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| (1)   | ADIRONDACK      SHIPPING LLC, a Marshall Islands limited liability company, as Owner (the      “Owner”); |
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| (2)   | FAIRFAX      SHIPPING CORP., a Marshall Islands corporation, as bareboat Charterer (the      “Charterer”); |
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| (3)   | TBS      INTERNATIONAL LIMITED, a Bermuda company, as guarantor (the “Original Guarantor”);      and |
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| (4)   | 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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| (a)   | join      the Additional Guarantors as parties to the Charter so as to have them      become jointly and severally liable, together with the Original Guarantor,      for the obligations of the Original Guarantor hereunder (including,      without limitation, the Guarantee Obligations pursuant to Clause 53 of the      Charter; and |
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| (b)   | amend      certain provisions of the Charter. |
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| 1   | DEFINITIONS |
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| 2   | JOINDER      OF TBSPLC AND TBSHL AS JOINT AND SEVERAL  GUARANTORS |
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| 2.1   | Joinder of Additional      Guarantors.  In consideration of the Owner’s 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 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 Original    Guarantor; |
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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, |
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| 2.2   | Acceptance of      Guarantors.  The Owner hereby acknowledges and accepts      TBSPLC and TBSHL as joint and several Guarantors with the Original      Guarantor pursuant to the terms and conditions of the Charter (including,      without limitation, the Guarantee Obligations pursuant to Clause 53      hereof, as amended hereby). |
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| 3   | AMENDMENTS      TO THE CHARTER |
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| 3.1   | Amendments.  The      parties hereto agree to amend the Charter as follows with effect on and      from the date hereof: |
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| (a)   | All      references in the Charter 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)   | Clause      35(3) is amended and restated to read as  follows: |
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|   | “(3) | For      the duration of the Charter Period, and until all Charter Party      Obligations have been fulfilled and satisfied, the Guarantors      covenant: |
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| (i)   | either: |
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|   | (x) | the      financial covenants set forth in Section 7.13 of the Amended and Restated      Credit Agreement dated as of March 26, 2008, as amended or supplemented      from time to time, among Albemarle Maritime Corp., Arden Maritime Corp.,      Avon Maritime Corp., Birnam Maritime Corp., Bristol Maritime Corp.,      Chester Shipping Corp., Cumberland Navigation Corp., Darby Navigation      Corp., Dover Maritime Corp., Elrod Shipping Corp., Exeter Shipping Corp.,      Frankfort Maritime Corp., Glenwood Maritime Corp., Hansen Shipping Corp.,      Hartley Navigation Corp., Henley Maritime Corp., Hudson Maritime Corp.,      Jessup Maritime Corp., Montrose Maritime Corp., Oldcastle Shipping Corp.,      Quentin Navigation Corp., Rector Shipping Corp., Remsen Navigation Corp.,      Sheffield Maritime Corp., Sherman Maritime Corp., Sterling Shipping Corp.,      Stratford Shipping Corp., Vedado Maritime Corp., Vernon Maritime Corp.,      Windsor Maritime Corp. and other persons named therein from time to time      as Borrowers, (ii) the Original Guarantor as Holdings, (iii) TBS Shipping      Services Inc. as Administrative Borrower, (iv) each lender from time to      time party thereto as Lenders and (v) Bank of America, N.A. as      Administrative Agent, Swing Line Lender and L/C Issuer, upon the terms and      conditions of which a $267.5 million credit facility was made available to      the Borrowers named therein (the “Bank of America Credit Facility      Agreement”); or |
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|   | (y) | such      other financial covenants temporarily permitted under the Bank of America      Credit Facility Agreement in lieu of the financial covenants set forth in      Section 7.13 thereof pursuant to any amendment or waiver executed in      respect of the Bank of America Credit Facility  Agreement, |
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| (ii)   | clauses      10.2(h)(ii) and 10.2(i)(i) of the Loan Agreement dated as of January 16,      2008, as amended by the First Amendatory Agreement thereto dated as of      March 23, 2009 and the Second Amendatory Agreement thereto dated as of      December 31, 2009, among (i) Bedford Maritime Corp., Brighton Maritime      Corp., Hari Maritime Corp., Prospect Navigation Corp., Hancock Navigation      Corp., Columbus Maritime Corp. and Whitehall Marine Transport Corp. as      Borrowers, (ii) the Guarantor as Guarantor, (iii) the banks and financial      institutions named therein as Lenders, (iv) DVB Group Merchant Bank (Asia)      Ltd. as Facility      Agent and Security Trustee, (v) The Governor and Company of the Bank of      Ireland (“BOI”) as      Payment Agent, (vi) DVB Bank SE, BOI and Natixis as Swap Banks and (vii)      Mount Washington LLC as Arranger; |
