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1
INTERPRETATION

2
AGREEMENTOF THE LENDER

3
CONDITIONSPRECEDENT

4
REPRESENTATIONSAND WARRANTIES

5
AMENDMENTSTO FACILITY AGREEMENT AND OTHER FINANCE DOCUMENTS

6
FURTHERASSURANCES

7
FEES ANDEXPENSES

8
COMMUNICATIONS

9
SUPPLEMENTAL

10
LAW ANDJURISDICTION

SCHEDULE  FINANCIALCOVENANTS DURING COVENANT WAIVER PERIOD

EXECUTIONPAGES

APPENDIX  CORPORATEGUARANTEE SUPPLEMENT

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| (1)   | ARGYLE MARITIME CORP.,      CATON MARITIME      CORP., DORCHESTER      MARITIME CORP., LONGWOODS MARITIME      CORP., McHENRY      MARITIME CORP. and SUNSWYCK MARITIME CORP.,      each a company incorporated in the Marshall Islands whose registered      office is at Trust Company Complex, Ajeltake Island, Majuro, Marshall      Islands MH96960 as Joint      and Several Borrowers; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | TBS INTERNATIONAL      LIMITED, a company incorporated in Bermuda whose principal office      is at Suite 306, Commerce Building, One Chancery Lane, Hamilton HM12,      Bermuda as CorporateGuarantor;      and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | THE ROYAL BANK OF SCOTLAND      PLC as Lender. |
|-----------------|------------------------------------------------|

| (A)   | By      a facility agreement (the “Facility Agreement”)      dated 29 March 2007 and made between (i) the Borrowers and the Lender, it      was agreed that the Lender would make available to the Borrowers a      guarantee facility ofUS$84,000,000. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B)   | This      Agreement sets out the terms and conditions on which the Lender agree,      with effect on and from the Effective Date, at the request of the Security      Parties to waive certain covenants in the Facility Agreement on the terms      and conditions set out herein and to the consequential amendment of the      Facility Agreement, and the other Finance Documents in connection with      those matters. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1   | INTERPRETATION |
|---------------|----------------|

| 1.1   | Defined      expressions.  Words and expressions defined in the      Facility Agreement and the other Finance Documents shall have the same      meanings when used in this Agreement unless the context otherwise      requires. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2   | Definitions.  In      this Agreement, unless the contrary intention  appears: |
|-----------------|-----------------------------------------------------------------------------------------|

3

| 1.3   | Application of construction and      interpretation provisions of Facility Agreement.  Clauses      1.2 and 1.5 of the Facility Agreement apply, with any necessary      modifications, to this Agreement. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2   | AGREEMENT      OF THE LENDER |
|---------------|------------------------------|

| 2.1   | Agreement of the      Lender.  The Lender agrees, subject to and upon the terms      and conditions of this Agreement, to the amendments to the Facility      Agreement and the Finance Documents as set out in Clause 5. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2   | Agreement of the Borrowers and      the Corporate Guarantor.  The Borrowers and the Corporate      Guarantor hereby agree to the amendments to the Facility Agreement and the      Finance Documents as set out in Clause 5. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3   | Effective Date. The      agreement of the Lender contained in Clauses 2.1 shall have effect on and from the Effective      Date. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------|

| 3   | CONDITIONS      PRECEDENT |
|---------------|---------------------------|

| 3.1   | General.  The      agreement of the Lender contained in Clauses 2.1 is subject to the fulfilment of the      conditions precedent in Clause 3.2. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2   | Conditions      precedent.  The conditions referred to in Clause 3.1 are that the Lender shall have received the      following documents and evidence in all respects in form and substance      satisfactory to the Lender and its lawyers on or before 6 April 2009 or      such later date as the Lender may agree with the Borrowers and the other      Security Parties: |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | documents      of the kind specified in Schedule 2, Part A, paragraphs 2, 3, 4 and 5 of      the Facility Agreement as amended and supplemented by this Agreement and      updated with appropriate modifications to refer to this Agreement and the      Corporate Guarantee Supplement; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | a      duly executed original of this Agreement and the Corporate Guarantee      Supplement duly executed by the parties toit; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------|

