| Exhibit      4.40                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Private & Confidential                                                                                                                                                                                                                                                                                                                                                                                                        |
|    FACILITY AGREEMENTfor      an Overdraft, Guaranteeand      Letter of Credit Facility of up to US$300,000,000toAEGEAN      MARINE PETROLEUM S.A. provided      byTHE      BANKS AND FINANCIAL INSTITUTIONS SET OUT IN SCHEDULE 1 ArrangerTHE      ROYAL BANK OF SCOTLAND PLC Agent,      Security Agent, Issuing Bank and Account BankTHE      ROYAL BANK OF SCOTLAND PLC     |
|                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                              |

----

| 1      | Purpose      and definitions                                | 1      |
|--------|-------------------------------------------------------------|--------|
| 2      | The      Facilities                                         | 16     |
| 3      | Interest      and Interest Periods                          | 24     |
| 4      | Indemnities;      cancellations; pre-payments on Total Loss | 26     |
| 5      | Fees,      commissions and expenses                         | 29     |
| 6      | Payments      and taxes; accounts and calculations          | 31     |
| 7      | Representations      and warranties                         | 35     |
| 8      | Undertakings                                                | 40     |
| 9      | Conditions                                                  | 47     |
| 10     | Events      of Default                                      | 48     |
| 11     | Indemnities                                                 | 54     |
| 12     | Unlawfulness      and increased costs                       | 55     |
| 13     | Security,      set off and pro-rata payments                | 57     |
| 14     | Accounts                                                    | 59     |
| 15     | Assignment,      transfer and lending office                | 61     |
| 16     | Arranger,      Agent, Security Agent and Reference Banks    | 64     |
| 17     | Notices      and other matters                              | 75     |
| 18     | Governing      law and jurisdiction                         | 77     |
|   |                                                        |   |

|  Schedule 1       |  The      Banks and their Percentages     | 78       |
|-----------------------------------------------------------|--------------------------------------------------------------------|----------|
|  Schedule      2                                     |  Documents      and evidence required as conditions precedent | 79       |
|  Schedule      3                                     |  The      Owners and their Ships                              | 83       |
|  Schedule      4                                     |  Transfer      Certificate                                    | 85       |
|  The      Schedule                                   |                                                               | 88       |
|  Schedule      5                                     |  Form      of Issue Request                              | 89       |
|  Schedule      6                                     |  Mandatory      Cost Formula                                  | 90       |
|  Schedule      7                                     |  Form      of Insurance Letter                                | 92       |
|  Schedule      8                                     |  Form      of Trust Deed                                      | 93       |
|  Schedule      9                                     |  Conditions      Subsequent                                   | 94       |
|  Part      2                                         |  Additional      Ships                                        |  96 |

----

| (1)   | AEGEAN MARINE PETROLEUM      S.A. as Borrower; |
|-----------------|------------------------------------------------|

| (2)   | THE ROYAL BANK OF SCOTLAND      PLC as Arranger, Agent, Security Agent, Issuing Bank and Account      Bank; and |
|-----------------|-----------------------------------------------------------------------------------------------------------------|

| (3)   | THE BANKS AND FINANCIAL      INSTITUTIONS whose names and addresses are set out in schedule 1 as      Banks. |
|-----------------|--------------------------------------------------------------------------------------------------------------|

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

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

| 1.1.1   | a      revolving overdraft facility of up to One hundred and fifty million      Dollars ($150,000,000) for the purpose of assisting the Borrower to      finance the working capital needs of the Borrower and any other members of      the Group in connection with trade related activities Provided      however that an amount of up to One hundred million Dollars      ($100,000,000) thereof may be used for the acquisition of vessels and/or      shares and/or any other assets by members of the      Group;  and |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.1.2   | a      multi-currency revolving guarantee and letter of credit facility of up to      Three hundred million Dollars ($300,000,000) (inclusive of the limit of      the revolving overdraft facility referred to above) for the purpose of      assisting the Borrower to finance the purchase and transportation of fuel      cargoes and the payment of other expenses incidental to the supply of      bunkers and lubricants to itscustomers. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (a)   | the      Overdraft; |
|-----------------|---------------------|

| (b)   | the      Outstanding Amounts for all L/Cs (subject to clause  2.8); |
|-----------------|---------------------------------------------------------------------|

| (c)   | all      amounts paid by the Banks pursuant to clauses 2.14, 4.2.1 or 4.2.2 which      have not been fully paid or reimbursed by the Borrower under this      Agreement; and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (d)   | any      undrawn and available amount of the Overdraft Facility taken into account      by the Corporate Guarantor for the purpose of complying with clause      5.3.1(c) of the Corporate Guarantee at the then latest time when      compliance was tested by the SecurityAgent; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | the      date falling one (1) month before the Final Maturity Date (or such later      date as the Banks may agree with the Borrower);  and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the      date on which the Banks’ obligation to make the Overdraft Facility and (as      the case may be) the Guarantee Facility available is fully cancelled or      terminated under the terms of thisAgreement; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a)   | in      Dollars, a day on which banks are open in New York  City; |
|-----------------|-------------------------------------------------------------------|

| (b)   | in      an Optional Currency (other than euros), a day on which banks are open in      New York City and the principal financial centre of the country of that      Optional Currency; and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | in      euros, a Target Day, |
|-----------------|------------------------------|

| (a)   | for      principal, interest or any other sum payable in respect of any moneys      borrowed or raised by the debtor; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|

| (b)   | under      any loan stock, bond, note or other security issued by the      debtor; |
|-----------------|------------------------------------------------------------------------------------|

| (c)   | under      any acceptance credit, guarantee or letter of credit facility made      available to the debtor; |
|-----------------|-------------------------------------------------------------------------------------------------------------|

| (d)   | under      a financial lease, a deferred purchase consideration arrangement or any      other agreement having the commercial effect of a borrowing or raising of      money by the debtor; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | under      any foreign exchange transaction, any interest or currency swap or any      other kind of derivative transaction entered into by the debtor or, if the      agreement under which any such transaction is entered into requires      netting of mutual liabilities, the liability of the debtor for the net      amount (and when calculating the value of any such transaction, only the      marked to market value as at any date shall be taken into      account); |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | under      a guarantee, indemnity or similar obligation entered into by the debtor in      respect of a liability of another person which would fall within (a) to      (e) if the references to the debtor referred to the other person;      or |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)   | any      other Indebtedness which would be regarded as debt pursuant to the      Applicable Accounting Principles, |
|-----------------|--------------------------------------------------------------------------------------------------------------------|

----

| (a)   | in      relation to Collateral Ship A, the Collateral Owner  A; |
|-----------------|-----------------------------------------------------------------|

| (b)   | in      relation to Collateral Ship B, the Collateral Owner B;  or |
|-----------------|--------------------------------------------------------------------|

| (c)   | in      relation to Collateral Ship C, the Collateral Owner  C, |
|-----------------|-----------------------------------------------------------------|

| (a)   | in      relation to Collateral Owner A, the Collateral Ship  A; |
|-----------------|-----------------------------------------------------------------|

| (b)   | in      relation to Collateral Owner B, the Collateral Ship  B; |
|-----------------|-----------------------------------------------------------------|

| (c)   | in      relation to Collateral Owner C, the Collateral Ship  C; |
|-----------------|-----------------------------------------------------------------|

----

----

| (a)   | the      applicable Screen Rate; or |
|-----------------|-------------------------------------|

| (b)   | if      no Screen Rate is available for that period, the arithmetic mean of the      rates (rounded upwards to four decimal places) quoted to the Agent by the      Reference Banks at the request of the Agent to be the rate offered to each      Reference Bank by leading banks in the European interbank      market, |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| (a)   | a      Documentary L/C; or |
|-----------------|----------------------------|

| (b)   | a      Transaction Related Standby L/C; or |
|-----------------|--------------------------------------------|

| (c)   | a      Direct Credit Substitute; |
|-----------------|----------------------------------|

| (a)   | in      respect of any amount outstanding hereunder in Dollars or in an Optional      Currency (other than euros) but excluding any amounts outstanding under      the Overdraft, the rate for deposits of the relevant currency for a period      equivalent to such period at or about 11:00 a.m. on the Quotation Date for      such period as displayed on Reuters page LIBOR 01 (British Bankers’      Association Interest Settlement Rates) (or such other page as may replace      such page LIBOR 01 on such system or on any other system of the      information vendor for the time being designated by the British Bankers’      Association to calculate the BBA Interest Settlement Rate (as defined in      the British Bankers’ Association’s Recommended Terms and Conditions      (“BBAIRS” terms)      applicable at the relevant time)) provided      that if on such date no      such rate is so displayed, LIBOR for such period shall be the arithmetic      mean of the rates quoted to the Agent by the Reference Banks at the      request of the Agent, as the rate for deposits of the relevant currency in      an amount approximately equal to the amount in relation to which LIBOR is      to be determined for a period equivalent to such period offered to each      Reference Bank by prime banks in the London Interbank Market at or about      11:00 a.m. (London time) on the Quotation Date for such period;      or |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)  | in      respect of the Overdraft in relation to each Interest Period for the      Overdraft, the rate per annum (rounded upwards to the nearest one      sixteenth (1/16th)      of one per cent (1%)) quoted by the Account Bank to the Agent, the Banks      and the Borrower as “LIBOR” for seven-day Dollar deposits on the first day      of such Interest Period; |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| (a)   | (if      denominated in Dollars) the amount in Dollars which is, or is to be      outstanding under such L/C; or |
|-----------------|------------------------------------------------------------------------------------------------------------------|

| (b)   | (if      denominated in an Optional Currency) the amount in Dollars which would      have been outstanding if such L/C had first been issued and had remained      denominated in Dollars (and such amount shall be the amount in Dollars      required for the purchase of the relevant amount of the relevant Optional      Currency of that L/C in the London Foreign Exchange Market on the Issue      Date of such L/C for spot delivery on the basis of the rate determined by      the Agent (following advice from the Issuing Bank) to have been the      Issuing Bank’s spot rate of exchange for such purchase at or about 11.00      a.m. on such Issue Date), |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a)   | One      hundred and fifty million Dollars ($150,000,000) (or such other sum as may      be approved in writing by all the Banks in their absolute discretion);      and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the      amount in Dollars which is equal to the available and unutilised portion      of the Guarantee Facility at the relevanttime, |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | each      of the companies listed in Part A of schedule 3 under the column headed      “Owner”, each      being a company incorporated in such jurisdiction as specified opposite      such company’s name in the column headed “Country of      Incorporation” in Part A of schedule 3 and whose registered office      is as specified opposite such company’s name in the column headed “Registered Office” in      Part A of schedule 3; and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | each      Additional Owner, |
|-----------------|-----------------------------|

| (a)   | have      been assigned to the Security Agent pursuant to the Receivables      Assignment; |
|-----------------|--------------------------------------------------------------------------------------------|

| (b)   | have      been included in a Schedule of Receivables submitted to the Agent pursuant      to clause 2.4 or clause 8.2.1 and meet the requirements of clause 2.4,      each together with the copies of documents,  receipt(s) and      invoice(s) relating to such Receivables required to be submitted pursuant      to clause 2.4 and: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | (i)      in the case of Receivables due in respect of lubricants, are payable      within 60 days of the date of the relevant receipt and are not overdue for      payment; and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a)   | in      the case of deposits in Dollars or an Optional Currency (other than      euros), the day on which quotations would ordinarily be given by leading      banks in the London Interbank Market for deposits in the relevant currency      to which such rate is to be determined for delivery on the first day of      that period; and |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | in      the case of deposits in euros, the Target Day on which quotations would      ordinarily be given by leading banks in the European Interbank Market for      deposits in euros for delivery on the first day of that      period; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | of      a Creditor, means any Subsidiary of that Creditor, any company or other      entity of which that Creditor is a Subsidiary and any Subsidiary of any      such company or entity; or |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | of      a Security Party, means any company or other entity which is (whether      directly or as a member of a group of companies which are) engaged,      involved or active in the bunkering business or in the provision of      bunkering products or services and whichis: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | a      Subsidiary of the relevant Security Party;or |
|-----------------|-----------------------------------------------------|

| (ii)   | any      company or other entity (“holding company”) of      which such Security Party is a Subsidiary;or |
|------------------|-----------------------------------------------------------------------------------------------------------------------|

| (iii)   | any      Subsidiary (other than such Security Party) of any such holding      company; |
|-------------------|----------------------------------------------------------------------------------------|

----

----

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

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

| (d)   | 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; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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 itsschedules; |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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      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; |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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 Londontime; |
|-------------------|-----------------------------------------------------|

| 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; |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 1.4.9   | references      to a “demand”      include any requirement to make payment in accordance with the terms of an      L/C. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.10   | Majority      Banks |
|--------------------|---------------------|

| 2   | The      Facilities |
|---------------|---------------------|

| 2.1   | The      Facilities; amounts; obligations and interests  several |
|-----------------|------------------------------------------------------------------|

| 2.1.1   | Amount |
|-------------------|--------|

| (a)   | a      revolving overdraft facility for the purposes described in clause 1.1.1,      in an aggregate amount not exceeding at any one time the applicable      Overdraft Facility Limit, which shall be made available by drawings made      on the Overdraft Account; and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | a      multi-currency revolving guarantee and letter of credit facility for the      purposes described in clause 1.1.2, in an amount not exceeding at any one      time the Guarantee Facility Commitment, which shall be made available by      the issuing of L/Cs by the IssuingBank, |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.1.2   | Obligations      several |
|-------------------|--------------------------|

| 2.1.3   | Interests      several |
|-------------------|------------------------|

| 2.2   | Terms      of Overdraft Facility |
|-----------------|----------------------------------|

| 2.2.1   | Each      drawing under the Overdraft Facility may be made only upon receipt by the      Account Bank of a written request (whether in the form of a cheque or any      other written (including electronic) form agreed between the Account Bank      and the Borrower from time to time) by the Borrower from time to time,      duly signed or otherwise authorised by a person who, in the Account Bank’s      discretion, is duly authorised by the Borrower to request the debiting of      the Overdraft Account. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2.2   | Subject      to the terms and conditions of this Agreement, the Account Bank shall      advance each drawing in respect of the Overdraft to the Borrower, on the      date requested by the Borrower in accordance with clause 2.2.1 by (a)      debiting the amount thereof to the Overdraft Account and (b) paying the      proceeds thereof in accordance with the Borrower's written      instructions. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2.3   | Drawings      under the Overdraft Facility may only be made on a Banking Day falling      within the Availability Period. |
|-------------------|---------------------------------------------------------------------------------------------------------------------------|

| 2.2.4   | The      Borrower may repay amounts outstanding in respect of the Overdraft at any      time by placing funds to the credit of the Overdraft    Account. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2.5   | The      Overdraft Facility shall be revolving, so that sums repaid in respect of      the Overdraft may be reborrowed provided always that the Overdraft shall      never exceed the Overdraft FacilityLimit. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2.6   | No      drawing on the Overdraft Account is permitted if such drawing would cause      (a) the Overdraft to exceed the Overdraft Facility Limit or (b) the      Borrower to be in breach of clause8.2.1. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2.7   | On      the Final Maturity Date, the Borrower shall repay the Overdraft in      full. |
|-------------------|---------------------------------------------------------------------------------------|

| 2.2.8   | On      the last day of the AvailabilityPeriod: |
|-------------------|-------------------------------------------------|

| (a)   | the      Overdraft Facility shall cease to be available and no drawings thereunder      may be made thereafter; and |
|-----------------|---------------------------------------------------------------------------------------------------------------------|

| (b)   | the      Overdraft Facility Limit shall be reduced to  zero. |
|-----------------|--------------------------------------------------------------|

