|   | DATED      11 JUNE 2008 |   |
|--------|-------------------------|--------|

| SUPPLEMENTAL      AGREEMENT                                                        |
|------------------------------------------------------------------------------------|
|                                                                               |
|  relating to      a                                                           |
|                                                                               |
|  Revolving Credit Facility of      originally $360,000,000 provided by        |
|                                                                               |
|  the      banks and financial institutions listed in Schedule 1 Part      (a) |
|                                                                               |
|                                                                               |

| BANK      OF SCOTLAND plc                                                 | (1)    |
|---------------------------------------------------------------------------|--------|
|                                                                      |   |
| (formerly      known as The Governor and Company of the Bank of Scotland) |   |
|                                                                      |   |
|                                                                      |   |
| and                                                                       |   |
|                                                                      |   |
|                                                                      |   |
|                                                                      |   |
| ARIES      MARITIME TRANSPORT LIMITED                                     | (2)    |

----

| Clause |              |  Page |
|--------|-------------------|------------|
|   |              |       |
| 1      | Definitions  | 2          |

| 2 | Agreement      of Agent  | 3 |
|---|-------------------------------|---|

| 3 | Amendments      to Principal Agreement  | 4 |
|---|----------------------------------------------|---|

| 4 | Representations      and warranties  | 6 |
|---|-------------------------------------------|---|

| 5 | Conditions  | 8 |
|---|------------------|---|

| 6 | Security      Documents  | 9 |
|---|-------------------------------|---|

| 7 | Fees      and expenses  | 10 |
|---|------------------------------|----|

| 8 | Miscellaneous      and notices  | 10 |
|---|--------------------------------------|----|

| 9 | Applicable      Law  | 11 |
|---|---------------------------|----|

| Schedule      1 |   |  12 |
|-----------------|--------|----------|

| Part      (a) The Banks |   |  12 |
|-------------------------|--------|----------|

| Part      (b) The Co-Arrangers |   |  14 |
|--------------------------------|--------|----------|

| Part      (c) The Swap Banks |   |  15 |
|------------------------------|--------|----------|

| Schedule      2 Form of Supplemental Letter |   |  16 |
|---------------------------------------------|--------|----------|

| Schedule      3 |   |  18 |
|-----------------|--------|----------|

| Form      of Mortgage Addendum |   |  18 |
|--------------------------------|--------|----------|

----

| (1)   | ARIES MARITIME TRANSPORT      LIMITED, a company incorporated in Bermuda with its registered      office at Canon’s Court, 22 Victoria Street, Hamilton, Bermuda HM EX (the      “Borrower”); |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | BANK OF SCOTLAND plc      (formerly The Governor and Company of the Bank of Scotland) acting      for the purposes of this Agreement through its office at Marine Finance,      2nd Floor Pentland House, 8 Lochside Avenue, Edinburgh, Scotland EH12 9DJ      (the “Agent”) in      its capacity as Agent, security agent and trustee for the Finance      Parties. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A)   | this      Agreement is supplemental to a facility agreement dated 3 April 2006 (the      “Original Agreement”)      and made between (1) the Borrower (2) the banks and financial      institutions as set out in Schedule 1 part (a) of this Agreement and      Schedule 1 part 1 of the Principal Agreement (the “Banks”), (3) Bank of      Scotland plc and Nordea Bank Finland plc as joint lead arrangers (the      “Arrangers”) (4)      the banks and financial institutions as set out in Schedule 1 part (b) of      this Agreement and Schedule 1 part 3 to the Principal Agreement in their      capacity as co-arrangers (the “Co-Arrangers”), (5) the      banks and financial institutions as set out in Schedule 1 part (c) of this      Agreement and Schedule 1 part 2 to the Principal Agreement in their      capacity as swap banks (the “Swap Banks”) and (6)      the Agent (and together with the Banks, the Arrangers, the Co-Arrangers      and the Swap Banks, the “Finance Parties” and      each a “Finance Party”)      as agent, security agent and trustee on behalf of the Finance      Parties, pursuant to which the Banks agreed to make available to the      Borrower upon the terms and conditions therein the aggregate sum of up to      three hundred and sixty million Dollars ($360,000,000) (the “Loan”) as supplemented      and amended by a first supplemental agreement dated 24 August 2006 (the      “First Supplemental      Agreement”), a second supplemental agreement dated 23 January 2007      (the “Second Supplemental      Agreement”), a third supplemental agreement dated 2 March 2007 (the      “Third Supplemental      Agreement”), a fourth supplemental agreement dated 1 August 2007      (the “Fourth Supplemental      Agreement”) and a side letter dated 3 August 2007 (the “Side Letter”) each made      between the Borrower and the Agent (acting as Agent, security agent and      trustee for the Finance Parties) (the Original Agreement as supplemented      and amended by the First Supplemental Agreement, the Second Supplemental      Agreement, the Third Supplemental Agreement, the Fourth Supplemental      Agreement and the Side Letter, the “Principal      Agreement”); |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B)   | the      Borrower has requested that: |
|-----------------|---------------------------------------|

|   | (i)   | there      be a further relaxation of the interest coverage ratio set out at clause      8.7.4 of the Principal Agreement (as previously amended pursuant to the      Third Supplemental Agreement and the Side Letter dated 3 August 2007);      and |
|--------|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii)   | the      Agent confirms its approval to the executionby: |
|--------|------------------|----------------------------------------------------------|

----

|   | (a)   | Olympic      Galaxy Shipping Ltd. of a Memorandum of Agreement dated 8 March 2008      pursuant to which it has agreed to sell its Marshall Islands flag vessel      m.v. “ENERGY 1” to Blunt Capital Corp.;and |
|--------|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b)   | Dynamic      Maritime Company of a Memorandum of Agreement dated 8 March 2008 pursuant      to which it has agreed to sell its Marshall Islands flag vessel m.v. “MSC      OSLO” to Tal Overseas S.A.; and |
|--------|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii)   | the      Agent consents to the sale by Vintage Marine S.A. of its Marshall Islands      flag vessel m.t. “ARIUS” to T. Klaveness Shipping A.S. or a company to be      nominated by T. Klaveness ShippingA.S. |
|--------|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1   | Definitions |
|---------------|-------------|

| 1.1   | Defined      expressions |
|-----------------|--------------------------|

| 1.2   | Definitions |
|-----------------|-------------|

----

| 1.3   | Principal      Agreement |
|-----------------|--------------------------|

| 1.4   | Headings |
|-----------------|----------|

| 1.5   | Construction      of certain terms |
|-----------------|------------------------------------|

| 2   | Agreement      of Agent |
|---------------|-------------------------|

| 2.1   | Agreement |
|-----------------|-----------|

|   | (a)   | agrees      to a further relaxation of the interest coverage ratio set out at clause      8.7.4 of the Principal Agreement (as previously amended pursuant to the      Third Supplemental Agreement and the Side Letter);  and |
|--------|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b)   | confirms      its approval to the execution by: |
|--------|-----------------|-------------------------------------------------|

|   | (i)   | Olympic      Galaxy Shipping Ltd. of a Memorandum of Agreement dated 8 March 2008      pursuant to which it has agreed to sell its Marshall Islands flag vessel      m.v. “ENERGY 1” to Blunt Capital Corp.;and |
|--------|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii)   | Dynamic      Maritime Company Ltd. of a Memorandum of Agreement dated 8 March 2008      pursuant to which it has agreed to sell its Marshall Islands flag vessel      m.v. “MSC OSLO” to Tal Overseas S.A.;and |
|--------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c)   | consents      to the sale by Vintage Marine S.A. of its Marshall Islands flag vessel      m.t. “ARIUS” to T. Klaveness Shipping A.S. or a company to be nominated by      T. Klaveness Shipping A.S. |
|--------|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3   | Amendments      to Principal Agreement |
|---------------|----------------------------------------|

| 3.1   | Amendments |
|-----------------|------------|

| 3.1.1   | The      definition of “Margin” in clause 1.2 of the Principal Agreement shall be      deleted and      replaced with the following: |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Corporate      Leverage  | Margin                 |
|--------|-------------------------------|-----------------------------|
|   | <      50%                 | 1.125%      per annum  |
|   | >50%      but < 60%     | 1.250%      per annum  |
|   | > 60% but      < 65%    | 1.375%      per annum  |
|   | >      65%                 | 1.500%      per annum  |

| 3.1.2   | the      following definitions contained in clause 8.6 of the Principal Agreement      shall be deleted and the following new definitions be deemed to be      inserted in their place as of, and with effect from, 31 December      2007: |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.1.3   | clause      8.7.4 of the Principal Agreement shall be deleted and the following new      clause      inserted in its place: |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------|

|   | (a)   | ending      on 31 December 2007, 31 March 2008 and 30 June 2008 the aforesaid ratio      shall be not less than 2.25 to 1.00;and |
|--------|-----------------|----------------------------------------------------------------------------------------------------------------------------------|

|   | (b)   | ending      on 30 September 2008 the aforesaid ratio shall be not less than 2.75 to      1.00. |
|--------|-----------------|------------------------------------------------------------------------------------------------|

| 3.1.4   | The      Commitment shall as from 3 April 2008 be reduced from three hundred and      sixty      million Dollars ($360,000,000) to two hundred and ninety million Dollars      ($290,000,000). |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1.5   | The      Borrower shall in no circumstances whatsoever declare or pay any dividends      or distribute any of its present or future assets, undertakings, rights or      revenues to any of its shareholders for the Financial Quarter (as defined      in clause 8.6 of the Principal Agreement) ended on 31 December      2007. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.1.6   | From      the date of this Agreement until 31 December 2008 any and all requests by      the Borrower made pursuant to sub-clauses 8.3.5, 8.3.7 and 8.3.8 of the      Principal Agreement as supplemented and amended by this Agreement shall be      subject to the unanimous approval of all the  Banks. |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2   | Sale      of Ships |
|-----------------|--------------------|

| 3.2.1   | In      consideration of the Agent’s agreement contained in clause 2.1 the      Borrower has agreed with the Agent that on or before 30 June 2008 (for the      purposes of this clause 3.2.1 the “Prepayment Period”) the      Borrower shall make a prepayment of the Loan so that the Loan shall be      reduced from two hundred and eighty four million eight hundred thousand      Dollars ($284,800,000) to two hundred million Dollars ($200,000,000). The      reduction of the Loan shall be achieved by the Borrower procuring the sale      of the Relevant Ships and other Ships by the Relevant Owners and other      Owners and the application of the entire sale proceeds of the Relevant      Ships and other Ships in prepayment of the Loan. In the event that any      such sale of a Relevant Ship or other Ship is not completed by the expiry      of the Prepayment Period the Agent may, in its sole and absolute      discretion and to the extent that the Agent is satisfied that the Relevant      Ship or other Ship is subject to a legally binding Memorandum of Agreement      in a form and substance acceptable to the Agent, extend the Prepayment      Period by up to three (3) months. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2.2   | For      the avoidance of doubt and not withstanding the provisions of clause 3.2.1      the Borrower shall procure and ensurethat: |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (a)   | under      no circumstances shall any Owner bind itself in any way to sell its Ship      and/or enter into any agreement for the sale of its Ship without the prior      written consent of the Arrangers;and |
|--------|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b)   | the      entire sale proceeds of each of the Relevant Ships and any other Ships to      be sold by an Owner in order to satisfy the provisions of clause 3.2.1      shall be applied in full in prepayment of the  Loan. |
|--------|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3   | Continued      force and effect |
|-----------------|---------------------------------|

| 4   | Representations      and warranties |
|---------------|-------------------------------------|

| 4.1   | Primary      representations and warranties |
|-----------------|---------------------------------------------|

| 4.1.1   | Existing      representations and warranties |
|-------------------|----------------------------------------------|

----

| 4.1.2   | Corporate      power |
|-------------------|----------------------|

| 4.1.3   | Binding      obligations |
|-------------------|--------------------------|

| 4.1.4   | No      conflict with other obligations |
|-------------------|-----------------------------------------|

| 4.1.5   | No      filings required |
|-------------------|--------------------------|

----

| 4.1.6   | Choice      of law |
|-------------------|--------------------|

| 4.1.7   | Consents      obtained |
|-------------------|------------------------|

| 4.2   | Repetition      of representations and warranties |
|-----------------|---------------------------------------------------|

| 5   | Conditions |
|---------------|------------|

| 5.1   | Documents      and evidence |
|-----------------|-----------------------------|

| 5.1.1   | the      Supplemental Letters duly executed; |
|-------------------|----------------------------------------------|

| 5.1.2   | evidence      as to the due authority of the person(s) executing this Agreement and the      Supplemental Letters; |
|-------------------|--------------------------------------------------------------------------------------------------------------------|

| 5.1.3   | evidence      that the Borrower has properly and validly executed this Agreement and      that the provisions of this Agreement are binding upon  it; |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.1.4   | evidence      that each Security Party has properly and validly executed a Supplemental      Letter in relation to those Security Documents to which it is a party and      that the provisions of the relevant Supplemental Letter are binding upon      it; |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.1.5   | evidence      that the Borrower and each of the other Security Parties have obtained all      consents and authorisations necessary to enable each of them to enter into      this Agreement (in the case of the Borrower) and the Supplemental Letters      (in the case of the Security Parties) and all documents and other      instruments to be executed by each of them in connection therewith or      pursuant thereto; |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.1.6   | evidence      that the Borrower, each Owner and the Manager are in good standing under      the      laws of their respective places of  incorporation; |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.1.7   | evidence      that the Mortgage Addenda have been properly and validly executed and      registered against each of the Ships through the Maritime and Corporate      Administrator of the Republic of the Marshall  Islands; |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.1.8   | legal      opinions in relation to the laws of the Marshall Islands and the laws of      Bermuda each in favour of the Agent confirming (inter alia) the due      execution of each of the RelevantDocuments; |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.1.9   | the      Memorandum of Agreement relating to each of the Relevant      Ships; |
|-------------------|-------------------------------------------------------------------------------|

| 5.1.10   | evidence      that each Relevant Owner and each buyer party to a Memorandum of Agreement      referred to at clause 5.1.9 have properly and validly executed the said      Memorandum of Agreement and that the said Memorandum of Agreement is      binding upon each of them; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.1.11   | an      original or certified true copy of a letter from the Borrower’s agent for      receipt of service of proceedings accepting its appointment under this      Agreement as the Borrower’s processagent. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2   | General      conditions precedent |
|-----------------|-----------------------------------|

| 5.2.1   | the      representations and warranties in clause 4 being true and correct on the      Effective Date as if each was made with respect to the facts and      circumstances existing at such time;and |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2.2   | no      Default having occurred and continuing at the time of the Effective      Date. |
|-------------------|----------------------------------------------------------------------------------------|

| 5.3   | Waiver      of conditions precedent |
|-----------------|-------------------------------------|

| 6   | Security      Documents |
|---------------|-------------------------|

| 6.1.1   | each      of the Security Documents to which it is a party, and its obligations      thereunder, shall remain in full force and effect notwithstanding the      amendments made to the Principal Agreement by this Agreement;      and |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.1.2   | with      effect from the Effective Date, references to “the Agreement” or “the      Facility Agreement” in any of the other Security Documents to which it is      a party shall henceforth be a reference to the Principal Agreement as      amended by this Agreement and as from time to time hereafter      amended. |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7   | Fees      and expenses |
|---------------|------------------------|

| 7.1   | Fee |
|-----------------|-----|

| 7.2   | Expenses |
|-----------------|----------|

| 7.2.1   | in      connection with the negotiation, preparation, execution and, where      relevant, registration      of this Agreement and the other Relevant Documents and of any amendment or      extension of or the granting of any waiver or consent under this Agreement      or the other Relevant Documents; |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2.2   | in      contemplation of, or otherwise in connection with, the enforcement of, or      preservation      of any rights under this Agreement or the other Relevant Documents or      otherwise in respect of the monies owing and obligations incurred under      this Agreement and the other RelevantDocuments, |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3   | Value      Added Tax |
|-----------------|----------------------|

| 7.4   | Stamp      and other duties |
|-----------------|-----------------------------|

| 8   | Miscellaneous      and notices |
|---------------|--------------------------------|

| 8.1   | Notices |
|-----------------|---------|

----

| 8.2   | Counterparts |
|-----------------|--------------|

| 9   | Applicable      law |
|---------------|---------------------|

| 9.1   | Law |
|-----------------|-----|

| 9.2   | Submission      to jurisdiction |
|-----------------|---------------------------------|

----

|  Name                                           |  Address      and fax                                                                                                                                                                                                           |
|-----------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Bank      of Scotland plc                                 | 2nd      Floor, Pentland House 8      Lochside AvenueEdinburgh      EH12 9DJScotlandFax:      +44 131 659 0387                                                                                                                            |
|                                                      |                                                                                                                                                                                                                                      |
| Nordea      Bank Finland plc, London Branch               | 8th      FloorCity      Place House55      Basinghall Street London EC2V      5HB EnglandFax:      +44 207 726 9188                                                                                                                       |
|                                                      |                                                                                                                                                                                                                                      |
| HSH      Nordbank AG                                      | HSH      Nordbank AGGerhart      - Hauptmann-Platz 50 20095      HamburgGermanyFax:      +49 40 3333 34118                                                                                                                                |
|                                                      |                                                                                                                                                                                                                                      |
| The      Governor and Company of the Bank of Ireland      | Lower      Baggot Street Dublin 2IrelandFax:      +353 1 611 5411   Att:John      Hartigan                                                                                                                                      |
|                                                      |                                                                                                                                                                                                                                      |
| Sumitomo      Mitsui Banking Corporation, Brussels Branch | Avenue      des Arts 58Box      181000      Brussels, BelgiumFax:      +44 (0)207 786 1569Att:      European Loan Operations Email:lesley_kelly@gb.smbcgroup.com,ainsley_bastick@gb.smbcgroup.comwith      copy toFax:      +32 2 5131601 |

----

|  Name                                             |  Address      and fax                                                                                                                                                                                                                                                                                                                                |
|-------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                        | Att:      Jean-Luc RenardEmail:      jean-luc_renard@be.smbcgroup.com                                                                                                                                                                                                                                                                                     |
|                                                        |                                                                                                                                                                                                                                                                                                                                                      |
| Bayerische      Hypo- and Vereinsbank AG                    | Kardinal-Faulhaber-Str.180311      Miinchen acting through its office at Alter Wall 2220457      HamburgGermanyFax:      +49 40 3692 3696                                                                                                                                                                                                                 |
|                                                        |                                                                                                                                                                                                                                                                                                                                                      |
| Commerzbank      Aktiengesellschaft                         | Hamburg      Branch Ness      7-9,D-20457      Hamburg GermanyFax:            +49      (0)40 3683 2049Att:            Bjorn      BrandmahlEmail:        bjoern.brandmaehl@commerzbank.com |
|                                                        |                                                                                                                                                                                                                                                                                                                                                      |
| General      Electric Capital Corporation                   | c/o      GE Transportation Finance 201      High Ridge RoadStamford,      Connecticut      06927USAFax:      +1 203 585 0597                                                                                                                                                                                                                              |
|                                                        |                                                                                                                                                                                                                                                                                                                                                      |
| Natixis      (formerly known as Natexis Banques Populaires) | 68/67      Quai de la Rapee 75012 ParisFranceFax:      +33 1 58 19 36 72/ 60Att:      Amelie Zucchi and Didier BergerEmail: amelie.zucchi@natixis.fr / didier.berger@natixis.fr                                                                                                                                                                      |
|                                                        |                                                                                                                                                                                                                                                                                                                                                      |
| Swedbank      AB (Publ)                                     | Brunkebergstorg      8Swedbank      Shipping E421 SE-105      34 Stockholm SwedenFax:      +46      8 723 7150Att:     Dagobert      Billsten and/or Karin NilssonEmail: dagobert.billsten@swedbank.se/      karin.nilsson@swedbank.se                                                             |
|                                                        |                                                                                                                                                                                                                                                                                                                                                      |

----

|  Name                                               |  Address      and fax                                                                                                                                                                                                                                                                                                     |
|---------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| The      Governor and Company of theBank      of Ireland      | Lower      Baggot StreetDublin      2Ireland Fax:      +353 1 604 4796Att:      Ann Marie DoddEmail:      annmarie.dodd@boimail.com                                                                                                                                                                                       |
|                                                          |                                                                                                                                                                                                                                                                                                                           |
| HSH      Nordbank AG                                          | HSH      Nordbank AGGerhart      - Hauptmann-Platz 5020095      HamburgGermany Fax:      +49 40 3333 34118                                                                                                                                                                                                                |
|                                                          |                                                                                                                                                                                                                                                                                                                           |
| Sumitomo      Mitsui BankingCorporation,      Brussels Branch | Avenue      des Arts 58Box      181000      Brussels, Belgium Fax:      +44 (0)207 786 1569Att:      European Loan OperationsEmail:      lesley_kelly@gb.smbcgroup.com,ainsley_bastick@gb.smbcgroup.com with      copy toFax:      +32 2 5131601Att:      Jean-Luc RenardEmailjean-luc_renard@      be.smbcgroup.com |
|                                                          |                                                                                                                                                                                                                                                                                                                           |

----

|  Name                                      |  Address      and fax                                                                                                               |
|------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------|
| Bank      of Scotland plc                            | 2nd      Floor, Pentland House8      Lochside AvenueEdinburgh      EH12 9DJScotland Fax:      +44 131 659 0387                      |
|                                                 |                                                                                                                                     |
| HBOS      Treasury Services plc                      | 33      Old Broad StreetLondonEC2N      1HZEngland Fax:      +44 20 7574 8133                                                       |
|                                                 |                                                                                                                                     |
| Nordea      Bank Finland plc, London Branch          | 8th      FloorCity      Place House55      Basinghall StreetLondon      EC2V 5HBEngland Fax:      +44 207 726 9188                  |
|                                                 |                                                                                                                                     |
| The      Governor and Company of the Bank of Ireland | Lower      Baggot StreetDublin      2Ireland Fax:      +353 1 604 4796Att:      Ann Marie DoddEmail:      annmarie.dodd@boimail.com |
|                                                 |                                                                                                                                     |
| HSH      Nordbank AG                                 | HSH      Nordbank AGGerhart      - Hauptmann-Platz 5020095      HamburgGermany Fax:      +49 40 3333 34118                          |
|                                                 |                                                                                                                                     |
| SMBC      Capital Markets, Inc.                      | 277      Park Avenue, 5th FloorNew      York, NY      10172USA Fax      : +1 212 224 4948                                           |
|                                                 |                                                                                                                                     |

----

| To: | Bank      of Scotland plc |
|-----|---------------------------|

|   | Marine      Finance |
|--------|---------------------|

|   | 2nd      Floor |
|--------|----------------|

|   | Pentland      House |
|--------|---------------------|

|   | 8      Lochside Avenue |
|--------|------------------------|

|   | Edinburgh      EH12 9DJ |
|--------|-------------------------|

|   | (a) | the      Security Documents (as defined in the Loan Agreement) to which we are a      party, and our obligations thereunder, shall remain and continue in full      force and effect notwithstanding the said amendments to the Principal      Agreement contained in the Supplemental Agreement and/or the sale of any      of the Relevant Ships or any other Ships as envisaged in clause 3.2.1 of      the Supplemental Agreement; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | with      effect from the date upon which the conditions set out in clause 5 of the      Supplemental Agreement have been satisfied, references in the Security      Documents to which we are a party to “the Agreement” or “the Facility      Agreement” shall henceforth be references to the Principal Agreement as      amended and supplemented by the Supplemental Agreement and as from time to      time hereafter amended and shall also be deemed to include the      Supplemental Agreement, any applicable Mortgage Addendum and the      obligations of the Borrowerthereunder. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| SIGNED, SEALED and      DELIVERED as a DEED                                                                                                                     | )      |                                              |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|
| by                                                                                                                                                              | )      |                                              |
| for      and on behalf of                                                                                                                                       | )      |                                              |
| [ALL      OTHER SECURITY PARTIES]                                                                                                                               | )      | ..................... |
| pursuant      to board resolutions                                                                                                                              | )      | Attorney-in-fact                                  |
| dated                              2008 | )      |                                              |
| in      the presence of:                                                                                                                                        | )      |                                              |
|                                                                                                                                                            |   |                                              |
| ...............................WitnessName:Address:Occupation:                                                          |   |                                              |

----

----

| (1)        | <OWNER NAME>, a      company duly existing in accordance with the laws of the Marshall Islands      having its registered office at Trust Company Complex, Ajeltake Road,      Ajeltake Island, Majuro, Marshall Islands (the “Owner”); |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       |                                                                                                                                                                                                                                                      |
|  AND: |                                                                                                                                                                                                                                                      |
|       |                                                                                                                                                                                                                                                      |