| (c)   | evidence      that the provisions of clause 7.1(c) and 7.1(d) of the Facility Agreement,      as amended and supplemented by this Agreement and updated with appropriate      modifications to refer to this Agreement, are complied with both as at the      date of this Agreement and the Effective Date;  and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | any      further opinions, consents, agreements and documents in connection with      this Agreement and the Finance Documents which the Lender may request by      notice to the Borrowers and the Security Parties prior to the Effective      Date. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4   | REPRESENTATIONS      AND WARRANTIES |
|---------------|-------------------------------------|

| 4.1   | Repetition of Facility      Agreement representations and warranties.  The Borrowers      represent and warrant to the Lender that the representations and      warranties in clause 8 of the Facility Agreement, as amended and      supplemented by this Agreement and updated with appropriate modifications      to refer to this Agreement, remain true and not misleading if repeated on      the date of this Agreement and the Effective Date with reference to the      circumstances now and thenexisting. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2   | Repetition of Finance Document      representations and warranties.  The Borrowers and the      Security Parties represent and warrant to the Lender that the      representations and warranties in the Finance Documents (other than the      Facility Agreement) to which it is a party, as amended and supplemented by      this Agreement and updated with appropriate modifications to refer to this      Agreement, remain true and not misleading if repeated on the date of this      Agreement and the Effective Date with reference to the circumstances now      and then existing. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5   | AMENDMENTS      TO FACILITY AGREEMENT AND OTHER FINANCE  DOCUMENTS |
|---------------|--------------------------------------------------------------------|

| 5.1   | Specific amendments to Facility      Agreement.  With effect on and from the Effective Date      the Facility Agreement shall be, and shall be deemed by this Agreement to      be, amended as follows: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | so      that the financial covenants set out in paragraphs (a), (b), (c) and (d)      of Schedule 3 and referred to in clause 9.16 shall not apply during the      Covenant Waiver Period and so that on the next succeeding Business Day      following the last day of the Covenant Waiver Period the Borrowers shall      provide a compliance certificate in the form set out in Schedule 4      confirming that the Financial Covenants set out in Schedule 3 as amended      by this Agreement have been complied with during the last financial      quarter; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | so      that during the Covenant Waiver Period the Borrowers and the Corporate      Guarantor undertake to comply with the financial covenants and the      undertakings set out in the Schedule to this  Agreement; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | clauses      14.1 (b) shall be deleted and replaced with the  following: |
|-----------------|--------------------------------------------------------------------------|

|   | “(b) | quarterly      in arrears during the period from (and including) 27 March 2009 to the      date of cancellation or termination of the last Guarantee and on the last      day of that period a commitment fee at the rate of one point five per cent      (1.5%) per annum;” |
|--------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | the      definitions of “Consolidated Interest Charges Coverage Ratio”,      “Consolidated EBITDA” and “Consolidated Interest Charges” in Schedule 3      shall be deleted and replaced with the  following: |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | the      Borrowers and the Corporate Guarantor undertake to provide the Lender with      the benefit of any additional or more favourable financial covenants      provided to other financing parties under other or future financing      agreements in order that the Lender shall be treated no less favourably      than any other of the financing parties to the Borrowers or the Corporate      Guarantor by providing details of such financial covenants in order that      appropriate amendments can be made to the Facility Agreement and the      relevant Finance Documents; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | at      the end of the Covenant Waiver Period the parties to this Agreement agree      to review the terms of the Loan Agreement being amended pursuant to this      Agreement and any provisions that may need to be reviewed as a consequence      of these amendments; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)   | so      that during the Covenant Waiver Period the Corporate Guarantor shall      provide to the Agent as soon as possible but in no event later than 30      days after the end of  each calendar month updated financial      projections including but not limited to revenues, operating expenses, net      income, cash balances, loan balances, working capital requirements and      equity for the period up to and including 31 December  2011; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h)   | the      definition of, and references throughout to each Finance Document shall be      construed as if the same referred to the Finance Document as amended and      supplemented by this Agreement; and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | by      construing references throughout to “this Agreement”, “hereunder” and other      like expressions as if the same referred to the Facility Agreement as      amended and supplemented by thisAgreement. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2   | Amendments to Finance      Documents.  With effect on and from the Effective Date,      each of the Finance Documents other than the Facility Agreement, shall be,      and shall be deemed by this Agreement to be, amended as      follows: |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | the      definition of, and references throughout each of the Finance Documents to,      the Facility Agreement and any of the other Finance Documents shall be      construed as if the same referred to the Facility Agreement and those      Finance Documents as amended and supplemented by this      Agreement; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | by      construing references throughout the Finance Documents to “this Agreement”, “this Deed”, “hereunder” and other      like expressions as if the same referred to such Finance Documents as      amended and supplemented by thisAgreement. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3   | Finance Documents to remain in      full force and effect.  The Finance Documents shall      remain in full force and effect as amended and supplemented by the      amendments to the Finance Documents contained or referred to in Clause 5.1. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6   | FURTHER      ASSURANCES |
|---------------|-------------------------|