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| (b)   | to      promptly inform the Owner in the event the Guarantors are not in      compliance with any of the requirements of clause (a) above;      and |
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| (c)   | to      subordinate any and all claims of whatever nature which any Guarantor has      or may hereafter have against the Charterer to any and all claims of      whatever nature which the Owner has or may hereafter have against the      Charterer during the Charter Period and until all Charter Party      Obligations have been fulfilled.” |
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| (c)   | Clause      53 is amended and restated to read asfollows: |
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|   | (a) | In      consideration of the Commitments of the Owner, the Guarantors hereby      unconditionally and irrevocably guarantee, jointly and severally, to the      Owner, as primary obligors and not as mere sureties (i) the full and      prompt payment of all amounts payable by the Charterer under the terms of      this Charter, including but not limited to Charter Hire; insurance      premiums and P&I calls; costs and fees, as the same shall become due      and payable, whether at the stated time for payment thereof, or by      acceleration upon a Charterparty Event of Default; (ii) the full and      prompt payment of any indemnity for loss, claim, expense or liability that      the Owner may suffer or incur by reason of or in connection with this      Charter, or the operation, use or employment of the Vessel; and (iii) the      full and prompt performance and observance by the Charterer of all      obligations, undertakings, covenants and agreements required to be      performed and observed by the Charterer under the terms of this Charter      (items (i) through (iii), the “Guarantee  Obligations”). |
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|   | (b) | All      payments by the Guarantors shall be paid in the lawful currency of the      United States.  Each and every default in the payment or      performance of the Guarantee Obligations, shall give rise to a separate      cause of action hereunder, and separate suits may be brought as each cause      of action arises. |
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|   | (c) | The      Guarantors further agree that the Guarantee Obligations constitute an      absolute, unconditional, present and continuing guarantee of performance      and payment and not of collection, and waive any right to require that any      resort be had by the Owner to (i) any security held by or for the benefit      of the Owner for payment or performance of the Guaranteed Obligations;      (ii) the Owner’s right against any other person, or (iii) any other right      or remedy available to the Owner by contract, applicable law, or      otherwise.  The Guarantee Obligations are direct, unconditional      and completely independent of the obligations of any other person or      entity, and a separate cause of action or separate causes of action may be      brought and prosecuted against the Guarantor without the necessity of any      other party or previous proceeding with or exhausting any other remedy      against any other person who might have become liable for the Guarantee      Obligations or of realizing upon any security held by or for the benefit      of the Owner. |
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|   | (d) | The      Guarantors shall pay to the Owner all reasonable costs and expenses      (including, without limitation, reasonable attorneys’ fees) incurred by      the Owner upon the occurrence of a Charterparty Event of Default under the      terms of this Charter. |
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| (a)   | the      invalidity, irregularity, illegality, frustration or unenforceability of,      or any defect in this Charter or any collateral document related      hereto; |
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| (b)   | any      present or future law or order of any government (de jure or de facto) or of any      agency thereof purporting to reduce, amend or otherwise affect this      Charter or to vary any terms ofpayment; |
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| (c)   | the      waiver, compromise, settlement, release, extension, change, modification      or termination of any or all of the obligations of (x) the Charterer under      this Charter (except by payment in full of all amounts due or payable      under this Charter) or (y) the Guarantors with respect to the Guarantee      Obligations (except by payment in full of all the Guarantee Obligations      hereunder); |
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| (d)   | the      failure to give notice to the Guarantor of the occurrence of a      Charterparty Event of Default under theCharter; |
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| (e)   | the      modification or amendment (whether material or otherwise) of any Guarantee      Obligation under this Charter; |
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| (f)   | the      taking of, or the omission to take, any of the actions referred to in this      Charter; |
