----

----

----

| Pricing Level | Consolidated Leverage Ratio | Eurodollar Rate(Letter of Credit Fee) | Base Rate |
|---------------|-----------------------------|---------------------------------------|-----------|
| I             | > 6.00:1.00              | 525.00                                | 425.00    |
| II            | < 6.00:1.00              | 400.00                                | 300.00    |

| Pricing Level | Consolidated Leverage Ratio | Commitment Fee |
|---------------|-----------------------------|----------------|
| I             | > 6.00:1.00              | 100.00         |
| II            | < 6.00:1.00              | 75.00          |

----

----

| 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                                            |

----

----

----

| The Borrowers: ALBEMARLE MARITIME CORP.ARDEN MARITIME CORP.AVON MARITIME CORP.BIRNAM MARITIME CORP.BRISTOL MARITIME CORP.CHESTER SHIPPING CORP.CUMBERLAND NAVIGATION CORP.DARBY NAVIGATION CORP.DOVER MARITIME CORP.ELROD MARITIME CORP.EXETER SHIPPING CORP.FRANKFORT MARITIME CORP.GLENWOOD MARITIME CORP.HANSEN SHIPPING CORP.HARTLEY NAVIGATION CORP.HENLEY MARITIME CORP.HUDSON MARITIME CORP.JESSUP MARITIME CORP.MONTROSE MARITIME  CORP.OLDCASTLE SHIPPING CORP.QUENTIN NAVIGATION CORP.RECTOR SHIPPING CORP.REMSEN NAVIGATION CORP.SHEFFIELD MARITIME CORP.SHERMAN MARITIME CORP.STERLING SHIPPING CORP.STRATFORD SHIPPING CORP.VEDADO MARITIME CORP.VERNON MARITIME CORP.WINDSOR MARITIME CORP.  By:/s/ Tara DeMakesName: Tara DeMakesTitle: Attorney-in-Fact |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

| Holdings: TBS INTERNATIONAL LIMITEDBy: /s/ Tara DeMakesName: Tara DeMakesTitle: Attorney-in-Fact                                                      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                       |
|                                                                                                                                                       |
|                                                                                                                                                       |
| The Administrative Borrower:TBS SHIPPING SERVICES INC.By: /s/ Tara DeMakesName: Tara DeMakesTitle: Secretary                                               |
|                                                                                                                                                       |
|                                                                                                                                                       |
|                                                                                                                                                       |
|                                                                                                                                                       |
|                                                                                                                                                       |
|                                                                                                                                                       |
|                                                                                                                                                       |
| The Administrative Agent:BANK OF AMERICA, N.A. By: /s/ Judith A. HuckinsName: Judith A. HuckinsTitle: Vice President                                  |
|                                                                                                                                                       |
|                                                                                                                                                       |
|                                                                                                                                                       |
| The Lenders:BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender By:/s/ Judith A. HuckinsName: Judith A. HuckinsTitle: Vice President |

----

|   | ROYMAR SHIP MANAGEMENT, INC. |
|--------|------------------------------|

|   | TBS SHIPPING SERVICES INC. |
|--------|----------------------------|

|   | AZALEA SHIPPING & CHARTERING, INC. |
|--------|----------------------------------------|

|   | COMPASS CHARTERING CORP. |
|--------|--------------------------|

|   | TBS INTERNATIONAL LIMITED |
|--------|---------------------------|
|   | WESTBROOK HOLDINGS LTD.   |

|   | TRANSWORLD CARGO CARRIERS, S.A. |
|--------|---------------------------------|

|   | MERCURY MARINE LTD. (F/K/A TBS LOGISTICS LTD.) |
|--------|------------------------------------------------|

|   | TBS WORLDWIDE SERVICES INC. |
|--------|-----------------------------|

|   | BEEKMAN SHIPPING CORP. |
|--------|------------------------|

|   | FAIRFAX SHIPPING CORP. |
|--------|------------------------|

|   | LEAF SHIPPING CORP. |
|--------|---------------------|

|   | PACIFIC RIM SHIPPING CORP. |
|--------|----------------------------|

|   | TBS AFRICAN VENTURES LIMITED |
|--------|------------------------------|

|   | TBS EUROLINES, LTD. |
|--------|---------------------|

|   | TBS LATIN AMERICA LINER, LTD. |
|--------|-------------------------------|

|   | TBS MIDDLE EAST CARRIERS, LTD. |
|--------|--------------------------------|

|   | TBS NORTH AMERICA LINER LTD. |
|--------|------------------------------|

|   | TBS OCEAN CARRIERS, LTD.                    |
|--------|---------------------------------------------|
|   | TBS PACIFIC LINER, LTD.                     |
|   | TBS WAREHOUSE & DISTRIBUTION GROUP LTD. |
|   | TBS WAREHOUSE & EQUIPMENT HOLDINGS LTD. |
|   | TBS LOGISTICS INCORPORATED                  |
|   | TBSI NEW SHP DEVELOPMENT CORP.              |
|   | TBS MINING LIMITED                          |

----

| Lender                                 | Term Commitment | Revolving Credit Commitment | Term Applicable Percentage | Revolving CreditApplicable Percentage |
|----------------------------------------|-----------------|-----------------------------|----------------------------|---------------------------------------|
| Bank of America, N.A.                  | $11,364,485.98  | $12,710,281.20              | 14.953271025%              | 14.953272000%                         |
| DVB Group Merchant Bank (Asia) Ltd.    | $11,364,485.98  | $12,710,280.52              | 14.953271025%              | 14.953271200%                         |
|  Citibank, N.A.                   | $9,943,925.23   | $11,121,495.20              | 13.084112147%              | 13.084112000%                         |
| TD Banknorth N.A.                      | $9,943,925.23   | $11,121,495.20              | 13.084112147%              | 13.084112000%                         |
| Keybank National Association           | $8,523,364.49   | $9,532,710.56               | 11.214953270%              | 11.214953600%                         |
| Capital One Leverage Finance Corp.     | $5,682,242.99   | $6,355,139.92               | 7.476635516%               | 7.476635200%                          |
| Guaranty Bank                          | $5,682,242.99   | $6,355,139.92               | 7.476635516%               | 7.476635200%                          |
| Merrill Lynch Commercial Finance Corp. | $4,261,682.26   | $4,766,355.28               | 5.607476653%               | 5.607476800%                          |
| Webster Bank National Association      | $3,551,401.87   | $3,971,962.28               | 4.672897193%               | 4.672896800%                          |
| Comerica Bank                          | $2,841,121.49   | $3,177,569.96               | 3.738317754%               | 3.738317600%                          |
| Tristate Capital Bank                  | $2,841,121.49   | $3,177,569.96               | 3.738317754%               | 3.738317600%                          |
| Total                                  | $76,000,000.00* | $85,000,000.00*             | 100.000000000%             | 100.000000000%                        |

----

|                                                                  |   | Interest Rate at December 31, 2008 |       |   |   December 31, 2008 |   |   December 31, 2007  |   |    |
|-----------------------------------------------------------------------|--------|------------------------------------|------------|--------|-------------------------------|--------|-------------------------------------|--------|---------|
|                                                                  |   |                               |       |   |                          |   |                                |   |    |   |   |   |
| Liabilites                                                            |   |                               |       |   |                          |   |                                |   |    |   |   |   |
| Bank of America - term credit facility                                |   |                               |       |   |                          |   | $                                   | -      |    |   | $ | 50,446 |   |
| Bank of America - revolving credit facility                           |   |                               |       |   |                          |   |                                | -      |    |   |   | 70,375 |   |
| Bank of America - term credit facility,                               |   |                               |       |   |                          |   |                                |   |    |   |   |   |   |
| expires December 31, 2011                                             |   |                               | 2.71       | %      |                          |   |                                |   | 95,000  |   |   |   | - |   |
| Bank of America - revolving credit facility,                          |   |                               |       |   |                          |   |                                |   |    |   |   |   |   |   |
| expires March 26, 2012                                                |   |                               | 4.08%-4.15 | %      |                          |   |                                |   | 75,000  |   |   |   | - |   |
| The Royal Bank of Scotland credit facility                            |   |                               |       |   |                          |   |                                |   | -       |   |   |   | 4,345 |   |
| The Royal Bank of Scotland credit facility,                           |   |                               |       |   |                          |   |                                |   |    |   |   |   |   |   |
| new vessel buildings,  expires December  31, 2020 |   |                               | 3.21       | %      |                          |   |                                |   | 75,000  |   |   |   | 35,000 |   |
| Credit Suisse credit facility,                                        |   |                               |       |   |                          |   |                                |   |    |   |   |   |   |   |
| expires December 12, 2017 and  February 19, 2018            |   | 3.22% & 3.30%                  |       |   |                          |   |                                | 31,750 |    |   |   | 20,000 |   |
| DVB Group Merchant Bank (Asia) Ltd credit facility,                   |   |                               |       |   |                          |   |                                |   |    |   |   |   |   |   |
| expires January 23, 2013                                              |   |                               | 6.33       | %      |                          |   |                                |   | 60,324  |   |   |   | - |   |
| AIG Commercial Equipment Finance, Inc. credit facility,               |   |                               |       |   |                          |   |                                |   |    |   |   |   |   |   |
| expires April 1, 2012                                                 |   |                               | 5.00       | %      |                          |   |                                |   | 29,750  |   |   |   | - |   |
| Commerzbank AG credit facility,                                       |   |                               |       |   |                          |   |                                |   |    |   |   |   |   |   |
| expires June 2, 2011                                                  |   |                               | 3.72       | %      |                          |   |                                |   | 6,500   |   |   |   | - |   |
| Berenberg Bank credit facility,                                       |   |                               |       |   |                          |   |                                |   |    |   |   |   |   |   |
| expires June 19, 2012                                                 |   |                               | 3.33       | %      |                          |   |                                |   | 9,750   |   |   |   | - |   |
|                                                                  |   |                               |       |   |                          |   |                                |   |    |   |   |   |   |   |
| Debt balance                                                          |   |                               |       |   |                          |   |                                | $      | 383,074 |   |   | $ | 180,166 |   |
|                                                                  |   |                               |       |   |                          |   |                                |   |    |   |   |   |   |   |
| Contingent Liabilites                                                 |   |                               |       |   |                          |   |                                |   |    |   |   |   |   |   |
| The Royal Bank of Scotland-guarantee facility,                        |   |                               |       |   |                          |   |                                |   | 56,000  |   |   |   | 84,000 |   |
|                                                                  |   |                               |       |   |                          |   |                                |   |    |   |   |   |   |   |
| Total Liabilites and Contingent Liabilites                            |   |                               |       |   |                          |   |                                | $      | 439,074 |   |   | $ | 264,166 |   |
|                                                                  |   |                               |       |   |                          |   |                                |   |    |   |   |   |   |   |

----

| Description of Lien                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Amount                         |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|
| Mortgage Lien on the M/V Apache Maiden, M/V Inca maiden, M/V Navajo Princess, M/V Seneca Maiden, M/V Cherokee Princess, M/V Kickapoo Belle and M/V Kiowa Princess under First Preferred Panamanian Mortgage dated January 16, 2008, granted by Bedford Maritime Corp., Brighton Maritime Corp., Hari Maritime Corp., Prospect Navigation Corp., HancockNavigation Corp., Columbus Maritime Corp., and Whitehall Marine Transport Corp., as mortgagor, to DVB Group Merchant Bank (ASIA) Ltd., as mortgagee                             | $ 75,000,000                   |
| Mortgage Lien on the M/V Arapaho Belle and the M/V Oneida Princess under First Preferred Panamanian Mortgage dated December 7, 2007, granted by Claremont Shipping Corp. and Yorkshire Shipping Corp., as mortgagor, and Credit Suisse as mortgagee                                                                                                                                                                                                                                                                                    |    $ 40,000,000 |
| Mortgage lien on the M/V Zuni Princess, M/V Hopi Princess and the M/V Mohave Maiden under First Preferred Panamanian Mortgage dated February 29, 2008, granted by Amoros Maritime Corp., Lancaster Maritime Corp., and Chatham Maritime Corp., as mortgagor, and AIG Commercial Equipment Finance, Inc., as mortgagee.  Mortgage lien on theM/V Zia Belle under Panamian FirstNaval Mortgage dated March 27, 2009, granted by Sherwood Shipping Corp., as mortgagor and AIG Commercial Equipment Finance, Inc., as mortgagee | $ 35,000,000                   |
| Mortgage lien on the M/V Caribe Maiden under First Preferred Panamanian Mortgage dated May 28, 2008, granted by Dyker Maritime Corp. as mortgagor, and Commerzbank AG, as mortgagee                                                                                                                                                                                                                                                                                                                                                    | $ 12,500,000                   |
| Mortgage lien on the M/V Ottawa Princess under First Preferred Panamanian Mortgage dated June 19, 2008, granted by Grainger Maritime Corp. as mortgagor, and Berenberg Bank, as mortgagee                                                                                                                                                                                                                                                                                                                                              | $ 13,000,000                   |
| Lien of the Royal Bank of Scotland plc on Account No.           in the name of Argyle Maritime Corp. , Caton Maritime Corp., Dorchester Maritime Corp., Longwoods Maritime Corp., McHenry Maritime Corp., and Sunswyck Maritime Corp.                                                                                                                                                                                                                                           | $ 20,000,000                   |

----

----

----

----

----

| Description of Investment                                                                            | Amount     |
|------------------------------------------------------------------------------------------------------|------------|
|                                                                                                 |       |
| (A) GMT Shipping Line (2002) LTD. and TBS African Line Ventures, LTD. entered                        |       |
| into a joint venture to provide service between the East and North                                   |       |
| Coasts of South America and South Africa.                                                            |       |
| $100,000 of the amount shown represents TBS’s capital contribution to the joint                |       |
| venture company, GMTBS Africa Line, Ltd. (“GMTBS”); and the remaining balance represents |       |
| retained profits from GMTBS from inception of partnership.                                           | $176,719   |
|                                                                                                 |       |
| (B) TBS Warehouse and Distribution Group Ltd., and Cargonaves S.A. entered into                      |       |
|  a joint venture to purchase a warehouse in Peru.                                               | $1,900,000 |
|                                                                                                 |       |
| (C) TBS Mining Limited, purchased from GAT Group 50% of the stock of GAT TBS                         |       |
| Consorcio S.A. , which operates a limestone mine located in the Dominican Republic.                  | $2,760,000 |
|                                                                                                 |       |
|                                                                                                 |       |
|                                                                                                 |       |