| 6.1   | Borrowers’ and each Security      Party’s obligation to execute further documents      etc.  Each Borrower and each Security Party      shall: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | execute      and deliver to the Lender (or as it may direct) any assignment, mortgage,      power of attorney, proxy or other document, governed by the law of England      or such other country as the Lender may, in any particular case,      specify; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | effect      any registration or notarisation, give any notice or take any other      step; |
|-----------------|--------------------------------------------------------------------------------------------|

6.2

| 6.2   | Purposes of further      assurances.  Those purposes  are: |
|-----------------|----------------------------------------------------------------------|

| (a)   | validly      and effectively to create any Security Interest or right of any kind which      the Lender intended should be created by or pursuant to the Facility      Agreement or any other Finance Document, each as amended and supplemented      by this Agreement; and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | implementing      the terms and provisions of thisAgreement. |
|-----------------|--------------------------------------------------------------|

| 6.3   | Terms of further      assurances.  The Lender may specify the terms of any      document to be executed by any Borrower or any Security Party under Clause      6.1, and those terms may include any      covenants, powers and provisions which the Lender considers appropriate to      protect its interests. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.4   | Obligation to comply with      notice.  Any Borrower or any Security Party shall comply      with a notice under Clause 6.1 by the date      specified in the notice. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5   | Additional corporate      action.  At the same time as any Borrower or any Security      Party delivers to the Lender any document executed under Clause 6.1(a), that Borrower or any Security Party      shall also deliver to the Lender a certificate signed by 2 of that      Borrower’s or that Security Party’s directors which  shall: |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | set      out the text of a resolution of that Borrower’s or that Security Party’s      directors specifically authorising the execution of the document specified      by the Lender; and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | state      that either the resolution was duly passed at a meeting of the directors      validly convened and held throughout which a quorum of directors entitled      to vote on the resolution was present or that the resolution has been      signed by all the directors and is valid under that Borrower’s or that      Security Party’s articles of association or other constitutional      documents. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7   | FEES      AND EXPENSES |
|---------------|------------------------|

| 7.1   | Amendment      fee.  The Borrowers shall pay to the Lender an amendment      fee in the amount of $280,000 on the date of this    Agreement. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2   | Expenses.  The      provisions of clauses 14.2 to 14.5 of the Facility Agreement, as amended      and supplemented by this Agreement, shall apply to this Agreement as if      they were expressly incorporated in this Agreement with any necessary      modifications. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8   | COMMUNICATIONS |
|---------------|----------------|

| 8.1   | General.  The      provisions of clause 22 (notices) of the Facility Agreement, as amended      and supplemented by this Agreement, shall apply to this Agreement as if      they were expressly incorporated in this Agreement with any necessary      modifications. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9   | SUPPLEMENTAL |
|---------------|--------------|

| 9.1   | Counterparts.  This      Agreement may be executed in any number of  counterparts. |
|-----------------|----------------------------------------------------------------------------------------------|

| 9.2   | Finance      Documents.  This Agreement is a Finance      Document. |
|-----------------|-------------------------------------------------------------------------------|

| 9.3   | Third party      rights.  A person who is not a party to this Agreement      has no right under the Contracts (Rights of Third Parties) Act 1999 to      enforce or to enjoy the benefit of any term of this    Agreement. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10   | LAW      AND JURISDICTION |
|----------------|---------------------------|