----

| (c)   | Without      prejudice to the Borrowers’ obligations under clause 8.1.3, neither      the Account Bank nor any Bank shall have any responsibility for the      application of proceeds of the Overdraft or any part thereof by the      Borrower. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3   | Terms      of Guarantee Facility |
|-----------------|----------------------------------|

| 2.3.1   | Subject      to the fulfilment of the conditions precedent contained in clause 9 and      the conditions contained in clause 2.3.4, the Borrower may request the      issuance of an L/C by ensuring that the Issuing Bank and the Agent receive      a completed Issue Request not later than 11.00 a.m. (Piraeus time) two (2)      Banking Days prior to the intended IssueDate. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3.2   | The      Borrower undertakes with the Issuing Bank and each Bank to use each L/C      only for the purpose stated in clause1.1.2. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| 2.3.3   | The      Guarantee Facility shall terminate on the last day of the Availability      Period. |
|-------------------|----------------------------------------------------------------------------------------------|

| 2.3.4   | The      conditions referred to in clause 2.3.1 arethat: |
|-------------------|----------------------------------------------------------|

| (a)   | an      Issue Date has to be a Banking Day during the Availability      Period; |
|-----------------|---------------------------------------------------------------------------------|

| (b)   | each      L/C shall be denominated in Dollars or in an Optional      Currency; |
|-----------------|--------------------------------------------------------------------------------|

| (c)   | the      Original Dollar Amount of an L/C shall be not less than $1,000,000 (or      such other amount as is agreed by the Majority Banks) or such other amount      as is available in accordance with paragraph  (d); |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | the      total amount of the Outstandings of all Banks and the Outstanding Amount      of the L/C then to be made shall not exceed the lower  of: |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | the      Guarantee Facility Commitment; and |
|-----------------|---------------------------------------------|

| (ii)   | such      amount as shall ensure that the Borrower is in compliance with clause      8.2.1 and shall remain in compliance with clause 8.2.1 after the issuance      of the relevant L/C; and |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | each      L/C shall specify an Expiry Date and that Expiry Date shall be a date      falling not later than the Final MaturityDate. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------|

| 2.3.5   | Each      Issue Request must be signed by a duly authorised signatory of the      Borrower and, once served, the Issue Request cannot be revoked without the      prior consent of the Issuing Bank and the Agent (acting on the      instructions of the MajorityBanks). |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3.6   | Subject      to the provisions of this Agreement, the Issuing Bank shall on the Issue      Date for an L/C, issue the relevant L/C to the relevant      Beneficiary. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3.7   | For      the purposes of (a) the definition of “Actual Exposure” in clause 1.2 and      (b) clauses 2.3.4(d) and 8.2.1, the Outstanding Amount of each Optional      Currency L/C and the Original Dollar Amount of any Optional Currency L/C      shall be multiplied by 110%. |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.4   | Submission      of Schedule of Receivables |
|-----------------|--------------------------------------------|

----

| 2.4.1   | a      Schedule of Receivables duly executed as a deed by the Borrower and      setting out details of the Receivables which the Borrower wishes to      provide to the Security Agent as security under the Receivables Assignment      for the purposes of clause 8.2.1(b), provided  that: |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | no      more than five per cent (5%) of the aggregate of all such Receivables set      out in such Schedule of Receivables shall be due from any one Customer      (except the United States Navy);and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | such      Receivables shall not have been contained in a Schedule of Receivables      previously delivered under thisAgreement; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------|

| 2.4.2   | in      respect of each Receivable contained in a Schedule of Receivables      submitted to the Agent under clause 2.4.1, a copy of the bunkering      confirmation issued by the Borrower to the relevant Customer together with      a copy of the Customer’s confirmation of such bunkering confirmation,      together evidencing the contract entered into between the Borrower and the      Customer in relation to such Receivable and complying with the following      requirements: |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | such      bunkering confirmation when read together with the relevant Customer’s      confirmation shall include, whether expressly or by incorporation, all the      terms of such contract between the Borrower and the    Customer; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | in      the case of Receivables relating to oil bunkers and/or lubricants supplied      to the Customer by the Borrower or its employees, such bunkering      confirmation when read together with the relevant Customer’s confirmation      shall refer to and incorporate the Borrower’s standard terms and      conditions; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | in      the case of Receivables relating to oil bunkers and/or lubricants supplied      to the Customer by any parties other than the Borrower or its employees,      such bunkering confirmation shall contain the following      wording: |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.4.3   | in      respect of each Receivable contained in a Schedule of Receivables      submitted to the Agent under clause 2.4.1, a copy of the receipt for the      oil bunkers and/or lubricants supplied (as relevant) complying with the      following requirements: |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | such      receipt shall have been duly signed by the master or chief engineer on      behalf of the vessel to which the Borrower has supplied such oil bunkers      and/or lubricants (as relevant) as evidence of the relevant Customer’s      irrevocable payment obligations, free from any rights of set-off or other      deduction; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | in      the case of oil bunkering receipts or lubricant sales receipts issued by      any parties other than the Borrower or its employees, such receipt      shall: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | contain      an express acknowledgement to the effect that the relevant third party has      supplied the relevant Receivables to the Customer for and on behalf of the      Borrower; and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | set      out the number of the relevant bunkering confirmation to which such      receipt relates; |
|------------------|----------------------------------------------------------------------------------------------------|

----

| (c)   | in      the case of oil bunkering receipts, such receipt shall be dated no more      than 45 days before the relevant Issue Date and shall have a payment tenor      of no more than 30 days; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | in      the case of lubricant sales receipts, such receipt shall be dated no more      than 60 days before the relevant Issue Date and shall have a payment tenor      of no more than 60 days; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.4.4   | for      each copy of a receipt delivered under clause 2.4.3, a certificate duly      signed by an officer of the Borrower, certifying that the copy of the      relevant receipt is true and up to date;and |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.4.5   | for      each copy of a receipt delivered under clause 2.4.3, a carbon copy of the      relevant invoice issued to the relevant Customer, complying with the      following requirements: |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | in      the case of oil bunkering invoices, such invoice shall have a payment      tenor of no more than 30 days as of the date of the relevant receipt;      and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | in      the case of lubricant sales invoices, such invoice shall have a payment      tenor of no more than 60 days as of the date of the relevant      receipt. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.5   | Reset      Date |
|-----------------|-----------------|

| 2.6   | Extension      of Expiry Date |
|-----------------|-------------------------------|

| 2.6.1   | the      extended Expiry Date shall be a date falling not later than the Final      Maturity Date; |
|-------------------|----------------------------------------------------------------------------------------------------|

| 2.6.2   | no      Default has occurred and is continuing as at the date on which such      extension is implemented; |
|-------------------|------------------------------------------------------------------------------------------------------------|

| 2.6.3   | the      representations and warranties in clause 7 and those (if any) in the      Security Documents would be true and not misleading if repeated on the      date of the request for extension;and |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.6.4   | the      Agent is satisfied that the test contained in clause 8.2.1 would not then      or in the future be breached by reason of the requested      extension, |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.7   | Selection      of Optional Currencies for L/Cs |
|-----------------|------------------------------------------------|

| 2.7.1   | If      an L/C is to be issued in an Optional Currency, the Borrower shall specify      such Optional Currency in the relevant Issue Request submitted in      accordance with clause 2.3.1. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.7.2   | If      the Borrower fails to specify an Optional Currency, it shall be deemed to      have specified Dollars for the L/Cconcerned. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------|

| 2.8   | Amount      of Optional Currencies |
|-----------------|------------------------------------|

| 2.8.1   | In      this clause 2.8, the “Issuing Bank’s spot rate of      exchange” means the Issuing Bank’s rate of exchange for the      purchase in the London Foreign Exchange Market of the appropriate amount      of the relevant Optional Currency with Dollars at or about 11.00 a.m. on,      as the case may be, each Issue Date on which an Optional Currency L/C is      to be issued or on which a previously issued Optional Currency L/C remains      outstanding, the Settlement Date of an Optional Currency L/C and each      Reset Date or on any other date when compliance with clause 8.2.1 is      tested by the Agent, as relevant (each an “L/C Valuation      Date”). |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.8.2   | On      each L/C Valuation Date the Agent shall  determine: |
|-------------------|-------------------------------------------------------------|

| (a)   | in      the case of an Issue Date, the Outstanding Amount of each Optional      Currency L/C then outstanding or to be issued on that L/C Valuation      Date; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | in      the case of a Settlement Date, the Outstanding Amount of each relevant      Optional Currency L/C; and |
|-----------------|----------------------------------------------------------------------------------------------------------------|

| (c)   | in      the case of a Reset Date or any other date when compliance with clause      8.2.1 is tested by the Agent, the Outstanding Amount of each Optional      Currency L/C then outstanding, |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.8.3   | The      Issuing Bank shall promptly notify the Agent and the Agent shall notify      the Banks and the Borrower of the Issuing Bank’s spot rate of exchange (as      to which the Issuing |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.8.4   | Bank’s      determination shall, in the absence of manifest error, be conclusive on      the Borrower and the other Creditors) and of the Outstanding Amounts      hereunder as soon as they areascertained. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.9   | Reduction      of L/Cs |
|-----------------|------------------------|

| 2.9.1   | the      Issuing Bank has received a written confirmation from the Beneficiary of      such L/C of the amount of such reduction;or |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.9.2   | the      Issuing Bank has notified the Agent and the Agent has notified the      Borrower in writing that (notwithstanding the absence of a written      confirmation from the Beneficiary of such L/C) it is satisfied that its      liability under the L/C has been irrevocably reduced or discharged;      or |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.9.3   | the      amount of the L/C irrevocably and unconditionally reduces in accordance      with its terms; or |
|-------------------|----------------------------------------------------------------------------------------------------------|

| 2.9.4   | the      expiry date of the L/C elapses and the Issuing Bank has notified the Agent      and the Agent has notified the Borrower in writing that it is satisfied      that no claim or demand has been made, or may thereafter be made, under      the L/C. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.10   | Settlement      of L/Cs |
|------------------|-------------------------|

| 2.10.1   | The      Issuing Bank shall, immediately after receiving a demand from, or after      being notified by, a Beneficiary that it is required to make payment under      an L/C, notify the Agent, and the Agent shall notify the Borrower and the      Banks that such payment is due and of the Settlement Amount and the      Settlement Date. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.10.2   | The      Borrower shall immediately after notification from the Agent under clause      2.10.1 reimburse the Settlement Amount to the Issuing Bank by payment      forthwith to the Agent for the account of the Issuing Bank on the      Settlement Date the Settlement Amount in Dollars or, if the relevant L/C      was issued in an Optional Currency, in such Optional Currency. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.11   | L/C      payments |
|------------------|-------------------|

| 2.11.1   | irrevocably      authorises the Issuing Bank to make any payment demanded from it pursuant      to an L/C if that demand is made in accordance with its    terms; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.11.2   | accepts      that any demand for payment made by the Beneficiary pursuant to an L/C and      which is made in accordance with its terms shall be conclusive evidence      that the Issuing Bank was liable to make payment under that L/C and any      payment which the Issuing Bank makes pursuant to any such demand shall be      accepted by the Borrower as binding upon the Borrower;  and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.11.3   | acknowledges      and agrees that the Issuing Bank shall not in any circumstances whatsoever      be liable to the Borrower in respect of any loss or damage suffered by the      Borrower by reason of the Issuing Bank making a payment to the Beneficiary      in connection with any payment demanded under an  L/C. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.11.4   | No      impairment |
|--------------------|--------------------|

| 2.11.5   | any      misrepresentation or non-disclosure in respect of the affairs or condition      of a Creditor made to the Borrower by any person;  or |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.11.6   | a      Beneficiary and/or any Creditor releasing or granting any time or any      indulgence whatsoever or making any settlement, composition or arrangement      with the Borrower, a Beneficiary, any other Security Party or any other      person; or |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.11.7   | a      Beneficiary and/or any Creditor asserting or pursuing, failing or      neglecting to assert or pursue, or delaying in asserting or pursuing, or      waiving, any of their rights or remedies against the Borrower, a      Beneficiary, any other Security Party or any other person;    or |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.11.8   | a      Beneficiary and/or any Creditor and/or the Borrower, with the consent of      the Borrower (or with or without the consent of the Borrower in the case      of any variation agreed between a Beneficiary and the Borrower or the      person whose obligations are guaranteed thereby), making, whether      expressly or by conduct, any variation to any L/C;  or |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.11.9   | a      Beneficiary and/or any Creditor and/or the  Borrower: |
|--------------------|--------------------------------------------------------------|

| (a)   | taking,      accepting, varying, dealing with, enforcing, abstaining from enforcing,      surrendering or releasing any security in relation to a Beneficiary or any      Creditor or the Borrower or any other person in such manner as it or they      think fit; or |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | claiming,      proving for, accepting or transferring any payment in respect of the      obligations and liabilities of the Borrower and/or a Beneficiary relative      to any L/C or under this Agreement in any composition by, or winding up      of, the Borrower and/or any third party or abstaining from so claiming,      proving, accepting or transferring;or |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.11.10   | any      assignment or transfer by a Beneficiary of, or any succession to, any of      its rights relative to any L/C. |
|---------------------|------------------------------------------------------------------------------------------------------------------------|

| 2.12   | Expiry      Date after the Final Maturity Date |
|------------------|------------------------------------------------|

| 2.13   | Payment      by Banks |
|------------------|-----------------------|

| 2.13.1   | If      the Borrower fails to make payment on due date in respect of an L/C in      accordance with clause 2.10.2 or clause 10.4.2, each Bank shall pay to the      Agent for the account of the Issuing Bank on demand an amount in the      currency payable by the Issuing Bank under such L/C equal to such Bank’s      Percentage of (a) the amount paid by the Issuing Bank under such L/C and      any interest thereon calculated in accordance with clause 3.3 less (b) any      amount received by the Issuing Bank from the Borrower in respect of such      L/C less (c) any amount standing to the credit of the Cash Collateral      Account in respect of the L/Cs. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.13.2   | If      the Borrower fails to repay or prepay any amount of principal in respect      of the Overdraft on its due date under any provision of this Agreement,      each Bank shall pay to the Agent for the account of the Account Bank on      demand an amount in Dollars equal to such Bank’s Percentage of such unpaid      amount of principal in respect of the Overdraft and any interest thereon      calculated in accordance with clause 3.2 (but after deducting the Margin      for such Bank which has not been previously paid to the Account Bank in      accordance with clause 3.1). |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.14   | Banks’      authorisation to Issuing Bank |
|------------------|-------------------------------------------------|

| 2.15   | Notification      to Borrower and Banks |
|------------------|-----------------------------------------|

| 2.15.1   | The      Issuing Bank shall notify the Agent, and the Agent shall notify the      Borrower and the Banks, on the last Banking Day of each week, of the      amount, currency, date of opening and Expiry Date of each L/C issued      during that week and of the aggregate Outstanding Amount of all      outstanding L/Cs at the end of suchweek. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.15.2   | The      Account Bank shall notify the Agent, and the Agent shall notify the      Borrower and the Banks, on the last Banking Day of each week, of the      amount of the Overdraft as at the end of that week and the daily debit      balances thereof during the week ending on such  date. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.15.3   | The      notifications of this clause 2.16 may be made in the form of bank account      statements in respect of the Overdraft Account prepared and sent by the      Account Bank to the Agent in the manner specified in the terms and      conditions applicable to the Overdraft Account as agreed between the      Account Bank, the Agent and the Borrower from time to  time. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3   | Interest and Interest      Periods |
|---------------|----------------------------------------------|

| 3.1   | Overdraft      - normal interest rate |
|-----------------|---------------------------------------|

| 3.1.1   | The      Overdraft shall bear interest calculated on a daily basis at the annual      rate of interest which is conclusively certified by the Account Bank to      the Agent, and notified by the Agent to the Banks and the Borrower, to be      the aggregate of (a) the Margin, (b) the Mandatory Cost (if any) of the      Account Bank and (c) LIBOR applicable to each of the relevant days, and      such interest shall be payable quarterly on the twentieth (20th) day of      March, June, September and December of each calendar year (or on such      other date or dates as the Account Bank may notify to the Agent and the      Agent notified to the Banks and the Borrower from time to time) up to the      Final Maturity Date and on the Final Maturity  Date. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1.2   | Interest      payments due on the Overdraft shall be made by way of debit to the      Overdraft Account (at the Account Bank’s discretion) provided that such      debit shall not cause the Overdraft (which for these purposes shall      include any amount in respect of which the Borrower has made a drawing      request pursuant to clause 2.2) to exceed the applicable Overdraft      Facility Limit.  If interest payments due hereunder are not      debited to the Overdraft Account as permitted by the preceding sentence,      the Borrower shall pay the amount thereof to the Agent (for the account of      the Account Bank) in cash on the duedate. |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.1.3   | The      Account Bank shall advise the Agent, and the Agent shall advise the Banks      and the Borrower, of the interest rates applied to the Overdraft by      including such information in the bank account statements in respect of      the Overdraft Account referred to, and sent to the Agent at the times      specified in, clause 2.16.2. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2   | Overdraft      - interest before demand |
|-----------------|-----------------------------------------|

| 3.3   | Guarantee      Facility - interest before demand |
|-----------------|--------------------------------------------------|

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

| 3.5   | Notification      of Interest Periods and interestrate |
|-----------------|--------------------------------------------------------|

----

| 3.6   | If      and whenever, at any time prior to the commencement of any Interest      Period: |
|-----------------|------------------------------------------------------------------------------------------|

| (a)   | the      Agent 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 or (as the case may be) EURIBOR during such      Interest Period; or |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | where      applicable, only one or none of the Reference Banks supplies the Agent      with a quotation for the purpose of calculating LIBOR or (as the case may      be) EURIBOR; or |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | the      Agent shall have received notification from the Account Bank that deposits      in Dollars are not available to the Account Bank in the London Interbank      Market in the ordinary course of business in sufficient amounts to fund      the Overdraft or part thereof for such Interest  Period, |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.6.2   | During      the period of ten (10) days after any Determination Notice has been given      by the Agent under clause .1, the Account Bank shall certify an      alternative basis (the “Alternative Basis”) for      maintaining the Overdraft.  The Alternative Basis may at the      Account Bank’s sole and unfettered discretion (without limitation) include      alternative interest periods, alternative currencies or alternative rates      of interest but shall include a margin above the cost of funds to the      Account Bank equivalent to the Margin.  The Agent shall certify      the Alternative Basis to the Borrower, the Banks and the Account      Bank.  The Alternative Basis so certified shall be binding upon      the Borrower and shall take effect in accordance with its terms from the      date specified in the Determination Notice until such time as the Agent      notifies the Borrower that none of the circumstances specified in      clause .1 continues to exist whereupon the normal interest rate      fixing provisions of this Agreement shallapply. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.7   | Reference      Bank quotations |
|-----------------|--------------------------------|

| 4   | Indemnities;      cancellations; pre-payments on TotalLoss |
|---------------|------------------------------------------------------------|

| 4.1   | Borrower's      indemnity |
|-----------------|---------------------------|

| (a)   | to      pay to the Agent (for the account of the Issuing Bank) upon demand by the      Agent an amount equal to each amount and in the same currency as demanded      from or paid by the Issuing Bank under any L/C and not otherwise fully      paid or repaid by the Borrower under this  Agreement; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | to      pay to the Agent (for the account of the Account Bank) upon demand by the      Agent an amount equal to each amount and in the same currency made      available by the Account Bank to the Borrower under the Overdraft and not      fully repaid by the Borrower at the time when it falls due under this      Agreement; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c)   | to      pay to the Agent (for the account of the Banks rateably in accordance with      their respective Percentages) upon demand by the Agent an amount equal to      each amount paid by the Banks under any of clauses 2.14, 4.2.1 and 4.2.2      and any part of the Margin which has not been paid by the Borrower to the      Account Bank when due under this Agreement;and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | to      indemnify the Issuing Bank, the Account Bank and the Banks and each of      them severally on demand against all actions, claims, demands,      liabilities, costs, losses, damages and expenses of whatsoever nature and      howsoever incurred or any penalty or other expenditure which may result or      which the Issuing Bank or any Bank may incur, suffer or sustain in      connection with or arising in any way whatsoever out of this Agreement or      the Overdraft or the issuing of theL/Cs. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.1.2   | The      Issuing Bank and each Bank shall be entitled to pay immediately any amount      for which a demand or request has been made at any time under any L/C      without any reference to or further authority from the Borrower and      neither the Agent, the Issuing Bank nor any Bank shall be under any duty      to investigate or enquire whether any claim or demand on the Issuing Bank      or any Bank shall have been properly made notwithstanding that the      Borrower may dispute the validity of such claim or demand.  The      liabilities of the Borrower under this Agreement shall be in no way      prejudiced, affected or diminished by the fact that the Issuing Bank or      any Bank was or might have been justified in refusing payment of any      amount claimed or demanded. |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2   | Banks'      indemnities |
|-----------------|-------------------------|

| 4.2.1   | Each      Bank severally undertakes that it will upon demand by the Agent indemnify      the Issuing Bank in an amount equal to such Bank's Percentage of any      amount payable by the Borrower to or for the account of the Issuing Bank      pursuant to this Agreement but unpaid (save that in respect of any such      amount which is described in clause 2.14.1, the indemnity of that clause      2.14.1 prevails over the indemnity of this clause 4.2.1).  Each      Bank undertakes to pay to the Agent (for the account of the Issuing Bank)      interest upon any amounts payable by such Bank pursuant to this clause      4.2.1 from the date of demand in relation to any sum demanded of such Bank      pursuant to this clause 4.2.1 to the date of actual payment by such      Bank at a rate equal to the Issuing Bank's cost of funding such amount      (expressed as a percentage of such amount).  Such interest shall      be payable from time to time on demand by the  Agent. |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2.2   | Each      Bank severally undertakes that it will upon demand by the Agent indemnify      the Account Bank in an amount equal to such Bank's Percentage of any      amount payable by the Borrower to or for the account of the Account Bank      pursuant to this Agreement but unpaid (save that in respect of any such      amount which is described in clause 2.14.2, the indemnity of that clause      2.14.2 prevails over the indemnity of this clause 4.2.2). Each Bank      undertakes to pay to the Agent (for the account of the Account Bank)      interest upon any amounts payable by such Bank pursuant to this clause      4.2.2 from the date of demand in relation to any sum demanded of such Bank      pursuant to this clause 4.2.2 to the date of actual payment by such      Bank at a rate equal to the Account Bank's cost of funding such amount      (expressed as a percentage of such amount).  Such interest shall      be payable from time to time on demand by the  Agent. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2.3   | The      Issuing Bank shall be entitled to pay immediately any amount for which a      demand or request has been made at any time under any L/C, without any      reference to or further authority from the Banks and, subject as provided      in clause 4.2.4, the Issuing Bank shall not be under any duty to      investigate or enquire whether any claim or demand on the Issuing Bank      shall have been properly made notwithstanding that a Bank may dispute the      validity of such claim or demand.  Subject as provided in clause      4.2.4, the liabilities of each Bank under this Agreement shall be in no      way prejudiced, affected or diminished by the fact that the Issuing Bank      was or might have been justified in refusing payment of any amount claimed      or demanded. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.2.4   | The      Banks shall not be liable to indemnify the Issuing Bank in respect of any      losses, damages, costs or expenses suffered or incurred by the Issuing      Bank by reason of the Issuing Bank failing to examine documents presented      under an L/C with reasonable care to ascertain that they appear on their      face to be in accordance with the terms and conditions of such      L/C. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2.5   | If      any Bank fails to make any payment to the Agent for the account of the      Issuing Bank pursuant to clauses 2.14 or 4.2 on the due date (for the      purposes of this clause 4.2.5, any such unpaid amount, an “overdue amount”) then      until such Bank's failure has been remedied in full, the Issuing Bank      shall be entitled to (a) in respect of any overdue amount, the benefit of      such Bank's share of the Borrower's indemnity under clause 4.1 and the      benefit of all security then existing or thereafter created to secure the      obligations of the Borrower under this Agreement to which such Bank would      have been entitled had it performed its obligations in full as aforesaid,      (b) such Bank's rights to letter of credit commissions under this      Agreement in respect of the L/C in respect of which it has failed to      perform its obligations and (c) such Bank's Percentage as corresponds to      each overdue amount for the purpose of determining the Majority      Banks.  The rights conferred upon the Issuing Bank by this      clause 4.2.5 shall be in addition and without prejudice to its other      rights against such Bank under this  clause 4.2. |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2.6   | If      any Bank fails to make any payment to the Agent for the account of the      Account Bank pursuant to clauses 2.14 or 4.2 on the due date (for the      purposes of this clause 4.2.6, any such unpaid amount, an “overdue amount”) then      until such Bank's failure has been remedied in full, the Account Bank      shall be entitled to (a) in respect of any overdue amount, the benefit of      such Bank's share of the Borrower's indemnity under clause 4.1 and the      benefit of all security then existing or thereafter created to secure the      obligations of the Borrower under this Agreement to which such Bank would      have been entitled had it performed its obligations in full as aforesaid,      (b) such Bank’s right to the Margin in respect of the part of the      Overdraft in respect of which it has failed to perform its obligations and      (c) such Bank's Percentage as corresponds to each overdue amount for the      purpose of determining the Majority Banks.  The rights conferred      upon the Account Bank by this clause 4.2.6 shall be in addition and      without prejudice to its other rights against such Bank under this      clause 4.2. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3   | Prepayments,      reductions and cash-collateralisations on Total  Loss |
|-----------------|-------------------------------------------------------------------------|

| 4.3.1   | Before      utilisation |
|-------------------|-------------------------|

| 4.3.2   | After      utilisation |
|-------------------|------------------------|

| (a)   | forthwith      after the occurrence of such Total Loss, the Overdraft Facility Limit and      the Guarantee Facility Commitment shall be reduced by such amounts as the      Agent (acting on the instructions of the Majority Banks in their absolute      discretion) may require; and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | forthwith      following the Agent’s request, the Borrower shall repay such part of the      Overdraft, and shall place funds to the credit of the Cash Collateral      Account in such amount and in such currency, as the Agent (acting on the      instructions of the Majority Banks in their absolute discretion) may      require. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.3.3        | Interpretation |
|-------------------|----------------|

| (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 such Ship, on the date upon which      the relevant requisition of title or other compulsory acquisition 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. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5   | Fees,      commissions and expenses |
|---------------|-------------------------------------|

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

|        5.1.1  | for      the account of the Arranger (and for sharing and distribution between the      Arranger and the Banks in such manner as has been separately agreed      between them), on the date of this Agreement, an arrangement fee in the      amount of $450,000; |
|-------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|        5.1.2  | for      the account of the Agent, on the date of this Agreement and at twelve (12)      monthly intervals thereafter until all moneys owing under the Security      Documents have been repaid in full, an annual agency and administration      fee in the amount of $50,000 perannum; |
|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.1.3   | for      the account of the Banks pro rata in accordance with their Percentages, on      each of the dates falling at three (3) monthly intervals after the date of      this Agreement until the last day of the Availability Period, and on such      day, commitment commission computed from the date of this Agreement (in      the case of the first payment of commission) and from the due date of the      preceding payment of commission (in the case of each subsequent payment)      at the rate of zero point two five per cent (0.25%) per annum on (a) the      daily undrawn amount of the Overdraft Facility Limit and (b) the daily      balance of the unutilised Guarantee Facility  Commitment; |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.1.4   | for      the account of the Banks pro rata in accordance with their Percentages, in      respect of each L/C, on the last day of each calendar month up to the      Expiry Date of such L/C and on the Expiry Date of such L/C, letter of      credit commission on the daily Outstanding Amount of such L/C, computed in      respect of that L/C from its Issue Date (in the case of the first payment      of commission) and from the due date of the preceding payment of      commission (in the case of each subsequent payment) at the following      respective rates in respect of each type ofL/C: |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | in      respect of Documentary L/Cs, zero point two five per cent (0.25%) per      annum; |
|-----------------|-------------------------------------------------------------------------------------------|

----

| (b)   | in      respect of Transaction Related Standby L/Cs, zero point six two five per      cent (0.625%) per annum; and |
|-----------------|--------------------------------------------------------------------------------------------------------------------|

| (c)   | in      respect of Direct Credit Substitutes, one point two five per cent (1.25%)      per annum; and |
|-----------------|-------------------------------------------------------------------------------------------------------|

| 5.1.3   | for      an account of the Issuing Bank, on the Issue Date for an L/C, a processing      fee of $500 in respect of each L/C so issued on such  date. |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 5.2.1   | 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   | 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 |
|-----------------|-----------------------------|

| 5.5   | Distribution      of Margin |
|-----------------|-----------------------------|

----

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

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

| 6.1.1   | if      in Dollars: |
|-------------------|---------------------|

| (a)   | by      not later than 11.00 a.m. (New York time) on the due  date; |
|-----------------|---------------------------------------------------------------------|

| (b)   | in      same day Dollar funds settled through the New York Clearing House      Interbank Payments System (or in such other Dollar funds and/or settled in      such other manner as the Agent shall specify as being customary at the      time for the settlement of international transactions of the type      contemplated by this Agreement);and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | to      the account of the Agent at American Express Bank Limited, 23rd Floor,      American Express Tower, 200 Vesey Street, New York, NY 10285-2300, U.S.A.      (Account No 000261123), or to such other account with such other bank as      the Agent may from time to time notify to the  Borrower; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.1.2   | if      in an Optional Currency (other than euros and  Sterling): |
|-------------------|-------------------------------------------------------------------|

| (a)   | by      not later than 11.00 a.m. local time in the place for payment (or such      other time as may be required law or practice for the settlement of      foreign exchange transactions in the place of payment) on the due date;      and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | in      lawful money of the country of that currency which is freely transferable      and convertible into Dollars and in immediately available funds to the      account of such bank in such place in the country of that currency as the      Agent shall from time to time notify to the  Borrower; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.1.3   | if      in Sterling: |
|-------------------|----------------------|

| (a)   | by      not later than 11.00 a.m. (London time) on the due  date; |
|-----------------|-------------------------------------------------------------------|

| (b)   | in      immediately available funds; and |
|-----------------|------------------------------------------|

| (c)   | to      such account of the Agent with such bank as the Agent shall from time to      time notify to the Borrower; and |
|-----------------|------------------------------------------------------------------------------------------------------------------------|

----

| 6.1.4   | if      in euros: |
|-------------------|-------------------|

| (a)   | by      not later than 11.00 a.m. (Greek time) on the due  date; |
|-----------------|------------------------------------------------------------------|

| (b)   | in      immediately available funds; and |
|-----------------|------------------------------------------|

| (c)   | to      such account of the Agent with such bank as the Agent shall from time to      time notify to the Borrower. |
|-----------------|--------------------------------------------------------------------------------------------------------------------|

| 6.2   | Payment      by the Account Bank and the Banks |
|-----------------|------------------------------------------------|

| 6.2.1   | All      sums to be made available to the Borrower under this Agreement in respect      of the Overdraft shall be paid in Dollars in accordance with the      Borrower’s instructions pursuant to clause2.2.1 |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2.2   | All      payments to be made by a Bank to or for the account of the Issuing Bank or      the Agent or the Account Bank under this Agreement shall be made in full,      without any set-off or counterclaim whatsoever and, subject as provided in      clause 6.6.2, free and clear of any deductions or withholdings, in Dollars      (if the relevant payment is due in Dollars) or in the relevant Optional      Currency (if the relevant payment is due in an Optional Currency) on the      due date to the account of the Agent at such bank as the Agent may from      time to time specify for this purpose and, in the case of payments for the      account of the Issuing Bank or the Account Bank, shall be paid by the      Agent on such date in like funds as are received by the Agent to the      Issuing Bank or the Account Bank. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| (a)   | in      the case of payments denominated in Dollars or an Optional Currency other      than Sterling or Hong Kong Dollars, on the basis of a three hundred and      sixty (360) day year; or |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | in      the case of payments denominated in Sterling or Hong Kong Dollars, on the      basis of a three hundred and sixty five (365) day  year. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

| 6.6.1   | If      at any time the Borrower is required to make any deduction or withholding      in respect of Taxes from any payment due under any of the Security      Documents for the account of any Creditor or if the Agent or the Security      Agent is required to make any deduction or withholding from a payment to      another Creditor or withholding in respect of Taxes from any payment due      under any of the Security Documents, the sum due from the Borrower in      respect of such payment shall be increased to the extent necessary to      ensure that, after the making of such deduction or withholding, the      relevant Creditor receives on the due date for such payment (and retains,      free from any liability in respect of such deduction or withholding), a      net sum equal to the sum which it would have received had no such      deduction or withholding been required to be made and the Borrower shall      indemnify each Creditor against any losses or costs incurred by it by      reason of any failure of the Borrower to make any such deduction or      withholding or by reason of any increased payment not being made on the      due date for such payment.  The Borrower shall promptly deliver      to the Agent any receipts, certificates or other proof evidencing the      amounts (if any) paid or payable in respect of any deduction or      withholding as aforesaid. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.6.2   | If      at any time any Bank is required to make any deduction or withholding in      respect of Taxes from any payment due under this Agreement for the account      of the Agent or the Issuing Bank or the Account Bank, the sum due from      such Bank in respect of such payment shall be increased to the extent      necessary to ensure that, after the making of such deduction or      withholding, the Agent, the Issuing Bank or the Account Bank (as the case      may be) receives on the due date for such payment (and retains free from      any liability in respect of such deduction or withholding) a net sum equal      to the sum which it would have received had no such deduction or      withholding been required to be made and each Bank shall indemnify the      Agent, the Issuing Bank or the Account Bank against any losses or costs      incurred by either of them by reason of any failure of such Bank to make      any such deduction or withholding or by reason of any increased payment      not being made on the due date for suchpayment. |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

| 6.8   | Agent      may assume receipt |
|-----------------|-------------------------------|

| 6.9   | Partial      payments |
|-----------------|-----------------------|

| 6.9.1   | firstly,      in or towards payment, on a pro rata basis, of any unpaid costs and      expenses of the Creditors or any of them under any of the Security      Documents; |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.9.2   | secondly,      in or towards payment, on a pro rata basis, of any fees payable to the      Arranger, the Agent, the Issuing Bank, the Account Bank or any other      Creditor under, or in relation to, the Security Documents which remain      unpaid; |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.9.3   | thirdly,      in or towards payment to the Banks, on a pro rata basis, of any accrued      commissions payable under clause 5.1 which shall have become due but      remain unpaid; |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.9.4   | fourthly,      in or towards payment to the Banks, the Issuing Bank and the Account Bank,      on a pro rata basis, of any accrued interest which shall have become due      under any of the Security Documents but remains unpaid (including any part      of the Margin payable by the Account Bank to the Agent for the account of      the Banks under clause 5.5); |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.9.5   | fifthly,      in or towards payment to the Banks, the Issuing Bank and the Account Bank,      on a pro rata basis, of any amounts of principal in respect of the      Overdraft or owing under clauses 2.10.2 or 4.1.1, which shall have become      due but remains unpaid; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6.9.6   | sixthly,      in or towards payment to any Bank for any loss suffered by reason of any      payment in respect of principal not being effected on an Interest Payment      Date relating to the part of principal so repaid and which amounts are so      payable under this Agreement; and |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.9.7   | seventhly,      in or towards payment to the relevant person of any other sum which shall      have become due under any of the Security Documents but remains unpaid      (and, if more than one such sum so remains unpaid, on a pro rata      basis). |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.10   | Types      of L/C |
|------------------|-------------------|

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

| (a)   | each      of the Borrower, each Owner and the Manager are wholly-owned direct or      indirect Subsidiaries of the Corporate Guarantor;  and |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | no      less than 32% of the total issued voting share capital of the Corporate      Guarantor is ultimately beneficially owned by Mr Dimitrios Melissanidis;      and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | no      person or persons acting in concert (other than Mr Dimitrios Melissanidis)      are the ultimate beneficial owners of more than 50% (or of any other      percentage higher than that owned by Mr Dimitrios Melissanidis), of the      total issued voting share capital of the Corporate Guarantor or have the      control of the Corporate Guarantor or of its board of directors (and      “control” shall      have the meaning given to it in the definition of “Subsidiary” in clause      1.2); and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| 7.2.1   | Pari      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)   | each      Additional Ship will be on the Additional Mortgage Date for that Ship;      and |
|-----------------|-------------------------------------------------------------------------------------------|

| (b)   | each      Ship (other than the Additional Ships) will be on the date of this      Agreement: |
|-----------------|----------------------------------------------------------------------------------------------|

| (i)   | 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; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | registered      in the name of the relevant Owner through the relevant Registry as a ship      under the laws and flag of the relevant Flag  State; |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| 7.2.7   | Ships’      employment |
|-------------------|------------------------------|

| (a)   | in      the case of an Additional Ship, on the Additional Mortgage Date for that      Ship; or |
|-----------------|------------------------------------------------------------------------------------------------|

| (b)   | in      the case of each Ship (other than an Additional Ship), on the date of this      Agreement, |
|-----------------|----------------------------------------------------------------------------------------------------|

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

----

| 7.2.9   | Compliance      with Environmental Laws andApprovals |
|-------------------|------------------------------------------------------|

| (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 has 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   | No      material adverse change |
|--------------------|---------------------------------|

| 7.2.13   | ISPS      Code |
|--------------------|----------------|

| 7.2.14   | Copies      true and complete - commissions |
|--------------------|---------------------------------------------|

----

| 7.2.15   | Application      for DOC and SMC |
|--------------------|----------------------------------|

| 7.2.16   | Borrower’s      own account |
|--------------------|-----------------------------------|

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

| 7.3.1   | On      and as of the date of this Agreement and each Issue Date of an L/C and      (except in relation to the representations and warranties in      clause 7.2) on each Interest Payment Date, the Borrower shall (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      each Creditor that the then latest audited consolidated financial      statements of the Group delivered to the Agent or the Security Agent (if      any) have been prepared in accordance with the Applicable Accounting      Principles 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 which the same relate and the consolidated      results of the operations of the Group for the financial period to which      the same relate, respectively, and, as at the end of such financial      period, neither the Corporate Guarantor nor any other member of the Group      had any significant liabilities (contingent or otherwise) or any      unrealised or anticipated losses which are not disclosed by, or reserved      against or provided for in, such financial  statements. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

----

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

| (a)   | without      prejudice to paragraph (b) below, use the Overdraft and the L/Cs      exclusively for the relevant purposes specified in clauses 1.1 and 2.1;      and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | (in      view of the fact that the Overdraft Facility is to be used for (inter      alia) working capital purposes), ensure that there are fluctuating debit      balances in the Overdraft Account at alltimes; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.1.4   | Pari      passu and subordination of intra-Grouploans |
|-------------------|-------------------------------------------------------|

| (a)   | ensure      that the obligations of the Borrower, each Owner and the Corporate      Guarantor under this Agreement, each Owner’s Guarantee and the Corporate      Guarantee, respectively, shall, without prejudice to the provisions of      clause 8.3 and the security intended to be created by the Security      Documents, at all times rank at least pari passu with all their other      respective present and future unsecured and unsubordinated Indebtedness      with the exception of any obligations which are mandatorily preferred by      law and not by contract; and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | ensure      that, to the extent that the proceeds of the Overdraft Facility are      on-lent by the Borrower to the Corporate Guarantor or any Owner or any      other member of the Group in accordance with the specified purpose of the      Overdraft Facility pursuant to clauses 1.1 and  2.1: |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | the      relevant loan or loans shall be made on an unsecured basis and shall be      fully subordinated towards any moneys owing to the Creditors, whether      actually or contingently, under this Agreement and the other Security      Documents; and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | neither      the relevant loan or loans nor any part thereof nor any interest accrued      or accruing thereon shall be repaid or paid to the Borrower unless any and      all moneys owing to the Creditors, whether actually or contingently, under      this Agreement and the other Security Documents (including the Aggregate      Liabilities) have been repaid infull; |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.1.5   | Financial      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 date of this Agreement and at all times thereafter, maintain a valid      and current ISSC in respect of eachShip; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------|

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

| (c)   | procure      that each Ship will comply at all times with the ISPS  Code; |
|-----------------|---------------------------------------------------------------------------|

----

| 8.1.13   | “KYC”      requirements |
|--------------------|-------------------------------------|

| 8.1.14   | Collateral      Ships |
|--------------------|-----------------------|

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

| 8.2.1   | Security      shortfall |
|-------------------|-------------------------|

| (a)   | prepay      within a period of two (2) days of the date of receipt by the Borrower of      the Agent's said notice such sum of the Overdraft in Dollars as will      result in the Security Requirement after such prepayment of the Overdraft      being equal to the Security Value;or |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | within      two (2) days of the date of receipt by the Borrower of the Agent's said      notice: |
|-----------------|--------------------------------------------------------------------------------------------------|

| (i)   | provide      in accordance with clause 2.4 further Receivables which are Qualifying      Receivables by delivering to the Agent a Schedule of Receivables with such      Receivables together with copies of documents, receipts and invoices of      the type specified in clause 2.4 and relating to such Receivables;      and/or |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | place      further funds to the credit of the cash of the Cash Collateral Account;      and/or |
|------------------|------------------------------------------------------------------------------------------------|

| (iii)   | constitute      to the satisfaction of the Agent such further security for the Aggregate      Liabilities as shall be acceptable to theBanks, |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

----

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

| (a)   | Each      Mortgaged Ship shall, for the purposes of this clause 8.2, be valued      in Dollars at the end of every financial quarter and at any other times as      and when the Agent (acting on the instructions of the Majority Banks)      shall require.  Subject to paragraph (b) below, each such      valuation shall be made by an independent firm of shipbrokers nominated by      the Borrower and approved by the Agent (acting on the instructions of the      Majority Banks in their sole discretion) or, failing such nomination or      approval, appointed by the Agent (acting on the instructions of the      Majority Banks in their sole discretion).  Each such valuation      of a Mortgaged Ship shall be addressed to the Agent and made without,      unless required by the Agent, physical inspection and on the basis of a      sale for prompt delivery for cash at arm’s length on normal commercial      terms, as between a willing buyer and a willing seller and without taking      into account the benefit of any charterparty or other engagement      concerning the relevant Mortgaged Ship.  Such valuation shall      constitute the value of such Mortgaged Ship for the purposes of this      clause 8.2 unless the Agent (acting on the instructions of the      Majority Banks in their sole discretion) objects to the valuation of the      relevant Mortgaged Ship provided by the shipbroker nominated by the      Borrower within seven (7) days of receipt of such valuation, in which      event the value of such Mortgaged Ship shall be the arithmetic mean of the      value specified in such valuation and the value specified in a further      valuation issued by an independent firm of shipbrokers appointed by the      Agent (acting on the instructions of the Majority Banks in their sole      discretion) and made on the same basis as specified  above. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | In      the case of a Ship which is a single hull vessel, its market value for the      purposes of this clause 8.2 shall be the then prevailing scrap value of      such Ship as determined by the Agent in its sole    discretion. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | The      value of each Mortgaged Ship determined in accordance with the provisions      of this clause 8.2.2 shall be binding upon the parties hereto until      such further date when the market value of such Mortgaged Ship is      determined by the Agent pursuant to this clause  8.2.2. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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   | Acquisitions |
|-------------------|--------------|

| 8.3.6   | Other      obligations |
|-------------------|------------------------|

| 8.3.7   | No      borrowing |
|-------------------|-------------------|

| 8.3.8   | Repayment      of borrowings |
|-------------------|------------------------------|

| 8.3.9   | Loans |
|-------------------|-------|

| 8.3.10   | Sureties |
|--------------------|----------|

| 8.3.11   | Share      capital and distribution |
|--------------------|-------------------------------------|

----

| 8.3.12   | Subsidiaries |
|--------------------|--------------|

| 8.3.13   | Manager |
|--------------------|---------|

| 8.4   | Cash      collateralisation of L/Cs |
|-----------------|-------------------------------------|

| 8.5   | Additional      tonnage |
|-----------------|-------------------------|

| 8.5.1   | The      Borrower shall be entitled however to procure that any such vessel is      mortgaged (at the expense of the Borrower) in favour of the Security Agent      as security for the Borrower’s obligations under this Agreement, subject      to satisfactory documentation being received by the Agent in respect of      such security at the cost and expense of the Borrower pursuant to clause      8.5.3 below, so that such vessel becomes an “Additional Ship” for the      purpose of this Agreement. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.5.2   | The      Borrower shall be entitled by written notice to the Agent at any time to      request that a vessel owned by a member of the Group (and which is not      then already a Ship under this Agreement) becomes an “Additional Ship” for the      purposes of this Agreement.  The Agent (acting on the      instructions of the Majority Banks in their absolute discretion) shall be      entitled to accept or decline such request (without any need to assign any      reason to such decision) and shall notify the Borrower of the Banks’      decision within twenty (20) days of the Borrower’s relevant request in      respect of a vessel.  If the Agent notifies the Borrower that      the Banks accept its request in respect of a vessel, the Borrower shall      deliver to the Agent, not later than (ten) 10 days after the Agent’s      notice of acceptance to the Borrower in respect of a vessel, the documents      and evidence set out in schedule 9, Part 2 in respect of the relevant      vessel, in form and substance satisfactory to the Agent and at the cost      and expense of the Borrower. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

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

| 9.2.1   | the      representations and warranties contained in (i) clauses 7.1, 7.2 and      7.3(b), (ii) clause 4 of the Corporate Guarantee and (iii)      clause 4 of each Owner’s 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 relevant drawing or the issuing of the relevant L/C (as the      case may be). |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 or the Underlying Documents at the time, in the      currency and in the manner stipulated in the Security Documents or the      Underlying 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: any of the Owners or the Manager fails      to obtain and/or maintain the Insurances (in accordance with the      requirements of the Security Documents) for any of the Mortgaged Ships or      if any insurer in respect of such Insurances cancels any of such      Insurances or disclaims liability by reason, in either case, of      mis-statement in any proposal for any of such Insurances or for any other      failure or default on the part of the Owners or any of them or any other      person or the Borrower or the Corporate Guarantor or any of the Owners      commit any breach of or omit to observe any of the obligations or      undertakings expressed to be assumed by them under clauses 8.1.3, 8.1.14,      8.2, 8.3 or 8.4 of this Agreement or clauses 5.2 or 5.3 of the Corporate      Guarantee or clause 5 of any Owner’s Guarantee, respectively;      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 or any of the Underlying Documents      (other than those referred to elsewhere in this clause 10.1) and, in      respect of any such breach or omission which in the opinion of the Agent      (acting on the instructions of the Majority Banks) is capable of remedy,      such action as the Agent (acting on the instructions of the Majority      Banks) may require shall not have been taken within fourteen (14) days of      the Agent 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 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 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 (however described) of the person      concerned unless the relevant Relevant Party shall have satisfied the      Agent that such withdrawal, suspension or cancellation will not affect or      prejudice in any way the relevant 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 purchase or reduce its share capital      or to redeem any of its shares; 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 step is taken for the purpose of      the appointment of an administrator of any Relevant Party or the Agent      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 company 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 courts any part of their assets is subject, any event which, in      the reasonable opinion of the Agent, appears in that country or territory      to correspond with, or have an effect equivalent or similar to, any of      those mentioned in clauses 10.1.6 to 10.1.12 (inclusive) or any      Relevant Party otherwise becomes subject, in any such country or      territory, to the operation of any law relating to insolvency, bankruptcy      or liquidation; or |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 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 Agent 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 reasonable opinion of the Agent (acting on the      instructions of the Majority Banks), a material adverse change in the      financial condition of any Security Party or the Group or by reference to      the financial position of that Security Party or (as the case may be) the      Group as described by or on behalf of the Borrower or any Security Party      to the Agent and/or the Banks in the negotiation of this 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 such Owner shall fail to procure the release of such Mortgaged      Ship within a period of two (2) days thereafter;  or |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.22   | Registration: the      registration of any Mortgaged Ship under the laws and flag of the relevant      Flag State is cancelled or terminated without the prior written consent of      the Agent (acting on the instructions of the Majority Banks) or if such      registration of any Mortgaged Ship is not renewed at least forty five (45)      days prior to the expiry of such registration;  or |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.23   | Unrest: the      Flag State in respect of a Mortgaged Ship becomes involved in hostilities      or civil war or there is a seizure of power in any Flag State in      respect of a Mortgaged Ship by unconstitutional means if, in any such      case, such event could in the opinion of the Agent (acting on the      instructions of the Majority Banks) 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 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 the Borrower and/or any other Relevant Party      and/or any of their respective Environmental Affiliates or any Ship 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, in the      opinion of the Agent reasonably be expected to have a material adverse      effect on the business, assets, operations, property or financial      condition of the Borrower or the Corporate Guarantor or any other Security      Party or the Group or on the security constituted by any of the Security      Documents; or |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.25   | P&I: any Owner 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 a Ship is entered for insurance or insured against protection      and indemnity risks (including oil pollution risks) to the effect that any      cover (including, without limitation, any cover in respect of liability      for Environmental Claims arising in jurisdictions where such Ship operates      or trades) is or may be liable to cancellation, qualification or exclusion      at any time; or |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.26   | Shareholdings: |
|---------------------|----------------|

| (a)   | there      is any change in the legal and/or ultimate beneficial ownership of any of      the shares in the Corporate Guarantor from that existing on the date of      this Agreement, which results in (i) Mr Dimitrios Melissanidis being the      ultimate beneficial owner of less than 32% of the total issued voting      share capital of the Corporate Guarantor at any relevant time or (ii) any      person or persons acting in concert (other than Mr Dimitrios Melissanidis)      becoming at any relevant time the ultimate beneficial owners of more than      50% (or of a percentage higher than that then owned by Mr Dimitrios      Melissanidis), of the total issued voting share capital of the Corporate      Guarantor or having the control of the Corporate Guarantor or of its board      of directors (and “control” shall have the      meaning given to it in the definition of “Subsidiary” in clause 1.2);      or |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b)   | there      is any change in the legal and/or beneficial ownership of any of the      shares in the Borrower or any Owner or the Manager which results in any      such Security Party ceasing to be a wholly-owned direct or indirect      Subsidiary of the Corporate Guarantor;or |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.27   | Accounts: moneys are      withdrawn from any of the Accounts other than in accordance with      clause 14; or |
|---------------------|--------------------------------------------------------------------------------------------------------------------|

| 10.1.28   | Listing: the shares of      the Corporate Guarantor are de-listed or suspended from trading on, or      cease to trade (whether temporarily for longer than ten (10) consecutive      days, or permanently) on, the New York Stock Exchange;  or |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.29   | Licences,      etc:  any licence, authorisation, consent or approval at      any time necessary to enable any Security Party to comply with its      obligations under the Security Documents or the Underlying 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 Underlying 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 the Underlying Documents;      or |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.30   | Material events: any      other event occurs or circumstance arises which, in the reasonable opinion      of the Agent (acting on the instructions of the Majority Banks), 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 or (ii) the      security created by any of the Security  Documents. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 10.2.1   | declare      that the obligation of each Bank to make the Overdraft Facility and the      Guarantee Facility available shall be terminated, whereupon the Overdraft      Facility Limit and the Guarantee Facility Commitment shall be reduced to      zero forthwith; and/or |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2.2   | declare      that the Overdraft and all interest and commissions 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;and/or |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2.3   | make      a demand on the Borrower pursuant to clause 8.4 for payment of cash      collateral to the Account Bank for credit to the Cash Collateral Account      forthwith and/or at any other time specified by the Agent (acting on the      instructions of the Majority Banks), whereupon any such amount shall      become due and payable immediately or in accordance with each such notice      (it being understood that the Agent (acting on the instructions of the      Majority Banks) shall be entitled to give multiple such notices for      further payment of moneys by the Borrower to the Cash Collateral Account,      at any time and from time to time following an Event of Default,      notwithstanding that the Borrower may have complied with one or more      earlier notices). |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

| 10.3.1   | call      for repayment of the Overdraft on such date as may be specified whereupon      the Overdraft shall become due and payable on the date so specified      together with all interest and commissions accrued and all other sums      payable under this Agreement; or |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3.2   | withdraw      such declaration with effect from the date specified in such      notice. |
|--------------------|-----------------------------------------------------------------------------------------|

| 10.4   | Negotiation      with Beneficiaries after Default |
|------------------|---------------------------------------------------|

| 10.4.1   | irrevocably      authorises the Agent (acting on the instructions of the Majority Banks)      negotiate with any Beneficiary at any time after the occurrence of any      Default with a view to arranging for the prepayment by the Issuing Bank,      for the account of the Borrower, of any moneys outstanding under any L/C;      and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4.2   | agrees      that at any time after the occurrence of any Default the Issuing Bank      shall be entitled (but not, so far as the Borrower is concerned, bound) to      and, if directed by the Agent (acting on the instructions of the Majority      Banks), it shall pay to a Beneficiary, in such manner and upon such terms      as the Issuing Bank and the Beneficiary shall agree, any moneys      outstanding under any L/C. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5   | Conversion      into Dollars |
|------------------|------------------------------|

| 10.5.1   | The      Agent (acting on the instructions of all the Banks) may, following a      notice given to the Borrower under clause 10.2, declare that the part (if      any) of the Outstandings of the Banks which is then outstanding and/or      denominated in one or more Optional Currencies, be converted into, and      outstanding in, Dollars with effect from the date of conversion selected      by the Agent (acting on the instructions of all the Banks in their      discretion) and notified by the Agent to the Issuing Bank, the Banks and      the Borrower.  In making such conversion the Agent shall use the      Issuing Bank’s spot rate(s) of exchange referred to in clause 2.8 as of      the date of such conversion (as advised to it by the Issuing Bank), and      the amount of the Outstandings so converted and outstanding in Dollars      shall be such amount of Dollars as is required for the purchase of the      amount of the total Outstandings of all Banks in the relevant Optional      Currencies by applying such rate(s) on the relevant date of      conversion. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5.2   | With      effect on and from the date when the conversion has taken place (as      notified by the Agent to the Borrower, the Banks and the Issuing Bank      pursuant to clause 10.5.1), all the Outstandings of all Banks shall be      denominated in Dollars and the liabilities of the Borrower to the Banks,      the Agent, the Security Agent and the Issuing Bank under this Agreement in      respect of the Outstandings shall also be denominated and owing in      Dollars. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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 ofDefault; |
|--------------------|---------------------------------------------------|

| 11.1.3   | applying      any sum standing to the credit of the Cash Collateral Account otherwise      than on the last day of a deposit period relating  thereto; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.1.4   | any      L/C not being issued for any reason (excluding any default by any      Creditor) after the Issue Request for such L/C has been    given, |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 11.2.1   | making      or filing a claim or proof against theBorrower; |
|--------------------|-------------------------------------------------------------|

| 11.2.2   | obtaining      an order or judgment in any court or other tribunal;  or |
|--------------------|-------------------------------------------------------------------------|

| 11.2.3   | enforcing      any order or judgment given or made in relation to any of the Security      Documents, |
|--------------------|-------------------------------------------------------------------------------------------------------|

| (a)   | the      rate of exchange used for such purpose to convert the sum in question from      the first currency into the second currency;and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b)   | the      rate or rates of exchange at which the relevant Creditor may in the      ordinary course of business purchase the first currency with the second      currency upon receipt of a sum paid to it in satisfaction, in whole or in      part, of any such order, judgment, claim or  proof. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

| 12.1.1   | renders      it unlawful for the Issuing Bank to issue any or any further L/Cs, or for      a Bank to perform its obligations under clauses 2.14.1 or 4.2.1 in respect      of any further L/Cs to be issued by the Issuing Bank, the Issuing Bank or      (as the case may be) the relevant Bank shall promptly inform the Agent and      the Agent shall notify the Borrower, and the obligations of the Issuing      Bank to issue any or any further L/Cs under this Agreement shall forthwith      terminate and the Borrower shall within ten (10) Banking Days after such      notice pay to the Account Bank for credit to the Illegality Security      Account for each issued and outstanding L/C, an amount (in the currency of      the relevant L/C) equal to the difference between (a) the Outstanding      Amount of such L/C and (b) the amount then standing to the credit of the      Illegality Security Account for that L/C (less any amount already standing      to the credit of such account as a result of a previous payment in respect      of a Bank pursuant to this clause 12.1);or |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.1.2   | renders      it unlawful for a Bank to perform its obligations under clauses 2.14.1 or      4.2.1 in respect of any L/C which has previously been opened, then that      Bank shall promptly inform the Agent and the Agent shall notify the      Borrower, and the Borrower shall within ten (10) Banking Days after such      notice pay to the Account Bank for credit to the Illegality Security      Account for each issued and outstanding L/C an amount (and in the currency      of the relevant L/C) equal to such Bank's Percentage of the difference      between (a) the Outstanding Amount of such L/C and (b) the amount then      standing to the credit of the Illegality Security Account for such L/C      (less any amount standing to the credit of such account as a result of      payment in respect of another Bank under this clause 12.1.2);      or |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.1.3   | renders      it unlawful for the Account Bank to maintain or fund the Overdraft, the      Account Bank shall promptly inform the Agent and the Agent shall forthwith      notify the Borrower.  If it shall so be unlawful for the Account      Bank to maintain or fund the Overdraft, the Account Bank shall promptly      inform the Agent and the Agent shall notify the Borrower and the      obligation of the Banks to make the Overdraft Facility available, shall      forthwith terminate and the Agent shall, at the request and on behalf of      the Account Bank, give notice to the Borrower requiring the Borrower to      prepay the Overdraft either (a) forthwith or (b) on a future specified      date and the Borrower shall prepay the Overdraft in full in accordance      with and subject to such notice; or |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.1.4   | renders      it unlawful for a Bank to perform its obligations under clauses 2.14.2 or      4.2.2, that Bank shall promptly inform the Agent and the Agent shall      notify the Borrower accordingly and the Overdraft Facility Limit shall be      reduced forthwith by an amount equal to the Percentage of such Bank over      the Overdraft Facility Limit. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 12.2.1   | subject      any Bank or the Issuing Bank or the Account Bank to Taxes or change the      basis of Taxation of such Bank or the Issuing Bank or the Account 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 such      Bank or the Issuing Bank or the Account 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 (a) a Bank or the Account      Bank or their respective holding company in maintaining or funding all or      part of the Overdraft or any amounts owing under clauses 2.10.2 or 4.1.1      or 4.2 or (b) the Issuing Bank or its holding company in making or keeping      available its obligation to issue any L/C or to maintain or fund all or      part of any amounts owing under clauses 2.10.2 or 4.1.1 or 4.2;      and/or |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 12.2.4   | reduce      a Bank’s or the Issuing Bank’s or the Account Bank’s or their respective      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 such Bank’s or the Issuing Bank’s or the Account Bank’s obligations      under any of the Security Documents;and/or |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

| 12.2.6   | require      a Bank or the Issuing Bank or the Account Bank or their respective 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      Overdraft or any amount owing under clauses 2.10.2, 4.1.1 or 4.2, all or      part of the amount that will be guaranteed by an L/C when it is issued or      the Outstanding Amount or any amount owing under clauses 2.10.2, 4.1.1 or      4.2, from its capital for regulatorypurposes, |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | such      Bank or the Issuing Bank, as the case may be, the Account Bank shall      (through the Agent) notify the Borrower in writing of such event promptly      upon its becoming aware of the same;and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the      Borrower shall on demand pay to the Agent for the account of such Bank or      the Issuing Bank, as the case may be, the Account Bank the amount which      such Bank, Account Bank or, as the case may be, the Account Bank specifies      (in a certificate setting forth the basis of the computation of such      amount but not including any matters which such Bank or the Issuing Bank      or, as the case may be, the Account Bank or their respective holding      company regards as confidential)  is required to compensate such      Bank and/or the Issuing Bank and/or the Account Bank and/or (as the case      may be) their respective holding company for such liability to Taxes,      cost, reduction, payment , forgone return or  loss. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 13   | Security,      set-off and pro-rata payments |
|----------------|----------------------------------------------|

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

| 13.1.1   | first,      in or towards payment of all unpaid costs and expenses which may be owing      to the Creditors or any of them under any of the Security      Documents; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.1.2   | secondly,      in or towards payment, on a pro rata basis, of any unpaid fees and      commissions payable to the Creditors or any of  them; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| 13.1.3   | thirdly,      in or towards payment, on a pro rata basis, of any arrears of interest      owing in respect of the Overdraft or any part thereof or in respect of the      Guarantee Facility (including under clause  4.1.1); |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 13.1.4   | fourthly,      in or towards repayment, on a pro rata basis, of any amounts of principal      in respect of the Overdraft (including any part of the Margin payable by      the Account Bank to the Agent for the account of the Banks under clause      5.5) or in respect of the Guarantee Facility (including under clause      4.1.1) (whether the same is due and payable or  not); |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.1.5   | fifthly,      in or towards payment to the Cash Collateral Account of any amounts so      payable pursuant to the terms of this Agreement or the other Security      Documents; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.1.6   | sixthly,      in or towards payment to any Bank for any loss suffered by reason of any      payment in respect of principal not being effected on an Interest Payment      Date relating to the part of the principal so repaid and which amounts are      so payable under this Agreement; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.1.7   | seventhly,      in or towards payment to any Creditor of any other sums owing to it under      any of the Security Documents; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| 13.1.8   | eighthly,      the surplus (if any) shall be paid to the Borrower or to whomsoever else      may be entitled to receive suchsurplus, |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------|

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

| 13.3   | Pro      rata payments |
|------------------|------------------------|

| 13.3.1   | If      at any time any Bank (the “Recovering Bank”)      receives or recovers any amount owing to it by the Borrower under this      Agreement by direct payment, set-off or in any manner other than by      payment through the Agent pursuant to clause  or 6.9 (not being, in      the case of a Bank, a payment received from a Transferee Bank or a      sub-participant in such Bank’s participation under this Agreement or any      other payment of an amount due to the Recovering Bank for its sole account      pursuant to clauses , 5, , , , , or ) the Recovering Bank shall, within      two (2) Banking Days of such receipt or recovery (a “Relevant Receipt”)      notify the Agent of the amount of the Relevant Receipt. If the Relevant      Receipt exceeds the amount which the Recovering Bank would have received      if the Relevant Receipt had been received by the Agent and distributed      pursuant to clauses  or 6.9 (as the case may be)      then: |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | within      two (2) Banking Days of demand by the Agent, the Recovering Bank shall pay      to the Agent an amount equal (or equivalent) to the  excess; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the      Agent shall treat the excess amount so paid by the Recovering Bank as if      it were a payment made by the Borrower and shall distribute the same to      the Banks (other than the Recovering Bank) in accordance with clause 6.9;      and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c)   | as      between the Borrower and the Recovering Bank the excess amount so      re-distributed shall be treated as not having been paid but the      obligations of the Borrower to the other Banks shall, to the extent of the      amount so re-distributed to them, be treated as  discharged. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3.2   | If      any part of the Relevant Receipt subsequently has to be wholly or partly      refunded by the Recovering Bank (whether to a liquidator or otherwise)      each Bank to which any part of such Relevant Receipt was so re-distributed      shall on request from the Recovering Bank repay to the Recovering Bank      such Bank’s pro-rata share of the amount which has to be refunded by the      Recovering Bank. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3.3   | Each      Bank shall on request supply to the Agent such information as the Agent      may from time to time request for the purpose of this      clause 13.3. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3.4   | Notwithstanding      the foregoing provisions of this clause , no Recovering Bank shall be      obliged to share any Relevant Receipt which it receives or recovers      pursuant to legal proceedings taken by it to recover any sums owing to it      under this Agreement with any other party which has a legal right to, but      does not, either join in such proceedings or commence and diligently      pursue separate proceedings to enforce its rights in the same or another      court (unless the proceedings instituted by the Recovering Bank are      instituted by it without prior notice having been given to such party      through the Agent). |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.4   | No      release |
|------------------|-----------------|

| 13.5   | No      charge |
|------------------|----------------|

| 13.6   | Further      assurance |
|------------------|------------------------|

| 13.7   | Conflicts |
|------------------|-----------|

| 14   | Accounts |
|----------------|----------|

| 14.1   | General |
|------------------|---------|

| 14.1.1   | on      or before the date of this Agreement, it will open the Operating Account,      the Overdraft Account and the Cash Collateral  Account; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14.1.2   | on      or before the date of this Agreement, it will procure that the Manager      will open the Manager’s OperatingAccount; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------|

| 14.1.3   | it      will procure that all moneys payable to each Owner in respect of the      Earnings of such Owner’s Ship shall, unless and until the Security Agent      directs to the contrary pursuant to the provisions of the relevant Deed of      Covenant, be paid at all times to the Manager’s Operating Account;      and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.1.4   | it      will procure that all Receivables shall be paid at all times to the      Operating Account. |
|--------------------|-----------------------------------------------------------------------------------------------------|

| 14.2   | Borrower’s      Accounts: withdrawals |
|------------------|---------------------------------------------|

| 14.2.1   | the      Borrower may withdraw moneys from the Overdraft Account for the purposes      specified in clause 1.1.1 subject always to clause    8.1.3(b); |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.2   | the      Borrower may withdraw moneys from the Cash Collateral Account for any      purpose not expressly prohibited by the terms of this Agreement or any      other Security Document provided that there are and, following any such      withdrawal, there will be sufficient funds in the Cash Collateral Account      to ensure that the Borrower is in compliance with this Agreement;      and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2.3   | the      Borrower may withdraw moneys from the Operating Account only for the      following purposes: |
|--------------------|--------------------------------------------------------------------------------------------------------|

| (a)   | to      make payments to the credit of the Cash Collateral Account;      and |
|-----------------|------------------------------------------------------------------------------|

| (b)   | provided      that there are and, following any such withdrawal there will be,      sufficient funds in the Cash Collateral Account to ensure that the      Borrower is in compliance with this Agreement;  and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | for      any other purpose not expressly prohibited by the terms of this Agreement      or the other Security Documents. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------|

| 14.3   | Interest |
|------------------|----------|

| 14.4   | Set-off |
|------------------|---------|

----

| 14.5   | Deductions |
|------------------|------------|

| 14.6   | Pledging      of Accounts |
|------------------|---------------------------|

| 14.7   | Illegality      Security Accounts |
|------------------|-----------------------------------|

| 14.8   | Payments      out of Illegality Security Accounts |
|------------------|---------------------------------------------------|

| 14.9   | Payments      into Illegality Security Accounts |
|------------------|-------------------------------------------------|

| 15   | Assignment,      transferand lending office |
|----------------|-------------------------------------------------------|

| 15.1   | Benefit      and burden |
|------------------|-------------------------|

| 15.2   | No      assignment by Borrower |
|------------------|--------------------------------|

----

| 15.3   | Transfers      by Banks |
|------------------|-------------------------|

| 15.3.1   | a      Transfer Certificate may be in respect of a Bank’s rights in respect of      all, or part of, its rights and obligations under this      Agreement; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.3.2   | a      Transfer Certificate shall only be in respect of rights and obligations of      the Transferor Bank in its capacity as a Bank and shall not transfer its      rights and obligations as the Agent, or in any other capacity, as the case      may be and such other rights and obligations may only be transferred in      accordance with any applicable provisions of this    Agreement; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.3.3   | a      Transfer Certificate shall take effect in accordance with English law as      follows: |
|--------------------|-----------------------------------------------------------------------------------------------|

| (a)   | to      the extent specified in the Transfer Certificate, the Transferor Bank’s      payment rights and all its other rights (other than those referred to in      clause 15.3.2 above) under this Agreement are assigned to the Transferee      Bank absolutely, free of any defects in the Transferor Bank’s title and of      any rights or equities which the Borrower had against the Transferor      Bank; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the      Transferor Bank’s obligations are discharged to the extent specified in      the Transfer Certificate; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|

| (c)   | the      Transferee Bank becomes a Bank with a Percentage specified in the Transfer      Certificate; |
|-----------------|-------------------------------------------------------------------------------------------------------|

| (d)   | the      Transferee Bank becomes bound by all the provisions of this Agreement and      the Security Documents which are applicable to the Banks generally,      including those about pro-rata sharing and the exclusion of liability on      the part of, and the indemnification of, the Agent, the Security Agent and      the Arranger in accordance with the provisions of clause 16 and to the      extent that the Transferee Bank becomes bound by those provisions, the      Transferor Bank ceases to be bound bythem; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | a      payment which the Transferee Bank makes under this Agreement after the      Transfer Certificate comes into effect ranks in point of priority and      security in the same way as it would have ranked had it been made by the      Transferor Bank, assuming that any defects in the Transferor Bank’s title      and any rights or equities of any Security Party against the Transferor      Bank had not existed; and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (f)   | the      Transferee Bank becomes entitled to all the rights under this Agreement      which are applicable to the Banks generally, including but not limited to      those relating to the Majority Banks and those under clauses 3.6, 5 and 12      and to the extent that the Transferee Bank becomes entitled to such      rights, the Transferor Bank ceases to be entitled to  them; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.3.4   | the      rights and equities of the Borrower or of any other Security Party      referred to above include, but are not limited to, any right of set-off      and any other kind of cross-claim;and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.3.5   | the      Borrower, the Account Bank, the Security Agent, the Issuing Bank and the      Banks hereby irrevocably authorise and instruct the Agent to sign any such      Transfer Certificate on their behalf and undertake not to withdraw, revoke      or qualify such authority or instruction at any time.  Promptly      upon its signature of any Transfer Certificate, the Agent shall notify the      Borrower, the Transferor Bank, the Transferee Bank and the other      Creditors. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4   | Reliance      on Transfer Certificate |
|------------------|---------------------------------------|

| 15.4.1   | The      Agent shall be entitled to rely on any Transfer Certificate believed by it      to be genuine and correct and to have been presented or signed by the      persons by whom it purports to have been presented or signed, and shall      not be liable to any of the parties to this Agreement and the Security      Documents for the consequences of suchreliance. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4.2   | The Agent shall      at all times during the continuation of this Agreement maintain a register      in which it shall record the name, Percentages and administrative details      (including the lending office) from time to time of the Banks holding a      Transfer Certificate and the date at which the transfer referred to in      such Transfer Certificate held by each Bank was transferred to such Bank,      and the Agent shall make the said register available for inspection by any      Bank, the Issuing Bank and the Account Bank or the Borrower during normal      banking hours upon receipt by the Agent of reasonable prior notice      requesting the Agent to do so. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4.3   | The      entries on the said register shall, in the absence of manifest error, be      conclusive in determining the identities, the Percentages and the Transfer      Certificates held by the Banks from time to time and the principal amounts      of such Transfer Certificates and may be relied upon by the Agent and the      other Security Parties for all purposes in connection with this Agreement      and the Security Documents. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.5   | Transfer      fees and expenses |
|------------------|---------------------------------|

| 15.6   | Documenting      transfers |
|------------------|----------------------------|

----

| 15.7   | Sub-participation |
|------------------|-------------------|

| 15.8   | Lending      office |
|------------------|---------------------|

| 15.9   | Disclosure      of information |
|------------------|--------------------------------|

| 16   | Arranger,      Agent, Security Agent and ReferenceBanks |
|----------------|---------------------------------------------------------|

| 16.1   | Appointment      of the Agent |
|------------------|-------------------------------|

| 16.1.1   | to      execute such documents as may be approved by the Majority Banks for      execution by the Agent; and |
|--------------------|--------------------------------------------------------------------------------------------------------------|

| 16.1.2   | (whether      or not by or through employees or agents) to take such action on such      Bank’s, the Issuing Bank’s or the Account Bank’s behalf and to exercise      such rights, remedies, powers and discretions as are specifically      delegated to the Agent by this Agreement and/or any other Security      Document, together with such powers and discretions as are reasonably      incidental thereto. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2   | Agent’s      actions |
|------------------|----------------------------|

| 16.3   | Agent’s      duties |
|------------------|---------------------------|

The Agent shall:

| 16.3.1   | promptly      notify each Bank, the Issuing Bank and the Account Bank of the contents of      each notice, certificate or other document received by it from the      Borrower under or pursuant to clauses .1, .5 and .6;    and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.3.2   | (subject      to the other provisions of this clause 16) take (or instruct the      Security Agent to take) such action or, as the case may be, refrain from      taking (or authorise the Security Agent to refrain from taking) such      action with respect to the exercise of any of its rights, remedies, powers      and discretions as agent, as the Majority Banks may  direct. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4   | Agent’s      rights |
|------------------|---------------------------|

| 16.4.1   | in      the exercise of any right, remedy, power or discretion in relation to any      matter, or in any context, not expressly provided for by this Agreement or      any of the other Security Documents, act or, as the case may be, refrain      from acting (or authorise the Security Agent to act or refrain from      acting) in accordance with the instructions of the Banks and/or the      Issuing Bank and/or the Account Bank, and shall be fully protected in so      doing; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4.2   | unless      and until it shall have received directions from the Majority Banks, take      such action or, as the case may be, refrain from taking such action (or      authorise the Security Agent to take or refrain from taking such action)      in respect of a Default of which the Agent has actual knowledge as it      shall deem advisable in the best interests of the Banks, the Issuing Bank      and the Account Bank (but shall not be obliged to do  so); |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4.3   | refrain      from acting (or authorise the Security Agent to refrain from acting) in      accordance with any instructions of the Banks and/or the Issuing Bank      and/or the Account Bank to institute any legal proceedings arising out of      or in connection with this Agreement or any of the other Security      Documents until it and/or the Security Agent has been indemnified and/or      secured to its satisfaction against any and all costs, expenses or      liabilities (including legal fees) which it would or might incur as a      result; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4.4   | deem      and treat each Bank as the person entitled to the benefit of any amounts      owing to such Bank under clause 4.1.1 for all purposes of this Agreement      unless and until a notice shall have been filed with the Agent pursuant to      clause 15.3 and shall have become effective, and (iii) the office set      opposite the name of each of the Banks in schedule 1 as such Bank’s      lending office under this Agreement unless and until a written notice of      change of lending office shall have been received by the Agent and the      Agent may act upon any such notice unless and until the same is superseded      by a further such notice; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4.5   | rely      as to matters of fact which might reasonably be expected to be within the      knowledge of any Security Party upon a certificate signed by any director      or officer of the relevant Security Party on behalf of the relevant      Security Party; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4.6   | do      anything which is in its opinion necessary or desirable to comply with any      law or regulation in anyjurisdiction. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------|

----

| 16.5   | No      liability of Arranger or Agent |
|------------------|----------------------------------------|

| 16.5.1   | be      obliged to make any enquiry as to the use of any of the proceeds of the      Overdraft Facility or the use of any L/C issued unless (in the case of the      Agent) so required in writing by a Bank, in which case the Agent shall      promptly make the appropriate request to the Borrower;  or |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5.2   | be      obliged to make any enquiry as to any breach or default by the Borrower or      any other Security Party in the performance or observance of any of the      provisions of this Agreement or any of the other Security Documents or as      to the existence of a Default unless (in the case of the Agent) the Agent      has actual knowledge thereof or has been notified in writing thereof by a      Bank, the Issuing Bank or the Account Bank, in which case the Agent shall      promptly notify the Banks, the Issuing Bank and the Account Bank of the      relevant event or circumstance; or |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5.3   | be      obliged to enquire whether or not any representation or warranty made by      the Borrower or any other Security Party pursuant to this Agreement or any      of the other Security Documents is true;or |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5.4   | be      obliged to do anything (including, without limitation, disclosing any      document or information) which would, or might in its opinion, be contrary      to any law or regulation or be a breach of any duty of confidentiality or      otherwise be actionable or render it liable to any person;    or |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5.5   | be      obliged to account to any Bank, the Issuing Bank or the Account Bank for      any sum or the profit element of any sum received by it for its own      account; or |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5.6   | be      obliged to institute any legal proceedings arising out of or in connection      with this Agreement or any of the other Security Documents other than on      the instructions of the Majority Banks;or |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5.7   | be      liable to any Bank, the Issuing Bank or the Account Bank for any action      taken or omitted under or in connection with this Agreement or any of the      other Security Documents unless caused by its gross negligence or wilful      misconduct. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.6   | Non-reliance      on Arranger or Agent |
|------------------|----------------------------------------|

| 16.7   | No      responsibility on Arranger or Agent for Borrower’s    performance |
|------------------|---------------------------------------------------------------------------------|

| 16.7.1   | on      account of the failure of any Security Party to perform its obligations      under any of the Security Documents;or |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------|

| 16.7.2   | for      the financial condition of any Security Party;  or |
|--------------------|-------------------------------------------------------------|

| 16.7.3   | for      the completeness or accuracy of any statements, representations or      warranties in any of the Security Documents or any document delivered      under any of the Security Documents;or |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.7.4   | for      the execution, effectiveness, adequacy, genuineness, validity,      enforceability or admissibility in evidence of any of the Security      Documents or of any certificate, report or other document executed or      delivered under any of the Security Documents;  or |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.7.5   | to      investigate or make any enquiry into the title of the Borrower or any      other Security Party to the Ships or any other security or any part      thereof; or |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.7.6   | for      the failure to register any of the Security Documents with any official or      regulatory body or office or elsewhere;or |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------|

| 16.7.7   | for      taking or omitting to take any other action under or in relation to any of      the Security Documents or any aspect of any of the Security Documents;      or |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.7.8   | on      account of the failure of the Security Agent to perform or discharge any      of its duties or obligations under the Security Documents;    or |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.7.9   | otherwise      in connection with this Agreement or its negotiation or for acting (or, as      the case may be, refraining from acting) in accordance with the      instructions of the Banks, the Issuing Bank or the Account      Bank. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.8   | Reliance      on documents and professionaladvice |
|------------------|---------------------------------------------------|

| 16.9   | Other      dealings |
|------------------|---------------------|

| 16.10   | Rights      of Agent as Bank; no partnership |
|-------------------|----------------------------------------------|

| 16.11   | Amendments      and waivers |
|-------------------|-----------------------------|

| 16.11.1   | Subject      to clause 16.11.2, the Agent may, with the consent of the Majority      Banks (or if and to the extent expressly authorised by the other      provisions of any of the Security Documents) and, if so instructed by the      Majority Banks, shall: |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | agree      (or authorise the Security Agent to agree) amendments or modifications to      any of the Security Documents with the Borrower and/or any other Security      Party; and/or |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | vary      or waive breaches of, or defaults under, or otherwise excuse performance      of, any provision of any of the other Security Documents by the Borrower      and/or any other Security Party (or authorise the Security Agent to do      so). |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Any such action so authorised and effected by the Agent shall bedocumented in such manner as the Agent shall (with the approval of the MajorityBanks) determine, shall be promptly notified to the Banks, the Issuing Bank andthe Account Bank by the Agent and (without prejudice to the generality ofclause ) shall be binding on the Banks, the Issuing Bank and the AccountBank (and the other Creditors).