----

| 1.   | Mercury Marine Ltd. |
|----------------|---------------------|

| 2.   | Roymar Ship Management Inc. |
|----------------|-----------------------------|

| 3.   | TBS Shipping Services Inc. |
|----------------|----------------------------|

| 4.   | TBS Mining Ltd. |
|----------------|-----------------|

| 5.   | TBSI New Ship Development Corp. |
|----------------|---------------------------------|

| 6.   | TBS Warehouse & Equipment Holdings Ltd. |
|----------------|---------------------------------------------|

| 7.   | TBS Worldwide Services Inc. |
|----------------|-----------------------------|

| 8.   | Transworld Cargo Carriers S.A. |
|----------------|--------------------------------|

| 1.   | Albemarle Maritime Corp. |
|----------------|--------------------------|

| 2.   | Amoros Maritime Corp. |
|----------------|-----------------------|

| 3.   | Arden Maritime Corp. |
|----------------|----------------------|

| 4.   | Argyle Maritime Corp. |
|----------------|-----------------------|

| 5.   | Avon Maritime Corp. |
|----------------|---------------------|

| 6.   | Bedford Maritime Corp. |
|----------------|------------------------|

| 7.   | Beekman Shipping Corp. |
|----------------|------------------------|

| 8.   | Birnam Maritime Corp. |
|----------------|-----------------------|

| 9.   | Brighton Maritime Corp. |
|----------------|-------------------------|

| 10.   | Bristol Maritime Corp. |
|-----------------|------------------------|

| 11.   | Caton Maritime Corp. |
|-----------------|----------------------|

| 12.   | Chatham Maritime Corp. |
|-----------------|------------------------|

| 13.   | Chester Shipping Corp. |
|-----------------|------------------------|

| 14.   | Claremont Shipping Corp. |
|-----------------|--------------------------|

| 15.   | Columbus Maritime Corp. |
|-----------------|-------------------------|

| 16.   | Cumberland Navigation Corp. |
|-----------------|-----------------------------|

| 17.   | Darby Navigation Corp. |
|-----------------|------------------------|

| 18.   | Dorchester Maritime Corp. |
|-----------------|---------------------------|

| 19.   | Dover Maritime Corp. |
|-----------------|----------------------|

| 20.   | Dyker Maritime Corp. |
|-----------------|----------------------|

| 21.   | Elrod Shipping Corp. |
|-----------------|----------------------|

| 22.   | Exeter Shipping Corp. |
|-----------------|-----------------------|

| 23.   | Fairfax Shipping Corp. |
|-----------------|------------------------|

| 24.   | Frankfort Maritime Corp. |
|-----------------|--------------------------|

| 25.   | Glenwood Maritime Corp. |
|-----------------|-------------------------|

| 26.   | Grainger Maritime Corp. |
|-----------------|-------------------------|

| 27.   | Hancock Navigation Corp. |
|-----------------|--------------------------|

| 28.   | Hansen Shipping Corp. |
|-----------------|-----------------------|

| 29.   | Hari Maritime Corp. |
|-----------------|---------------------|

| 30.   | Hartley Navigation Corp. |
|-----------------|--------------------------|

| 31.   | Henley Maritime Corp. |
|-----------------|-----------------------|

| 32.   | Hudson Maritime Corp. |
|-----------------|-----------------------|

| 33.   | Jessup Maritime Corp. |
|-----------------|-----------------------|

| 34.   | Lancaster Maritime Corp. |
|-----------------|--------------------------|

| 35.   | Leaf Shipping Corp. |
|-----------------|---------------------|

| 36.   | Longwoods Maritime Corp. |
|-----------------|--------------------------|

| 37.   | McHenry Maritime Corp. |
|-----------------|------------------------|

| 38.   | Montrose Maritime Corp |
|-----------------|------------------------|

| 39.   | Oldcastle Shipping Corp. |
|-----------------|--------------------------|

| 40.   | Pacific Rim Shipping Corp. |
|-----------------|----------------------------|

| 41.   | Prospect Navigation Corp. |
|-----------------|---------------------------|

| 42.   | Quentin Navigation Corp. |
|-----------------|--------------------------|

| 43.   | Rector Shipping Corp. |
|-----------------|-----------------------|

| 44.   | Remsen Navigation Corp. |
|-----------------|-------------------------|

| 45.   | Sheffield Maritime Corp. |
|-----------------|--------------------------|

| 46.   | Sherman Maritime Corp. |
|-----------------|------------------------|

| 47.   | Sherwood Shipping Corp. |
|-----------------|-------------------------|

| 48.   | Sterling Shipping Corp. |
|-----------------|-------------------------|

| 49.   | Stratford Shipping Corp. |
|-----------------|--------------------------|

| 50.   | Sunswyck Maritime Corp. |
|-----------------|-------------------------|

| 51.   | Vedado Maritime Corp. |
|-----------------|-----------------------|

| 52.   | Vernon Maritime Corp. |
|-----------------|-----------------------|

| 53.   | Whitehall Marine Transport Corp. |
|-----------------|----------------------------------|

| 54.   | Windsor Maritime Corp. |
|-----------------|------------------------|

| 55.   | Yorkshire Shipping Corp. |
|-----------------|--------------------------|

| 1. | TBS Energy Logistics L.P. |
|----|---------------------------|

|   | 1. | TBS African Ventures Limited owns 50% of the stock issued by GMTBS Africa Lines Limited. |
|--------|----|------------------------------------------------------------------------------------------|

| 2.   | TBS Warehouse & Distribution Group Ltd. owns 50% of the stock issued by Panamerican Port Services S.A.C. |
|----------------|--------------------------------------------------------------------------------------------------------------|

| 3.   | TBS Mining Limited owns 50% of the stock issued by GAT TBS Consorcio S.A. |
|----------------|---------------------------------------------------------------------------|

|   | PART (c) - Ownership of Borrowers |
|--------|-----------------------------------|

| 1  | Albemarle Maritime Corp.    |
|----|-----------------------------|
| 2  | Arden Maritime Corp.        |
| 3  | Avon Maritime Corp.         |
| 4  | Birnam Maritime Corp.       |
| 5  | Bristol Maritime Corp.      |
| 6  | Chester Shipping Corp.      |
| 7  | Cumberland Navigation Corp. |
| 8  | Darby Navigation Corp.      |
| 9  | Dover Maritime Corp.        |
| 10 | Elrod Shipping Corp.        |
| 11 | Exeter Shipping Corp.       |
| 12 | Frankfort Maritime Corp.    |
| 13 | Glenwood Maritime Corp.     |
| 14 | Hansen Shipping Corp.       |
| 15 | Hartley Navigation Corp.    |
| 16 | Henley Maritime Corp.       |
| 17 | Hudson Maritime Corp.       |
| 18 | Jessup Maritime Corp.       |
| 19 | Montrose Maritime Corp      |
| 20 | Oldcastle Shipping Corp.    |
| 21 | Quentin Navigation Corp.    |
| 22 | Rector Shipping Corp.       |
| 23 | Remsen Navigation Corp.     |
| 24 | Sheffield Maritime Corp.    |
| 25 | Sherman Maritime Corp.      |
| 26 | Sterling Navigation Corp.   |
| 27 | Stratford Shipping Corp.    |
| 28 | Velado Maritime Corp.       |
| 29 | Vernon Maritime Corp.       |
| 30 | Windsor Maritime Corp       |

| Borrowers                   | Jurisdiction of Incorporation |    Principal place of business | Federal I.D. Number |
|-----------------------------|-------------------------------|-----------------------------------------------|---------------------|
| Albemarle Maritime Corp.    | Marshall Islands              | Marshall Islands                              | 98-0442951          |
| Arden Maritime Corp.        | Marshall Islands              | Marshall Islands                              | 98-0185259          |
| Avon Maritime Corp.         | Marshall Islands              | Marshall Islands                              | 98-0431582          |
| Birnam Maritime Corp.       | Marshall Islands              | Marshall Islands                              | 98-0463679          |
| Bristol Maritime Corp.      | Marshall Islands              | Marshall Islands                              | 98-0452038          |
| Chester Shipping Corp.      | Marshall Islands              | Marshall Islands                              | 98-0442952          |
| Cumberland Navigation Corp. | Marshall Islands              | Marshall Islands                              |                |
| Darby Navigation Corp.      | Marshall Islands              | Marshall Islands                              | 98-0474419          |
| Dover Maritime Corp.        | Marshall Islands              | Marshall Islands                              | 98-0481561          |
| Elrod Shipping Corp.        | Marshall Islands              | Marshall Islands                              | 98-0514921          |
| Exeter Shipping Corp.       | Marshall Islands              | Marshall Islands                              | 98-0510614          |
| Frankfort Maritime Corp.    | Marshall Islands              | Marshall Islands                              | 98-0185271          |
| Glenwood Maritime Corp.     | Marshall Islands              | Marshall Islands                              | 98-0438877          |
| Hansen Shipping Corp.       | Marshall Islands              | Marshall Islands                              | 98-0442953          |
| Hartley Navigation Corp.    | Marshall Islands              | Marshall Islands                              | 98-0574852          |
| Henley Maritime Corp.       | Marshall Islands              | Marshall Islands                              | 98-0185272          |
| Hudson Maritime Corp.       | Marshall Islands              | Marshall Islands                              | 98-0438879          |
| Jessup Maritime Corp.       | Marshall Islands              | Marshall Islands                              |                |
| Montrose Maritime Corp.     | Marshall Islands              | Marshall Islands                              | 98-0535981          |
| Oldcastle Shipping Corp.    | Marshall Islands              | Marshall Islands                              | 98-0185257          |
| Quentin Navigation Corp.    | Marshall Islands              | Marshall Islands                              | 98-0582033          |
| Rector Shipping Corp.       | Marshall Islands              | Marshall Islands                              | 98-0442954          |
| Remsen Navigation Corp.     | Marshall Islands              | Marshall Islands                              | 98-0462172          |
| Sheffield Maritime Corp.    | Marshall Islands              | Marshall Islands                              | 98-0421934          |
| Sherman Maritime Corp.      | Marshall Islands              | Marshall Islands                              | 98-0406979          |
| Sterling Shipping Corp.     | Marshall Islands              | Marshall Islands                              | 98-0454510          |
| Stratford Shipping Corp.    | Marshall Islands              | Marshall Islands                              | 98-0423934          |
| Vedaldo Maritime Corp.      | Marshall Islands              | Marshall Islands                              |                |
| Vernon Maritime Corp.       | Marshall Islands              | Marshall Islands                              | 98-0789644          |
| Windsor Maritime Corp.      | Marshall Islands              | Marshall Islands                              | 98-0442955          |
|                        |                          |                                          |                |

|                                                            | JURISDICTION         |    PRINCIPAL PLACE |     FEDERAL     |
|-----------------------------------------------------------------|----------------------|-----------------------------------|-------------------------------------|
|          GUARANTOR | OF INCORPORATION     |    OF BUSINESS     |     I.D. NUMBER |
|                                                            |                 |                              |                                |
| Azalea Shipping and Chartering, Inc.                            | New York             | New York                          | 11-3329199                          |
| Beekman Shipping Corp.                                          | Marshall Islands     | Marshall Islands                  | 98-0510616                          |
| Compass Chartering Corp.                                        | New York             | New York                          | 13-3826713                          |
| Fairfax Shipping Corp.                                          | Marshall Islands     | Marshall Islands                  | 98-0510498                          |
| Jessup Maritime Corp.                                           | Marshall Islands     | Marshall Islands                  | 98-0547763                          |
| Leaf Shipping Corp.                                             | Marshall Islands     | Marshall Islands                  | 98-0418760                          |
| Mercury Marine Ltd.                                             | Marshall Islands     | Marshall Islands                  | 98-0380637                          |
| Pacific Rim Shipping Corp.                                      | Marshall Islands     | Marshall Islands                  | 98-0148758                          |
| Roymar Ship Management Inc.                                     | New York             | New York                          | 13-3671800                          |
| TBS African Ventures Limited                                    | Marshall Islands     | Marshall Islands                  | 98-0479144                          |
| TBS Energy Logistics L.P.                                       | Partnership-Delaware | Delaware                          | 56-2577864                          |
| TBS Eurolines, Ltd.                                             | Marshall Islands     | Marshall Islands                  | 98-0191213                          |
| TBS International Limited                                       | Bermuda              | Bermuda                           | 98-0225954                          |
| TBS Latin America Liner, Ltd.                                   | Marshall Islands     | Marshall Islands                  | 98-0187442                          |
| TBS Logistics Incorporated                                      | Texas                | Texas                             | 26-0877704                          |
| TBS Middle East Carriers, Ltd.                                  | Marshall Islands     | Marshall Islands                  | 98-0404203                          |
| TBS Mining Limited                                              | Marshall Islands     | Marshall Islands                  | N/A                                 |
| TBS North America Liner, Ltd.                                   | Marshall Islands     | Marshall Islands                  | 98-0334211                          |
| TBS Ocean Carriers, Ltd.                                        | Marshall Islands     | Marshall Islands                  | 98-0187441                          |
| TBS Pacific Liner, Ltd.                                         | Marshall Islands     | Marshall Islands                  | 98-0187516                          |
| TBS Shipping Services Inc.                                      | New York             | New York                          | 13-3705134                          |
| TBS U.S. Enterprises LLC                                        | Company-Delaware     | Texas                             | 42-1702901                          |
| TBS Warehouse & Distribution Group Ltd.                     | Marshall Islands     | Marshall Islands                  | 98-0572663                          |
| TBS Warehouse & Equipment Holdings Ltd.                     | Marshall Islands     | Marshall Islands                  | 98-0570627                          |
| TBS Worldwide Services Inc.                                     | Marshall Islands     | Marshall Islands                  | 98-0187513                          |
| TBSI New Ship Development Corp.                                 | Marshall Islands     | Marshall Islands                  | 98-0603671                          |
| Transworld Cargo Carriers S.A.                                  | Marshall Islands     | Marshall Islands                  | 98-0182303                          |
| Westbrook Holdings Ltd.                                         | Marshall Islands     | Marshall Islands                  | 98-0185273                          |

----

----

|    |                        |               |            |          | Age       |         |                                                                            |                                 | Fair               | 60%          |
|---------|-----------------------------|--------------------|-----------------|---------------|-----------|--------------|---------------------------------------------------------------------------------|--------------------------------------|--------------------|--------------|
| Hull    |                        |               | Classification  | Certification | Year      |         | Purchase                                                                        |                                 | Market             | Loan         |
| Number  | Current Register Owner      | Vessel Registered  | Society         | Number        | 2/28/2009 | Type         | Price                                                                           | Dwt                                  | Value              | Value        |
|    |                        |               |            |          |      |         |                                                                            |                                 |               |         |
| 2843    | Hansen Shipping Corp.       | Panama/Philippines | Lloyds Register | 8306929       | 21.0      | Tweendeck    |  $      8,625,000                            |      17,325 |  [***]        |  [***]  |
| 399     | Exeter Shipping Corp.       | Panama/Philippines | Lloyds Register | 8412144       | 22.0      | Bulk Carrier |        16,075,000                            |      41,808 |  [***]        |  [***]  |
| 273     | Dover Maritime Corp.        | Panama/Philippines | ClassNK         | 844688        | 24.0      | Tweendeck    |          8,100,000                 |      19,777 |  [***]        |  [***]  |
| 3026    | Sterling Shipping Corp.     | Panama/Philippines | ABS             | 8433318       | 24.0      | Bulk Carrier |        15,500,000                            |      39,225 |  [***]        |  [***]  |
| 1291    | Hudson Maritime Corp.       | Panama/Philippines | DNV             | 15515         | 24.0      | Bulk Carrier |        12,750,000                            |      44,146 |  [***]        |  [***]  |
| 1266    | Stratford Shipping Corp.    | Panama/Philippines | Lloyds Register | 8109008       | 25.0      | Bulk Carrier |        12,295,000                            |      40,876 |  [***]        |  [***]  |
| 491     | Sheffield Maritime Corp.    | Panama/Philippines | Lloyds Register | 8029715       | 26.0      | Bulk Carrier |        12,360,000                            |      45,526 |  [***]        |  [***]  |
| 1924    | Remsen Navigation Corp.     | Panama/Philippines | Lloyds Register | 8312746       | 24.0      | Bulk Carrier |        13,750,000                            |      37,734 |   [***]  |  [***]  |
| 872     | Glenwood Maritime Corp.     | Panama/Philippines | Lloyds Register | 8309347       | 24.0      | Bulk Carrier |        12,240,000                            |      39,333 |  [***]        |  [***]  |
| 1043    | Albermarle Maritime Corp.   | Panama/Philippines | ABS             | 8202286       | 26.0      | Bulk Carrier |        12,000,000                            |      42,360 |  [***]        |  [***]  |
| 1057    | Vernon Maritime Corp.       | Panama/Philippines | ClassNK         | 832832        | 25.0      | Tweendeck    |             744,034 |      26,320 |  [***]        |  [***]  |
| 2616    | Elrod Shipping Corp         | Panama/Philippines | Lloyds Register | 8820717       | 19.0      | Tweendeck    |        16,950,000                            |      28,835 |  [***]        |  [***]  |
| 2875    | Darby Navigation Corp.      | Panama/Philippines | ClassNK         | 842810        | 24.0      | Bulk Carrier |        10,000,000                            |      38,885 |  [***]        |  [***]  |
| 202     | Sherman Maritime Corp.      | Panama/Philippines | ClassNK         | 824039        | 26.0      | Bulk Carrier |          2,514,700                 |      35,025 |  [***]        |  [***]  |
| 1353    | Frankfort Maritime Corp.    | Panama/Philippines | ClassNK         | 841663        | 24.0      | Tweendeck    |        12,000,000                            |      22,323 |  [***]        |  [***]  |
| 1926/27 | Windsor Maritime Corp.      | Panama/Philippines | Lloyds Register | 8312722       | 23.0      | Bulk Carrier |        15,300,000                            |      37,268 |  [***]        |  [***]  |
| 2844    | Rector Shipping Corp.       | Panama/Philippines | ABS             | 8700719       | 21.0      | Tweendeck    |          8,625,000                 |      17,325 |  [***]        |  [***]  |
| 10119   | Birnam Maritime Corp.       | Panama/Philippines | ABS             | 89147923      | 19.0      | Bulk Carrier |        18,500,000                            |      42,248 |  [***]        |  [***]  |
| 2839    | Oldcastle Shipping Corp.    | Panama/Philippines | Lloyds Register | 8314847       | 23.0      | Tweendeck    |          6,300,000                 |      23,278 |  [***]        |  [***]  |
| 2862    | Chester Shipping Corp.      | Panama/Philippines | Lloyds Register | 8314885       | 22.0      | Tweendeck    |          8,000,000                 |      17,325 |  [***]        |  [***]  |
| 1059    | Arden Maritime Corp.        | Panama/Philippines | ClassNK         | 833674        | 25.0      | Tweendeck    |             744,034 |      26,320 |  [***]        |  [***]  |
| 2868    | Henley Marine Corp.         | Panama/Philippines | Lloyds Register | 8314835       | 23.0      | Tweendeck    |          6,000,000                 |      23,278 |  [***]        |  [***]  |
| 1289    | Bristol Maritime Corp.      | Panama/Philippines | DNV             | 15633         | 24.0      | Bulk Carrier |        12,750,000                            |      44,146 |  [***]        |  [***]  |
| 3240    | Avon Maritime Corp.         | Panama/Philippines | ClassNK         | 910566        | 17.0      | Tweendeck    |        13,000,000                            |      28,843 |  [***]        |  [***]  |
| 10126   | Montrose Maritime Corp.     | Panama/Philippines | Lloyds Register | 0308A         | 18.0      | Bulk Carrier |        29,000,000                            |      42,475 |  [***]        |  [***]  |
| 1941    | Hartley Navigation Corp.    | Panama/Philippines | ClassNK         | 853085        | 23.0      | Bulk Carrier |        30,300,000                            |      42,842 |  [***]        |  [***]  |
| 1294    | Quentin Navigation Corp.    | Panama/Philippines | Lloyds Register | 8312784       | 23.0      | Bulk Carrier |        34,020,600                            |      42,219 |  [***]        |  [***]  |
| SG10    | Jessup Maritime Corp.       | Panama/Philippines | BV              | 981T34        | 26.0      | Bulk Carrier |        10,700,000                            |      22,588 |  [***]        |  [***]  |
| 4765    | Cumberland Navigation Corp. | Panama/Philippines | Lloyds Register | 8306838       | 23.0      | Bulk Carrier |        35,250,000                            |      40,902 |  [***]        |  [***]  |
| 3027    | Vedado Maritime Corp.       | Panama/Philippines | ClassNK         | 922825        | 16.0      | Bulk Carrier |        44,000,000                            |      38,852 |  [***]        |  [***]  |
|    |                        |               |            |          |      |         |                                                                            |                                 |               |         |
|    |                        |               |            |          |      |         |  $  438,393,368                                                  |                                 | $ [***]       | $ [***] |
|    |                        |               |            |          |      |         |                                                                            |                                 |               |         |
|    |                        |               |            |          |      |         |                                                                            |                                 |               |         |

----

| Guarantor                                                                                                                                         |   | Bank Name  |   | Address  |   | Telephone Number  |   | Account Number  | Purpose of Account |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------|--------|---------------|--------|------------------------|--------|----------------------|--------------------|
|                                                                                                                                              |   |            |   |          |   |                   |   |                 |               |   |   |   |   |
| Leaf Shipping                                                                                                                                     |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| Transworld Cargo Carriers S.A.                                                                                                                    |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS Pacific Liner Limited                                                                                                                         |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS Pacific Liner Limited                                                                                                                         |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS International Limited                                                                                                                         |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS Pacific Liner Limited                                                                                                                         |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS Pacific Liner Limited                                                                                                                         |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS International Limited                                                                                                                         |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| Argyle Maritime Corp., Caton Maritime Corp., Dorchester Maritime Corp., Longwoods Maritime Corp., McHenry Maritime Corp., Sunswyck Maritime Corp. |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Deposit Account |
| Argosy Shipping Ltd.                                                                                                                              |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS International Limited                                                                                                                         |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS International Limited                                                                                                                         |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS International Limited                                                                                                                         |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Collateral Account |
| TBS Worldwide Services Inc                                                                                                                        |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| Transworld Cargo Carriers S.A.                                                                                                                    |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS Logistics Inc.                                                                                                                                |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS Shipping Services Inc.                                                                                                                        |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| Roymar Ship Management Inc.                                                                                                                       |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| Roymar Ship Management Inc.                                                                                                                       |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS Shipping Services Inc.                                                                                                                        |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| Roymar Ship Management Inc.                                                                                                                       |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| Roymar Ship Management Inc.                                                                                                                       |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS Mining Limited                                                                                                                                |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS International Limited                                                                                                                         |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| Roymar Ship Management Inc.                                                                                                                       |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| Compass Chartering Corp                                                                                                                           |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| Compass Chartering Corp                                                                                                                           |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| Compass Chartering Corp                                                                                                                           |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| Windsor Maritime Corp.                                                                                                                            |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| Cortlandt Navigation Corp                                                                                                                         |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS International Limited                                                                                                                         |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| Azalea Shipping & Chartering                                                                                                                  |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| Azalea Shipping & Chartering                                                                                                                  |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS International Limited                                                                                                                         |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS International Limited                                                                                                                         |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS Shipping Services Inc.                                                                                                                        |   |            | [***]  |          |   | [                      | ***]   |                 |               | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS Shipping Services Inc.                                                                                                                        |   |            | [      | ***]          |   |                   | [      | ***]                 |               |   | [ | ***] |   |   | [ | ***] | Operating Account |
| Roymar Ship Management Inc.                                                                                                                       |   |            | [      | ***]          |   |                   | [      | ***]                 |               |   | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS International Limited                                                                                                                         |   |            | [      | ***]          |   |                   | [      | ***]                 |               |   | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS International Limited                                                                                                                         |   |            | [      | ***]          |   |                   | [      | ***]                 |               |   | [ | ***] |   |   | [ | ***] | Operating Account |
| Claremont Shipping andYork Shipping TBS International Limited                                                                                     |   |            | [      | ***]          |   |                   | [      | ***]                 |               |   | [ | ***] |   |   | [ | ***] | Operating Account |
| Grainger Maritime Corp-TBS International Limited                                                                                                  |   |            | [      | ***]          |   |                   | [      | ***]                 |               |   | [ | ***] |   |   | [ | ***] | Operating Account |
| Dyker Maritime Corp - TBS International Limited                                                                                                   |   |            | [      | ***]          |   |                   | [      | ***]                 |               |   | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS International Limited                                                                                                                         |   |            | [      | ***]          |   |                   | [      | ***]                 |               |   | [ | ***] |   |   | [ | ***] | Operating Account |
| TBS International Limited                                                                                                                         |   |            | [      | ***]          |   |                   | [      | ***]                 |               |   | [ | ***] |   |   | [ | ***] | Operating Account |
|                                                                                                                                              |   |            |   |          |   |                   |   |                 |               |   |   |   |   |   |   |   |   |

----

|   |                                   |
|--------|---------------------------------------------|
|   |                                        |
|   | Azalea Shipping and Chartering, Inc.        |
|   | Beekman Shipping Corp.                      |
|   | Compass Chartering Corp.                    |
|   | Fairfax Shipping Corp.                      |
|   | Jessup Maritime Corp.                       |
|   | Leaf Shipping Corp.                         |
|   | Mercury Marine Ltd.                         |
|   | Pacific Rim Shipping Corp.                  |
|   | Roymar Ship Management Inc.                 |
|   | TBS African Ventures Limited                |
|   | TBS Energy Logistics L.P.                   |
|   | TBS Eurolines, Ltd.                         |
|   | TBS International Limited                   |
|   | TBS Latin America Liner, Ltd.               |
|   | TBS Logistics Incorporated                  |
|   | TBS Middle East Carriers, Ltd.              |
|   | TBS Mining Limited                          |
|   | TBS North America Liner, Ltd.               |
|   | TBS Ocean Carriers, Ltd.                    |
|   | TBS Pacific Liner, Ltd.                     |
|   | TBS Shipping Services Inc.                  |
|   | TBS U.S. Enterprises LLC                    |
|   | TBS Warehouse & Distribution Group Ltd. |
|   | TBS Warehouse & Equipment Holdings Ltd. |
|   | TBS Worldwide Services Inc.                 |
|   | TBSI New Ship Development Corp.             |
|   | Transworld Cargo Carriers S.A.              |
|   | Westbrook Holdings Ltd.                     |

----

|                                                                                                                                                                                                                                                                                                                     |        |                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|-------------------------|
| Liabilities, other than Liabilities related to the Bank of America Facility                                                                                                                                                                                                                                              |        | As of December 31, 2008 |
| Loan debt under Loan Agreement dated March 29, 2007, between Argyle Maritime Corp., Caton Maritime Corp., Dorchester Maritime Corp., Longwoods Maritime Corp., McHenry Maritime Corp., and Sunswyck Martime Corp., as Borrower, and The Royal Bank of Scotland plc, as Lender                                            | $75,000,000 |
| Loan debt under Loan Agreement dated January 16, 2008, between Bedford Maritime Corp., Brighton Maritime Corp., Hari Maritime Corp., Prospect Navigation Corp., Hancock Navigation Corp., Columbus Maritime Corp., and Whitehall Marine Transport Corp., as Borrower, and DVB Group Merchant Bank (ASIA) Ltd., as Lender | $60,324,000 |
| Loan debt under Loan Agreement dated December 7, 2007, between Claremont Shipping Corp. and Yorkshire Shipping Corp., as Borrower, and Credit Suisse as Lender                                                                                                                                                           | $31,750,000 |
| Loan debt under Loan Agreement dated February 29, 2008, between Amoros Maritime Corp., Lancaster Maritime Corp., and Chatham Maritime Corp., as Borrower, and AIG Commercial Equipment Finance, Inc., as Lender                                                                                                          | $29,750,000 |
| Loan debt under Loan Agreement dated June 2, 2008, between Dyker Maritime Corp., as Borrower, and Commerzbank as Lender                                                                                                                                                                                                  | $6,500,000  |
| Loan debt under Loan Agreement dated June 19, 2008, between Grainger Maritime Corp., as Borrower, and Joh Berenberg, Gossler & Co. KG as Lender                                                                                                                                                                      | $9,750,000  |
|                                                                                                                                                                                                                                                                                                                     |        |                    |
| Total Liabilities                                                                                                                                                                                                                                                                                                        |        | $213,074,000            |
|                                                                                                                                                                                                                                                                                                                     |        |                    |
| Contingent Liabilities                                                                                                                                                                                                                                                                                                   |        |                    |
| Guarantee Facility Agreement dated March 29, 2007, between Argyle Maritime Corp., Caton Maritime Corp., Dorchester Maritime Corp., Longwoods Maritime Corp., McHenry Maritime Corp., and Sunswyck Martime Corp., as Borrower, and The Royal Bank of Scotland plc, as Lender                                              | $56,000,000 |
|                                                                                                                                                                                                                                                                                                                     |        |                    |
| Total Liabilities and Contingent Liabilites                                                                                                                                                                                                                                                                              |        | $269,074,000            |
|                                                                                                                                                                                                                                                                                                                     |        |                    |
|                                                                                                                                                                                                                                                                                                                     |        |                    |

----

----

----

----

----

| 1.  Minimum Cash Liquidity (Section 18(a) of  Amendment No. 1) for the calendar month ending ____________________ . |
|-----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                    |   |   |   |   |
|                                                                                                                                    | A.  Qualified Cash: (the amount of cash and Cash Equivalents which is freely transferable and not subject to a Lien (other than the Lien in favor of the Administrative Agent), pledge, security interest, encumbrance, escrow or cash collateral arrangement or any other restrictionon its use): |   $_______________ |
|                                                                                                                                    |   |   |   |   |
|                                                                                                                                    | D.  Item A Above Shall Not Be Less Than: | $40,000,000 |
|                                                                                                                                    |   |   |   |   |
|                                                                                                                                    | E.  Compliance | Yes | No |

| 2.  Maximum Consolidated Leverage Ratio (Section 7.13 (c) of the Credit Agreement) for the four fiscal quarters ending ____________________ . (Waived During Waiver Period) |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                  |   |   |   |   |
|                                                                                                                                                                                  | A.  Consolidated Funded Indebtedness of Holdings and its Subsidiaries (for the purpose of calculating Consolidated Leverage Ratio, Consolidated Funded Indebtedness shall not include Permitted New Vessel Construction Indebtedness in an amount up to $150,000,0001 inthe aggregate used to finance new build multipurpose tweendeck bulk carrier shipping vessels so long as such vessel remains in the construction phase): |   |
|                                                                                                                                                                                  |   |   |   |   |
|                                                                                                                                                                                  |   | 1.  The outstanding principal amount of all obligations, whether current or long-term, for borrowed money (included Obligations under the Agreement), and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments: |   $_______________ |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  |   | 2.  plus, all purchase money Indebtedness: | $_______________ |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  |   | 3.  plus, all direct obligations arising under letter of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments: |  $_______________ |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  |   | 4.  plus, all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business): |  $_______________ |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  |   | 5.  plus, Attributable Indebtedness: | $_______________ |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  |   | 6.  plus, without duplication, all Guarantees with respect to outstanding indebtedness of the types specified in Item A(1) through Item A(5) above of Persons other than the Borrowers or any Subsidiary: |   $_______________ |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  |   | 7.  plus, all Indebtedness of the types referred to in Item A(1) though Item A(6) of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which a Borrower or a Subsidiary is a general partner or a joint venture, unless such Indebtedness is expressly made non-recourseto such Borrower or such Subsidiary: |    $_______________ |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  |   | 8.  Total (Items A(1) through A(7) above): | $_______________ |
|                                                                                                                                                                                  |   |   |
|                                                                                                                                                                                  | B.  Consolidated EBITDA of Holdings and its Subsidiaries for the Measurement Period: |   |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  |   | 1.  Consolidated Net Income of Holdings and its Subsidiaries: | $_______________ |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  |   | To the extent deducted in calculating Consolidated Net Income (and without duplication): |   |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  |   | 2.  plus, Consolidated Interest Charges: | $_______________ |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  |   | 3.  plus, the provision for Federal, state, local and foreign income taxes payable: | $_______________ |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  |   | 4.  plus, depreciation and amortization expense: | $_______________ |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  |   | 5.  plus, net losses from the sales of vessels as permitted under the Agreement (in each case of or by Holdings and its Subsidiaries for such Measurement Period): |  $_______________ |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  |   | 6.  plus, any noncash impairment charges in the aggregate, incurred during the fiscal year of Holdings and its Subsidiaries ending December 31, 2009 in respect of any of Holdings and its Subsidiaries goodwill and Vessels |   |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  |   | 7.  Total Items B(1) through B(6) above: | $_______________ |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  |   | 8.minus, the following to the extent included in calculating such Consolidated Net Income, all net gains from the sale of vessels as permitted under this Agreement (in each case of or by Holdings and its Subsidiaries for such Measurement Period): |   $_______________ |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  |   | 9. Total Item B(7) less Item B(8) above2: | $_______________ |
|                                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                                  | C.  The Ratio of Item A(8) to Item B(9): |   _______________ |
|                                                                                                                                                                                  |   |   |   |   |
|                                                                                                                                                                                  | D.  Shall Not Be Greater Than: | 3.00:1.00 |
|                                                                                                                                                                                  | E.  Compliance | Yes | No |
|                                                                                                                                                                                  |   | (Waived During Waiver Period) |

----

  

  

| 3.  Minimum Consolidated Interest Charges Coverage Ratio (Section 18(b) of Amendment No. 1) for the ____ fiscal quarters ending ____________________ . |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                             |   |   |   |   |
|                                                                                                                                                             | A.  Consolidated EBITDA of Holdings and its Subsidiaries (please see Item 2(B)(9) above): | $_______________ |
|                                                                                                                                                             |   |   |   |
|                                                                                                                                                             | B.  Federal, state, local and foreign Income taxes: | $_______________ |
|                                                                                                                                                             |   |   |   |   |
|                                                                                                                                                             | C.  Item A minus and Item B above: | $_______________ |
|                                                                                                                                                             |   |   |
|                                                                                                                                                             | D.  Consolidated Interest Charges1 for the most recently completed Measure Period2: | $_______________ |
|                                                                                                                                                             |   |   |
|                                                                                                                                                             | I.  Ratio of Item C to Item D above: | _______________ |
|                                                                                                                                                             |   |   |
|                                                                                                                                                             |   |
|                                                                                                                                                             |   |

| 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                                            |

----

----

  

  

| 4.  Net Present Rental Value (Section 7.19 of the Credit Agreement) for the fiscal quarter ending ____________________. |
|-----------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                              |   |   |   |
|                                                                                                                              | A.  Aggregated net present value of Rentals payable by Holdings or any of its Subsidiaries to any Person (other than Holdings or any of its other Subsidiaries) pursuant to any Operating Lease discounted to ______________ [insert fiscal quarter ending] at a rate of 8.00% per annum: |   |    $_______________ |
|                                                                                                                              |   |   |   |
|                                                                                                                              | B.  Without duplication of Item (A), Net present value of any charter of any vessel that, after giving effect to any renewals or other extensions provided therein and in the absence of any early termination, shall or would have a fixed remaining term of (a) prior to the Pre-Waiver Covenant Compliance Date, eighteen months or moreand (b) commencing with the Pre-Waiver Covenant Compliance Date, twenty-three months or more, discounted to ____________ [insert fiscal quarter ending] at a rate of 8.00% per annum: |   |     $_______________ |
|                                                                                                                              |   |   |   |
|                                                                                                                              | C.  Sum of Item (A) and Item (B) above: |   | $_______________ |
|                                                                                                                              |   |   |   |
|                                                                                                                              | D.  Shall Not Be Greater Than: |   | $ [45,000,000]3[60,000,000] |
|                                                                                                                              |   |   |   |
|                                                                                                                              | E.  Compliance: | Yes | No |
|                                                                                                                              |   |   |   |
|                                                                                                                              |   |   |
|                                                                                                                              |   |   |
|                                                                                                                              | BANK USE ONLY |
|                                                                                                                              | Received by: | ________________________ |
|                                                                                                                              | Date: | ________________________ |
|                                                                                                                              | Reviewed by: | ________________________ |
|                                                                                                                              | Date: |   |
|                                                                                                                              | Financial Compliance Status:      YES/NO |
|                                                                                                                              |   |   |
|                                                                                                                              |   |   |
|                                                                                                                              | Date:                                            |   |
|                                                                                                                              |   |   |

