----

| Clause |                              | Page    |
|--------|-----------------------------------|---------|
|   |                              |    |
| 1      | Definitions                       | 3       |
|   |                              |    |
| 2      | Agreement of the Bank             | 5       |
|   |                              |    |
| 3      | Amendments to Principal Agreement | 6       |
|   |                              |    |
| 4      | Representations and warranties    | 6       |
|   |                              |    |
| 5      | Conditions                        |  7 |
|   |                              |    |
| 6      | Relevant Parties' confirmation    | 8       |
|   |                              |    |
| 7      | Expenses                          | 8       |
|   |                              |    |
| 8      | Miscellaneous and notices         | 9       |
|   |                              |    |
| 9      | Applicable law                    | 9       |

| Schedule 1 Documents and evidence required as conditions precedent | 10     |
|--------------------------------------------------------------------|--------|
|                                                               |   |
| Schedule 2 Form of amended and restated Loan Agreement             | 13     |
|                                                               |   |
| Schedule 3 Form of Collateral Guarantee                            | 14     |
|                                                               |   |
| Schedule 4 Form of Collateral Mortgage                             | 15     |
|                                                               |   |
| Schedule 5 Form of Collateral General Assignment                   | 16     |
|                                                               |   |
| Schedule 6 Form of Collateral Manager's Undertaking                | 17     |

----

| (1)    | AEGEAN BUNKERING SERVICES INC., a corporation incorporated under the laws of the Republic of the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 as borrower (in such capacity the "Borrower") and as manager (in such capacity the "Manager"); |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                     |
| (2)    | AEGEAN SHIP III MARITIME COMPANY, a company incorporated under the laws of the Hellenic Republic having its registered office at 44 Hatzikiriakou Avenue, Piraeus, Greece (the "Aegean III Guarantor");                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                     |
| (3)    | AEGEAN SHIP VIII MARITIME COMPANY, a company incorporated under the laws of the Hellenic Republic having its registered office at 44 Hatzikiriakou Avenue, Piraeus, Greece (the "Aegean VIII Guarantor");                                                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                     |
| (4)    | AEGEAN SHIP XII MARITIME COMPANY, a company incorporated under the laws of the Hellenic Republic having its registered office at 44 Hatzikiriakou Avenue, Piraeus, Greece (the "Aegean XII Guarantor" and, together with the Aegean III Guarantor and the Aegean VIII Guarantor, the "Owners");                                     |
|   |                                                                                                                                                                                                                                                                                                                                     |
| (5)    | AMP MARITIME S.A., a corporation incorporated under the laws of the Republic of Liberia having its registered office at 80 Broad Street, Monrovia, Liberia (the "Collateral Owner");                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                     |
| (6)    | AEGEAN MARINE PETROLEUM NETWORK INC., a corporation incorporated under the laws of the Republic of the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the "AMPNI Guarantor"); and                                                             |
|   |                                                                                                                                                                                                                                                                                                                                     |
| (7)    | PIRAEUS BANK A.E., a company incorporated under the laws of Greece having its registered office at 4 Amerikis, 105 64 Athens, Greece and acting for the purposes of this Agreement through its branch at 47-49 Akti Miaouli, Piraeus 185 36, Greece (the "Bank").                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                     |

| (A)    | this Agreement is supplemental to a loan agreement dated 8 July 2008 (the "Principal Agreement") made between the Bank as lender and the Borrower as borrower, pursuant to which the Bank agreed to make available (and has made available) to the Borrower a loan of up to Fifteen million Dollars ($15,000,000), for the purposes stated therein; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                |
| (B)    | the Borrower and the other Security Parties requested that (inter alia) the application of clause 8.2.1 of the Principal Agreement is waived for a certain period specified herein; and                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                |
| (C)    | this Agreement sets out the terms and conditions upon which the Bank shall, at the request of the Borrower, provide its consent to the above arrangements.                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                |

| 1      | Definitions                                                                                                                                                                                  |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                         |
| 1.1    | Defined expressions                                                                                                                                                                          |
|   |                                                                                                                                                                                         |
|   | Words and expressions defined in the Principal Agreement shall unless the context otherwise requires or unless otherwise defined herein, have the same meanings when used in this Agreement. |

----

| 1.2    | Definitions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | In this Agreement, unless the context otherwise requires: "Aegean III" means the motor vessel Aegean Ill, a 1990-built, 2,972 dwt double-hull oil tanker, registered in the ownership of the Aegean III Guarantor under the laws and flag of the Hellenic Republic under Official Number 11677; "Aegean III Mortgage Addendum" means an addendum to the Mortgage over Aegean III, executed or (as the context may require) to be executed by the Aegean III Guarantor in favour of the Bank, in such form as the Bank may require in its sole discretion; "Aegean VIII" means the motor vessel Aegean VIII, a 1990-built, 2,972 dwt double-hull oil tanker, registered in the ownership of the Aegean VIII Guarantor under the laws and flag of the Hellenic Republic under Official Number 11708; "Aegean VIII Mortgage Addendum" means an addendum to the Mortgage over Aegean VIII, executed or (as the context may require) to be executed by the Aegean VIII Guarantor in favour of the Bank, in such form as the Bank may require in its sole discretion; "Aegean XII" means the motor vessel Aegean XII (ex Kortsopon), a 1979-built, 3,680 dwt double-hull oil tanker, registered in the ownership of the Aegean XII Guarantor under the laws and flag of the Hellenic Republic under Official Number 11772; "Aegean XII Mortgage Addendum" means an addendum to the Mortgage over Aegean XII, executed or (as the context may require) to be executed by the Aegean XII Guarantor in favour of the Bank, in such form as the Bank may require in its sole discretion; "Collateral General Assignment" means the second priority general assignment collateral to the Collateral Mortgage executed or (as the context may require) to be executed by the Collateral Owner in favour of the Bank in the form set out in schedule 5; "Collateral Guarantee" means the corporate guarantee executed or (as the context may require) to be executed by the Collateral Owner in favour of the Bank in the form set out in schedule 3; "Collateral Management Agreement" means the agreement dated 6 April 2009 made between the Collateral Owner and the Manager, providing for the Manager to manage the Collateral Ship; "Collateral Manager's Undertaking" means the second priority undertaking and assignment in respect of the Collateral Ship executed or (as the context may require) to be executed by the Manager in favour of the Bank in the form set out in schedule 6; "Collateral Mortgage" means the second preferred Liberian mortgage of the Collateral Ship executed or (as the context may require) to be executed by the Collateral Owner in favour of the Bank in the form set out in schedule 4; "Collateral Operating Account" means the interest bearing Dollar account of the Collateral Owner opened by the Collateral Owner with the Bank and with account number 5104-046257-080USD and includes any sub-accounts thereof and any other account designated in writing by the Bank to be the Collateral Operating Account for the purposes of this Agreement and the Loan Agreement; "Collateral Operating Account Pledge" means a pledge executed or (as the context may require) to be executed by the Collateral Owner in favour of the Bank in respect of the Collateral Operating Account in such form as may be required by the Bank in its absolute discretion; |

----

|   | "Collateral Ship" means the motor vessel Aegean Champion, a 1991-built, 23,400 dwt double-hull tanker, registered in the ownership of the Collateral Owner under the laws and flag of the Republic of Liberia with Official Number 14289; "Effective Date" means the date, no later than 13 July 2012, on which the Bank notifies the Borrower in writing that the Bank has received the documents and evidence specified in clause 5 and schedule 1 in a form and substance satisfactory to it; "Flag State" has the meaning given to it in the amended and restated Loan Agreement; "Loan Agreement" means the Principal Agreement as amended and restated by this Agreement; "Mortgage Addenda" means, together, the Aegean III Mortgage Addendum, the Aegean VIII Mortgage Addendum and the Aegean XII Mortgage Addendum and "Mortgage Addendum" means any of them; "New Security Documents" means, together, the Collateral Guarantee, the Collateral Mortgage, the Collateral General Assignment, the Collateral Manager's Undertaking and the Collateral Operating Account Pledge; "Registry" has the meaning given to it in the amended and restated Loan Agreement; "Relevant Documents" means, together, this Agreement, the Mortgage Addenda, the Collateral Management Agreement and the New Security Documents and "Relevant Document" means any of them; and "Relevant Parties" means the Borrower, the Owners, the Collateral Owner, the Manager and the AMPNI Guarantor or, where the context so requires or permits, means any or all of them. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 1.3    | Principal Agreement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | References in the Principal Agreement to "this Agreement" shall, with effect from the Effective Date and unless the context otherwise requires, be references to the Principal Agreement as amended and restated by this Agreement and words such as "herein", "hereof", "hereunder", "hereafter", "hereby" and "hereto", where they appear in the Principal Agreement, shall be construed accordingly.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 1.4    | Headings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | Clause headings and the table of contents are inserted for convenience of reference only and shall be ignored in the interpretation of this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 1.5    | Construction of certain terms                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | Clauses 1.2 to 1.4 (inclusive) of the Principal Agreement shall apply to this agreement (mutatis mutandis) as if set out herein and as if references therein to "this Agreement" were references to this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 1.6    | Third Party Rights                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 2      | Agreement of the Bank                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | The Bank, relying upon the representations and warranties on the part of Relevant Parties contained in clause 4, agrees with the Borrower that, with effect on and from the Effective Date and subject to the terms and conditions of this Agreement and in particular, but without prejudice                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

----

|   | to the generality of the foregoing, fulfilment on or before 13 July 2012 of the conditions contained in clause 5 and schedule 1, the Bank agrees to:                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | waive the application of clause 8.2.1 of the Principal Agreement for the period from the Effective Date until 31 March 2013 Provided however that, for the avoidance of doubt, such waiver shall not prejudice the Bank's right to demand compliance by the Borrower, and the Borrower's obligation to comply, with such clause immediately after the end of such period; and |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
|   | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | the amendments of the Principal Agreement in accordance with clause 3. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 3      | Amendments to Principal Agreement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 3.1    | Amendments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | The Principal Agreement shall, with effect on and from the Effective Date, be (and it is hereby) amended so as to read in accordance with the form of the amended and restated Loan Agreement set out in schedule 2 and (as so amended) will continue to be binding upon the Bank and the Borrower in accordance with its terms as so amended and restated).                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 3.3    | Continued force and effect                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | Save as amended and restated by this Agreement, the provisions of the Principal Agreement and the other Security Documents shall continue in full force and effect and the Principal Agreement and this Agreement shall be read and construed as one instrument.                                                                                                                                                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 4      | Representations and warranties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 4.1    | Primary representations and warranties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | Each of the Relevant Parties represents and warrants to the Bank that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 4.1.1  | Existing representations and warranties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | the representations and warranties set out in clause 7 of the Principal Agreement were true and correct on the date of the Principal Agreement and are true and correct, including to the extent that they may have been or shall be amended by this Agreement, as if made at the date of this Agreement with reference to the facts and circumstances existing at such date;                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 4.1.2  | Corporate power                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | each of the Relevant Parties has power to execute, deliver and perform its obligations under the Relevant Documents to which it is or is to be a party; all necessary corporate, shareholder and other action has been taken by each of the Relevant Parties to authorise the execution, delivery and performance of the Relevant Documents to which it is or is to be a party;                                                                                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 4.1.3  | Binding obligations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | the Relevant Documents to which it is or is to be a party constitute valid and legally binding obligations of each of the Relevant Parties enforceable in accordance with their terms;                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 4.1.4  | No conflict with other obligations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | the execution, delivery and performance of the Relevant Documents to which it is or is to be a party by each of the Relevant Parties will not (i) contravene any existing law, statute, rule or regulation or any judgment, decree or permit to which any of the Relevant Parties is subject, (ii) conflict with, or result in any breach of any of the terms of, or constitute a default under, any agreement or other instrument to which any of the Relevant Parties is a party or is subject or by which it or any of its property is bound or (iii) contravene or conflict with any provision of the |

----

| 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 |
|-----|------------------------|

| 5.2 | 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 | Relevant Parties' confirmation |
|---|--------------------------------|

| 6.1 | Security Documents |
|-----|--------------------|

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

| 6.1.2 | its obligations under the relevant Security Documents to which it is a party includes any and all amounts owing by the Borrower under the Principal Agreement as amended and restated by this Agreement; and |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.1.3 | with effect from the Effective Date references to "the Agreement" or "the Loan Agreement" (or equivalent or similar references) in any of the Security Documents to which it is a party, shall henceforth be references to the Principal Agreement as amended and restated by this Agreement and as from time to time hereafter amended and shall also be deemed to include this Agreement and the obligations of the Borrower hereunder. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7 | Expenses |
|---|----------|

| 7.1 | The Borrower agrees to pay to the Bank on a full indemnity basis on demand all expenses (including legal and out-of-pocket expenses) incurred by the Bank: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.1 | in connection with the negotiation, preparation, execution and, where relevant, registration of this Agreement, 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; |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.2 | 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 Relevant Documents, |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | Value Added Tax |
|-----|-----------------|

| 7.3 | 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 |
|-----|----------------------------|

----

| 1 | Corporate authorisation |
|---|-------------------------|

|   | (a) | Constitutional documents |
|--------|-----|--------------------------|

|   | (b) | Resolutions |
|--------|-----|-------------|

|   | (A) | being true and correct; |
|--------|-----|-------------------------|

|   | (B) | being duly passed at meetings of the directors of such Relevant Party and of the shareholders of such Relevant Party each duly convened and held; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | not having been amended, modified or revoked; and |
|--------|-----|---------------------------------------------------|

|   | (D) | being in full force and effect, |
|--------|-----|---------------------------------|

|   | (c) | Certificate of incumbency |
|--------|-----|---------------------------|

| 2 | Consents |
|---|----------|

| 3 | Relevant Documents |
|---|--------------------|

----

| 4 | Mortgage Addenda |
|---|------------------|

| 5 | Collateral Ship conditions |
|---|----------------------------|

|   | (i) | Registration and Encumbrances |
|--------|-----|-------------------------------|

|   | (ii) | Classification |
|--------|------|----------------|

|   | (iii) | Insurance |
|--------|-------|-----------|

| 6 | Relevant Documents |
|---|--------------------|

| 7 | Collateral Mortgage |
|---|---------------------|

| 8 | Notices |
|---|---------|

| 9 | Insurance opinion |
|---|-------------------|

----

| 10 | SMC/DOC |
|----|---------|

| 11 | ISPS Code Compliance |
|----|----------------------|

| 11.1 | evidence satisfactory to the Bank that the Collateral Ship is subject to a ship security plan which complies with the ISPS Code (as defined in the Loan Agreement); and |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | a copy, certified (in a certificate dated not earlier than five (5) Banking Days prior to the date of this Agreement) as a true and complete copy by an officer of the Collateral Owner of the ISSC (as defined in the Loan Agreement) for the Collateral Ship and the continuous synopsis record required by the ISPS Code (as defined in the Loan Agreement) in respect of the Collateral Ship; |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12 | Liberian and Marshall Islands opinion |
|----|---------------------------------------|

| 13 | Greek opinion |
|----|---------------|

| 14 | Process agent |
|----|---------------|

| 15 | Registration forms |
|----|--------------------|

----

----

----

| Clause |                                          | Page   |
|--------|-----------------------------------------------|--------|
|   |                                          |   |
| 1      | Purpose and definitions                       | 1      |
|   |                                          |   |
| 2      | The Commitment and the Loan                   | 11     |
|   |                                          |   |
| 3      | Interest                                      | 11     |
|   |                                          |   |
| 4      | Repayment and prepayment                      | 13     |
|   |                                          |   |
| 5      | Fees and expenses                             | 15     |
|   |                                          |   |
| 6      | Payments and taxes; accounts and calculations | 16     |
|   |                                          |   |
| 7      | Representations and warranties                | 17     |
|   |                                          |   |
| 8      | Undertakings                                  | 22     |
|   |                                          |   |
| 9      | Conditions                                    | 26     |
|   |                                          |   |
| 10     | Events of Default                             | 27     |
|   |                                          |   |
| 11     | Indemnities                                   | 31     |
|   |                                          |   |
| 12     | Unlawfulness and increased costs              | 32     |
|   |                                          |   |
| 13     | Security and set-off                          | 33     |
|   |                                          |   |
| 14     | Assignment, transfer and lending office       | 34     |
|   |                                          |   |
| 15     | Notices and other matters                     | 35     |
|   |                                          |   |
| 16     | Governing law and jurisdiction                | 37     |
|   |                                          |   |

| Schedule 1 Form of Drawdown Notice                                                                        | 38     |
|-----------------------------------------------------------------------------------------------------------|--------|
|                                                                                                      |   |
| Schedule 2 Documents and evidence required as conditions precedent to the Commitment being made available | 39     |
|                                                                                                      |   |
| Schedule 3 Form of Disbursement Acknowledgement                                                           | 43     |