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| (g)   | any      failure, omission, delay, or lack on the part of the Owner to enforce,      assert or exercise any right, power or remedy conferred on the Owner in      this Charter; |
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| (h)   | the      voluntary or involuntary liquidation, dissolution, sale or other      disposition of all or substantially all the assets, marshalling of assets      and liabilities, receivership, insolvency, bankruptcy, assignment for the      benefit of creditors, reorganization, arrangement or composition with      creditors or readjustment of, or other similar proceedings affecting any      Guarantor or any of its assets; |
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| (i)   | any      event or action that would, in the absence of this Clause, result in the      release or discharge of any Guarantor from the performance or observance      of any of the Guarantee Obligations, other than the performance      thereof; |
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| (j)   | the      default or failure of any Guarantor to fully perform any of its Guarantee      Obligations; |
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| (k)   | any      other circumstances which might otherwise constitute a legal or equitable      discharge or defense of a surety or aguarantor; |
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| (l)   | the      actual or purported assignment of this Charter or of any of the Guarantee      Obligations; |
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| (m)   | to      the extent permitted by law, the release or discharge of any Guarantor      from the performance or observance of any guaranteed obligation, covenant      or agreement contained herein by operation of  law; |
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| (n)   | any      limitation on the liability or obligations of the Charterer under this      Charter or any termination, cancellation, frustration, invalidity or      unenforceability, in whole or in part, of this Charter, or any term      thereof; |
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| (o)   | the      merger or consolidation or any sale, lease or transfer of any or all of      the assets of the Charterer or any Guarantor to any person;    or |
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| (p)   | any      other occurrence whatsoever, whether similar or dissimilar to the      foregoing. |
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| 4   | MISCELLANEOUS |
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| 4.1   | References.  Each      reference in the Charter to “this Charter”, “hereunder”, “hereof”,      “herein” or words of like import shall mean and refer to the Charter as      amended hereby. |
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| 4.2   | Effect of this      Agreement.  Subject to the terms of this Agreement, with      effect on and from the date hereof, the Charter shall be, and shall be      deemed by this Agreement to have been, amended upon the terms and      conditions stated herein and, as so amended, the Charter shall continue to      be binding on each of the parties to it in accordance with its terms as so      amended. |
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| 4.3   | No other      amendments.  Except as amended hereby, all other terms      and conditions of the Charter remain unchanged and the Charter is hereby      ratified and confirmed.  Without limiting the foregoing, each      Guarantor ratifies and confirms that its guarantee under Clause 53 of the      Charter, as amended hereby. |
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| 4.4   | Governing      Law.  This Agreement and the rights and obligations of      the parties hereunder shall be governed by, and construed in accordance      with, Clause 26.2 of the Charter. |
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| 4.5   | Counterparts.  This      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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| 4.6   | Severability.  Any      provision of this 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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| 4.7   | Payment of      Expenses.  The parties hereto agree to pay or reimburse      each of DVB Bank SE and DVB Bank America N.V. (collectively, the “Credit Parties”) for all      reasonable expenses in connection with the preparation, execution and      carrying out of this 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 theforegoing. |
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| ADIRONDACK      SHIPPING LLC, as Owner   By:      /s/ Asandro Van      AerdeName: Asandro      Van Aerde Title:      Secretary                                                                                                      | FAIRFAX      SHIPPING CORP., as Charterer   By:      /s/ Christophil B.      Costas                         Christophil B.CostasAttorney-in-Fact        |
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| TBS      INTERNATIONAL 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 |
| TBS      HOLDINGS LIMITED, as Guarantor   By:/s/ Christophil B.      Costas                         Christophil B.CostasAttorney-in-Fact            |                                                                                                                                                                                                                                                                       |