----

| 16.11.2   | Except      with the prior written consent of all the Banks, the Agent shall have no      authority on behalf of the Banks, the Issuing Bank or the Account Bank to      agree (or authorise the Security Agent to agree) with the Borrower and/or      any other Security Party any amendment or modification to any of the      Security Documents or to grant (or authorise the Security Agent to grant)      waivers in respect of breaches or defaults or to vary or excuse (or      authorise the Security Agent to vary or excuse) performance of or under      any of the Security Documents by the Borrower and/or any other Security      Party, if the effect of such amendment, modification, waiver or excuse      would be to: |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | reduce      the Margin; |
|-----------------|-------------------------|

| (b)   | postpone      the due date or reduce the amount of any payment of principal or interest      (including amounts owing under clauses 2.10.2, 2.14, 4.1.1, 4.2.1 or      4.2.2), interest  or other amount payable by any Security Party      under any of the SecurityDocuments; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | change      the currency in which any amount is payable by any Security Party under      any of the Security Documents; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------|

| (d)   | increase      any Bank’s Percentage or the Guarantee Facility Commitment or the      Overdraft Facility Limit; |
|-----------------|----------------------------------------------------------------------------------------------------------------------|

| (e)   | extend      the Final Maturity Date; |
|-----------------|--------------------------------------|

| (f)   | change      any provision of any of the Security Documents which expressly or      impliedly requires the approval or consent of all the Banks such that the      relevant approval or consent may be given otherwise than with the sanction      of all the Banks; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)   | change      the order of distribution under clauses 6.9 or  or any clauses      concerning application of funds standing to the credit of the Cash      Collateral Account or any Illegality Security  Account; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h)   | change      this clause 16.; |
|-----------------|-----------------------------------|

| (i)   | change      clause 10.2; |
|-----------------|--------------------------|

| (j)   | change      clause 8.1.5 of this Agreement or clause 5.1.4 of the Corporate      Guarantee; |
|-----------------|---------------------------------------------------------------------------------------------|

| (k)   | change      the definitions of “Majority Banks”, “Outstandings” and “Outstanding Amount” in      clause ; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (l)   | change      any provisions regarding the payment of cash collateral to the credit of      the Cash Collateral Account or any Illegality Security Account;      or |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (m)   | release      any Security Party from the security constituted by any Security Document      (except as required by the terms thereof or by law) or change the terms      and conditions upon which such security or guarantee may be, or is      required to be, released. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.12   | Reimbursement      and indemnity by Banks |
|-------------------|-------------------------------------------|

| 16.13   | Retirement      of Agent |
|-------------------|--------------------------|

| 16.13.1   | The      Agent may, having given to the Borrower and each of the Banks, the Issuing      Bank and the Account Bank not less than fifteen (15) days’ notice of its      intention to do so, retire from its appointment as Agent under this      Agreement, provided that no such retirement shall take effect unless there      has been appointed by the Banks, the Issuing Bank and the Account Bank as      a successor agent: |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | a      Related Company of the Agent nominated by the Agent which the Banks, the      Issuing Bank and the Account Bank hereby irrevocably and unconditionally      agree to appoint or, failing suchnomination, |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | a      Bank nominated by the Majority Banks or, failing such a      nomination, |
|-----------------|---------------------------------------------------------------------------------|

| (c)   | any      reputable and experienced bank or financial institution nominated by the      retiring Agent. |
|-----------------|--------------------------------------------------------------------------------------------------------|

| 16.13.2   | Upon      any such successor as aforesaid being appointed, the retiring Agent shall      be discharged from any further obligation under the Security Documents      (but shall continue to have the benefit of this clause 16 in respect      of any action it has taken or refrained from taking prior to such      discharge) and its successor and each of the other parties to this      Agreement shall have the same rights and obligations among themselves as      they would have had if such successor had been a party to this Agreement      in place of the retiring Agent. The retiring Agent shall (at its own      expense) provide its successor with copies of such of its records as its      successor reasonably requires to carry out its functions under the      Security Documents. |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.14   | Appointment      and retirement of Security Agent |
|-------------------|---------------------------------------------------|

| 16.14.1   | Appointment |
|---------------------|-------------|

| 16.14.2   | Retirement |
|---------------------|------------|

| (a)   | a      Related Company of the Security Agent nominated by the Security Agent      which the Banks, the Account Bank and the Issuing Bank hereby irrevocably      and unconditionally agree to appoint or, failing such      nomination, |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | a      bank or trust corporation nominated by the Majority Banks or, failing such      a nomination, |
|-----------------|------------------------------------------------------------------------------------------------------|

| (c)   | any      bank or trust corporation nominated by the retiring Security      Agent, |
|-----------------|-----------------------------------------------------------------------------------|

----

| 16.15   | Powers      and duties of the Security Agent |
|-------------------|----------------------------------------------|

| 16.15.1   | The      Security Agent shall have no duties, obligations or liabilities to any of      the Banks, the Agent, the Issuing Bank or the Account Bank beyond those      expressly stated in any of the Security Documents.  Each of the      Banks, the Agent, the Issuing Bank and the Account Bank hereby authorises      the Security Agent to enter into andexecute: |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | each      of the Security Documents to which the Security Agent is or is intended to      be a party; and |
|-----------------|-----------------------------------------------------------------------------------------------------------|

| (b)   | any      and all such other Security Documents as may be approved by the Agent in      writing (acting on the instructions of the Majority Banks) for entry into      by the Security Agent, |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.15.2   | Subject      to clause 16.15.3 the Security Agent may, with the prior consent of      the Majority Banks communicated in writing by the Agent, concur with any      of the Security Parties to: |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | amend,      modify or otherwise vary any provision of the Security Documents to which      the Security Agent is or is intended to be a party;  or |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | waive      breaches of, or defaults under, or otherwise excuse performance of, any      provision of the Security Documents to which the Security Agent is or is      intended to be a party. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Any such action so authorised and effected by the Security Agent shallbe promptly notified to the Banks, the Agent, the Issuing Bank and the AccountBank by the Security Agent and shall be binding on the otherCreditors.

| 16.15.3   | The      Security Agent shall not concur with any Security Party with respect to      any of the matters described in clause 16.11.2 without the consent of      the Banks communicated in writing by theAgent. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.15.4   | The      Security Agent shall (subject to the other provisions of this      clause 16) take such action or, as the case may be, refrain from      taking such action, with respect to any of its rights, powers and      discretions as security agent and trustee, as the Agent may      direct.  Subject as provided in the foregoing provisions of this      clause, unless and until the Security Agent shall have received such      instructions from the Agent, the Security Agent may, but shall not be      obliged to, take (or refrain from taking) such action under or pursuant to      the Security Documents referred to in clause 16.14 as the Security      Agent shall deem advisable in the best interests of the Creditors provided      that (for the avoidance of doubt), to the extent that this      clause might otherwise be construed as authorising the Security Agent      to take, or refrain from taking, any action of the nature referred to in      clause 16.15.2 - and for which the prior consent of the Banks is      expressly required under clause 16.15.3 - clauses 16.15.2 and 16.15.3      shall apply to the exclusion of thisclause. |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.15.5   | None      of the Banks nor the Agent nor the Issuing Bank nor the Account Bank shall      have any independent power to enforce any of the Security Documents      referred to in clause 16.15.1 or to exercise any rights, discretions      or powers or to grant any consents or releases under or pursuant to such      Security Documents or any of them or otherwise have direct recourse to the      security and/or guarantees constituted by such Security Documents or any      of them except through the SecurityAgent. |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.15.6   | For      the purpose of this clause 16, the Security Agent may rely, and act      in reliance, upon any information from time to time furnished to the      Security Agent by the Agent (whether pursuant to clause 16.15.7 or      otherwise) unless and until the same is superseded by further such      information, so that the Security Agent shall have no liability or      responsibility to any party as a consequence of placing reliance on and      acting in reliance upon any such information unless the Security Agent has      actual knowledge that such information is inaccurate or      incorrect. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.15.7   | Without      prejudice to the foregoing each of the Agent, the Issuing Bank, the      Account Bank and the Banks (whether directly or through the Agent) shall      provide the Security Agent with such written information as it may      reasonably require for the purpose of carrying out its duties and      obligations under the Security Documents referred to in      clause 16.15.1. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.16   | Trust      provisions |
|-------------------|-----------------------|

| 16.16.1   | The      trusts constituted or evidenced in or by this Agreement and the Trust Deed      shall remain in full force and effect until whichever is the earlier      of: |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a)   | the      expiration of a period of eighty (80) years from the date of this      Agreement; and |
|-----------------|------------------------------------------------------------------------------------------------|

| (b)   | receipt      by the Security Agent of confirmation in writing by the Agent that there      is no longer outstanding any Indebtedness (actual or contingent) which is      secured or guaranteed or otherwise assured by or under any of the Security      Documents, |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.16.2   | In      its capacity as trustee in relation to the Security Documents specified in      clause 16.15.1, the Security Agent shall, without prejudice to any of      the powers, discretions and immunities conferred upon trustees by law (and      to the extent not inconsistent with the provisions of any of those      Security Documents), have all the same powers and discretions as a natural      person acting as the beneficial owner of such property and/or as are      conferred upon the Security Agent by any of those Security      Documents. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.16.3   | It      is expressly declared that, in its capacity as trustee in relation to the      Security Documents specified in clause 16.15.1, the Security Agent      shall be entitled to invest moneys forming part of the security and which,      in the opinion of the Security Agent, may not be paid out promptly      following receipt in the name or under the control of the Security Agent      in any of the investments for the time being authorised by law for the      investment by trustees of trust moneys or in any other property or      investments whether similar to the aforesaid or not or by placing the same      on deposit in the name or under the control of the Security Agent as the      Security Agent may think fit without being under any duty to diversify its      investments and the Security Agent may at any time vary or transpose any      such property or investments for or into any others of a like nature and      shall not be responsible for any loss due to depreciation in value or      otherwise of such property or investments. Any investment of any part or      all of the security may, at the discretion of the Security Agent, be made      or retained in the names ofnominees. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.17   | Independent      action by Creditors |
|-------------------|--------------------------------------|

| 16.18   | Common      Agent and Security Agent |
|-------------------|--------------------------------------|

----

| 16.19   | Co-operation      to achieve agreed priorities ofapplication |
|-------------------|--------------------------------------------------------------|

| 16.20   | Prompt      distribution of proceeds |
|-------------------|--------------------------------------|

| 17   | Notices      and other matters |
|----------------|--------------------------------|

| 17.1   | Notices |
|------------------|---------|

| 17.1.1   | be      in writing delivered personally or by first-class prepaid letter (airmail      if available) or facsimile transmission or other means of      telecommunication in permanent writtenform; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.1.2   | 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 |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 17.1.3   | be      sent: |
|--------------------|---------------|

| (a)   | if      to the Borrower at: |
|-----------------|-----------------------------|

| (b)   | if      to a Bank, to its address or fax number specified in schedule 1 or in any      relevant Transfer Certificate, |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|

| 17.2   | Notices      through the Agent |
|------------------|--------------------------------|

| 17.3   | No      implied waivers, remediescumulative |
|------------------|---------------------------------------------|

| 17.4   | English      language |
|------------------|-----------------------|

----

| 18   | Governing law and jurisdiction |
|----------------|-----------------------------------------------|

| 18.1   | Law |
|------------------|-----|

| 18.2   | Submission      to jurisdiction |
|------------------|---------------------------------|

| 18.3   | Contracts      (Rights of Third Parties) Act 1999 |
|------------------|---------------------------------------------------|

----

| Name                                      | Lending      Office                                            | Address      for Notices                                                                                                         | Percentage  |
|-------------------------------------------|----------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|------------------|
|  The      Royal Bank of Scotland plc |  45      Akti Miaouli185      36 PiraeusGreece            |  45      Akti Miaouli185      36 PiraeusGreece Fax      no:+30 210 459      6600Att:Shipping      Department      |  50%        |
|  HSH      Nordbank AG                |  Gerhart-Hauptmann-Platz      5020095      HamburgGermany |  Gerhart-Hauptmann-Platz      5020095      HamburgGermany Fax no:+49 40 3333      610100Att:Mr Dirk      Wahlers  |  50%        |

----

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

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

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

| (ii)   | being      duly passed at meetings of the directors of such Security Party and, if      required, of the shareholders of such Security Party each duly convened      and held; |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

| 4   | Certificates      of incumbency |
|---------------|---------------------------------|

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

----

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

| 7   | Underlying      Documents |
|---------------|---------------------------|

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

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

| 10   | Fees |
|----------------|------|

| 11   | Due      diligence |
|----------------|--------------------|

| 12   | Existing      loan agreement |
|----------------|------------------------------|

| 13   | Light      displacement tonnage |
|----------------|---------------------------------|

| 14   | Registration      forms |
|----------------|-------------------------|

----

| 15   | Ship      conditions |
|----------------|----------------------|

| (a)   | Registration      and Encumbrances |
|-----------------|------------------------------------|

| (b)   | Classification |
|-----------------|----------------|

| (c)   | Insurance |
|-----------------|-----------|

| 16   | Mortgage      registration |
|----------------|----------------------------|

| 17   | Notice      of assignment and acknowledgements |
|----------------|------------------------------------------------|

| 18   | SMC/DOC |
|----------------|---------|

| 19   | ISPS      Code compliance |
|----------------|---------------------------|

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

| (b)   | a      copy, certified (in a certificate dated no earlier than five (5) Banking      Days prior to the date of this Agreement) as a true and complete copy by      an officer of the Borrower of the ISSC for each such  Ship; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20   | Insurance      Letter |
|----------------|-----------------------|

----

| 21   | Maltese      opinion |
|----------------|----------------------|

| 22   | Gibraltar      opinion |
|----------------|------------------------|

| 23   | Singapore      opinion |
|----------------|------------------------|

| 24   | Panamanian      opinion |
|----------------|-------------------------|

| 25   | Marshall      Islands and Liberian opinion |
|----------------|--------------------------------------------|

| 26   | United      Arab Emirates opinion |
|----------------|-----------------------------------|

| 27   | Insurance      opinion |
|----------------|------------------------|

| 28   | Borrower’s      process agent |
|----------------|-------------------------------------|

| 29   | Security      Parties’ process agent |
|----------------|--------------------------------------------|

----

|           | (1)Owner                                                  | (2)Country      of Incorporation | (3)Registered      office                                                                         |
|----------------|-----------------------------------------------------------|----------------------------------|---------------------------------------------------------------------------------------------------|
| 1              | Evian      Enterprises Co.                                | Marshall      Islands            | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |
| 2              | Carmel      Investment Corp.                              | Marshall      Islands            | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |
| 3              | Clyde      I Shipping Corp.                               | Marshall      Islands            | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |
| 4              | Baltic      Navigation Company                            | Marshall      Islands            | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |
| 5              | Carnaby      Navigation Inc.                              | Liberia                          | 80      Broad Street, Monrovia, Republic of Liberia                                               |
| 6              | Mare      Vision S.A.                                     | Marshall      Islands            | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |
| 7              | Aegean      Tanking S.A.                                  | Liberia                          | 80      Broad Street, Monrovia, Republic of Liberia                                               |
| 8              | Ouranos      Tanking S.A.                                 | Liberia                          | 80      Broad Street, Monrovia, Liberia                                                           |
| 9              | Sea      Breezer Marine S.A.                              | Marshall      Islands            | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |
| 10             | Aegean      Breeze Shipping Pte. Ltd.                     | Singapore                        | 4      Shenton Way, SGX Centre II # 04-03, Singapore 068807                                       |
| 11             | Aegean      Tiffany Shipping Pte. Ltd.                    | Singapore                        | 4      Shenton Way, SGX Centre II # 04-03, Singapore 068807                                       |
| 12             | Aegean      X Maritime Inc.                               | Marshall      Islands            | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |
| 13   | Pontos      Navigation Inc.                               | Marshall      Islands            | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |
| 14             | Aegean      Marine Petroleum LLC(Collateral      Owner A) | United      Arab Emirates        | P.O.      Box 2688,Khorfakkan,Emirate      of Sharjah,United      Arab Emirates                   |
| 15             | Aegean      VII Shipping Ltd. (Collateral Owner B)        | Malta                            | 13/16      Vincenti Buildings, Strait Street, Valletta, Malta                                     |
| 16             | Venus      Holding Company (Collateral Owner C)           | Marshall      Islands            | Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands      MH96960 |

----

|   | (1)Name/Hull      Number                   | (2)Flag      State        | (3)IMO      No. | (4)Owning      Company                 |
|--------|--------------------------------------------|---------------------------|-----------------|----------------------------------------|
| 1      | Aegean      Daisy                          | Gibraltar                 | 7729007         | Evian      Enterprises Co.             |
| 2      | Aegean      Rose                           | Gibraltar                 | 7729019         | Carmel      Investment Corp.           |
| 3      | Aegean      Tulip                          | Liberia                   | 8111257         | Clyde      I Shipping Corp.            |
| 4      | Aegean      Force                          | Liberia                   | 8007080         | Baltic      Navigation Company         |
| 5      | Aegean      Pride I                        | Liberia                   | 8027195         | Carnaby      Navigation Inc.           |
| 6      | Aegean      XI                             | Liberia                   | 8411255         | Mare      Vision S.A.                  |
| 7      | Fos                                        | Liberia                   | 8033314         | Aegean      Tanking S.A.               |
| 8      | Ouranos                                    | Liberia                   | 8138683         | Ouranos      Tanking S.A.              |
| 9      | Aegean      Princess                       | Liberia                   | 8821759         | Sea      Breezer Marine S.A.           |
| 10     | Aegean      Breeze I                       | Singapore                 | 9314466         | Aegean      Breeze Shipping Pte. Ltd.  |
| 11     | Aegean      Tiffany                        | Singapore                 | 9314478         | Aegean      Tiffany Shipping Pte. Ltd. |
| 12     | Aegean      X                              | Panama                    | 8209664         | Aegean      X Maritime Inc.            |
| 13     | Leader                                     | Panama                    | 8400000         | Pontos      Navigation Inc.            |
| 14     | Aegean      Flower(Collateral      Ship A) | United      Arab Emirates | 8978394         | Aegean      Marine Petroleum LLC       |
| 15     | Aegean VII (Collateral      Ship B)        | Malta                     | 8313544         | Aegean      VII Shipping Ltd.          |
| 16     | Aegean IX (Collateral      Ship C)         | Panama                    | 7402623         | Venus      Holding Company             |
| 17     | Sara(Additional      Ship A)               | N/A                       | N/A             | Baldwin      Management Co.            |
| 18     | Hope(Additional      Ship B)               | N/A                       | N/A             | Milos      I Maritime Inc.             |
| 19     | Vera(Additional      Ship C)               | N/A                       | N/A             | Vera      Navigation S.A.              |