----

| (1) | AEGEAN BUNKERING SERVICES INC. as Borrower; and |
|-----|-------------------------------------------------|

| (2) | PIRAEUS BANK A.E. as Bank. IT |
|-----|-------------------------------|

| 1 | Purpose and definitions |
|---|-------------------------|

| 1.1 | Purpose |
|-----|---------|

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

----

----

----

|   | (a) | in relation to each Ship (other than Aegean Champion), the Hellenic Republic; or |
|--------|-----|----------------------------------------------------------------------------------|

|   | (b) | in relation to Aegean Champion, the Republic of Liberia, |
|--------|-----|----------------------------------------------------------|

----

|   | (a) | in relation to each Ship (other than Aegean Champion), a first priority general assignment; or |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | (b) | in relation to Aegean Champion a second priority general assignment, |
|--------|-----|----------------------------------------------------------------------|

----

|   |
|--------|

|   | (a) | the rate for such period, appearing on page LIBOR01 of the Reuters screen at or about 11:00 a.m. on the Quotation Date for such period (or such other page as may replace such page on such service); or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if the relevant page is not displayed on the Reuters screen or the Reuters screen is not operating at the relevant time or if no such offered rate appears on the Reuters screen, the rate quoted by the Bank as the Bank's offered rate for deposits of Dollars in an amount approximately equal to the amount in relation to which LIBOR is to be determined for a period equivalent to such period to prime banks in the London Interbank Market at or about 11:00 a.m. on the Quotation Date for such period; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | from the date of this Agreement and until 30 May 2012 one point two five per cent (1.25%) per annum; and |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (b) | from 31 May 2012 and at all times thereafter, four per cent (4%) per annum; |
|--------|-----|-----------------------------------------------------------------------------|

----

|   | (b) | in relation to Aegean Champion, the second preferred Liberian mortgage over Aegean Champion, |
|--------|-----|----------------------------------------------------------------------------------------------|

|   | (a) | in relation to Aegean Champion, the Aegean Champion Owner; |
|--------|-----|------------------------------------------------------------|

|   | (b) | in relation to Aegean III, the Aegean III Owner; |
|--------|-----|--------------------------------------------------|

|   | (c) | in relation to Aegean VIII, the Aegean VIII Owner; or |
|--------|-----|-------------------------------------------------------|

|   | (d) | in relation to Aegean XII, the Aegean XII Owner, |
|--------|-----|--------------------------------------------------|

----

----

|   | (a) | the market value of the Mortgaged Ships (excluding Aegean Champion) as most recently determined in accordance with clause 8.2.2; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | for as long as Aegean Champion remains a Mortgaged Ship, the sum of the market value of Aegean Champion (as most recently determined in accordance with clause 8.2.2) minus the First Loan, if such sum is a positive figure; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the market value of any additional security for the time being actually provided to the Bank pursuant to clause 8.2; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (a) | in relation to the Aegean Champion Owner, Aegean Champion; |
|--------|-----|------------------------------------------------------------|

|   | (b) | in relation to the Aegean Ill Owner, Aegean III; |
|--------|-----|--------------------------------------------------|

|   | (c) | in relation to the Aegean VIII Owner, Aegean VIII; or |
|--------|-----|-------------------------------------------------------|

|   | (d) | in relation to the Aegean XII Owner, Aegean XII, |
|--------|-----|--------------------------------------------------|

|   | (a) | in relation to each Ship (other than Aegean Champion), the Mortgage and the General Assignment in respect of such Ship; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in relation to Aegean Champion, the Mortgage, the General Assignment and the Collateral Manager's Undertaking; |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

----

|   |
|--------|

|   | (a) | the actual, constructive, compromised or arranged total loss of such Ship; or |
|--------|-----|-------------------------------------------------------------------------------|

|   | (b) | the Compulsory Acquisition of such Ship; or |
|--------|-----|---------------------------------------------|

|   | (c) | the hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation of such Ship (other than where the same amounts to the Compulsory Acquisition of such Ship) by any Government Entity, or by persons acting or purporting to act on behalf of any Government Entity, unless such Ship be released and restored to the relevant Owner from such hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation within thirty (30) days after the occurrence thereof; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | Headings |
|-----|----------|

| 1.4 | Construction of certain terms |
|-----|-------------------------------|

| 1.4.1 | references to clauses and schedules are to be construed as references to clauses of, and schedules to, this Agreement and references to this Agreement include its schedules; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.2 | references to (or to any specified provision of) this Agreement or any other document shall be construed as references to this Agreement, that provision or that document as in force for the time being and as amended in accordance with the terms thereof, or, as the case may be, with the agreement of the relevant parties; |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.3 | references to a "regulation" include any present or future regulation, rule, directive, requirement, request or guideline (whether or not having the force of law) of any agency, authority, central bank or government department or any self-regulatory or other national or supra-national authority and, for the avoidance of doubt, shall include any Basel II Regulation and any Basel III Regulation; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.4 | words importing the plural shall include the singular and vice versa; |
|-------|-----------------------------------------------------------------------|

| 1.4.5 | references to a time of day are to London time; |
|-------|-------------------------------------------------|

| 1.4.6 | references to a person shall be construed as references to an individual, firm, company, corporation, unincorporated body of persons or any Government Entity; |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.7 | references to a "guarantee" include references to an indemnity or other assurance against financial loss including, without limitation, an obligation to purchase assets or services as a consequence of a default by any other person to pay any Indebtedness and "guaranteed" shall be construed accordingly; and |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.8 | references to any enactment shall be deemed to include references to such enactment as re-enacted, amended or extended. |
|-------|-------------------------------------------------------------------------------------------------------------------------|

----

| 2 | The Commitment and the Loan |
|---|-----------------------------|

| 2.1 | Agreement to lend |
|-----|-------------------|

| 2.2 | Drawdown |
|-----|----------|

| 2.3 | Amount |
|-----|--------|

| 2.4 | Availability |
|-----|--------------|

| 2.5 | Termination of Commitment |
|-----|---------------------------|

| 2.6 | Application of proceeds |
|-----|-------------------------|

| 3 | Interest |
|---|----------|

| 3.1 | Normal interest rate |
|-----|----------------------|

| 3.2 | Selection of Interest Periods |
|-----|-------------------------------|

----

| 3.3 | Determination of Interest Periods |
|-----|-----------------------------------|

| 3.3.1 | the initial Interest Period in respect of the Loan shall commence on the Drawdown Date and each subsequent Interest Period shall commence on the last day of the previous Interest Period; |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3.2 | if any Interest Period would otherwise overrun a Repayment Date, in the case of the last Repayment Date, such Interest Period shall end on such Repayment Date, and, in the case of any other Repayment Date or Repayment Dates, the Loan shall be divided into parts so that there is one part in the amount of the repayment instalment due on each Repayment Date falling during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part in the amount of the balance of the Loan having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 3.3; and |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3.3 | if the Borrower fails to specify the duration of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall have a duration of three (3) months or such other period as shall comply with this clause 3.3. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4 | Default interest |
|-----|------------------|

| 3.5 | Notification of interest rate |
|-----|-------------------------------|

| 3.6 | Market disruption; non-availability |
|-----|-------------------------------------|

| 3.6.1 | If and whenever, at any time prior to the commencement of any Interest Period: |
|-------|--------------------------------------------------------------------------------|

|   | (a) | the Bank shall have determined (which determination shall, in the absence of manifest error, be conclusive) that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period or that LIBOR does not accurately reflect the cost to the Bank of obtaining such deposits; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | that deposits in Dollars are not available to the Bank in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan for such Interest Period; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.6.2 | During the period of ten (10) days after any Determination Notice has been given by the |
|-------|-----------------------------------------------------------------------------------------|

| 4 | Repayment and prepayment |
|---|--------------------------|

| 4.1 | Repayment |
|-----|-----------|

| 4.2 | Voluntary prepayment |
|-----|----------------------|

| 4.3 | Prepayment on Total Loss or sale |
|-----|----------------------------------|

| 4.3.1 | Before first drawdown |
|-------|-----------------------|

----

| 4.3.2 | After first drawdown |
|-------|----------------------|

|   | (a) | On the Disposal Reduction Date for a Mortgaged Ship (and in the case of sale of a Mortgaged Ship, on or immediately prior to the completion of such sale), the Borrower shall prepay: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | if a Default shall have occurred, such part of the Loan as the Bank may thereupon require to be prepaid; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (ii) | if no Default shall have occurred, such part of the Loan as is equal to the Relevant Amount. |
|--------|------|----------------------------------------------------------------------------------------------|

|   | (b) | On the earlier of 29 June 2012 and the date of completion of the sale of the Hope Ship to third parties, the Borrower shall prepay to the Bank a part of the Loan equal to $500,000. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3.3 | Defined terms |
|-------|---------------|

|   | (a) | "Applicable Fraction" means, in relation to a Mortgaged Ship, a fraction having a numerator of an amount equal to the market value of such Mortgaged Ship (as most recently determined in accordance with clause 8.2.2) and a denominator of an amount equal to the market values of all Mortgaged Ships (as most recently determined in accordance with clause 8.2.2), in each case as at the Disposal Reduction Date of such Mortgaged Ship Provided however that where this definition refers to the market value of one or more Mortgaged Ships, insofar as such reference includes Aegean Champion, then as to Aegean Champion alone such reference shall instead be construed to mean the sum of the market value of Aegean Champion (as most recently determined in accordance with clause 8.2.2) minus the First Loan, if such sum is a positive figure; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | "Disposal Reduction Date" means: |
|--------|-----|---------------------------------------|

|   | (i) | in relation to a Mortgaged Ship which has become a Total Loss, its Total Loss Reduction Date; and |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (ii) | in relation to a Mortgaged Ship which is sold in accordance with the provisions of the relevant Ship Security Documents, the date of completion of such sale by the transfer of title to such Mortgaged Ship to the purchaser in exchange for payment of the relevant purchase price; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | "Total Loss Reduction Date" means, in relation to a Mortgaged Ship which has become a Total Loss, the earlier of: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the date falling one hundred and twenty (120) days after that on which such Mortgaged Ship became a Total Loss; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the date upon which the insurance proceeds are, or Requisition Compensation (as defined in the relevant Ship Security Documents) is, received by the relevant Owner (or the Bank pursuant to the relevant Ship Security Documents); and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | "Relevant Amount" means, in relation to a Mortgaged Ship which has become a Total Loss or is sold, the amount in Dollars which is equal to the Applicable Fraction of the Loan outstanding as of the Disposal Reduction Date for such relevant Mortgaged Ship. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.3.4 | For the purpose of this Agreement, a Total Loss in respect of a Ship shall be deemed to have occurred: |
|-------|--------------------------------------------------------------------------------------------------------|

|   | (a) | in the case of an actual total loss of a Ship, on the actual date and at the time such Ship was lost or, if such date is not known, on the date on which such Ship was last reported; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in the case of a constructive total loss of a Ship, upon the date and at the time notice of abandonment of such Ship is given to the insurers of such Ship for the time being; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in the case of a compromised or arranged total loss of a Ship, on the date upon which a binding agreement as to such compromised or arranged total loss has been entered into by the insurers of such Ship; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | in the case of Compulsory Acquisition of a Ship, on the date upon which the relevant requisition of title or other compulsory acquisition of such Ship occurs; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | in the case of hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation of a Ship (other than where the same amounts to Compulsory Acquisition of such Ship) by any Government Entity, or by persons purporting to act on behalf of any Government Entity, which deprives the relevant Owner of the use of such Ship for more than thirty (30) days, upon the expiry of the period of thirty (30) days after the date upon which the relevant hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation occurred. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | Amounts payable on prepayment |
|-----|-------------------------------|

| 4.5 | Notice of prepayment; reduction of repayment instalments |
|-----|----------------------------------------------------------|

| 4.5.1 | No prepayment may be effected under clause 4.2 unless the Borrower shall have given the Bank at least fifteen (15) days' notice in writing of its intention to make such prepayment. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5.2 | Everynotice of prepayment shall be effective only on actual receipt by the Bank, shall be irrevocable, shall specify the amount to be prepaid and shall oblige the Borrower to make such prepayment on the date specified. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5.3 | Any amount prepaid pursuant to clauses 4.2, 4.3.2(a), 4.3.2(b) or 8.2.1(a) shall be applied in reduction of the repayment instalments under clause 4.1 (including the balloon payment) proportionately. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5.4 | The Borrower may not prepay the Loan or any part thereof save as expressly provided in this Agreement. |
|-------|--------------------------------------------------------------------------------------------------------|

| 4.5.5 | No amount prepaid under this Agreement may be re-borrowed. |
|-------|------------------------------------------------------------|

| 5 | Fees and expenses |
|---|-------------------|

| 5.1 | Fees |
|-----|------|

----

| 5.2 | Expenses |
|-----|----------|

| 5.2.1 | all expenses (including legal, printing and out-of-pocket expenses) incurred by the Bank in connection with the negotiation, preparation, execution and, where relevant, registration of the Security Documents and of any amendment or extension of or the granting of any waiver or consent under, any of the Security Documents; and |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2.2 | all expenses (including legal, printing and out-of-pocket expenses) incurred by the Bank in contemplation of, or otherwise in connection with, the enforcement of, or preservation of any rights under, any of the Security Documents, or otherwise in respect of the moneys owing under any of the Security Documents, |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | Value added tax |
|-----|-----------------|

| 5.4 | Stamp and other duties |
|-----|------------------------|

| 6 | Payments and taxes; accounts and calculations |
|---|-----------------------------------------------|

| 6.1 | No set-off or counterclaim |
|-----|----------------------------|

| 6.2 | Payment by the Bank |
|-----|---------------------|

----

| 6.3 | Non-Banking Days |
|-----|------------------|

| 6.4 | Calculations |
|-----|--------------|

| 6.5 | Certificates conclusive |
|-----|-------------------------|

| 6.6 | Grossing-up for Taxes |
|-----|-----------------------|

| 6.7 | Loan account |
|-----|--------------|

| 7 | Representations and warranties |
|---|--------------------------------|

| 7.1 | Continuing representations and warranties |
|-----|-------------------------------------------|

| 7.1.1 | Due incorporation |
|-------|-------------------|

| 7.1.2 | Corporate power |
|-------|-----------------|

----

| 7.1.3 | Binding obligations |
|-------|---------------------|

| 7.1.4 | No conflict with other obligations |
|-------|------------------------------------|

| 7.1.5 | No litigation |
|-------|---------------|

| 7.1.6 | No filings required |
|-------|---------------------|

| 7.1.7 | Choice of law |
|-------|---------------|

| 7.1.8 | No immunity |
|-------|-------------|

----

| 7.1.9 | Consents obtained |
|-------|-------------------|

| 7.1.10 | Shareholdings |
|--------|---------------|

| 7.1.11 | Financial statements correct and complete |
|--------|-------------------------------------------|

| 7.1.12 | No material adverse change |
|--------|----------------------------|

| 7.2 | Initial representations and warranties |
|-----|----------------------------------------|

| 7.2.1 | Pan passu |
|-------|-----------|

| 7.2.2 | No default under other Indebtedness |
|-------|-------------------------------------|

