasonably near the date of this Second 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; |
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| (ix)   | 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      Guarantor, dated as of a date reasonably near the date of this Second      Amendatory Agreement, certifying asto: |
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| 1.   | the      absence of any proceeding for the dissolution or liquidation of such      party; |
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| 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 Second 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; |
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| 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 |
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| 4.   | the      absence of any event occurring and continuing, or resulting from this      Second Amendatory Agreement, that constitutes a Potential Event of Default      or an Event of Default. |
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| (x)   | 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; |
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| (xi)   | a      favorable opinion of Conyers Dill & Pearman, Bermuda counsel to the      Guarantor, in form, scope and substance satisfactory to the Credit      Parties; and |
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| (xii)   | if      a cautionary notice with respect to each Mortgage addendum must be filed      in the Philippine Bareboat Registry, a favorable opinion of Sycip,      Salazar, Hernandez & Gatmaitman, Philippine counsel to the Credit      Parties, in form, scope and substance satisfactory to the Credit      Parties; |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xiii)   | 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 Loan Agreement;and |
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| (b)   | The      Obligors shall have paid to the Facility Agent an amendment fee of      $89,660. |
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| 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). |
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| 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 2 hereof and the extension of the Specified      Waivers 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 (a) such amendments      had not been made and (b) the Specified Waivers had not been extended by      this Agreement. |
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| 6   | EFFECT      OF AMENDMENTS AND WAIVERS |
|---------------|---------------------------------------|

| 6.1   | References.  Each      reference in the Original Loan Agreement to “this 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. |
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| 6.2   | Effect of amendments and      waivers.  Subject to the terms of this Second 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 Second 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 Second 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 Second Amendatory      Agreement and the First Amendatory Agreement;  and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 Second      Amendatory Agreement and the First Amendatory  Agreement. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.3   | No other amendments or waivers;      ratification.  Except as amended, waived or temporarily      waived 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 Guarantor acknowledges and agrees that the      Guaranty remains in full force and effect.  The Obligors      acknowledge and agree that the Loan Agreement shall, together with this      Second Amendatory Agreement, be read and construed as a single      agreement. |
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| 7   | REPRESENTATIONS      AND WARRANTIES |
|---------------|-------------------------------------|

| 7.1   | Authority.  The      execution and delivery by each of the Obligors of this Second 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. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2   | Enforceability.  This      Second 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 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 SECOND 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      Second 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 Second 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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 Second 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 Second      Amendatory Agreement are for convenience of reference only and shall not      define or limit the provisionshereof. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| BEDFORD      MARITIME CORP., as Borrower   By:  /s/ William J.      Carr                                             William J. Carr President                                                                                                                                                                                                                                                                                                                                                                                 | DVB      GROUP MERCHANT BANK (ASIA) LTD., as Lender  By       /s/ Martijn Van      Tuyl                                        Martijn van TuylAttorney-in-Fact                                                                                                                                                                                                                                                                                                                    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| BRIGHTON      MARITIME CORP., as Borrower   By:  /s/ William J.      Carr                                             William J. Carr President                                                                                                                                                                                                                                                                                                                                                                                | DVB      GROUP MERCHANT BANK (ASIA) LTD., as Facility Agent and Security      Trustee  By:/s/ Martijn Van      Tuyl                                 Martijn van TuylAttorney-in-Fact                                                                                                                                                                                                                                                                                                         |
| HARI      MARITIME CORP., as Borrower  By:  /s/ William J.      Carr                                             William J. Carr President  PROSPECT      NAVIGATION CORP., as Borrower  By:  /s/ William J.      Carr                                             William J. Carr President            | THE      GOVERNOR AND COMPANY OF THE BANK OF IRELAND, as Swap Bank  By:      /s/ Paul      Packard                                             Paul Packard Senior Manager  By:  /s/ Kimberly      Jones                                  Kimberly JonesManager  |
| HANCOCK      NAVIGATION CORP., as Borrower  By:  /s/ William J.      Carr                                             William J. Carr President  COLUMBUS      MARITIME CORP., as Borrower  By:  /s/ William J.      Carr                                             William J. Carr President    | NATIXIS,      as Swap Bank  By:      /s/ Susan      Bellanger                                     Susan Bellanger Authorized Signatory  By:       /s/ Bernard      Issautier                                        Bernard Issautier Authorized Signatory                      |
| WHITEHALL      MARINE TRANSPORT CORP.,as      Borrower  By:  /s/ William J.      Carr                                             William J. Carr President                                                                                                                                                                                                                                                                                                                                                                         | DVB      BANK SE, as Swap Bank   By:      /s/ Jane Freeberg Sarma      Jane Freeberg SarmaAttorney-in-Fact                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| TBS      INTERNATIONAL LIMITED,as      Guarantor  By:  /s/ William J.      Carr                                             William J. Carr President                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |