EXHIBIT 
4.11
  This
COMMERCIAL MANAGEMENT AGREEMENT is made the 1st day of
May
 2009
 
 BETWEEN:
 
 (1) AMT
Management Ltd., a company incorporated under the laws of Marshall Islands and
having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake
Island, Majuro, Marshall Islands MH96960 and operating under the Laws of Greece
from its Greek office at 18, Nap. Zerva, 166 75, Glyfada, Greece (the "Commercial
Manager")
 
 AND
 
 (2)
Altius Marine S.A., a company incorporated under the laws of the Marshall
Islands and having its registered office at Trust Company Complex, Ajeltake
Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the "Owner")
 
 WHEREAS
 
 The Owner
has agreed that m.t."ALTIUS" (the "Vessel") will be managed by
the Commercial Manager on the terms and subject to the conditions set out in
this agreement as from the date of this agreement and continuing unless and
until this agreement is terminated as provided herein. The Owner hereby appoints
the Commercial Manager and the Commercial Manager hereby agrees to act as
Commercial Manager of the Vessel.
 
 IT IS
HEREBY AGREED AS FOLLOWS:
 
 1. SCOPE
OF ACTIVITIES
 
 The
Commercial Manager shall provide the commercial operation of the Vessel, as
required by the Owner, which includes, but is not limited to, the following
functions:
 
 (i)
              providing
      chartering services in accordance with the Owners instruction which
      include, but are not limited to, seeking and negotiating employment for
      the Vessel and the conclusion (including the execution thereof) of charter
      parties or other contracts relating to employment of the
      Vessel;
 
 (ii)
              arranging
      the proper payment to Owners of their nominees of all hire and /or freight
      revenues or other moneys of whatsoever nature to which Owners may be
      entitled arising out of employment of or otherwise in connection with the
      Vessel;
 
 (iii)
              providing
      voyage estimates and accounts and calculating of hire, freights, demurrage
      and/or despatch moneys due from or due to the charterers of the
      Vessel;
 
 (iv)
              issuing
      of voyage instructions;
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 (v)
              appointing
      agents;
 
 (vi)
              arranging
      surveys associated with the commercial operation of the Vessel;
      and
 
 (vii)
              providing
      the Owner with daily status reports of the Vessel schedule as well as any
      other status reports that the Owner may
require.
 
 2.
MANAGEMENT SERVICES AND COSTS
 
 2.1 The
Commercial Manager shall at all times employ or provide adequate, sufficient and
competent personnel to perform its services properly on behalf of and for the
benefit of the Owner.
 
 2.2 The
Commercial Manager shall be responsible for all costs and expenses relating to
the Commercial Management provided pursuant to this agreement unless otherwise
provided in this agreement or subsequently agreed between the parties in
writing.
 
 2.3 The
Commercial Manager shall not have the right to sub-contract any of its
obligations under this Agreement without prior written consent of the Owner and
in the event of any such sub-contracting the Commercial Manager shall remain
fully liable for the due performance of its obligations under this agreement
(subject to any exclusions or limitations of liability set out herein or
available to the Commercial Manager by statute).
 
 2.4 The
Commercial Manager hereby undertakes to carry out its powers and duties
honestly, in good faith and in accordance with sound commercial ship management
practice and will protect and promote the interest of the Owner in all matters
connected therewith, failing which, this appointment can (notwithstanding the
provisions of Clause 6) be terminated immediately by Owner giving notice in
writing.
 
 3.
LIABILITY AND INDEMNITY
 
 3.1 The
Commercial Manager shall be under no liability whatsoever to the Owner for any
loss, damage, delay or expense of whatsoever nature, whether direct or indirect,
including but not limited to loss of profit arising out of or in connection with
detention or delay to the Vessel, howsoever arising, in the course of
performance of, or otherwise in connection with, this agreement and the Owner
hereby unconditionally agrees to ratify, indemnify and hold harmless the
Commercial Manager in respect of all liabilities howsoever incurred by it in the
performance of its obligations hereunder or otherwise arising in connection with
this agreement, unless same is proved to have resulted solely from the wilful
default of the Commercial Manager or any of its directors, employees, agents or
subcontractors.
 