|  (2)     | BANK      OF SCOTLAND plc (formerly The Governor and Company of the Bank of      Scotland), acting for the purposes of this Addendum through its office at      Marine Finance, 2nd Floor Pentland House, 8 Lochside Avenue, Edinburgh,      Scotland, EH12 9DJ (the "Mortgagee") as security agent and trustee for the      benefit of itself and each of the other Finance Parties (as defined in the      Mortgage defined below. |
|-----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | The      Owner granted a First Preferred Ship Mortgage dated <Mortgage Date>      on its Marshall Islands flag vessel, <VESSEL NAME>,      Official Number <Official Number>, which was recorded on      <Date Recorded> with the Maritime Administrator of the Marshall      Islands in Book PM <Book>, Page <Page>, at <Time with am      pm>, <Time Zone>. (the “Mortgage,” unless      otherwise defined herein, capitalized terms used herein shall have the      meanings ascribed to them in theMortgage). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | The      Borrower, the Mortgagee (acting as Agent, security agent and trustee for      the Finance Parties) and others entered into a Facility Agreement on April      3, 2006, which was supplemented and amended by a first supplemental      agreement dated 24 August 2006 in the form annexed hereto as Schedule 4      (the “First Supplemental      Agreement”), a second supplemental agreement dated 23 January 2007      in the form annexed hereto as Schedule 5 (the “Second Supplemental      Agreement”), a third supplemental agreement dated 2 March 2007 in      the form (excluding schedules) annexed hereto as Schedule 6 (the “Third Supplemental      Agreement”), a fourth supplemental agreement dated 1 August 2007 in      the form annexed hereto as Schedule 7 (the “Fourth Supplemental      Agreement”), a side letter dated 3 August 2007 in the form annexed      hereto as Schedule 8 (the “Side Letter”) and a      fifth supplemental agreement dated the date hereof in the form annexed      hereto as Schedule 9 (the “Fifth Supplemental Agreement”)      each made between the Borrower and the Mortgagee (acting as Agent,      security agent and trustee for the Finance  Parties). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (C) | It      is a condition to the effectiveness of the Fifth Supplemental Agreement      that the Owner grants this Addendum to the  Mortgage. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | AMENDMENTS TO      MORTGAGE |
|----|-----------------------------|

| 1.1 | The      address of the Mortgagee is hereby amended to Marine Finance, 2nd Floor      Pentland House, 8 Lochside Avenue, Edinburgh, Scotland EH12      9DJ. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | The      term “Facility Agreement” wherever it appears in the Mortgage shall mean      the Facility Agreement as amended and supplemented by the First      Supplemental Agreement, the Second Supplemental Agreement, the Third      Supplemental Agreement, the Fourth Supplemental Agreement, the Side Letter      and the Fifth SupplementalAgreement. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | Each      of Schedules 4 through 9 inclusive annexed hereto are added as Schedules 4      through 9 to the Mortgage. |
|-----|----------------------------------------------------------------------------------------------------------------------|

| 1.4 | The      term “Mortgage” and “this Mortgage” wherever they appear in the Mortgage,      shall mean the Mortgage as amended by this  Addendum. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5 | With      reference to Section 5.1.21 of the Mortgage, the text of the Notice of      Mortgage set forth therein is hereby amended to read in its entirety as      follows: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 1.6 | Except      as amended herein, all terms and provisions of the Mortgage shall remain      in full force and effect. |
|-----|---------------------------------------------------------------------------------------------------------------------|

| 2. | RECORDING OF THIS      ADDENDUM |
|----|---------------------------------|

| <OWNER      NAME>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | BANK      OF SCOTLAND plc                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| By                                                                                                               |   | By                                                                                                      |
| Name:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Name:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Title:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | Title:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

| STATE      OF ___________ | )           |
|---------------------------|-------------|
|                      | )      ss.: |
| COUNTY      OF _________  | )           |
|                      |        |

|   |                             |
|--------|----------------------------------|
|   | Notary      Public/Special Agent |

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| STATE      OF ___________ | )           |
|---------------------------|-------------|
|                      | )      ss.: |
| COUNTY      OF _________  | )           |
|                      |        |

|   |                             |
|--------|----------------------------------|
|   | Notary      Public/Special Agent |

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| SIGNEDby                                  | ) |                                                                                                                                                             |
|-------------------------------------------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ARIES      MARITIME TRANSPORT LIMITED     | ) |                                                                                                                                                             |
| by                                        | ) |                                                                                                                                                             |
| its      duly authorised attorney-in-fact | ) |                                                                                                                                                             |
| pursuant      to a power of attorney      | ) | ............................                                                                                                 |
| dated      5th May, 2008                  | ) | Attorney-in-fact                         |

| SIGNEDby                                     | )      |                                                                            |
|----------------------------------------------|--------|---------------------------------------------------------------------------------|
| BANK      OF SCOTLAND plc                    | )      |                                                                            |
| as      agent, security agent and trustee on | )      |                                                                            |
| behalf      of the Finance Parties           | )      |                                                                            |
| by                                           | )      | ........................................... |
| AUTHORIZED      SIGNATORY                    | )      | AUTHORIZED      SIGNATORY                                                       |
|                                         |   |                                                                            |   |

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