----

| 7.2.3 | Information |
|-------|-------------|

| 7.2.4 | No withholding Taxes |
|-------|----------------------|

| 7.2.5 | No Default |
|-------|------------|

| 7.2.6 | The Ships |
|-------|-----------|

|   | (a) | in the absolute ownership of the relevant Owner who will, on and after such date, be the sole, legal and beneficial owner of such Ship; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | permanently registered through the relevant Registry as a ship under the laws and flag of the relevant Flag State; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (c) | operationally seaworthy and in every way fit for service; and |
|--------|-----|---------------------------------------------------------------|

|   | (d) | classed with the relevant Classification free of all requirements and recommendations of the relevant Classification Society; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

| 7.2.7 | Ships' employment |
|-------|-------------------|

| 7.2.8 | Freedom from Encumbrances |
|-------|---------------------------|

| 7.2.9 | Compliance with Environmental Laws and Approvals |
|-------|--------------------------------------------------|

|   | (a) | the Borrower and the other Relevant Parties and, to the best of the Borrower's knowledge and belief (having made due enquiry), their respective Environmental Affiliates have complied with the provisions of all Environmental Laws; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | the Borrower and the other Relevant Parties and, to the best of the Borrower's knowledge and belief (having made due enquiry), their respective Environmental Affiliates have obtained all Environmental Approvals and are in compliance with all such Environmental Approvals; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | neither the Borrower nor any other Relevant Party nor, to the best of the Borrower's knowledge and belief (having made due enquiry), any of their respective Environmental Affiliates have received notice of any Environmental Claim that the Borrower or any other Relevant Party or any such Environmental Affiliate is not in compliance with any Environmental Law or any Environmental Approval; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2.10 | No Environmental Claims |
|--------|-------------------------|

| 7.2.11 | No potential Environmental Claims |
|--------|-----------------------------------|

| 7.2.12 | ISPS Code |
|--------|-----------|

| 7.2.13 | Borrower's own account |
|--------|------------------------|

| 7.3 | Repetition of representations and warranties |
|-----|----------------------------------------------|

|   | (a) | be deemed to repeat the representations and warranties in clauses 7.1 and 7.2 as if |
|--------|-----|-------------------------------------------------------------------------------------|

|   | made with reference to the facts and circumstances existing on such day; and |
|--------|------------------------------------------------------------------------------|

|   | (b) | be deemed to further represent and warrant to the Bank that the then latest audited |
|--------|-----|-------------------------------------------------------------------------------------|

|   | financial statements delivered to the Bank under clause 8.1.5 (if any) have been prepared in accordance with the Applicable Accounting Principles and practices which have been consistently applied and present fairly and accurately the consolidated financial position of the Group as at the end of the financial period to |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8 | Undertakings |
|---|--------------|

| 8.1 | General |
|-----|---------|

| 8.1.1 | Notice of Default |
|-------|-------------------|

| 8.1.2 | Consents and licences |
|-------|-----------------------|

| 8.1.3 | Use of proceeds |
|-------|-----------------|

| 8.1.4 | Pari passu |
|-------|------------|

| 8.1.5 | Financial statements |
|-------|----------------------|

|   | (a) | consolidated financial statements of the Group in accordance with the Applicable Accounting Principles consistently applied in respect of each financial year and cause the same to be reported on by its auditors; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | unaudited consolidated financial statements of the Group in respect of each financial half-year, on the same basis as the audited statements, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.1.6 | Delivery of reports |
|-------|---------------------|

| 8.1.7 | Provision of further information |
|-------|----------------------------------|

| 8.1.8 | Obligations under Security Documents |
|-------|--------------------------------------|

| 8.1.9 | Compliance with Code |
|-------|----------------------|

| 8.1.10 | Withdrawal of DOC and SMC |
|--------|---------------------------|

| 8.1.11 | Issuance of DOC and SMC |
|--------|-------------------------|

| 8.1.12 | ISPS Code compliance |
|--------|----------------------|

|   | (a) | from the Drawdown Date and at all times thereafter, maintain a valid and current ISSC respect of each Ship; |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (b) | immediately notify the Bank in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC in respect of any Ship; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | procure that, from the Drawdown Date and at all times thereafter, each Ship complies with the ISPS Code. |
|--------|-----|----------------------------------------------------------------------------------------------------------|

----

| 8.2 | Security value maintenance |
|-----|----------------------------|

| 8.2.1 | Security Shortfall |
|-------|--------------------|

|   | (a) | prepay, within a period of fifteen (15) days of the date of receipt by the Borrower of the Bank's said notice, such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other prepayment of the Loan (or part thereof) made between the date of the notice and the date of such prepayment) being equal to the Security Value; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | within fifteen (15) days of the date of receipt by the Borrower of the Bank's said notice, constitute to the satisfaction of the Bank such further security for the Loan as shall be acceptable to the Bank, having a value for security purposes (as determined by the Bank in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Security Requirement as at such date. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2.2 | Valuation of Ships |
|-------|--------------------|

| 8.2.3 | Information |
|-------|-------------|

| 8.2.4 | Costs |
|-------|-------|

| 8.2.5 | Valuation of additional security |
|-------|----------------------------------|

----

| 8.2.6 | Documents and evidence |
|-------|------------------------|

| 8.3 | Negative undertakings |
|-----|-----------------------|

| 8.3.1 | Negative pledge |
|-------|-----------------|

| 8.3.2 | No merger |
|-------|-----------|

| 8.3.3 | Disposals |
|-------|-----------|

| 8.3.4 | Other business |
|-------|----------------|

| 8.3.5 | No borrowing |
|-------|--------------|

| 8.3.6 | Repayment of borrowings |
|-------|-------------------------|

| 8.3.7 | Guarantees |
|-------|------------|

----

| 8.3.8 | Loans |
|-------|-------|

| 8.3.9 | Sureties |
|-------|----------|

| 8.3.10 | Share capital and distribution |
|--------|--------------------------------|

|   | (a) | purchase or otherwise acquire for value any shares of its capital or distribute any of its present or future assets, undertakings, rights or revenues to any of its shareholders; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | declare or pay any dividends to any of its shareholders if an Event of Default has occurred or will or, in the opinion of the Bank, is likely to occur as a result of, or following, the declaration or payment of dividends; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3.11 | Subsidiaries |
|--------|--------------|

| 8.3.12 | Shareholdings |
|--------|---------------|

| 8.3.13 | Constitutional documents |
|--------|--------------------------|

| 9 | Conditions |
|---|------------|

| 9.1 | Documents and evidence |
|-----|------------------------|

| 9.1.1 | The obligation of the Bank to make the Commitment available shall be subject to the condition that the Bank or its duly authorised representative shall have received, not later than two (2) Banking Days before the date of this Agreement, the documents and evidence specified in Part 1 of schedule 2 in form and substance satisfactory to the Bank. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.1.2 | The obligation of the Bank to advance the Loan shall be subject to the condition that the Bank or its duly authorised representative shall have received, on or prior to the drawdown of the Loan, the documents and evidence specified in Part 2 of schedule 2, in form and substance satisfactory to the Bank. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9.2 | General conditions precedent |
|-----|------------------------------|

| 9.2.1 | the representations and warranties contained in (i) clauses 7.1, 7.2 and 7.3(b) and (ii) clause 4 of each Corporate Guarantee, are true and correct on and as of each such time as if each was made with respect to the facts and circumstances existing at such time; and |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2.2 | no Default shall have occurred and be continuing or would result from the making of the Loan. |
|-------|-----------------------------------------------------------------------------------------------|

| 9.3 | Waiver of conditions precedent |
|-----|--------------------------------|

| 9.4 | Further conditions precedent |
|-----|------------------------------|

| 10 | Events of Default |
|----|-------------------|

| 10.1 | Events |
|------|--------|

| 10.1.1 | Non-payment: any Security Party fails to pay any sum payable by it under any of the Security Documents at the time, in the currency and in the manner stipulated in the Security Documents (and so that, for this purpose, sums payable on demand shall be treated as having been paid at the stipulated time if paid within three (3) Banking Days of demand); or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.2 | Breach of Insurances and certain other obligations: the relevant Owner or the Manager, as the case may be, any other person fails to obtain and/or maintain the Insurances (in accordance with the requirements of the relevant Ship Security Documents) for any of the Mortgaged Ships or if any insurer in respect of any such Insurances cancels such Insurances or disclaims liability by reason, in either case, of mis-statement in any proposal for such Insurances or for any other failure or default on the part of any of the Owners, the Manager or any other person, or the Borrower commits any breach of or omits to observe any of the obligations or undertakings expressed to be assumed by it under clauses 8.2 or 8.3 of this Agreement or any of the Corporate Guarantors commits any breach of or omits to observe any of the obligations or undertakings expressed to be assumed by it under clause 5.2 or 5.3 of the Corporate Guarantee to which it is a party; or |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.3 | Breach of other obligations: any Security Party commits any breach of or omits to observe any of its obligations or undertakings expressed to be assumed by it under any of the Security Documents to which it is a party (other than those referred to in clauses 10.1.1 and 10.1.2 above) and, in respect of any such breach or omission which in the opinion of the Bank is capable of remedy, such action as the Bank may require shall not have been taken within fourteen (14) days of the Bank notifying the relevant Security Party of such default and of such required action; or |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.1.4 | Misrepresentation: any representation or warranty made or deemed to be made or repeated by or in respect of any Security Party to which it is a party in or pursuant to any of the Security Documents or in any notice, certificate or statement referred to in or delivered under any of the Security Documents to which it is a party, is or proves to have been incorrect or misleading in any material respect; or |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.5 | Cross-default: any Indebtedness of any Relevant Party is not paid when due or any Indebtedness of any Relevant Party becomes (whether by declaration or automatically in accordance with the relevant agreement or instrument constituting the same) due and payable prior to the date when it would otherwise have become due (unless as a result of the exercise by the relevant Relevant Party of a voluntary right of prepayment), or any creditor of any Relevant Party becomes entitled to declare any such Indebtedness due and payable or any facility or commitment available to any Relevant Party relating to Indebtedness is withdrawn, suspended or cancelled by reason of any default (howsoever described) of the person concerned unless the relevant Relevant Party shall have satisfied the Bank that such withdrawal, suspension or cancellation will not affect or prejudice in any way such Relevant Party's ability to pay its debts as they fall due and fund its commitments, or any guarantee given by any Relevant Party in respect of Indebtedness is not honoured when due and called upon; or |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.6 | Legal process: any judgment or order made against any Relevant Party is not stayed or complied with within seven (7) days or a creditor attaches or takes possession of, or a distress, execution, sequestration or other process is levied or enforced upon or sued out against, any of the undertakings, assets, rights or revenues of any Relevant Party and is not discharged within seven (7) days; or |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.7 | Insolvency: any Relevant Party is unable or admits inability to pay its debts as they fall due; suspends making payments on any of its debts or announces an intention to do so; becomes insolvent; has assets the value of which is less than the value of its liabilities (taking into account contingent and prospective liabilities); or suffers the declaration of a moratorium in respect of any of its Indebtedness; or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.8 | Reduction or loss of capital: a meeting is convened by any Relevant Party for the purpose of passing any resolution to reduce or redeem any of its share capital or, in the case of any of the Owners or the Borrower, to purchase any of its share capital; or |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.9 | Winding up: any corporate action, legal proceedings or other procedure or step is taken for the purpose of winding-up any Relevant Party or an order is made or resolution passed for the winding up of any Relevant Party or a notice is issued convening a meeting for the purpose of passing any such resolution; or |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.10 | Administration: any petition is presented, notice given or other step is taken for the purpose of the appointment of an administrator of any Relevant Party or the Bank believes that any such petition or other step is imminent or an administration order is made in relation to any Relevant Party; or |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.11 | Appointment of receivers and managers: any administrative or other receiver is appointed of any Relevant Party or any part of its assets and/or undertaking or any other steps are taken to enforce any Encumbrance over all or any part of the assets of any Relevant Party; or |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.12 | Compositions: any corporate action, legal proceedings or other procedures or steps are taken, or negotiations commenced, by any Relevant Party or by any of its creditors with a view to the general readjustment or rescheduling of all or part of its indebtedness or to proposing any kind of composition, compromise or arrangement involving such person and any of its creditors; or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.13 | Analogous proceedings: there occurs, in relation to any Relevant Party, in any country or territory in which any of them carries on business or to the jurisdiction of whose |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.1.14 | Cessation of business: any Relevant Party suspends or ceases or threatens to suspend or cease to carry on its business; or |
|---------|----------------------------------------------------------------------------------------------------------------------------|

| 10.1.15 | Seizure: all or a material part of the undertaking, assets, rights or revenues of, or shares or other ownership interests in, any other Relevant Party are seized, nationalised, expropriated or compulsorily acquired by or under the authority of any government; or |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.16 | Invalidity: any of the Security Documents shall at any time and for any reason become invalid or unenforceable or otherwise cease to remain in full force and effect, or if the validity or enforceability of any of the Security Documents shall at any time and for any reason be contested by any Security Party which is a party thereto, or if any such Security Party shall deny that it has any, or any further, liability thereunder; or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.17 | Unlawfulness: it becomes impossible or unlawful at any time for any Security Party to fulfil any of the covenants and obligations expressed to be assumed by it in any of the Security Documents or for the Bank to exercise the rights or any of them vested in it under any of the Security Documents or otherwise; or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.18 | Repudiation: any Security Party repudiates any of the Security Documents or does or causes or permits to be done any act or thing evidencing an intention to repudiate any of the Security Documents; or |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.19 | Encumbrances enforceable: any Encumbrance (other than Permitted Liens) in respect of any of the property (or part thereof) which is the subject of any of the Security Documents becomes enforceable; or |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.20 | Material adverse change: there occurs, in the opinion of the Bank, a material adverse change in the financial condition or the operations of any Security Party or any other member of the Group, or the Group as a whole, by reference to their respective financial condition and operations existing on the date of this Agreement as described by any Security Party to the Bank in the negotiation of this Agreement or, in the case of the Aegean Champion Owner, in the negotiation of the Supplemental Agreement; or |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.21 | Arrest: any Mortgaged Ship is arrested, confiscated, seized, taken in execution, impounded, forfeited, detained in exercise or purported exercise of any possessory lien or other claim or otherwise taken from the possession of the relevant Owner and the relevant Owner shall fail to procure the release of such Mortgaged Ship within a period of seven (7) days thereafter; or |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.22 | Registration: the registration of any Ship under the laws and flag of the relevant Flag State is cancelled or terminated without the prior written consent of the Bank; or |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.23 | Unrest: the Flag State of any Ship becomes involved in hostilities or civil war or there is a seizure of power in such Flag State by unconstitutional means if, in any such case, such event could in the opinion of the Bank reasonably be expected to have a material adverse effect on the security constituted by any of the Security Documents; or |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.24 | Environment: the Borrower, any of the Owners and/or any other Relevant Party and/or any of their respective Environmental Affiliates fails to comply with any Environmental Law or any Environmental Approval or any of the Ships or any other Relevant Ship is involved in any incident which gives rise or may give rise to an Environmental Claim if, in any such case, such non-compliance or incident or the consequences thereof could, |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.1.25 | P&I: the Borrower or any of the Owners or the Manager or any other person fails or omits to comply with any requirements of the protection and indemnity association or other insurer with which any Ship is entered for insurance or insured against protection and indemnity risks (including all P&I risks) to the effect that any cover (including, without limitation, any cover in respect of liability for Environmental Claims arising in jurisdictions where any Ship operates or trades) is or may be liable to cancellation, qualification or exclusion at any time; or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.26 | Shareholdings: there is any change in the legal and/or beneficial ownership of any of the shares in any of the Owners or the Borrower which results in any such Security Party ceasing to be a wholly-owned direct or indirect Subsidiary of the AMPNI Guarantor; or |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.27 | Accounts: moneys are withdrawn from any Operating Account other than in accordance with clause 5 of the relevant Owner's Guarantee; or |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.28 | Manager: any Ship is managed by any person, other than its Owner or in respect of matters set out in the Code, the Operator, without the prior written consent of the Bank; or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.29 | De-listing etc.: the shares of the AMPNI Guarantor are de-listed, or cease to trade or are suspended from trading (whether permanently or temporarily) on, the New York Stock Exchange; or |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.30 | Licenses, etc: any license, authorisation, consent or approval at any time necessary to enable any Security Party to comply with its obligations under the Security Documents is revoked or withheld or modified or is otherwise not granted or fails to remain in full force and effect or if any exchange control or other law or regulation shall exist which would make any transaction under the Security Documents or the continuation thereof, unlawful or would prevent the performance by any Security Party of any term of any of the Security Documents; or |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.31 | Material events: any other event occurs or circumstance arises which, in the reasonable opinion of the Bank, is likely materially and adversely to affect either (i) the ability of any Security Party to perform all or any of its obligations under or otherwise to comply with the terms of any of the Security Documents to which it is a party or (ii) the security created by any of the Security Documents. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Acceleration |
|------|--------------|

| 10.2.1 | the obligation of the Bank to make the Commitment available shall be terminated, whereupon the Commitment at the time shall be reduced to zero forthwith; and/or |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2.2 | the Loan and all interest accrued and all other sums payable under the Security Documents have become due and payable, whereupon the same shall, immediately or in accordance with the terms of such notice, become due and payable. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | Demand basis |
|------|--------------|

----

| 11 | Indemnities |
|----|-------------|

| 11.1 | Miscellaneous indemnities |
|------|---------------------------|

| 11.1.1 | any default in payment of any sum under any of the Security Documents when due; |
|--------|---------------------------------------------------------------------------------|

| 11.1.2 | the occurrence of any other Event of Default; |
|--------|-----------------------------------------------|

| 11.1.3 | any prepayment of the Loan (or any part thereof) being made under clauses 4.2, 4.3, 8.2.1(a) or 12.1 or any other prepayment or repayment of the Loan (or part thereof) being made otherwise than on an Interest Payment Date relating to the part of the Loan being prepaid or repaid; or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.1.4 | the Loan not being made for any reason (excluding any default by the Bank) after the Drawdown Notice has been given, |
|--------|----------------------------------------------------------------------------------------------------------------------|

| 11.2 | Currency indemnity |
|------|--------------------|

| 11.3 | Environmental indemnity |
|------|-------------------------|

----

| 11.4 | Central Bank or European Central Bank reserve requirements indemnity |
|------|----------------------------------------------------------------------|

| 12 | Unlawfulness and increased costs |
|----|----------------------------------|

| 12.1 | Unlawfulness |
|------|--------------|

| 12.2 | Increased costs |
|------|-----------------|

| 12.2.1 | subject the Bank to Taxes or change the basis of Taxation of the Bank with respect to any payment under any of the Security Documents (other than Taxes or Taxation on the overall net income, profits or gains of the Bank imposed in the jurisdiction in which its principal or lending office under this Agreement is located); and/or |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.2 | increase the cost to, or impose an additional cost on, the Bank or its holding company in making or keeping the Loan available or maintaining or funding all or part of the Loan; and/or |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.3 | reduce the amount payable or the effective return to the Bank under any of the Security Documents; and/or |
|--------|-----------------------------------------------------------------------------------------------------------|

| 12.2.4 | reduce the Bank's or its holding company's rate of return on its overall capital by reason of a change in the manner in which it is required to allocate capital resources to the Bank's obligations under any of the Security Documents; and/or |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.5 | require the Bank or its holding company to make a payment or forego a return on or calculated by reference to any amount received or receivable by the Bank under any of the Security Documents; and/or |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.2.6 | require the Bank or its holding company to incur or sustain a loss (including a loss of future potential profits) by reason of being obliged to deduct all or part of the Loan from its capital for regulatory purposes, |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the Bank shall notify the Borrower in writing of such event promptly upon its becoming aware of the same; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (b) | the Borrower shall on demand made at any time whether or not the Loan outstanding has been repaid, pay to the Bank the amount which the Bank specifies (in a certificate setting forth the basis of the computation of such amount but not including any matters which the Bank or its holding company regards as confidential) is required to compensate the Bank and/or (as the case may be) its holding company for such liability to Taxes, cost, reduction, payment, foregone return or loss. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3 | Exception |
|------|-----------|

| 13 | Security and set-off |
|----|----------------------|

| 13.1 | Application of moneys |
|------|-----------------------|

| 13.1.1 | first, in or toward payment of all unpaid costs, expenses, fees and commissions which may be owing to the Bank under any of the Security Documents; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.1.2 | secondly, in or towards payment of any arrears of interest owing in respect of the Loan or any part thereof; |
|--------|--------------------------------------------------------------------------------------------------------------|

| 13.1.3 | thirdly, in or towards repayment of the Loan (whether the same is due and payable or not); |
|--------|--------------------------------------------------------------------------------------------|

| 13.1.4 | fourthly, in or towards payment to the Bank for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan repaid or prepaid and which amounts are so payable under this Agreement; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.1.5 | fifthly, in or towards payment to the Bank of any other sums owing to it under any of the Security Documents; and |
|--------|-------------------------------------------------------------------------------------------------------------------|

| 13.1.6 | sixthly, the surplus (if any) shall be paid to the Borrower or to whomsoever else may be entitled to receive such surplus. |
|--------|----------------------------------------------------------------------------------------------------------------------------|

| 13.2 | Set-off |
|------|---------|

| 13.2.1 | The Borrower authorises the Bank (without prejudice to any of the Bank's rights at law, in equity or otherwise), at any time and without notice to the Borrower, to apply any |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 13.2.2 | The Bank shall not be obliged to exercise any right given to it by this clause 13.2. The Bank shall notify the Borrower forthwith upon the exercise or purported exercise of any right of set-off giving full details in relation thereto. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2.3 | Nothing in this clause 13.2 shall be effective to create an Encumbrance or any other security interest. |
|--------|---------------------------------------------------------------------------------------------------------|

| 13.3 | Further assurance |
|------|-------------------|

| 13.4 | Conflicts |
|------|-----------|

| 14 | Assignment, transfer and lending office |
|----|-----------------------------------------|

| 14.1 | Benefit and burden |
|------|--------------------|

| 14.2 | No assignment by Borrower |
|------|---------------------------|

| 14.3 | Assignment by Bank |
|------|--------------------|

| 14.4 | Transfer |
|------|----------|

----

| 14.5 | Documenting assignments and transfers |
|------|---------------------------------------|

| 14.6 | Lending office |
|------|----------------|

| 14.7 | Disclosure of information |
|------|---------------------------|

| 15 | Notices and other matters |
|----|---------------------------|

| 15.1 | Notices |
|------|---------|

| 15.1.1 | be in writing delivered personally or by first-class prepaid letter (airmail if available) or facsimile transmission or other means of telecommunication in permanent written form; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.1.2 | be deemed to have been received, subject as otherwise provided in the relevant Security Document, in the case of a letter, when delivered personally or five (5) days after it has been put in to the post and, in the case of a facsimile transmission or other means of telecommunication in permanent written form, at the time of despatch (provided that if the date of despatch is not a business day in the country of the addressee or if the time of despatch is after the close of business in the country of the addressee it shall be deemed to have been received at the opening of business on the next such business day); and |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.1.3 | be sent: |
|--------|----------|

|   | (a) | if to the Borrower at: 10 Akti Kondili 185 45 Piraeus Greece Fax No: +30 210 458 6242Attn:     Mr Apostolos Manitsas |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | if to the Bank at Piraeus Bank A.E.47-49 Akti Miaouli street185 36 Piraeus Greece Fax No: +30 210 429 2601Attn:      Relationship Manager |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2 | No implied waivers, remedies cumulative |
|------|-----------------------------------------|

| 15.3 | English language |
|------|------------------|

| 15.4 | Waiver of Borrower's rights |
|------|-----------------------------|

| 15.4.1 | exercise any right of subrogation, reimbursement and indemnity against any Owner or any other person liable under the Security Documents, whether in respect of any Indebtedness or intra-Group loans or otherwise; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4.2 | demand or accept repayment in whole or in part of any Indebtedness (including intra-Group loans) now or hereafter due to such Borrower from any Owner or from any other person liable under the Security Documents or demand or accept any guarantee, indemnity or other assurance against financial loss or any document or instrument created or evidencing an Encumbrance in respect of the same or dispose of the same; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4.3 | take any steps to enforce any right against any Owner or any other person liable under  the Security Documents in respect of any such moneys; or |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4.4 | claim any set-off or counterclaim against any Owner or any other person liable under the Security Documents or claiming or proving in competition with the Bank in the liquidation of any Owner or any other person liable under the Security Documents or have the benefit of, or share in, any payment from or composition with, any Owner or any other person liable under the Security Documents or any other Security Document now or hereafter held by the Bank for any moneys owing under this Agreement or for the obligations or liabilities of any other person liable but so that, if so directed by the Bank, it will prove for the whole or any part of its claim in the liquidation of any Owner or other person liable under the Security Documents on terms that the benefit of such proof and all money received by it in respect thereof shall be held on trust for the Bank and applied in or towards discharge of any moneys owing under this Agreement in such manner as the Bank shall deem appropriate. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16 | Governing law and jurisdiction |
|----|--------------------------------|

| 16.1 | Law |
|------|-----|

| 16.2 | Submission to jurisdiction |
|------|----------------------------|

| 16.3 | Contracts (Rights of Third Parties) Act 1999 |
|------|----------------------------------------------|

----

| To: | Piraeus Bank A.E.47-49 Akti Miaouli 185 36 PiraeusGreece |   |
|-----|----------------------------------------------------------|--------|

| (a) | no event or circumstance has occurred and is continuing which constitutes a Default; |
|-----|--------------------------------------------------------------------------------------|

| (b) | the representations and warranties contained in (i) clauses 7.1, clauses 7.2, and 7.3(b) of the Loan Agreement and (ii) clause 4 of each Corporate Guarantee, are true and correct at the date hereof as if made with respect to the facts and circumstances existing at such date; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | the borrowing to be effected by the drawdown of the Loan will be within our corporate powers, has been validly authorised by appropriate corporate action and will not cause any limit on our borrowings (whether imposed by statute, regulation, agreement or otherwise) to be exceeded; and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | there has been no material adverse change in our financial position or operations or in the financial position or the operations of the Corporate Guarantors or any other member of the Group or the Group as a whole, in each case from that described by us or any other Security Party to the Bank in the negotiation of the Loan Agreement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|                                                                        |   |
| For and on behalf ofAEGEAN BUNKERING SERVICES INC.                                                                                                                                                                                                                                                                                                                                                                              |   |

----

| 1 | Constitutional documents |
|---|--------------------------|

| 2 | Corporate authorisations |
|---|--------------------------|

| 2.1 | being true and correct; |
|-----|-------------------------|

| 2.2 | being duly passed at meetings of the directors of such Security Party and of the stockholders of such Security Party each duly convened and held; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | not having been amended, modified or revoked; and |
|-----|---------------------------------------------------|

| 2.4 | being in full force and effect, |
|-----|---------------------------------|

| 3 | Specimen signatures |
|---|---------------------|

| 4 | Certificate of incumbency |
|---|---------------------------|

| 5 | Borrower's consents and approvals |
|---|-----------------------------------|

----

| 6 | Other consents and approvals |
|---|------------------------------|

| 7 | Security Documents |
|---|--------------------|

| 8 | Operating Accounts |
|---|--------------------|

| 9 | Arrangement fee |
|---|-----------------|

| 10 | Borrower's process agent |
|----|--------------------------|

| 11 | Security Parties' process agent |
|----|---------------------------------|

| 12 | Greek legal opinion |
|----|---------------------|

| 13 | Liberian and Marshall Islands legal opinion |
|----|---------------------------------------------|

| 14 | Further matters or opinions |
|----|-----------------------------|

----

| 1 | Ship conditions |
|---|-----------------|

| 1.1 | Registration and Encumbrances |
|-----|-------------------------------|

| 1.2 | Classification |
|-----|----------------|

| 1.3 | Insurance |
|-----|-----------|

| 2 | Ship Security Documents |
|---|-------------------------|

| 3 | Mortgage registration |
|---|-----------------------|

| 4 | Notices of assignment |
|---|-----------------------|

| 5 | Insurance opinion |
|---|-------------------|

----

| 6 | Security Parties' process agent |
|---|---------------------------------|

| 7 | Disbursement Acknowledgement |
|---|------------------------------|

| 8 | DOC and application for SMC |
|---|-----------------------------|

| 9 | ISPS Code compliance |
|---|----------------------|

| 9.1 | evidence satisfactory to the Bank that each Ship is subject to a ship security plan which complies with the ISPS Code; and |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| 9.2 | a copy certified (in a certificate dated no earlier than five (5) Banking Days prior to the Drawdown Date) as a true and complete copy by an officer of the relevant Owner of the ISSC for each Ship and the continuous synopsis record required by the ISPS Code in respect of each Ship; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10 | Arrangement fee |
|----|-----------------|

| 11 | Greek legal opinion |
|----|---------------------|

| 12 | Liberian and Marshall Islands legal opinion |
|----|---------------------------------------------|

| 13 | Valuations |
|----|------------|

| 14 | Further matters/opinions |
|----|--------------------------|

----

| To: | Piraeus Bank A.E.47-49 Akti Miaouli 185 36 PiraeusGreece |   |
|-----|----------------------------------------------------------|--------|

|                                                                             |   |
|----------------------------------------------------------------------------------|--------|
| Yours faithfully,                                                                |   |
|                                                                             |   |
|                                                                             |   |
|                                                                             |   |
|                                                                             |   |
|                                                                             |   |
|                                                                             |   |
| For and on behalf ofAEGEAN BUNKERING SERVICES INC.                               |   |
|                                                                             |   |
|                                                                             |   |
| Agreed and acknowledged by:                                                      |   |
|                                                                             |   |
|                                                                             |   |
|                                                                             |   |
| For and on behalf ofAEGEAN MARINE PETROLEUM NETWORK INC.(as Corporate Guarantor) |   |
|                                                                             |   |
|                                                                             |   |
|                                                                             |   |
| For and on behalf ofAEGEAN SHIP III MARITIME COMPANY(as Corporate Guarantor)     |   |
|                                                                             |   |
|                                                                             |   |
|                                                                             |   |
| For and on behalf ofAEGEAN SHIP VIII MARITIME COMPANY(as Corporate Guarantor)    |   |
|                                                                             |   |
|                                                                             |   |
|                                                                             |   |
| For and on behalf ofAEGEAN SHIP XII MARITIME COMPANY(as Corporate Guarantor)     |   |

----

----

| Private & Confidential |                |               |
|----------------------------|---------------------|--------------------|
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                | Dated 29 June 2012 |   |   |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       | AMP MARITIME S.A.   | (1)                |
|                       |                |               |
|                       | and                 |               |
|                       |                |               |
|                       | PIRAEUS BANK A.E.   | (2)                |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       | CORPORATE GUARANTEE |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                |               |
|                       |                | NORTON ROSE   |

----

| Clause | Page                               |
|--------|------------------------------------|
|   |                               |   |
| 1      | Interpretation                     | 1 |
|   |                               |   |
| 2      | Guarantee                          | 2 |
|   |                               |   |
| 3      | Payments and Taxes                 | 5 |
|   |                               |   |
| 4      | Representations and warranties     | 6 |
|   |                               |   |
| 5      | Undertakings and Operating Account | 10 |
|   |                               |   |
| 6      | Set-off                            | 14 |
|   |                               |   |
| 7      | Benefit of this Guarantee          | 14 |
|   |                               |   |
| 8      | Notices and other matters          | 15 |
|   |                               |   |
| 9      | Law and jurisdiction               | 16 |

----

| (1) | AMP MARITIME S.A. (the "Guarantor"); and |
|-----|------------------------------------------|

| (2) | PIRAEUS BANK A.E. as bank (the "Bank"). |
|-----|-----------------------------------------|

| (A) | by a loan agreement dated 8 July 2008 as amended and restated by a supplemental agreement dated 29 June 2012 (together, the "Agreement") and made between (i) Aegean Bunkering Services Inc. (therein and herein referred to as the "Borrower") as borrower and (ii) the Bank, the Bank agreed (inter alia) to make available to the Borrower, upon the terms and conditions therein contained, a loan of up to US$15,000,000; and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | the execution and delivery of this Guarantee is one of the conditions precedent to the Bank making the Commitment available under the Agreement. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| 1 | Interpretation |
|---|----------------|