 3.2 It is
hereby expressly agreed that no director, employee, agent or sub-contractor of
the Commercial Manager shall in any circumstances whatsoever be under any
liability whatsoever to the Owner for any loss, damage, delay, neglect or
default on his part while
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  acting in
the course of or in connection with his employment and, without prejudice to the
generality of the foregoing, every exemption, limitation, condition and liberty
herein contained and every right, exemption from liability, defence and immunity
of whatsoever nature available to the Commercial Manager hereunder shall also be
available and shall extend to protect every such director, employee, agent or
sub-contractor of the Commercial Manager acting as aforesaid. For the purpose of
all the foregoing provisions of this Clause 3, the Commercial Manager is or
shall be deemed to be acting as agent or trustee on behalf of and for the
benefit of all such persons who are or might be his directors, employees, agents
or sub-contractors from time to time and all such persons shall to this extent
be or be deemed to be parties to this agreement.
 
 3.3
Neither the Owner nor the Commercial Manager shall be under any liability for
any failure to perform any of their obligations hereunder by reason of any cause
whatsoever of nature or kind beyond their reasonable control ("Force Majeure").
 
 4. FEES,
EXPENSES
 
 For the
services provided by the Commercial Manager under this agreement, the Owner
shall pay €7,000 per month to the Commercial Manager, payable monthly in
advance.
 
 5.
ASSIGNMENT
 
 The Owner
may assign all rights under this agreement to any mortgagee of the Vessel
without the Commercial Managers consent and the Commercial Manager hereby agrees
to acknowledge such assignment in such form as the mortgagee may reasonably
require.
 
 6.
TERMINATION
 
 The
appointment of the Commercial Manager shall commence as of the 1st May
2009, and shall continue unless and until this agreement is
terminated:
 
 (i)
              by
      either party giving to the other of not less than two (2) calendar months
      notice in writing of its intention to terminate the same;
    or
 
 (ii)
              automatically
      upon the sale of the Vessel.
 
 7.
INSURANCE
 
 The Owner
shall name the Commercial Manager as co-assured in its capacity as Commercial
Manager only on all relevant policies of insurance placed in respect of the
Vessel and, in the event that the Commercial Managers may only be so named as
co-assured with joint and several liability for premium, the Owner hereby shall
immediately reimburse the Commercial Manager if any payment is made by the
Commercial Manager  in respect of such premium and shall indemnify the
Commercial Manager in the event of action being taken against the Commercial
Manager and/or any assets of the Commercial
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  Manager
or in the same or associated management or control by any insurer by reason of
non-payment of such premium by the Owner.
 
 8.
APPLICABLE LAW
 
 This
agreement will be governed by and construed in accordance with English
law.
 
 9.
COMMUNICATIONS
 
 All
communications and notices hereunder shall be given by registered mail, e-mail
or telefax to the following addresses (unless alternative addresses and contact
details are provided in writing and incorporated herein by way of an
addendum):
 
 Commercial
Manager:                AMT
Management Ltd.
 18 Nap.
Zerva
 166 75
Glyfada
 Greece
 Telephone:
+30 210 9680548
 Email:
info@amtmanagement.gr
 
 Owner:                                     c/o
Aries Maritime Transport Ltd
 18 Nap. Zerva
 166 75 Glyfada
 Greece
 Telephone:
+30 210 8983787
 Telefax:
+30 210 8983788
 E-mail:
info@ariesmaritime.com
 
 10.
MISCELLANEOUS
 
 10.1 This
agreement may be executed in any number of counterparts each of which shall be
original, but which shall together constitute the same document.
 
 10.2 No
variation or amendment to this agreement shall be valid unless in writing and
signed on behalf of the Owner and the Commercial Manager.
 
 10.3
Notwithstanding the provisions of the Contracts (Rights of Third Parties) Act
1999, no term of this agreement shall be enforceable by any person who is not a
party to it or deemed to be a party to it under the terms of the
Agreement.
 
 
 
 
 
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  THIS
AGREEMENT has been executed by the parties to this agreement on the date
specified at the beginning of the agreement.
 
 
 by
________________________              )
 duly
authorised for and on
behalf                   )
 of AMT
MANAGEMENT
LTD.                  )
 in the
presence
of:                                        )
 
 
 
 
 
 by
________________________               )
 duly
authorised for and on
behalf                    )
 of ALTIUS
MARINE
S.A.                           )
 in the
presence
of:                                         )
 
 
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