Exhibit 10.13


FIRST SUPPLEMENTAL LETTER TO LOAN AGREEMENT
no 190/12-5-2008


	
  

 	
  

 
	
 To:

 	
 CHRISTOS
 MARITIME CORPORATION (of Monrovia, Liberia)

 
	
  

 	
 COSTIS
 MARITIME CORPORATION (of Monrovia, Liberia)

 
	
  

 	
 Mr.
 Vasileios Konstantakopoulos

 


Date: 28 January 2009


Re : Loan Agreement
no 190 dated 12 May 2008 (the “Loan Agreement”)made between (i) CHRISTOS
MARITIME CORPORATION and COSTIS MARITIME CORPORATION as joint and several
borrowers (the “Borrowers”),

(ii) Mr. Vasileios Konstantakopoulos son of Konstantinos, resident of 60
Zephyrou str., Pal.Faliro, as personal guarantor (the “Personal Guarantor”)and 

(iii) Emporiki Bank of Greece S.A. as lender (the “Lender”) in respect of a
term loan of up to US$150,000,000 (the “Loan”).


We refer to
the Loan Agreement and the Personal Guarantee. Words and expressions defined in
the Loan Agreement shall have the same meaning when used in this letter.


The Borrowers
and the Personal Guarantor hereby acknowledge that as at the date hereof, the
outstanding principal balance of the Loan is $145,500,000.-


Pursuant to
discussions between us, we have agreed -subject to the terms of this Letter- to
increase the Margin under the Loan Agreement with effect from 1st January 2009 and for the
period of one year only, i.e. until 31st December 2009.


We hereby
confirm our approval to these arrangements, subject to the Borrowers and the
Personal Guarantor signing the acknowledgement to this letter confirming their
agreement to the terms and conditions of the same.


          1.
Agreement
the Lender and the Borrowers hereby confirm and agree that in respect of the
period 1st January 2009 to 30 December 2009 only, the Margin shall be
adjusted to zero point eight zero per cent (0,80%) per annum.


          2.
Notices.
Clause 15 (notices) of the Loan Agreement shall extend and apply to this letter
as if the same were (mutatis mutandis) herein expressly set forth.


          3.
Governing
law. This letter shall be governed by and construed in accordance
with Greek law and Clause 16 (law and jurisdiction) of the Loan Agreement shall
extend and apply to this letter as if the same were (mutatis mutandis) herein
expressly set forth.


All other
provisions of the Loan Agreement Security Documents which have not been amended
and/or supplemented by this letter shall remain in full and force and effect.






Please confirm
your acceptance to the foregoing terms and conditions by signing the acceptance
at the foot of this letter.


Yours
faithfully


	
  

 	
  

 	
  

 
	
 For and on
 behalf of

 	
  

 
	
 EMPORIKI BANK OF GREECE S.A.

 
	
 Name :

 	
  

 
	
  

 	
  

 
	
  

 	
 /s/ X. Mapyέλou

 	
  

 
	
  

 	

 


 	
  

 
	
  

 	
 X. Mapyέλou

 



We hereby
acknowledge receipt of the above letter and confirm out agreement to the terms
of same.


	
  

 	
  

 	
  

 
	
 For and on
 behalf of

 	
  

 	
  

 
	
 COSTIS MARITIME CORPORATION

 	
  

 	
  

 
	
 Name: K.V.
 Konstantakopoulos

 	
 /s/ K.V.
 Konstantakopoulos

 	
  

 
	
  

 	

 


 	
  

 
	
 Title:
 Attorney in fact

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 For and on
 behalf of

 	
  

 	
  

 
	
 CHRISTOS MARITIME CORPORATION

 	
  

 	
  

 
	
 Name: K.V.
 Konstantakopoulos

 	
 /s/ K.V.
 Konstantakopoulos

 	
  

 
	
  

 	

 


 	
  

 
	
 Title:
 Attorney in fact

 	
  

 	
  

 



I hereby
confirm and acknowledge that I have read and understood the terms and
conditions of the above letter and agree in all respects to the same and
confirm that the Guarantee shall remain in full force and effect and shall
continue to stand as security for the obligations of the Borrowers under the
Loan agreement (as amended and supplemented by this letter).


	
  

 	
  

 
	
 Mr. Vasileios
 Konstantakopoulos

 	
  

 
	
  

 	
  

 
	
 /s/ Vasileios Konstantakopoulos

 	
  

 
	

 


 	
  

 
	
  

 	
  

 
	
 Date: 28
 January 2009