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

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

----

| 1.3 | Heading |
|-----|---------|

| 1.4 | Construction of certain terms |
|-----|-------------------------------|

| 2 | Guarantee |
|---|-----------|

| 2.1 | Covenant to pay |
|-----|-----------------|

| 2.2 | Guarantor as principal debtor; indemnity |
|-----|------------------------------------------|

----

| 2.3 | Statements of account conclusive |
|-----|----------------------------------|

| 2.4 | No security taken by Guarantor |
|-----|--------------------------------|

| 2.5 | Interest |
|-----|----------|

| 2.6 | Continuing security and other matters |
|-----|---------------------------------------|

| 2.6.1 | secure the ultimate balance from time to time owing to the Bank by the Borrower and shall be a continuing security, notwithstanding any settlement of account or other matter whatsoever; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.6.2 | be in addition to any present or future Collateral Instrument, right or remedy held by or available to the Bank; and |
|-------|----------------------------------------------------------------------------------------------------------------------|

| 2.6.3 | not be in any way prejudiced or affected by the existence of any such Collateral Instrument, rights or remedies or by the same becoming wholly or in part void, voidable or unenforceable on any ground whatsoever or by the Bank dealing with, exchanging, varying or failing to perfect or enforce any of the same or giving time for payment or indulgence or compounding with any other person liable. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.7 | Liability unconditional |
|-----|-------------------------|

| 2.7.1 | the Incapacity or any change in the name, style or constitution of the Borrower or any other person liable; |
|-------|-------------------------------------------------------------------------------------------------------------|

| 2.7.2 | the Bank granting any time, indulgence or concession to, or compounding with, discharging, releasing or varying the liability of, the Borrower or any other person liable or renewing, determining, varying or increasing any accommodation, facility or transaction or otherwise dealing with the same in any manner whatsoever or concurring in, accepting or varying any |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.7.3 | any act or omission which would not have discharged or affected the liability of the Guarantor had it been a principal debtor instead of a guarantor or by anything done or omitted which but for this provision might operate to exonerate the Guarantor. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.8 | Collateral instruments |
|-----|------------------------|

| 2.9 | Waiver of Guarantor's rights |
|-----|------------------------------|

| 2.9.1 | exercise its rights of subrogation, reimbursement and indemnity against the Borrower or any other person liable; |
|-------|------------------------------------------------------------------------------------------------------------------|

| 2.9.2 | demand or accept repayment in whole or in part of any indebtedness now or hereafter due to the Guarantor from the Borrower or from any other person liable or demand or accept any Collateral Instrument in respect of the same or dispose of the same; |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.9.3 | take any step to enforce any right against the Borrower or any other person liable in respect of any Guaranteed Liabilities; or |
|-------|---------------------------------------------------------------------------------------------------------------------------------|

| 2.9.4 | claim any set-off or counterclaim against the Borrower or any other person liable or claim or prove in competition with the Bank in the liquidation of the Borrower or any other person liable or have the benefit of, or share in, any payment from or composition with, the Borrower or any other person liable or any other Collateral Instrument now or hereafter held by the Bank for any Guaranteed Liabilities or for the obligations or liabilities of any other person liable but so that, if so directed by the Bank, it will prove for the whole or any part of its claim in the liquidation of the Borrower or any other person liable on terms that the benefit of such proof and of all money received by it in respect thereof shall be held on trust for the Bank and applied in or towards discharge of the Guaranteed Liabilities in such manner as the Bank shall deem appropriate. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.10 | Application and suspense accounts: |
|------|------------------------------------|

| 2.10.1 | first, in or towards the Expenses (as defined in the Mortgage); |
|--------|-----------------------------------------------------------------|

| 2.10.2 | secondly, in or towards any part of the Guaranteed Liabilities which has become due and payable; and |
|--------|------------------------------------------------------------------------------------------------------|

----

| 2.10.3 | the surplus (if any) may be held by the Bank as continuing security for the Guaranteed Liabilities for a further application in accordance with clauses 2.10.1, 2.10.2 and 2.10.3 as and when any further Expenses are incurred and/or any further part of the Guaranteed Liabilities falls due, |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.11 | Settlements conditional |
|------|-------------------------|

| 2.12 | Guarantor to deliver up certain property |
|------|------------------------------------------|

| 2.13 | Retention of this Guarantee |
|------|-----------------------------|

| 3 | Payments and Taxes |
|---|--------------------|

| 3.1 | No set off or counterclaim |
|-----|----------------------------|

| 3.2 | Grossing up for Taxes |
|-----|-----------------------|

----

| 3.3 | Currency indemnity |
|-----|--------------------|

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

| 4.1 | Continuing representations and warranties |
|-----|-------------------------------------------|

| 4.1.1 | Due incorporation |
|-------|-------------------|

| 4.1.2 | Corporate power to guarantee |
|-------|------------------------------|

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

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

----

| 4.1.5 | No litigation |
|-------|---------------|

| 4.1.6 | No filings required |
|-------|---------------------|

| 4.1.7 | Choice of law |
|-------|---------------|

| 4.1.8 | No immunity |
|-------|-------------|

| 4.1.9 | Consents obtained |
|-------|-------------------|

| 4.1.10 | Shareholding |
|--------|--------------|

| 4.1.11 | No material adverse change |
|--------|----------------------------|

----

| 4.2 | Initial representations and warranties |
|-----|----------------------------------------|

| 4.2.1 | Pari passu |
|-------|------------|

| 4.2.2 | No default under other Indebtedness |
|-------|-------------------------------------|

| 4.2.3 | Information |
|-------|-------------|

| 4.24 | No withholding Taxes |
|------|----------------------|

| 4.2.5 | No Default |
|-------|------------|

| 4.2.6 | The Ship |
|-------|----------|

|   | (a) | in the absolute ownership of the Guarantor who will, on and after such date, be the sole, legal and beneficial owner of the Ship; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | permanently registered through the offices of the relevant Registry as a ship under the laws and flag of the relevant Flag State; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | operationally seaworthy and in every way fit for service; and |
|--------|-----|---------------------------------------------------------------|

|   | (d) | classed with the relevant Classification free of all conditions, requirements and recommendations of the relevant Classification Society; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2.7 | Ship's employment |
|-------|-------------------|

----

| 4.2.8 | Freedom from Encumbrances |
|-------|---------------------------|

| 4.2.9 | Compliance with Environmental Laws and Approvals |
|-------|--------------------------------------------------|

|   | (a) | the Guarantor and the other Relevant Parties and, to the best of the Guarantor's knowledge and belief (having made due enquiry), their respective Environmental Affiliates have complied with the provisions of all Environmental Laws; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the Guarantor and the other Relevant Parties and, to the best of the Guarantor's knowledge and belief (having made due enquiry), their respective Environmental Affiliates have obtained all Environmental Approvals and are in compliance with all such Environmental Approvals; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | neither the Guarantor nor any other Relevant Party nor, to the best of the Guarantor's knowledge and belief (having made due enquiry), any of their respective Environmental Affiliates have received notice of any Environmental Claim that the Guarantor or any other Relevant Party or any such Environmental Affiliate is not in compliance with any Environmental Law or any Environmental Approval; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2.10 | No Environmental Claims |
|--------|-------------------------|

| 4.2.11 | No potential Environmental Claims |
|--------|-----------------------------------|

| 4.2.12 | ISPS Code |
|--------|-----------|

| 4.3 | Repetition of representations and warranties |
|-----|----------------------------------------------|

----

| 5 | Undertakings and Operating Account |
|---|------------------------------------|

| 5.1 | General |
|-----|---------|

| 5.1.1 | Notice of default |
|-------|-------------------|

| 5.1.2 | Consents and licences |
|-------|-----------------------|

| 5.1.3 | Pari passu |
|-------|------------|

| 5.1.4 | Delivery of reports |
|-------|---------------------|

| 5.1.5 | Provision of other information |
|-------|--------------------------------|

| 5.1.6 | Obligations under Security Documents |
|-------|--------------------------------------|

----

| 5.1.7 | Compliance with Code |
|-------|----------------------|

| 5.1.8 | Withdrawal of DOC and SMC |
|-------|---------------------------|

| 5.1.9 | Issuance of DOC and SMC |
|-------|-------------------------|

| 5.1.10 | ISPS Code compliance |
|--------|----------------------|

|   | (a) | maintain at all times thereafter, maintain a valid and current ISSC respect of the Ship; |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (b) | immediately notify the Bank in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC in respect of the Ship; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | procure that the Ship complies with the ISPS Code at all times. |
|--------|-----|-----------------------------------------------------------------|

| 5.2 | Negative undertakings |
|-----|-----------------------|

| 5.2.1 | Negative pledge |
|-------|-----------------|

| 5.2.2 | No merger |
|-------|-----------|

| 5.2.3 | Disposals |
|-------|-----------|

----

| 5.2.4 | Other business |
|-------|----------------|

| 5.2.5 | Acquisitions |
|-------|--------------|

| 5 2.6 | Other obligations |
|-------|-------------------|

| 5.2.7 | No borrowing |
|-------|--------------|

| 5.2.8 | Repayment of borrowings |
|-------|-------------------------|

| 5.2.9 | Guarantees |
|-------|------------|

| 5.2.10 | Loans |
|--------|-------|

| 5.2.11 | Sureties |
|--------|----------|

| 5.2.12 | Share capital and distribution |
|--------|--------------------------------|

----

| 5.2.13 | Subsidiaries |
|--------|--------------|

| 5.3 | Operating Account |
|-----|-------------------|

| 5.3.1 | on or before the date of this Guarantee, open the Operating Account; and |
|-------|--------------------------------------------------------------------------|

| 5.3.2 | procure that all moneys payable to the Guarantor in respect of the Earnings (as defined in |
|-------|--------------------------------------------------------------------------------------------|

| 5.4 | Operating Account: withdrawals |
|-----|--------------------------------|

| 5.4.1 | to pay any amounts payable to the First Mortgagee pursuant to the First Loan Agreement |
|-------|----------------------------------------------------------------------------------------|

| 5.4.2 | to pay any amount in or towards payments of any instalments of interest or principal in |
|-------|-----------------------------------------------------------------------------------------|

| 5.4.3 | to pay the proper and reasonable operating expenses of the Ship; |
|-------|------------------------------------------------------------------|

| 5.4.4 | to pay the proper and reasonable expenses of administering its affairs; and |
|-------|-----------------------------------------------------------------------------|

| 5.4.5 | to make any payment of dividends unless an Event of Default has occurred and is continuing. |
|-------|---------------------------------------------------------------------------------------------|

| 5.5 | Application of account |
|-----|------------------------|

| 5.6 | General terms |
|-----|---------------|

| 5.6.1 | Amounts standing to the credit of the Operating Account shall (unless otherwise agreed between the Bank and the Guarantor) bear interest at the rates from time to time offered by |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.6.2 | No withdrawal may be made from the Operating Account if the Operating Account is overdrawn or would become overdrawn as a result of such withdrawal. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.7 | Pledging of account |
|-----|---------------------|

| 6 | Set-off |
|---|---------|

| 7 | Benefit of this Guarantee |
|---|---------------------------|

| 7.1 | Benefit and burden |
|-----|--------------------|

| 7.2 | Changes in constitution or reorganisation of the Bank |
|-----|-------------------------------------------------------|

| 7.3 | No assignment by Guarantor |
|-----|----------------------------|

| 7.4 | Disclosure of information |
|-----|---------------------------|

----

| 8 | Notices and other matters |
|---|---------------------------|

| 8.1 | Notice |
|-----|--------|

| 8.1.1 | if to the Guarantor at: |
|-------|-------------------------|

| 8.1.2 | if to the Bank at: |
|-------|--------------------|

| 8.2 | No implied waivers, remedies cumulative |
|-----|-----------------------------------------|

| 8.1 | English translations |
|-----|----------------------|

| 8.2 | Other guarantors |
|-----|------------------|

| 8.3 | Expenses |
|-----|----------|

----

| 8.4 | Partial invalidity |
|-----|--------------------|

| 8.5 | Miscellaneous |
|-----|---------------|

| 8.5.1 | This Guarantee contains the entire agreement of the parties and its provisions supersede any and all other prior correspondence and oral negotiation by the parties in respect of the matters regulated by the Guarantee. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.5.2 | This Guarantee and its terms and provisions shall not be amended or varied in its terms by any oral agreement or representation or in any other manner other than by an instrument in writing or even date herewith or subsequent hereto executed by or on behalf of the parties hereto. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9 | Law and jurisdiction |
|---|----------------------|

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

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

| 9.3 | Contracts (Rights of Third Parties) Act 1999 |
|-----|----------------------------------------------|

----

| EXECUTED as a DEED                   | )      |                 |
|--------------------------------------|--------|----------------------|
| By                                   | )      |                 |
| duly authorized for and on behalf of | )      |                 |
| AMP MARITIME S.A.                    | )      | Attorney-in-fact     |
| in the presence of                   | )      |                 |
|                                 |   |                 |
|                                 |   |                 |
|                                 |   |                 |
| Witness                              |   |                 |
| Name:                                |   |                 |
|                                 |   |                 |
|                                 |   |                 |
|                                 |   |                 |
|                                 |   |                 |
| EXECUTED as a DEED                   | )      |                 |
| By                                   | )      | Authorised Signatory |
| and by                               | )      |                 |
| duly authorized for and on behalf of | )      |                 |
| PIRAEUS BANK A.E.                    | )      |                 |
| in the presence of:                  | )      | Authorised Signatory |
|                                 |   |                 |
|                                 |   |                 |
|                                 |   |                 |
| Witness                              |   |                 |
| Name:                                |   |                 |
|                                 |   |                 |

----

----

| Private & Confidential |                                                           |               |
|----------------------------|----------------------------------------------------------------|--------------------|
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           | Dated 29 June 2012 |   |   |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       | AMP MARITIME S.A.                                              | (1)                |
|                       |                                                           |               |
|                       | and                                                            |               |
|                       |                                                           |               |
|                       | PIRAEUS BANK A.E.                                              | (2)                |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       | SECOND PREFERRED LIBERIAN SHIPMORTGAGE on m.v. Aegean Champion |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           |               |
|                       |                                                           | NORTON ROSE   |

----

| Clause                             |                                                        | Page   |
|------------------------------------|-------------------------------------------------------------|--------|
|                               |                                                        |   |
| 1                                  | Definitions                                                 | 2      |
|                               |                                                        |   |
| 2                                  | Grant, conveyance and mortgage                              | 5      |
|                               |                                                        |   |
| 3                                  | Covenants to pay and perform                                | 6      |
|                               |                                                        |   |
| 4                                  | Continuing security and other matters                       | 6      |
|                               |                                                        |   |
| 5                                  | Covenants                                                   | 7      |
|                               |                                                        |   |
| 6                                  | Powers of Mortgagee to protect security and remedy defaults | 14     |
|                               |                                                        |   |
| 7                                  | Powers of Mortgagee on Event of Default                     | 15     |
|                               |                                                        |   |
| 8                                  | Application of moneys                                       | 16     |
|                               |                                                        |   |
| 9                                  | Remedies cumulative and other provisions                    | 16     |
|                               |                                                        |   |
| 10                                 | Costs and indemnity                                         | 17     |
|                               |                                                        |   |
| 11                                 | Attorney                                                    | 17     |
|                               |                                                        |   |
| 12                                 | Further assurance                                           | 18     |
|                               |                                                        |   |
| 13                                 | Total amount and maturity                                   | 18     |
|                               |                                                        |   |
| 14                                 | Law, jurisdiction and other provisions                      | 18     |
|                               |                                                        |   |
| 15                                 | Other provisions                                            | 18     |
|                               |                                                        |   |
| 16                                 | Notices                                                     | 19     |
|                               |                                                        |
| Schedule 1 The Loan Agreement      | 20                                                          |
|                               |                                                        |
| Schedule 2 The Corporate Guarantee | 21                                                          |

----

| (1) | AMP MARITIME S.A., a company incorporated under the laws of the Republic of Liberia, whose registered office is at 80 Broad Street, Monrovia, Republic of Liberia (the "Owner"); |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | PIRAEUS BANK A.E., a company incorporated under the laws of Greece, whose registered office is at 4 Amerikis, 105 64 Athens, Greece acting for the purposes of this Mortgage through its office at 47-49 Akti Miaouli, 185 36 Piraeus, Greece (the "Mortgagee"). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | the Owner is the sole, absolute and (save for the First Mortgage hereinafter mentioned) unencumbered, legal and beneficial owner of the whole of the m.v. Aegean Champion documented under the laws and flag of the Republic of Liberia, Official Number 14289 of 8078 gross tons and 14332 net tons; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | the Ship is subject to the First Mortgage described in clause 1.2; |
|-----|--------------------------------------------------------------------|

| (C) | by a loan agreement dated 8 July 2008 as amended and restated by a supplemental agreement dated 29 June 2012 (together the "Loan Agreement") and made between (1) Aegean Bunkering Services Inc. as borrower (therein and herein referred to as the "Borrower") and (2) the Mortgagee as lender (therein referred to as the "Bank") (a copy of the form of which amended and restated Loan Agreement without its schedules is annexed hereto as schedule 1), the Mortgagee agreed (inter alia) to make available to the Borrower upon the terms and conditions therein contained, a loan in the maximum principle amount outstanding at any one time of Fifteen million Dollars ($15,000,000); |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | pursuant to the Loan Agreement, the Mortgagee as of the date hereof advanced or will advance to the Borrower (and the Borrower is indebted to the Mortgagee in) a total principal amount of Fifteen million Dollars ($15,000,000) repayable (together with interest (as provided in clause 3.1 of the Loan Agreement or as otherwise provided in the Loan Agreement) thereon) in accordance with the terms and conditions of the Loan Agreement; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (E) | by a corporate guarantee (the "Corporate Guarantee") dated 29 June 2012 and executed by the Owner (therein referred to as "Guarantor") in favour of the Mortgagee (a copy of the form of which Corporate Guarantee is annexed hereto as schedule 2), the Owner (inter alia) guaranteed the payment of any moneys owing by the Borrower to the Mortgagee under the Loan Agreement and the other Security Documents; and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (F) | the Owner in order to secure the repayment of the said principal amount and interest thereon, and all other sums of money from time to time owing to the Mortgagee under the Corporate Guarantee and the performance and observance of and compliance with all of the covenants, terms and conditions contained in this Mortgage, the Corporate Guarantee, the Loan Agreement and the other Security Documents has duly authorised the execution and delivery of this First Preferred Mortgage under and pursuant to Chapter 3 of Title 21 of the Liberian Code of Laws Revised as amended. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

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

|   | (a) | all losses, liabilities, costs, charges, expenses, damages and outgoings of whatever |
|--------|-----|--------------------------------------------------------------------------------------|

|   | nature, (including, without limitation, Taxes, repair costs, registration fees and insurance premiums) suffered, incurred or paid by the Mortgagee in connection with the exercise of the powers referred to in or granted by the Corporate Guarantee, the Loan Agreement, this Mortgage, the General Assignment or any of the other Security Documents or otherwise payable by the Owner in accordance with clause 10 or clause 8 of the General Assignment; and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | interest on all such losses, liabilities, costs, charges, expenses, damages and outgoings |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | from the date on which the same were suffered, incurred or paid by the Mortgagee until the date of receipt or recovery thereof (whether before or after judgement) at a rate per annum calculated in accordance with clause 2.5 of the Corporate Guarantee (as conclusively certified by the Mortgagee); |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (a) | actual, constructive, compromised or arranged total loss of the Ship; or |
|--------|-----|--------------------------------------------------------------------------|

|   | (b) | the Compulsory Acquisition of the Ship; or |
|--------|-----|--------------------------------------------|

|   | (c) | the hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation of the |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | Ship (other than where the same amounts to the Compulsory Acquisition of the Ship) by any Government Entity or by persons acting or purporting to act on behalf of any Government Entity unless the Ship be released and restored to the Owner from such hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation within thirty (30) days after the occurrence thereof. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | Insurance terms |
|-----|-----------------|

| 1.3.1 | "excess risks" means the proportion (if any) of claims for general average, salvage and salvage charges and under the ordinary collision clause not recoverable in consequence of the value at which a vessel is assessed for the purpose of such claims exceeding her insured value; |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3.2 | "protection and indemnity risks" means the usual risks (including oil pollution and freight, demurrage and defence cover) covered by a United Kingdom protection and indemnity association or a protection and indemnity association which is managed in London (including, without limitation, the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in such policies of clause 8 of the Institute Time Clauses (Hulls) (1/11/95) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision); and |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3.3 | "war risks" includes those risks covered by the standard form of English marine policy with Institute War and Strikes Clauses Hulls (Time) (1/11/95) attached or similar cover. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

| 1.5.1 | references to clauses and schedules are to be construed as references to clauses of, and schedules to, this Mortgage and references to this Mortgage include its schedules; |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5.2 | references to (or to any specified provision of) this Mortgage or any other documents shall be construed as references to this Mortgage, that provision or that document as in force for the time being and as amended in accordance with the terms thereof or, as the case may be, with the agreement of the relevant parties; |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5.3 | words importing the plural shall include the singular and vice versa; |
|-------|-----------------------------------------------------------------------|

| 1.5.4 | references to a person shall be construed as references to an individual, firm, company, corporation, unincorporated body of persons or any Government Entity; |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5.5 | references to a "guarantee" include references to an indemnity or other assurance against financial loss including, without limitation, an obligation to purchase assets or services as a consequence of a default by any other person to pay any Indebtedness and "guaranteed" shall be construed accordingly; and |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5.6 | references to statutory provisions shall be construed as references to those provisions as replaced or amended or re-enacted from time to time. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.6 | Conflict with Loan Agreement |
|-----|------------------------------|

| 2 | Grant, conveyance and mortgage |
|---|--------------------------------|

----

| 3 | Covenants to pay and perform |
|---|------------------------------|

| 3.1 | For the consideration aforesaid the Owner hereby covenants with the Mortgagee as follows: |
|-----|-------------------------------------------------------------------------------------------|

| 3.1.1 | the Owner will pay to the Mortgagee any sums payable by the Owner pursuant to the Corporate Guarantee at the times and in the manner specified in the Corporate Guarantee; |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1.2 | the Owner will pay to the Mortgagee interest on any such sum and overdue interest or other moneys payable under the Corporate Guarantee at the rates, at the times and in the manner specified in the Corporate Guarantee; |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1.3 | the Owner will pay the full amount of all other moneys comprising the Outstanding Indebtedness as and when the same shall become due and payable in accordance with the terms of the Corporate Guarantee, the Loan Agreement and this Mortgage; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1.4 | the Owner will pay interest at a rate per annum calculated in accordance with clause 2.5 of the Corporate Guarantee (as conclusively certified by the Mortgagee) on any moneys which are by this Mortgage expressed to be payable on demand and which are not paid forthwith on demand being made as from the date of demand until payment (both before and after any judgment) provided however that this provision shall not affect the right of the Mortgagee to receive that part of its Expenses as comprises interest from such date prior to demand being made as is referred to in the definition of Expenses; and |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1.5 | the Owner will keep, perform and observe the covenants and provisions of the Corporate Guarantee and this Mortgage. |
|-------|---------------------------------------------------------------------------------------------------------------------|

| 4 | Continuing security and other matters |
|---|---------------------------------------|

| 4.1 | Continuing security |
|-----|---------------------|

| 4.1.1 | be held by the Mortgagee as a continuing security for the payment of the Outstanding Indebtedness and the performance and observance of and compliance with all of the covenants, terms and conditions contained in the Corporate Guarantee, the Loan Agreement or this Mortgage, express or implied, and the security so created shall not be satisfied by any intermediate payment or satisfaction of any part of the amount hereby and thereby secured (or by any settlement of accounts between the Owner or any other person who may be liable to the Mortgagee in respect of the Outstanding Indebtedness or any part thereof and the Mortgagee); |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.1.2 | be in addition to, and shall not in any way prejudice or affect, and may be enforced by the Mortgagee without prior recourse to, the security created by any other of the Security Documents or by any present or future Collateral Instruments, right or remedy held by or available to the Mortgagee or any right or remedy of the Mortgagee thereunder; and |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.1.3 | not be in any way prejudiced or affected by the existence of any of the other Security Documents or any such Collateral Instrument, rights or remedies or by the same becoming wholly or in part void, voidable or unenforceable on any ground whatsoever or by the Mortgagee dealing with, exchanging, varying or failing to perfect or enforce any of the same, or giving time for payment or performance or indulgence or compounding with any other person liable. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.2 | Rights additional |
|-----|-------------------|

| 4.3 | No enquiry |
|-----|------------|

| 4.4 | Waiver of rights |
|-----|------------------|

| 5 | Covenants |
|---|-----------|

| 5.1 | The Owner further covenants with the Mortgagee and undertakes throughout the Security Period: |
|-----|-----------------------------------------------------------------------------------------------|

| 5.1.1 | Insurance |
|-------|-----------|

|   | (a) | Insured risks, amounts and terms |
|--------|-----|----------------------------------|

|   | (i) | against fire and usual marine risks (including, without limitation, hull and |
|--------|-----|------------------------------------------------------------------------------|

|   | machinery, interest, freight and excess risks) and war risks, on an agreed value basis, in such amounts (but not in any event less than whichever shall be the greater of (A) the market value of the Ship for the time being (as most recently determined by the Mortgagee pursuant to clause 8.2.2 of the Loan Agreement) and (B) such amount which, when aggregated with the equivalent insurance for the other Mortgaged Ships, shall be equal to at least one hundred and twenty five per cent (125%) of the aggregate of (1) the Loan and (2) the First Loan) and upon such terms (and which for the avoidance of doubt shall include a blocking and trapping clause) as shall from time to time be approved in writing by the Mortgagee; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | against protection and indemnity risks (including pollution risks for the highest |
|--------|------|-----------------------------------------------------------------------------------|

|   | amount in respect of which cover is or may become available for ships of the same type, size, age and flag as the Ship) for the full value and tonnage of the Ship (as approved in writing by the Mortgagee) and upon such terms as shall from time to time be approved in writing by the Mortgagee; and |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | in respect of such other matters of whatsoever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of the Ship, |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Approved brokers, insurers and associations |
|--------|-----|---------------------------------------------|

|   | (c) | Fleet liens, set-off and cancellation |
|--------|-----|---------------------------------------|

|   | (d) | Payment of premiums and calls |
|--------|-----|-------------------------------|

|   | (e) | Renewal |
|--------|-----|---------|

|   | (f) | Guarantees |
|--------|-----|------------|

----

|   | (g) | Hull policy documents, notices, loss payable clauses and brokers' undertakings |
|--------|-----|--------------------------------------------------------------------------------|

|   | (h) | Associations' loss payable clauses, undertakings and certificates |
|--------|-----|-------------------------------------------------------------------|

|   | (i) | Extent of cover and exclusions |
|--------|-----|--------------------------------|

|   | (j) | Correspondence with brokers and associations |
|--------|-----|----------------------------------------------|

|   | (k) | Independent report |
|--------|-----|--------------------|

|   | (l) | Collection of claims |
|--------|-----|----------------------|

|   | (m) | Employment of Ship |
|--------|-----|--------------------|

----

|   | (n) | Application of recoveries |
|--------|-----|---------------------------|

| 5.1.2 | Ship's name and registration |
|-------|------------------------------|

| 5.1.3 | Repair |
|-------|--------|

| 5.1.4 | Modification; removal of parts; equipment owned by third parties |
|-------|------------------------------------------------------------------|

|   | (a) | make any modification to the Ship in consequence of which her structure, type or performance characteristics could or might be materially altered or her value materially reduced; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | remove any material part of the Ship or any equipment the value of which is such that its removal from the Ship would materially reduce the value of the Ship without replacing the same with equivalent parts or equipment which are owned by the Owner free from Encumbrances; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | install on the Ship any equipment owned by a third party which cannot be removed without causing damage to the structure or fabric of the Ship; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.1.5 | Maintenance of class; compliance with regulations |
|-------|---------------------------------------------------|

| 5.1.6 | Surveys |
|-------|---------|

| 5.1.7 | Inspection |
|-------|------------|

----

| 5.1.8 | Prevention of and release from arrest |
|-------|---------------------------------------|

| 5.1.9 | Employment |
|-------|------------|

| 5.1.10 | Information |
|--------|-------------|

| 5.1.11 | Notification of certain events |
|--------|--------------------------------|

|   | (a) | any damage to the Ship requiring repairs the cost of which will or might exceed the Casualty Amount; |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (b) | any occurrence in consequence of which the Ship has or may become a Total Loss; |
|--------|-----|---------------------------------------------------------------------------------|

|   | (c) | any requisition of the Ship for hire; |
|--------|-----|---------------------------------------|

|   | (d) | any requirement or recommendation made by any insurer or the Classification Society or by any competent authority which is not, or cannot be, complied with in accordance with its terms; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | any arrest or detention of the Ship or any exercise or purported exercise of a lien or other claim on the Ship or the Earnings or Insurances or any part thereof; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | any petition or notice of meeting to consider any resolution to wind-up the Owner (or any event analogous thereto under the laws of the place of its incorporation); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | the occurrence of any Default; or |
|--------|-----|-----------------------------------|

|   | (h) | the occurrence of any Environmental Claim against the Owner, the Ship, any other Relevant Party or any other Relevant Ship or any incident, event or circumstance which may give rise to any such Environmental Claim; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.1.12 | Payment of outgoings and evidence of payments |
|--------|-----------------------------------------------|

| 5.1.13 | Encumbrances |
|--------|--------------|

| 5.1.14 | Sale or other disposal |
|--------|------------------------|

| 5.1.15 | Chartering |
|--------|------------|

|   | (a) | on demise charter for any period; |
|--------|-----|-----------------------------------|

|   | (b) | by any time or consecutive voyage charter for a term which exceeds or which by virtue of any optional extensions therein contained might exceed twelve (12) months' duration; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | on terms whereby more than two (2) months' hire (or the equivalent) is payable in advance; or |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (d) | below the market rate prevailing at the time when the Ship is fixed or other than on arms' length terms; |
|--------|-----|----------------------------------------------------------------------------------------------------------|

| 5.1.16 | Sharing of Earnings |
|--------|---------------------|

| 5.1.17 | Payment of Earnings |
|--------|---------------------|

----

| 5.1.18 | Repairers' liens |
|--------|------------------|

| 5.1.19 | Manager |
|--------|---------|

| 5.1.20 | Compliance with Liberian law |
|--------|------------------------------|

| 5.1.21 | Notice of Mortgage |
|--------|--------------------|

| 5.1.22 | Conveyance on default |
|--------|-----------------------|

----

| 5.1.23 | Anti-drug abuse |
|--------|-----------------|

| 5.1.24 | Compliance with Environmental Laws |
|--------|------------------------------------|

| 5.1.25 | Survey reports |
|--------|----------------|

| 6 | Powers of Mortgagee to protect security and remedy defaults |
|---|-------------------------------------------------------------|

| 6.1 | Protective action |
|-----|-------------------|

| 6.2 | Remedy of defaults |
|-----|--------------------|

| 6.2.1 | if the Owner fails to comply with any of the provisions of clause 5.1.1, the Mortgagee shall be entitled (but not bound) to effect and thereafter to maintain all such insurances upon the Ship as in its discretion it may think fit in order to procure the compliance with such provisions or alternatively, to require the Ship (at the Owner's risk) to remain in, or to proceed to and remain in, a port designated by the Mortgagee until such provisions are fully complied with; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2.2 | if the Owner fails to comply with any of the provisions of clauses 5.1.3, 5.1.5 or 5.1.6, the Mortgagee shall be entitled (but not bound) to arrange for the carrying out of such repairs, changes or surveys as it may deem expedient or necessary in order to procure the compliance with such provisions; and |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2.3 | if the Owner fails to comply with any of the provisions of clause 5.1.8, the Mortgagee shall be entitled (but not bound) to pay and discharge all such debts, damages, liabilities and outgoings as are therein mentioned and/or to take any such measures as it may deem |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7 | Powers of Mortgagee on Event of Default |
|---|-----------------------------------------|