| 10.1   | Governing      law.  This Agreement and any non-contractual obligations      arising from or in connection with it shall be governed by and construed      in accordance with English law. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2   | Incorporation of the Facility      Agreement provisions.  The provisions of clause 25 (law      and jurisdiction) of the Facility Agreement, shall apply to this      Agreement. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (a)   | Minimum      Consolidated Interest Charges Ratio.  Permit the Consolidated      Interest Charges Coverage Ratio as of the end of the period of      determination indicated below and for such period then ending of Holdings      and its Subsidiaries to be less than the ratio set forth below opposite      such period: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Period      of Determination                         | Minimum      Consolidated Interest Charges Coverage Ratio |
|------------------------------------------------------|-----------------------------------------------------------|
| Two      fiscal quarters ending June 30, 2009        | 1.10:1.00                                                 |
| Three      fiscal quarters ending September 30, 2009 | 1.35:1.00                                                 |
| Four      fiscal quarters ending December 31, 2009   | 1.75:1.00                                                 |

| (b)   | Minimum      Cash Liquidity.  For each calendar month ending on or after the      date hereof, minimum cash maintained by the Borrowers and the Corporate      Guarantor shall be not less than $40,000,000 of  which: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | a      minimum average of $10,000,000 in any calendar month shall be credited to      and continue to be held on an operating account maintained with the Lender      in the name of TBS Pacific Liner, Ltd.;and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | $20,000,000      shall be credited to a deposit account to be opened with the Lender and      such sum shall only be available to the Borrowers to be used to pay      instalments due under the Shipbuilding Contracts and which shall reduce as      each such payment is made. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | No      Dividends.  As long as no Event of Default has occurred the      Borrowers may pay any dividends to the Corporate Guarantor. The Corporate      Guarantor will not pay any dividend or make any other form of distribution      which it may otherwise have been permitted to make pursuant to clause 9.17      of the Facility Agreement. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | The      Borrowers and the Corporate Guarantor each undertake not to purchase (and      to procure that none of their subsidiaries purchase) any additional      vessels without the prior written consent of the  Lender. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | The      Borrowers and the Corporate Guarantor acting individually or together      shall not invest more than $10,000,000 in aggregate in any joint ventures      of which any amounts in excess of $5,000,000 shall require the prior      written consent of the Lender. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | The      Borrowers and the Corporate Guarantor shall not permit any new or increase      their existing off balance sheet operating leases, operating lease      payments and payments associated with vessels chartered in for more than 6      months without the prior written consent of the Lender.  The      Borrowers and the Corporate Guarantor shall be permitted to enter new or      increase their existing off balance sheet operating leases, operating      lease payments and payments associated with vessels chartered in for less      than 6 months provided that they notify the Lender in writing promptly      thereafter. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)   | The      Borrowers and the Corporate Guarantor shall not permit any new or increase      their existing Financial Indebtedness, as defined in the Facility      Agreement, without the prior written consent of the  Lender. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| BORROWERS                                                                                                                                                                                                                                                                                                                                                                                                      |   |                   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| EXECUTED as a DEED                                                                                                                                                                                                                                                                                                                                 | )      |                   |
| by                                                                                                                                                                                                                                                                      | )      |                   |
| ARGYLE      MARITIME CORP.                                                                                                                                                                                                                                                                                                                                                  | )      |                   |
| acting      by    Keith      Krut                                                                                                                                                                                                                                                                                              | )      | /s/ Keith Krut         |
| its      duly authorised      attorney-in-fact                                                                                                                                                                                                                                                                       | )      |                   |
| in      the presence      of:                                                                                                                                                 | )      | /s/ Dimitrios Vourakis |
| Dimitrios      Vourakis                                                                                                                                                                                                                                                                                                                                                                                        |   |                   |
| 1      Roondwood Avenue                                                                                                                                                                                                                                                                                                                                                                                        |   |                   |
| Stockley      Park                                                                                                                                                                                                                                                                                                                                                                                             |   |                   |
| UB      11 1AU                                                                                                                                                                                                                                                                                                                                                                                                 |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| EXECUTED as a DEED                                                                                                                                                                                                                                  | )      |                   |
| by                                                                                                                                                                                                                                                                                                                                                                     | )      |                   |
| CATON MARITIME      CORP.                                                                                                                                                                                                                                                    | )      |                   |
| acting      by  Keith      Krut                                                                                                                                                                   | )      | /s/ Keith Krut         |
| its      duly authorised      attorney-in-fact                                                                                                                                                                                                                                                                                                | )      |                   |
| in      the presence      of:                                                                                                                                                      | )      | /s/ Dimitrios Vourakis |
| Dimitrios      Vourakis                                                                                                                                                                                                                                                                                                                                                                                        |   |                   |
| 1      Roondwood Avenue                                                                                                                                                                                                                                                                                                                                                                                        |   |                   |
| Stockley      Park                                                                                                                                                                                                                                                                                                                                                                                             |   |                   |
| UB      11 1AU                                                                                                                                                                                                                                                                                                                                                                                                 |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| EXECUTED as a DEED                                                                                                                                                                                                                                                                                                                                                | )      |                   |
| by                                                                                                                                                                                                                                                                                                    | )      |                   |
| DORCHESTER MARITIME      CORP.                                                                                                                                                                                                                                                                                                                                                                       | )      |                   |
| acting      by Keith      Krut                                                                                                                                                                                                                                                                                                                                    | )      | /s/ Keith Krut         |
| its      duly authorised attorney-in-fact                                                                                                                                                                                                                                                                                                                                                            | )      |                   |
| in      the presence      of:                                                                                                                                                                                                                                                                                                                                | )      | /s/ Dimitrios Vourakis |
| Dimitrios      Vourakis                                                                                                                                                                                                                                                                                                                                                                                        |   |                   |
| 1      Roondwood Avenue                                                                                                                                                                                                                                                                                                                                                                                        |   |                   |
| Stockley      Park                                                                                                                                                                                                                                                                                                                                                                                             |   |                   |
| UB      11 1AU                                                                                                                                                                                                                                                                                                                                                                                                 |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| EXECUTED as a DEED                                                                                                                                                                                                                                                                                                                                      | )      |                   |
| by                                                                   | )      |                   |
| LONGWOODS MARITIME      CORP.                                                                                                                                                                                                                                                                                                                                                                        | )      |                   |
| acting      by      Keith      Krut                                                                                                                                                                                                                                                                                                      | )      | /s/ Keith Krut         |
| its      duly authorised attorney-in-fact                                                                                                                                                                                                                                                                                                                                                  | )      |                   |
| in      the presence      of:                                                                                                                                                                                                                                                                                                                           | )      | /s/ Dimitrios Vourakis |
| Dimitrios      Vourakis                                                                                                                                                                                                                                                                                                                                                                                        |   |                   |
| 1      Roondwood Avenue                                                                                                                                                                                                                                                                                                                                                                                        |   |                   |
| Stockley      Park                                                                                                                                                                                                                                                                                                                                                                                             |   |                   |
| UB      11 1AU                                                                                                                                                                                                                                                                                                                                                                                                 |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| EXECUTED as a DEED                                                                                                                                                                                                                                                                                                                                           | )      |                   |
| by                                                                                                                                                                                                                                                                                                    | )      |                   |
| McHENRY      MARITIME CORP.                                                                                                                                                                                                                                                                                                                                                                | )      |                   |
| acting      by     Keith      Krut                                                                                                                                                                                                                                                                                                                 | )      | /s/ Keith Krut         |
| its      duly authorised attorney-in-fact                                                                                                                                                                                                                                                                                                                                                            | )      |                   |
| in      the presence      of:                                                                                                                                                                                                                                                                                                                           | )      | /s/ Dimitrios Vourakis |
| Dimitrios      Vourakis                                                                                                                                                                                                                                                                                                                                                                                        |   |                   |
| 1      Roondwood Avenue                                                                                                                                                                                                                                                                                                                                                                                        |   |                   |
| Stockley      Park                                                                                                                                                                                                                                                                                                                                                                                             |   |                   |
| UB      11 1AU                                                                                                                                                                                                                                                                                                                                                                                                 |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| EXECUTED as a DEED                                                                                                                                                                                                                                                                                                                                                                    | )      |                   |
| by                                                                                                                                                                                                                                                                                                    | )      |                   |
| SUNSWYCK      MARITIME CORP.                                                                                                                                                                                                                                                                                                                                                               | )      |                   |
| acting      by      Keith      Krut                                                                                                                                                                                                                                                                                                 | )      | /s/ Keith Krut         |
| its      duly authorised attorney-in-fact                                                                                                                                                                                                                                                                                                                                                                 | )      |                   |
| in      the presence      of:                                                                                                                                                                                                                                                                                                                      | )      | /s/ Dimitrios Vourakis |
| Dimitrios      Vourakis                                                                                                                                                                                                                                                                                                                                                                                        |   |                   |
| 1      Roondwood Avenue                                                                                                                                                                                                                                                                                                                                                                                        |   |                   |
| Stockley      Park                                                                                                                                                                                                                                                                                                                                                                                             |   |                   |
| UB      11 1AU                                                                                                                                                                                                                                                                                                                                                                                                 |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| CORPORATE      GUARANTOR                                                                                                                                                                                                                                                                                                                                                                                       |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| EXECUTED as a DEED                                                                                                                                                                                                                                                                                                                                                          | )      |                   |
| by      TBS INTERNATIONAL      LIMITED                                                                                                                                                                                                                                                                                                                                                                    | )      |                   |
| acting      by     Keith      Krut                                                                                                                                                                                                                                                                                                            | )      | /s/ Keith Krut         |
| its      duly authorised attorney-in-fact                                                                                                                                                                                                                                                                                                                                                                 | )      |                   |
| in      the presence      of:                                                                                                                                                                                                                                                                                                                      | )      | /s/ Dimitrios Vourakis |
| Dimitrios      Vourakis                                                                                                                                                                                                                                                                                                                                                                                        | )      |                   |
| 1      Roondwood Avenue                                                                                                                                                                                                                                                                                                                                                                                        |   |                   |
| Stockley      Park                                                                                                                                                                                                                                                                                                                                                                                             |   |                   |
| UB      11 1AU                                                                                                                                                                                                                                                                                                                                                                                                 |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| LENDERS                                                                                                                                                                                                                                                                                                                                                                                                        |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
| EXECUTED as a DEED                                                                                                                                                                                                                                                                                                                                                | )      |                   |
| by                                                                                                                                                                                                          | )      |                   |
| THE      ROYAL BANK OF SCOTLAND PLC                                                                                                                                                                                                                                                                                                                                                                       | )      |                   |
| acting      by    G.R. Locker                                                                                                                                                                                                                                                                                                            | )      | /s/ G.R. Locker   |
| its      duly authorised    attorney-in-fact                                                                                                                                                                                                                                                                                                                                          | )      |                   |
| in      the presence      of:                                                                                                                                                      | )      | /s/ C.L. Patrick       |
| C.      L. Patrick                                                                                                                                                                                                                                                                                                                                                                                             |   |                   |
| The      Royal Bank of Scotland Plc                                                                                                                                                                                                                                                                                                                                                                            |   |                   |
| Shipping      Business Centre                                                                                                                                                                                                                                                                                                                                                                                  |   |                   |
| 5-10      Great Tower Street                                                                                                                                                                                                                                                                                                                                                                                   |   |                   |
| London      EC3P 3HX                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |
|                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   |