----

| To: | THE      ROYAL BANK OF SCOTLAND PLC as agent on its own behalf and on behalf of the      Borrower, the Account Bank, the Security Agent, the Issuing Bank and the      Banks defined in the Facility Agreement referred to  below. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1   | The      Transferor with full title guarantee assigns to the Transferee absolutely      all rights and interests (present, future or contingent) which the      Transferor has as a Bank under or by virtue of the Facility Agreement and      all the Security Documents in relation to [   ] per centum      ([   ]%) of the participation of the Transferor (or its      predecessors in title) in the Facility Agreement details of which are set      out in the schedule. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2   | By      virtue of this Transfer Certificate and clause 15 of the Facility      Agreement, the Transferor is discharged [entirely from its participation]      [from [   ] per centum ([   ]%) of its      participation]. |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3   | The      Transferee hereby requests the Agent (on behalf of itself, the Borrower,      the Account Bank, the Security Agent, the Issuing Bank and the Banks) to      accept the executed copies of this Transfer Certificate as being delivered      pursuant to and for the purposes of clause  of the Facility Agreement      so as to take effect in accordance with the terms thereof on [date of      transfer]. |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4   | The      Transferee: |
|---------------|----------------------|

| 4.1   | confirms      that it has received a copy of the Facility Agreement and the other      Security Documents together with such other documents and information as      it has required in connection with the transaction contemplated      thereby; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2   | confirms      that it has not relied and will not hereafter rely on the Transferor, the      Agent, the Account Bank, the Security Agent, the Issuing Bank or the Banks      to check or enquire on its |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.3   | behalf      into the legality, validity, effectiveness, adequacy, accuracy or      completeness of the Facility Agreement, any of the Security Documents or      any such documents or information; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4   | agrees      that it has not relied and will not rely on the Transferor, the Agent, the      Account Bank, the Security Agent, the Issuing Bank or the Banks to assess      or keep under review on its behalf the financial condition,      creditworthiness, condition, affairs, status or nature of the Borrower, or      any other Security Party (save as otherwise expressly provided      therein); |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5   | warrants      that it has power and authority to become a party to the Facility      Agreement and has taken all necessary action to authorise execution of      this Transfer Certificate and to obtain all necessary approvals and      consents to the assumption of its obligations under the Facility Agreement      and the Security Documents; and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.6   | if      not already a Bank, appoints (i) the Agent to act as its agent and (ii)      the Security Agent as its security agent and trustee, as provided in the      Facility Agreement and the Security Documents and agrees to be bound by      the terms of the Facility Agreement and the Security      Documents. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5   | The      Transferor: |
|---------------|----------------------|

| 5.1   | warrants      to the Transferee that it has full power to enter into this Transfer      Certificate and has taken all corporate action necessary to authorise it      to do so; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2   | warrants      to the Transferee that this Transfer Certificate is binding on the      Transferor under the laws of England, the country in which the Transferor      is incorporated and the country in which its lending office is located;      and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3   | agrees      that it will, at its own expense, execute any documents which the      Transferee reasonably requests for perfecting in any relevant jurisdiction      the Transferee’s title under this Transfer Certificate or for a similar      purpose. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6   | The      Transferee hereby undertakes with the Transferor and each of the other      parties to the Facility Agreement and the other Security Documents that it      will perform in accordance with its terms all those obligations which by      the terms of the Facility Agreement and the other Security Documents will      be assumed by it after delivery of the executed copies of this Transfer      Certificate to the Agent and satisfaction of the conditions (if any)      subject to which this Transfer Certificate is expressed to take      effect. |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7   | By      execution of this Transfer Certificate on their behalf by the Agent and in      reliance upon the representations and warranties of the Transferee, the      Borrower, the Agent, the Security Agent, the Account Bank, the Issuing      Bank and the Banks accept the Transferee as a party to the Facility      Agreement and the Security Documents with respect to all those rights      and/or obligations which by the terms of the Facility Agreement and the      Security Documents will be assumed by the Transferee (including those      about pro-rata sharing and the exclusion of liability on the part of, and      the indemnification of, the Agent, the Account Bank, the Issuing Bank and      the Security Agent as provided by the Facility Agreement) after delivery      of the executed copies of this Transfer Certificate to the Agent and      satisfaction of the conditions (if any) subject to which this Transfer      Certificate is expressed to takeeffect. |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8   | None      of the Transferor, the Agent, the Security Agent, the Account Bank, the      Issuing Bank or the Banks: |
|---------------|-------------------------------------------------------------------------------------------------------------------|

| 8.1   | makes      any representation or warranty nor assumes any responsibility with respect      to the legality, validity, effectiveness, adequacy or enforceability of      the Facility Agreement or any of the Security Documents or any document      relating thereto; or |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2   | assumes      any responsibility for the financial condition of the Borrower or any      other Security Party or any party to any such other document or for the      performance and observance by the Borrower or any other Security Party or      any party to any such other document (save as otherwise expressly provided      therein) and any and all such conditions and warranties, whether express      or implied by law or otherwise, are hereby excluded (except as      aforesaid). |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9.  | The      Transferor and the Transferee each undertake that they will on demand      fully indemnify the Agent in respect of any claim, proceeding, liability      or expense which relates to or results from this Transfer Certificate or      any matter concerned with or arising out of it unless caused by the      Agent’s gross negligence or wilful misconduct, as the case may      be. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.  | The      agreements and undertakings of the Transferee in this Transfer Certificate      are given to and for the benefit of and made with each of the other      parties to the Facility Agreement and the Security    Documents. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11   | This      Transfer Certificate is governed by, and shall be construed in accordance      with, English law. |
|----------------|-------------------------------------------------------------------------------------------------------------|

| Transferor                                                                                                                                    | Transferee                                                                                                                                    |
|-----------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|
|  By:      ...................................................... |  By:      ...................................................... |
|  Dated:      ..................................................          |  Dated:      ..................................................          |

----

----

|   |  [·] 200[·] |
|--------|----------------------------|

| (a)   | currency      and amount of the L/C: [·]; |
|-----------------|------------------------------------------------|

| (b)   | Issue      Date of the L/C: [·]; |
|-----------------|---------------------------------------|

| (c)   | Expiry      Date of the L/C: [·];  and |
|-----------------|---------------------------------------------|

| (d)   | delivery      instructions: [·]. |
|-----------------|---------------------------------------|

| (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, 7.2 and      7.3(b) of the Facility Agreement, (ii) clause 4 of the Corporate Guarantee      and (iii) clause 4 of each Owner’s Guarantee, are true and correct at the      date hereof as if made with respect to the facts and circumstances      existing at such date; and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | there      has been no material adverse change in our financial position or the      financial position of the Owners or the Corporate Guarantor or any other      Relevant Party or the consolidated financial position of the Group from      that described by or on behalf of ourselves to the Agent and the Banks in      the negotiation of the FacilityAgreement. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1   | The      Mandatory Cost is an addition to the interest rate to compensate the      Account Bank for the cost of compliance with (a) the requirements of the      Bank of England and/or the Financial Services Authority (or, in either      case, any other authority which replaces all or any of its functions) or      (b) the requirements of the European Central  Bank. |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2   | On      the first day of each Interest Period (or as soon as possible thereafter)      the Agent shall calculate, as a percentage rate per annum, a rate for the      Account Bank, in accordance with the paragraphs set out    below. |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3   | The      Mandatory Cost for the Account Bank when lending from a lending office in      a Participating Member State will be the percentage notified by the      Account Bank to the Agent.  This percentage will be certified by      the Account Bank in its notice to the Agent to be its reasonable      determination of the cost (expressed as a percentage of the Overdraft or      the relevant unpaid sum in respect of the Overdraft made available from      that lending office) of complying with the minimum reserve requirements of      the European Central Bank in respect of loans made from that lending      office. |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4   | The      Mandatory Cost for the Account Bank when lending from a lending office in      the United Kingdom will be calculated by the Agent as    follows: |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5   | For      the purposes of this Schedule: |
|---------------|-----------------------------------------|

| (a)   | "Fees Rules" means the      rules on periodic fees contained in the FSA Supervision Manual or such      other law or regulation as may be in force from time to time in respect of      the payment of fees for the acceptance of  deposits; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | "Fee Tariffs" means the      fee tariffs specified in the Fees Rules under the activity group A.1      Deposit acceptors (ignoring any minimum fee or zero rated fee required      pursuant to the Fees Rules but taking into account any applicable discount      rate); and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | "Tariff Base" has the      meaning given to it in, and will be calculated in accordance with, the      Fees Rules. |
|-----------------|--------------------------------------------------------------------------------------------------------------------|

| 6   | The      resulting figures will be rounded to four decimal  places. |
|---------------|---------------------------------------------------------------------|

| 7   | The      Account Bank shall supply any information required by the Agent for the      purpose of calculating the Mandatory Cost.  In particular, but      without limitation, the Account Bank shall supply the following      information on or prior to the date of this  Agreement: |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | the      jurisdiction of its lending office;and |
|-----------------|-------------------------------------------------|

----

| (b)   | any      other information that the Agent may reasonably require for such      purpose. |
|-----------------|-----------------------------------------------------------------------------------------|

| 8   | The      Agent shall have no liability to any person if such determination results      in the Mandatory Cost which over or under compensates the Account Bank and      shall be entitled to assume that the information provided by the Account      Bank pursuant to paragraphs 3, 4 and 7 above is true and correct in all      respects. |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9   | The      Agent shall distribute the additional amounts received as a result of the      Mandatory Cost to the Account Bank based on the information provided by      the Account Bank pursuant to paragraphs 3, 4 and 7  above. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10   | Any      determination by the Agent pursuant to this schedule in relation to a      formula, the Mandatory Cost or any amount payable to the Account Bank      shall, in the absence of manifest error, be conclusive and binding on all      parties to this Agreement. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11   | The      Agent may from time to time, after consultation with the Borrower and the      Account Bank, determine and notify to all parties to this Agreement any      amendments which are required to be made to this schedule in order to      comply with any change in law, regulation or any requirements from time to      time imposed by the Bank of England, the Financial Services Authority or      the European Central Bank (or, in any case, any other authority which      replaces all or any of its functions) and any such determination shall, in      the absence of manifest error, be conclusive and binding on all parties to      this Agreement. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 1   | The      Security Agent hereby acknowledges and declares that, from the date of      this Deed, it holds and shall hold the Trust Property on trust for certain      of the other Creditors on the terms and basis set out in the      Agreement. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2   | The      declaration and acknowledgement contained in paragraph 1 above shall      be irrevocable. |
|---------------|---------------------------------------------------------------------------------------------------------|

|                                |   |                                                                    |
|-------------------------------------|--------|-------------------------------------------------------------------------|
| EXECUTED as a DEED                  | )      |                                                                    |
| by                                  | )      |                                                                    |
| for      and on behalf of           | )      |                                                                    |
| THE      ROYAL BANK OF SCOTLAND PLC | )      | ............................... |
| as      Security Agent              | )      | Attorney-in-fact                                                        |
| in      the presence of:            | )      |                                                                    |
|                                |   |                                                                    |

----

| 1   | Updated      corporate authorisations/certificates of  incumbency |
|---------------|-------------------------------------------------------------------|

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

| 3   | Collateral      Ship conditions |
|---------------|---------------------------------|

| (b)   | Classification |
|-----------------|----------------|

| (c)   | Insurance |
|-----------------|-----------|

----

| 4   | Mortgage      registration |
|---------------|----------------------------|

| 5   | Registration      forms |
|---------------|-------------------------|

| 6   | Notices      of assignment and acknowledgements |
|---------------|-------------------------------------------------|

| 7   | Owner’s      opinion |
|---------------|----------------------------|

| 8   | Flag      State opinion |
|---------------|-------------------------|

| 9   | Security      Parties’ process agent |
|---------------|--------------------------------------------|

| 10   | Further      opinions or conditions |
|----------------|-------------------------------------|

----

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

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

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

| (ii)   | being      duly passed at meetings of the directors of such Additional Owner and, if      required, of the shareholders of such Additional Owner each duly convened      and held; |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

| 4   | Certificates      of incumbency |
|---------------|---------------------------------|

| 5   | Other      consents and approvals |
|---------------|-----------------------------------|

----

| 6   | Underlying      Documents |
|---------------|---------------------------|

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

| 8   | Additional      Ship conditions |
|---------------|---------------------------------|

| (a)   | Registration      and Encumbrances |
|-----------------|------------------------------------|

| (b)   | Classification |
|-----------------|----------------|

| (c)   | Insurance |
|-----------------|-----------|

| 9   | Mortgage      registration |
|---------------|----------------------------|

| 10   | Light      displacement tonnage |
|----------------|---------------------------------|

| 11   | Registration      forms |
|----------------|-------------------------|

| 12   | Notices      of assignment and acknowledgements |
|----------------|-------------------------------------------------|

----

| 13   | SMC/DOC |
|----------------|---------|

| 14   | ISPS      Code compliance |
|----------------|---------------------------|

| (a)   | evidence      satisfactory to the Agent that the relevant Additional Ship is subject to      a ship security plan which complies with the ISPS Code;  and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | a      copy, certified (in a certificate dated no earlier than five (5) Banking      Days prior to the Additional Mortgage Date for the relevant Additional      Ship) as a true and complete copy by an officer of the Borrower of the      ISSC for such Additional Ship; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15   | Insurance      opinion |
|----------------|------------------------|

| 16   | Insurance      Letter |
|----------------|-----------------------|

| 17   | Owner’s      opinion |
|----------------|----------------------------|

| 18   | Flag      State opinion |
|----------------|-------------------------|

| 19   | Security      Parties’ process agent |
|----------------|--------------------------------------------|

| 20   | Further      opinions or conditions |
|----------------|-------------------------------------|

----

| SIGNEDby                          | ) |                                      |
|-----------------------------------|---|-------------------------------------------|
| for      and on behalf of         | ) | ......................................... |
| AEGEAN      MARINE PETROLEUM S.A. | ) | Attorney-in-fact                          |
| as      Borrower                  | ) |                                      |

| SIGNEDby                                 | ) |                                      |
|------------------------------------------|---|-------------------------------------------|
| for      and on behalf of                | ) |                                      |
| THE      ROYAL BANK OF SCOTLAND PLC      | ) | ......................................... |
| as      Arranger, Agent, Security Agent, | ) | Attorney-in-fact                          |
| Issuing      Bank and Account Bank       | ) |                                      |

| SIGNEDby                            | ) |                                      |
|-------------------------------------|---|-------------------------------------------|
| for      and on behalf of           | ) |                                      |
| THE      ROYAL BANK OF SCOTLAND PLC | ) | ......................................... |
| as      Bank                        | ) | Attorney-in-fact                          |

| SIGNEDby                  | )      |                                      |
|---------------------------|--------|-------------------------------------------|
| for      and on behalf of | )      |                                      |
| HSH      NORDBANK AG      | )      | ......................................... |
| as      Bank              | )      | Attorney-in-fact                          |
|                      |   |                                      |

----