| 7.1 | Powers |
|-----|--------|

| 7.1.1 | to exercise all the rights and remedies in foreclosure and otherwise given to mortgagees by the provisions of Chapter 3 of Title 21 of the Liberian Code of Laws Revised as amended and all applicable laws of any other jurisdiction; |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.2 | to take possession of the Ship; |
|-------|---------------------------------|

| 7.1.3 | to require that all policies, contracts, certificates of entry and other records relating to the Insurances (including details of and correspondence concerning outstanding claims) be delivered forthwith to such adjusters and/or brokers and/or other insurers as the Mortgagee may nominate; |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.4 | to collect, recover, compromise and give a good discharge for, all claims then outstanding or thereafter arising under the Insurances or any of them or in respect of the Ship, her Earnings or Requisition Compensation or any part thereof, and to take over or institute (if necessary using the name of the Owner) all such proceedings in connection therewith as the Mortgagee in its absolute discretion thinks fit, and, in the case of the Insurances, to permit any brokers through whom collection or recovery is effected to charge the usual brokerage therefor; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.5 | to discharge, compound, release or compromise claims in respect of the Ship, her Earnings, Insurances or Requisition Compensation or any part thereof which have given or may give rise to any charge or lien or other claim on the Ship, her Earnings, Insurances or Requisition Compensation or any part thereof or which are or may be enforceable by proceedings against the Ship, her Earnings, Insurances or Requisition Compensation or any part thereof; |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.6 | to sell the Ship or any share or interest therein with or without prior notice to the Owner, and with or without the benefit of any charterparty, and free from any claim by the Owner (whether in admiralty, in equity, at law or by statute) by public auction or private contract, at such place and upon such terms as the Mortgagee in its absolute discretion may determine, with power to postpone any such sale, and without being answerable for any loss occasioned by such sale or resulting from postponement thereof and with power, where the Mortgagee purchases the Ship, to make payment of the sale price by making an equivalent reduction in the amount of the Outstanding Indebtedness in the manner referred to in clause 8.1; |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.7 | to manage, insure, maintain and repair the Ship, and to employ, sail or lay up the Ship in such manner and for such period as the Mortgagee, in its absolute discretion, deems expedient accounting only for net profits arising from any such employment; and |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.8 | to recover from the Owner on demand all Expenses incurred or paid by the Mortgagee in connection with the exercise of the powers (or any of them) referred to in this clause 7.1. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7.2 | Dealings with Mortgagee |
|-----|-------------------------|

| 8 | Application of moneys |
|---|-----------------------|

| 8.1 | Application |
|-----|-------------|

| 8.2 | Shortfall |
|-----|-----------|

| 9 | Remedies cumulative and other provisions |
|---|------------------------------------------|

| 9.1 | No implied waivers; remedies cumulative |
|-----|-----------------------------------------|

| 9.2 | Preferred status |
|-----|------------------|

| 9.3 | Delegation |
|-----|------------|

----

| 9.4 | Incidental powers |
|-----|-------------------|

| 10 | Costs and indemnity |
|----|---------------------|

| 10.1 | Costs |
|------|-------|

| 10.2 | Mortgagee's indemnity |
|------|-----------------------|

| 11 | Attorney |
|----|----------|

| 11.1 | Power |
|------|-------|

| 11.2 | Dealings with attorney |
|------|------------------------|

----

| 11.3 | Filings |
|------|---------|

| 12 | Further assurance |
|----|-------------------|

| 13 | Total amount and maturity |
|----|---------------------------|

| 14 | Law, jurisdiction and other provisions |
|----|----------------------------------------|

| 14.1 | Law |
|------|-----|

| 14.2 | Submission to jurisdiction |
|------|----------------------------|

| 15 | Other provisions |
|----|------------------|

| 15.1 | Severability |
|------|--------------|

----

| 15.2 | Counterparts |
|------|--------------|

| 16 | Notices |
|----|---------|

| 16.1 | be in writing delivered personally or by first-class prepaid letter (airmail if available) or facsimile transmission or other means of telecommunication in permanent written form; |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2 | be deemed to have been received, subject as otherwise provided herein, in the case of a letter, when delivered personally or three (3) days after it has been put in to the post and, in the case of a facsimile transmission or other means of telecommunication in permanent written form, at the time of despatch (provided that if the date of despatch is not a business day in the country of the addressee or if the time of despatch is after the close of business in the country of the addressee it shall be deemed to have been received at the opening of business on the next such business day); and |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.3 | be sent: |
|------|----------|

| 16.3.1 | to the Owner at: |
|--------|------------------|

| 16.3.2 | to the Mortgagee at: |
|--------|----------------------|

| AMP MARITIME S.A. |             |   |
|-------------------|------------------|--------|
|              |             |   |
| By:               |             |   |   |   |
|              | Attorney-in-Fact |   |   |   |
|              |             |   |   |   |
|              |             |   |
|              |             |   |

----

----

----

----

----

| Private & Confidential |                                                                          |               |
|----------------------------|-------------------------------------------------------------------------------|--------------------|
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          | Dated 29 June 2012 |   |   |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       | AMP MARITIME S.A.                                                             | (1)                |
|                       |                                                                          |               |
|                       | and                                                                           |               |
|                       |                                                                          |               |
|                       | PIRAEUS BANK A.E.                                                             | (2)                |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       | SECOND PRIORITY GENERAL ASSIGNMENT relating to m.v. Aegean Champion |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          |               |
|                       |                                                                          | NORTON ROSE   |

----

| Clause                                                |                                                        | Page    |
|-------------------------------------------------------|-------------------------------------------------------------|---------|
|                                                  |                                                        |    |
| 1                                                     | Definitions                                                 | 1       |
| 2                                                     | Assignment and application of funds                         | 4       |
| 3                                                     | Continuing security and other matters                       | 6       |
| 4                                                     | Powers of Mortgagee to protect security and remedy defaults | 7       |
| 5                                                     | Powers of Mortgagee on Event of Default                     | 7       |
| 6                                                     | Attorney                                                    | 8       |
| 7                                                     | Further assurance                                           | 8       |
| 8                                                     | Costs and indemnities                                       |  8 |
| 9                                                     | Remedies cumulative and other provisions                    | 9       |
| 10                                                    | Notices                                                     | 9       |
| 11                                                    | Counterparts                                                | 9       |
| 12                                                    | Law and jurisdiction                                        | 10      |
| Schedule 1 Forms of Loss Payable Clauses              | 11                                                          |
| Schedule 2 Form of Notice of Assignment of Insurances | 13                                                          |

----

| (1) | AMP MARITIME S.A., a corporation incorporated in the Republic of Liberia, whose registered office is at 80 Broad Street, Monrovia, Republic of Liberia (the "Owner"); and |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | PIRAEUS BANK A.E., a company incorporated in Greece whose registered office is at 4 Amerikis, 105 64 Athens, Greece acting for the purposes of this Deed through its office at 47-49 Akti Miaouli, 185 36 Piraeus, Greece (the "Mortgagee"). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | by a loan agreement dated 8 July 2008 as amended and restated by a supplemental agreement dated 29 June 2012 (together the "Loan Agreement") and made between (1) Aegean Bunkering Services Inc. as borrower (therein and herein referred to as the "Borrower") and (2) the Mortgagee as lender (therein referred to as the "Bank"), the Mortgagee agreed (inter alia) to make available to the Borrower, upon the terms and conditions therein contained, a loan of up to Fifteen million Dollars ($15,000,000); |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | by a corporate guarantee (the "Corporate Guarantee") dated 29 June 2012 and executed by the Owner (therein referred to as the "Guarantor") in favour of the Mortgagee, the Owner (inter alia) guaranteed the payment of any moneys owing by the Borrower to the Mortgagee under the Loan Agreement and the other Security Documents; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | pursuant to the Loan Agreement there has been or will be executed by the Owner in favour of the Mortgagee a second preferred Liberian ship mortgage (the "Mortgage") on the vessel Aegean Champion documented in the name of the Owner under the laws and flag of the Republic of Liberia under Official Number 14289 (the "Ship") and the Mortgage dated 29 June 2012 has been or will be registered under the provisions of Chapter 3 of Title 21 of the Liberian Code of Laws Revised as amended as security for the payment by the Owner of the Outstanding Indebtedness (as therein defined); and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | this Deed is supplemental to the Corporate Guarantee and the Mortgage and to the security thereby created and is the "General Assignment" in respect of the Ship referred to in the Loan Agreement but shall nonetheless continue in full force and effect notwithstanding any discharge of the Mortgage. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

|   | (a) | the Earnings; |
|--------|-----|---------------|

|   | (b) | the Insurances; and |
|--------|-----|---------------------|

----

|   | (c) | any Requisition Compensation; |
|--------|-----|-------------------------------|

|   | (a) | all losses, liabilities, costs, charges, expenses, damages and outgoings of whatever nature (including without limitation Taxes, repair costs, registration fees and insurance premiums) suffered, incurred or paid by the Mortgagee in connection with the exercise of the powers referred to in or granted by the Corporate Guarantee, the Mortgage, this Deed or any other of the Security Documents or otherwise payable by the Owner in accordance with clause 10 of the Mortgage or clause 8; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | interest on all such losses, liabilities, costs, charges, expenses, damages and outgoings from the date on which the same were suffered, incurred or paid by the Mortgagee until the date of receipt or recovery thereof (whether before or after judgment) at a rate per annum calculated in accordance with clause 2.5 of the Corporate Guarantee (as conclusively certified by the Mortgagee); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.3 | Headings |
|-----|----------|

----

| 1.4 | Construction of certain terms |
|-----|-------------------------------|

| 1.4.1 | references to clauses and schedules are to be construed as references to clauses of and schedules to this Deed and references to this Deed include its schedules; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.2 | references to (or to any specified provision of) this Deed or any other document shall be construed as references to this Deed, that provision or that document as in force for the time being and as amended in accordance with the terms thereof, or, as the case may be, with the agreement of the relevant parties; |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.3 | words importing the plural shall include the singular and vice versa; |
|-------|-----------------------------------------------------------------------|

| 1.4.4 | references to a person shall be construed as references to an individual, firm, company, corporation, unincorporated body of persons or any Government Entity; |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.5 | references to a "guarantee" include references to an indemnity or other assurance against financial loss including, without limitation, an obligation to purchase assets or services as a consequence of a default by any other person to pay any Indebtedness and "guaranteed" shall be construed accordingly; and |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.6 | references to statutory provisions shall be construed as references to those provisions as replaced or amended or re-enacted from time to time. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5 | Conflict with Loan Agreement and Corporate Guarantee |
|-----|------------------------------------------------------|

| 2 | Assignment and application of funds |
|---|-------------------------------------|

| 2.1 | Assignment |
|-----|------------|

| 2.1.1 | Earnings |
|-------|----------|

| 2.1.2 | Insurances |
|-------|------------|

|   | (a) | any moneys payable under the Insurances, other than any moneys payable under any loss of earnings insurance, shall be payable in accordance with the terms of the relevant |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | any insurance moneys received by the Mortgagee in respect of any major casualty (as specified in the relevant Loss Payable Clause) shall, unless prior to receipt or whilst such moneys are in the hands of the Mortgagee there shall have occurred an Event of Default and the Mortgagee shall have made a demand for payment under the provisions of the Corporate Guarantee (whereupon such insurance monies shall be applied in accordance with clause 2.3), be paid over to the Owner upon the Owner furnishing evidence satisfactory to the Mortgagee that all loss and damage resulting from such casualty has been properly made good and repaired, and that all repair accounts and other liabilities whatsoever in connection with the casualty have been fully paid and discharged by the Owner, provided however that the insurers with whom the fire and usual marine risks insurances are effected may, in the case of a major casualty, and with the previous consent in writing of the Mortgagee, make payment on account of repairs in the course of being effected; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any moneys payable under any loss of earnings insurance shall be payable in accordance with the terms of the relevant Loss Payable Clause and shall be subject to such provisions of this clause 2 as shall apply to Earnings and the Mortgagee will not give any notification to the insurers as contemplated in such Loss Payable Clause unless and until the Mortgagee shall have become entitled under clause 2.1.1 to direct that the Earnings be paid to the Mortgagee. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | Notice |
|-----|--------|

| 2.3 | Application |
|-----|-------------|

| 2.3.1 | recovery under the Insurances (other than under any loss of earnings insurance and any such sum or sums as may have been received by the Mortgagee in accordance with the relevant Loss Payable Clause in respect of a major casualty as therein defined and paid over to the Owner as provided in clause 2.1.2(b)); |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3.2 | Earnings; and |
|-------|---------------|

| 2.3.3 | Requisition Compensation, |
|-------|---------------------------|

| 2.4 | Shortfalls |
|-----|------------|

| 2.5 | Use of Owners name |
|-----|--------------------|

----

| 2.6 | Reassignment |
|-----|--------------|

| 3 | Continuing security and other matters |
|---|---------------------------------------|

| 3.1 | Continuing security |
|-----|---------------------|

| 3.1.1 | be held by the Mortgagee as a continuing security for the payment of the Outstanding Indebtedness and the performance and observance of and compliance with all of the covenants, terms and conditions contained in the Security Documents, express or implied, and that the security so created shall not be satisfied by any intermediate payment or satisfaction of any part of the amount hereby and thereby secured (or by any settlement of accounts between the Owner or the Borrower or any other person who may be liable to the Mortgagee in respect of the Outstanding Indebtedness or any part thereof and the Mortgagee); |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1.2 | be in addition to, and shall not in any way prejudice or affect, and may be enforced by the Mortgagee without prior recourse to, the security created by any other of the Security Documents or by any present or future Collateral Instruments, right or remedy held by or available to the Mortgagee or any right or remedy of the Mortgagee thereunder; and |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1.3 | not be in any way prejudiced or affected by the existence of any of the other Security Documents or any such Collateral Instrument, rights or remedies or by the same becoming wholly or in part void, voidable or unenforceable on any ground whatsoever or by the Mortgagee dealing with, exchanging, varying or failing to perfect or enforce any of the same, or giving time for payment or performance or indulgence or compounding with any other person liable. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | Rights additional |
|-----|-------------------|

| 3.3 | No enquiry |
|-----|------------|

| 3.4 | Obligations of Owner and Mortgagee |
|-----|------------------------------------|

----

| 3.5 | Discharge of Mortgage |
|-----|-----------------------|

| 4 | Powers of Mortgagee to protect security and remedy defaults |
|---|-------------------------------------------------------------|

| 4.1 | Protective action |
|-----|-------------------|

| 4.2 | Remedy of defaults |
|-----|--------------------|

| 5 | Powers of Mortgagee on Event of Default |
|---|-----------------------------------------|

| 5.1 | Powers |
|-----|--------|

| 5.1.1 | to require that all policies, contracts, certificates of entry and other records relating to the Insurances (including details of and correspondence concerning outstanding claims) be delivered forthwith to such adjusters and/or brokers and/or other insurers as the Mortgagee may nominate; |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.1.2 | to collect, recover, compromise and give a good discharge for, all claims then outstanding or thereafter arising under the Insurances or any of them or in respect of the Earnings or Requisition Compensation or any part thereof, and to take over or institute (if necessary using the name of the Owner) all such proceedings in connection therewith as the Mortgagee in its absolute discretion thinks fit, and, in the case of the Insurances, to permit any brokers through whom collection or recovery is effected to charge the usual brokerage therefor; |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.1.3 | to discharge, compound, release or compromise claims in respect of the Ship, its Earnings, Insurances or Requisition Compensation or any part thereof which have given or may give rise to any charge or lien or other claim on the Ship, its Earnings, Insurances or Requisition Compensation or any part thereof or which are or may be enforceable by proceedings against the Earnings, Insurances or Requisition Compensation or any part thereof; and |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.1.4 | to recover from the Owner on demand all Expenses incurred or paid by the Mortgagee in connection with the exercise of the powers (or any of them) referred to in this clause 5.1. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | Attorney |
|---|----------|

| 6.1 | Appointment |
|-----|-------------|

| 6.2 | Exercise of power |
|-----|-------------------|

| 6.3 | Filings |
|-----|---------|

| 7 | Further assurance |
|---|-------------------|

| 8 | Costs and indemnities |
|---|-----------------------|

| 8.1 | Costs |
|-----|-------|

----

| 8.2 | Mortgagee's indemnity |
|-----|-----------------------|

| 9 | Remedies cumulative and other provisions |
|---|------------------------------------------|

| 9.1 | No implied waivers; remedies cumulative |
|-----|-----------------------------------------|

| 9.2 | Delegation |
|-----|------------|

| 9.3 | Incidental powers |
|-----|-------------------|

| 10 | Notices |
|----|---------|

| 11 | Counterparts |
|----|--------------|

----

| 12 | Law and jurisdiction |
|----|----------------------|

| 12.1 | Law |
|------|-----|

| 12.2 | Submission to jurisdiction |
|------|----------------------------|

| 12.3 | Contracts (Rights of Third Parties) Act 1999 |
|------|----------------------------------------------|