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

|   | Shipping      Business Centre |
|--------|-------------------------------|

|   | 5-10      Great Tower Street |
|--------|------------------------------|

|   | London      EC3P 3HX |
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|   | in      its capacity as Security Trustee |
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| (i) | the      loan agreement dated 29 March 2007 as amended by a side letter dated 26      March 2008 as further supplemented by a supplemental agreement dated 27      March 2009 (the “Loan      Agreement”) made between Argyle Maritime Corp., Caton Maritime      Corp., Dorchester Maritime Corp., Longwoods Maritime Corp., McHenry      Maritime Corp. and Sunswyck Maritime Corp., as joint and several borrowers      (the “Borrowers”)      the Lenders listed therein, yourselves as mandated lead arranger,      bookrunner, agent, security trustee and swap bank pursuant to which the      Lenders have made available to the Borrowers a loan facility of One      hundred and fifty million Dollars ($150,000,000) upon the terms and      conditions specified therein; |
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| (ii) | the      master agreement (on the 1992 ISDA Master Agreement      (Multicurrency-Crossborder) form) dated 29 March 2007 (the “Master Agreement”) made      between the Borrowers and yourselves as swap bank pursuant to which the      Borrowers entered into or may enter into certain Transactions (as such      term is defined in the said Master Agreement) pursuant to separate      Confirmations (as such term is defined in the said Master Agreement) upon      the terms and conditions thereincontained; |
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| (iii) | the      Guarantee dated 29 March 2007 (the “Corporate Guarantee”)      executed in your favour in your capacity as security trustee whereby we      have guaranteed all the obligations of the Borrowers under the Loan      Agreement and the Master Agreement. |
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