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| 1 | Hull and machinery (marine and war risks) |
|---|-------------------------------------------|

|   | (a) | all claims hereunder in respect of an actual or constructive or compromised or arranged |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | total loss, and all claims in respect of a major casualty (that is to say any casualty the claim in respect of which exceeds Two hundred and fifty thousand Dollars ($250,000) (or the equivalent in any other currency) inclusive of any deductible) shall be paid in full to the Mortgagee or to its order; and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | all other claims hereunder shall be paid in full to the Owner or to its order, unless and until |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | the Mortgagee shall have notified the insurers hereunder to the contrary, whereupon all such claims shall be paid to the Mortgagee or to its order. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | Protection and indemnity risks |
|---|--------------------------------|

| 3 | War risks |
|---|-----------|

| 4 | Loss of earnings |
|---|------------------|

----

----

|                 |   |   |
|----------------------|--------|--------|
|                 |   |   |
| Signed:              |   |   |
| For and on behalf of |   |   |
| AMP MARITIME S.A.    |   |   |
|                 |   |   |
| Dated: [●]     |   |   |
|                 |   |   |

----

| EXECUTED as a DEED   | )      |                 |
|----------------------|--------|----------------------|
| by                   | )      |                 |
| for and on behalf of | )      |                 |
| AMP MARITIME S.A.    | )      | Attorney-in-fact     |
| in the presence of   | )      |                 |
|                 |   |                 |
|                 |   |                 |
|                 |   |                 |
| Witness              |   |                 |
| Name:                |   |                 |
| Address:             |   |                 |
| Occupation:          |   |                 |
|                 |   |                 |
|                 |   |                 |
|                 |   |                 |
|                 |   |                 |
| EXECUTED as a DEED   | )      |                 |
| by                   | )      | Authorised Signatory |
| and by               | )      |                 |
| for and on behalf of | )      |                 |
| PIRAEUS BANK A.E.    | )      |                 |
| in the presence of:  | )      | Authorised Signatory |
|                 |   |                 |
|                 |   |                 |
|                 |   |                 |
| Witness              |   |                 |
| Name:                |   |                 |
| Address:             |   |                 |
| Occupation:          |   |                 |
|                 |   |                 |

----

----

| To:    | Piraeus Bank A.E.47-49 Akti MiaouliPiraeus 185 36Greece                                                       |
|--------|---------------------------------------------------------------------------------------------------------------|
|   |                                                                                                          |
| From:  | Aegean Bunkering Services Inc.Trust Company ComplexAjeltake RoadAjeltake IslandMajuroMarshall Islands MH96960 |
|   |                                                                                                          |

| 1 | Loan Agreement |
|---|----------------|

| 1.1 | We understand that under a loan agreement dated 8 July 2008 as amended and restated by a supplemental agreement dated 29 June 2012 (the "Loan Agreement) between (1) yourselves, Piraeus Bank A.E. (the "Bank" which expression includes the Bank's successors in title, Assignees and Transferees) and (2) Aegean Bunkering Services Inc. as borrower (therein and herein referred to as the "Borrower"), the Bank has agreed to make available to the Borrower a loan of up to US$15,000,000 and that it is a condition to the Bank continuing to make the Facility available to the Borrower that we, Aegean Bunkering Services Inc. (the "Manager"), enter into this letter (the "Letter") in favour of the Bank. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | We also understand that under a corporate guarantee dated 29 June 2012 (the "Corporate Guarantee") made between AMP Maritime S.A. of 80 Broad Street, Monrovia, Republic of Liberia (hereinafter referred to as the "Owner") and the Bank, the Owner has guaranteed the obligations of the Borrower under the Loan Agreement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | This letter is subject to a prior letter of undertaking dated 30 March 2011 (the "First Undertaking") executed by us in favour of the Bank, pursuant to a facility agreement dated 30 March 2011, as amended and supplemented by a supplemental agreement dated 29 June 2012, both made between (inter alios) the Borrower as borrower and the Bank as lender, and this Letter is in all respects subordinate to the First Undertaking. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4 | Words and expressions defined in the Loan Agreement shall, unless otherwise defined herein, have the same meanings when used herein. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| 2 | Confirmation of appointment |
|---|-----------------------------|

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| 3 | Representations and warranties |
|---|--------------------------------|

| 3.1 | We hereby represent and warrant to the Bank that the copy of the Management Agreement set out in Appendix 1 to this Letter is a true and complete copy of the Management Agreement, that the Management Agreement constitutes valid and binding obligations of the Manager enforceable in accordance with its terms and that there have been no amendments or variations thereto or defaults thereunder by the Manager or, to the best of the Manager's knowledge and belief, the Owner. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | We hereby further confirm that the representations and warranties set out in clauses 7.2.9, 7.2.10 and 7.2.11 of the Loan Agreement are true and correct in all respects. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | Undertakings |
|---|--------------|

| 4.1 | the Manager will not agree or purport to agree to any amendment or variation of the Management Agreement without the prior written consent of the Bank; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | the Manager will procure that any sub-manager appointed by the Manager pursuant to the provisions of the Management Agreement or otherwise will, on or before the date of such appointment, enter into an undertaking in favour of the Bank in substantially the same form (mutatis mutandis) as this Letter; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | the Manager will not, without the prior written consent of the Bank, take any action or institute any proceedings or make or assert any claim on or in respect of the Ship or its policies and contracts of insurance (which expression includes all entries of the Ship in a protection and indemnity or war risks association) which are from time to time during the Security Period (as such term is defined in the General Assignment) in place or taken out or entered into by or for the benefit of the Owner (whether in the sole name of the Owner or in the joint names of the Owner and the Bank or otherwise) in respect of the Ship and her Earnings (as such term is defined below) or otherwise howsoever in connection with the Ship and all benefits thereof (including claims of whatsoever nature and return of premiums) (together the "Insurances") or all moneys whatsoever from time to time due or payable to the Owner during the Security Period (as such term is defined in the General Assignment) arising out of the use or operation of the Ship including (but without limiting the generality of the foregoing) all freight, hire and passage moneys, income arising under pooling arrangements, compensation payable to the Owner in the event of requisition of the Ship for hire, remuneration for salvage and towage services, demurrage and detention moneys, and damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of the Ship (the "Earnings") or any other property or other assets of the Owner which the Bank has previously advised the Manager are subject to any Encumbrance or right of set-off in favour of the Bank by virtue of any of the Security Documents executed in favour of the Bank pursuant to the Loan Agreement; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | the Manager does hereby subordinate any claim that it may have against the Owner or otherwise in respect of the Ship and her Earnings, Insurances and Requisition Compensation (as such term is defined in the General Assignment) to the claims of the Bank under the Loan Agreement and the other Security Documents and undertakes to exercise no right to which it may be entitled in respect of the Owner and/or the Ship and/or her Earnings and/or Insurances and/or Requisition Compensation in competition with the Bank; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5 | the Manager will discontinue any such action or proceedings or claim which may have been taken, instituted or made or asserted, promptly upon notice from the Bank to do so; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.6 | the Manager will promptly notify the Bank if at any time the amount owed by the Owner to the Manager pursuant to the Management Agreement (whether in respect of the Manager's |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.7 | the Manager will provide the Bank with such information concerning the Ship as the Bank may from time to time reasonably require. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

| 5 | Insurance assignment |
|---|----------------------|

| 5.1 | By way of security for the aggregate of the Loan and interest accrued and accruing thereon, the Expenses (as such term is defined in the General Assignment) and all other sums of money from time to time owing by the Borrower and/or the Owner to the Bank, whether actually or contingently, under the Security Documents or any of them (the "Outstanding Indebtedness") the Manager with full title guarantee hereby irrevocably and unconditionally (subject to the assignment contained in the First Undertaking) assigns and agrees to assign to the Bank all of the Manager's rights, title and interest in and to all the benefit of the Insurances. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | The Manager hereby undertakes to procure that a duly completed notice in the form set out in Appendix 2 to this Letter is given to all insurers of the Ship and to procure that such notice is promptly endorsed on all policies and entries in respect of the Insurances and agrees promptly to authorise and/or instruct any broker, insurer or association with or through whom Insurances may be effected to endorse on any policy or entry or otherwise to give effect to such loss payable clause as may be stipulated by the Bank. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | The Bank shall, at the Manager's cost and request, re-assign to the Manager all the Manager's right, title and interest in the Insurances upon the Outstanding Indebtedness being discharged in full to the satisfaction of the Bank. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | Any moneys in respect of the Insurances which would (but for the assignment contained in clause 5.1 above) be payable to the Manager shall be applied in accordance with clause 2.3 of the General Assignment. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | Acknowledgement |
|---|-----------------|

| 7 | Law and jurisdiction |
|---|----------------------|

| 7.1 | The agreement constituted by this Letter and any non-contractual obligations in connection with this Letter are governed by and shall be construed in accordance with English law. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | The Manager agrees, for the benefit of the Bank, that any legal action or proceedings arising out of or in connection with this Letter (including any non-contractual obligations connected with it) against the Manager or any of its assets may be brought in the English courts. The Manager irrevocably and unconditionally submits to the jurisdiction of such courts and irrevocably designates, appoints and empowers Riches Consulting at present of Little Coombe, Longfield Road, Dorking, Surrey RH4 3DE, England, to receive for it and on its behalf, service of process issued out of the English courts in any such legal action or proceedings. The submission to such jurisdiction shall not (and shall not be construed so as to) limit the rights of the Bank to take any proceedings against the Manager in the courts of any other competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction, whether concurrently or not. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 7.3 | No term of this Letter is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this Letter or to whom this Letter is not addressed. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Yours faithfully,                                  |   |
|----------------------------------------------------|--------|
|                                               |   |
|                                               |   |
|                                               |   |
|                                               |   |
|                                               |   |
|                                               |   |
| For and on behalf ofAEGEAN BUNKERING SERVICES INC. |   |
|                                               |   |

----

----

|                                                     |   |
|----------------------------------------------------------|--------|
|                                                     |   |
|                                                     |   |
|                                                     |   |
|                                                     |   |
|                                                     |   |
|                                                     |   |
| SIGNEDfor and on behalf ofAEGEAN BUNKERING SERVICES INC. |   |
|                                                     |   |
| Dated: [●]                                         |   |
|                                                     |   |

----

| EXECUTED as a DEED                  | )      |              |
|-------------------------------------|--------|-------------------|
| By Y. Koumbiadou                    | )      |              |
| for and on behalf of                | )      | /s/ Y. Koumbiadou |
| AEGEAN BUNKERING SERVICES INC.      | )      | Attorney-in-fact  |
| as Borrower and as Manager          | )      |              |
| in the presence of:                 | )      |              |
|                                |   |              |
|                                |   |              |
| /s/ Maria Papadopoulou              |   |              |
| Witness                             |   |              |
| Name:  MARIA PAPADOPOULOU |   |              |
| Address: NORTON ROSE LLP            |   |              |
| Occupation:  PIRAEUS      |   |              |
|                                |   |              |

| EXECUTED as a DEED                  | )      |             |
|-------------------------------------|--------|------------------|
| By A. Manitsas                      | )      |             |
| for and on behalf of                | )      | /s/ A. Manitsas  |
| AEGEAN SHIP III MARITIME COMPANY    | )      | Attorney-in-fact |
| as Owner                            | )      |             |
| in the presence of:                 | )      |             |
|                                |   |             |
|                                |   |             |
| /s/ Maria Papadopoulou              |   |             |
| Witness                             |   |             |
| Name:  MARIA PAPADOPOULOU |   |             |
| Address: NORTON ROSE LLP            |   |             |
| Occupation:  PIRAEUS      |   |             |
|                                |   |             |

| EXECUTED as a DEED                  | )      |             |
|-------------------------------------|--------|------------------|
| By A. Manitsas                      | )      |             |
| for and on behalf of                | )      | /s/ A. Manitsas  |
| AEGEAN SHIP VIII MARITIME COMPANY   | )      | Attorney-in-fact |
| as Owner                            | )      |             |
| in the presence of:                 | )      |             |
|                                |   |             |
|                                |   |             |
| /s/ Maria Papadopoulou              |   |             |
| Witness                             |   |             |
| Name:  MARIA PAPADOPOULOU |   |             |
| Address: NORTON ROSE LLP            |   |             |
| Occupation:  PIRAEUS      |   |             |
|                                |   |             |

| EXECUTED as a DEED                  | )      |             |
|-------------------------------------|--------|------------------|
| By A. Manitsas                      | )      |             |
| for and on behalf of                | )      | /s/ A. Manitsas  |
| AEGEAN SHIP XII MARITIME COMPANY    | )      | Attorney-in-fact |
| as Owner                            | )      |             |
| in the presence of:                 | )      |             |
|                                |   |             |
|                                |   |             |
| /s/ Maria Papadopoulou              |   |             |
| Witness                             |   |             |
| Name:  MARIA PAPADOPOULOU |   |             |
| Address: NORTON ROSE LLP            |   |             |
| Occupation:  PIRAEUS      |   |             |
|                                |   |             |

----

| EXECUTED as a DEED                  | )      |              |
|-------------------------------------|--------|-------------------|
| By Y. Koumbiadou                    | )      |              |
| for and on behalf of                | )      | /s/ Y. Koumbiadou |
| AMP MARITIME S.A.                   | )      | Attorney-in-fact  |
| as Collateral Owner                 | )      |              |
| in the presence of:                 | )      |              |
|                                |   |              |
|                                |   |              |
| /s/ Maria Papadopoulou              |   |              |
| Witness                             |   |              |
| Name:  MARIA PAPADOPOULOU |   |              |
| Address: NORTON ROSE LLP            |   |              |
| Occupation:  PIRAEUS      |   |              |
|                                |   |              |

| EXECUTED as a DEED                   | )      |              |
|--------------------------------------|--------|-------------------|
| By Y. Koumbiadou                     | )      |              |
| for and on behalf of                 | )      | /s/ Y. Koumbiadou |
| AEGEAN MARINE PETROLEUM NETWORK INC. | )      | Attorney-in-fact  |
| as AMPNI Guarantor                   | )      |              |
| in the presence of:                  | )      |              |
|                                 |   |              |
|                                 |   |              |
| /s/ Maria Papadopoulou               |   |              |
| Witness                              |   |              |
| Name:  MARIA PAPADOPOULOU  |   |              |
| Address: NORTON ROSE LLP             |   |              |
| Occupation:  PIRAEUS       |   |              |
|                                 |   |              |

| EXECUTED as a DEED                  | )      | /s/ M. Youryi    |
|-------------------------------------|--------|------------------|
| By M Youryi                         | )      | Attorney-in-fact |
| And by J. Dallas                    | )      |             |
| for and on behalf of                | )      |             |
| PIRAEUS BANK A.E.                   | )      | /s/ J. Dallas    |
| in the presence of:                 | )      | Attorney-in-fact |
|                                |   |             |
|                                |   |             |
| /s/ Maria Papadopoulou              |   |             |
| Witness                             |   |             |
| Name:  MARIA PAPADOPOULOU |   |             |
| Address: NORTON ROSE LLP            |   |             |
| Occupation:  PIRAEUS      |   |             |
|                                |   |             |