| 5.  Minimum Consolidated Tangible Net Worth (Section 7.13 (a) of the Credit Agreement) for the fiscal quarter ending ____________________ . (Waived During Waiver Period) |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                |   |   |   |   |
|                                                                                                                                                                                |   |
|                                                                                                                                                                                | A.  Consolidated Tangible Net Worth: |
|                                                                                                                                                                                |   |   |   |   |
|                                                                                                                                                                                |   | 1.  Shareholders’ Equity of Holdings and its Subsidiaries: |   | $_______________ |
|                                                                                                                                                                                |   |   |   |   |
|                                                                                                                                                                                |   | 2.  Intangible Assets of Holdings and its Subsidiaries: |   | $_______________ |
|                                                                                                                                                                                |   |   |   |   |
|                                                                                                                                                                                |   | 3.  Total (Items 1 less 2) |   | $_______________ |
|                                                                                                                                                                                |   |   |
|                                                                                                                                                                                | B. $235,000,000: | $_______________ |
|                                                                                                                                                                                |   |   |
|                                                                                                                                                                                | C.  Consolidated Net Income earned in each full fiscal quarter ending after September 30, 2007 (with no deduction for a net loss in any such fiscal quarter): | $_______________ |
|                                                                                                                                                                                |   |   |   |
|                                                                                                                                                                                | D.  Aggregate increases in Shareholders’ Equity of Holdings and its Subsidiaries after the Closing Date by reason of the issuance and sale of Equity Interests of Holdings or any Subsidiary after September 30, 2007 (other than issuances to Holdings or a wholly-owned Subsidiary), including upon any conversion of debt securitiesof Holdings into such Equity Interests: |   $_______________ |
|                                                                                                                                                                                |   |   |   |   |
|                                                                                                                                                                                | E.  75% of Item C above: | $_______________ |
|                                                                                                                                                                                |   |   |   |   |
|                                                                                                                                                                                | F.  Sum Item B plus Item D plus Item E above: | $_______________ |
|                                                                                                                                                                                | Item A shall not be less than Item F |   |
|                                                                                                                                                                                |   |   |
|                                                                                                                                                                                | F.  Compliance | Yes | No |
|                                                                                                                                                                                |   | (Waived During Waiver Period) |

----

  

| 6.  Minimum Cash Liquidity (Section 7.13 (b) of the Credit Agreement) for the calendar month ending ____________________ . (Waived During Waiver Period) |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                               |   |   |   |   |
|                                                                                                                                                               | A.  Qualified Cash: (the amount of cash and Cash Equivalents which is freely transferable and not subject to a Lien (other than the Lien in favor of the Administrative Agent), pledge, security interest, encumbrance, escrow or cash collateral arrangement or any other restrictionon its use): |  $_______________ |
|                                                                                                                                                               |   |   |   |   |
|                                                                                                                                                               | B.  Availability |   |
|                                                                                                                                                               |   |   |   |   |
|                                                                                                                                                               |   | 1.  Loan Value: |   | $_______________ |
|                                                                                                                                                               |   |   |   |   |
|                                                                                                                                                               |   | 2.  Total Outstandings: |   | $_______________ |
|                                                                                                                                                               |   |   |   |   |
|                                                                                                                                                               |   | 3.  Revolving Credit Facility: |   | $_______________ |
|                                                                                                                                                               |   |   |   |   |
|                                                                                                                                                               |   | 4.  Total Revolving Credit Outstandings: |   | $_______________ |
|                                                                                                                                                               |   |   |   |   |
|                                                                                                                                                               |   | 5.  Item (B)1 minus Item (B)2 above: |   | $_______________ |
|                                                                                                                                                               |   |   |   |   |
|                                                                                                                                                               |   | 6.  Item B(3) minus Item B(4) above: |   | $_______________ |
|                                                                                                                                                               |   |   |   |   |
|                                                                                                                                                               |   | 7.  The Lesser of Item B(5) and Item B(6) above: | $_______________ |
|                                                                                                                                                               |   |   |   |   |
|                                                                                                                                                               | C.  Sum of Item A and B(7) above: | $_______________ |
|                                                                                                                                                               |   |   |   |   |
|                                                                                                                                                               | D.  Item C Above Shall Not Be Less Than: | $15,000,000 |
|                                                                                                                                                               |   |   |   |   |
|                                                                                                                                                               | E.  Compliance | Yes | No |
|                                                                                                                                                               |   |   | (Waived During Waiver Period) |

| 7.  Minimum Consolidated Fixed Charge Coverage Ratio (Section 7.13 (d) of the Credit Agreement) for the fiscal quarter ending ____________________ . (Waived During Waiver Period) |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                         |   |   |   |   |
|                                                                                                                                                                                         | A.  Consolidated EBITDA of Holdings and its Subsidiaries (please see Item 2(B)(9) above): | $_______________ |
|                                                                                                                                                                                         |   |   |   |
|                                                                                                                                                                                         | B.  Federal, state, local and foreign Income taxes: | $_______________ |
|                                                                                                                                                                                         |   |   |   |   |
|                                                                                                                                                                                         | C.  Restricted Payments made, in each case, for the most recently completed Measurement Period: | $_______________ |
|                                                                                                                                                                                         |   |   |
|                                                                                                                                                                                         | D.  Sum of Item B and Item C above: | $_______________ |
|                                                                                                                                                                                         |   |   |
|                                                                                                                                                                                         | E.  Consolidated Interest Charges1 for the most recently completed Measure Period2: | $_______________ |
|                                                                                                                                                                                         |   |   |
|                                                                                                                                                                                         | F.  The aggregate principal amount of all regularly scheduled principal payments or redemptions or similar acquisitions for value of outstanding debt for borrowed money for the period of 12 consecutive months, but excluding any principal payments to be made in respect of the Revolving Credit Facility: |  $_______________ |
|                                                                                                                                                                                         |   |   |
|                                                                                                                                                                                         | H.  Sum of Item E and Item F above: | $_______________ |
|                                                                                                                                                                                         |   |   |
|                                                                                                                                                                                         | G.  Item A minus Item D above: | $_______________ |
|                                                                                                                                                                                         |   |   |
|                                                                                                                                                                                         | I.  Ratio of Item G to Item H above: | _______________ |
|                                                                                                                                                                                         |   |   |
|                                                                                                                                                                                         | J.  Shall Not Be Less Than: | 1.50:1.00 |
|                                                                                                                                                                                         |   |   |
|                                                                                                                                                                                         | K.  Compliance: | Yes | No |
|                                                                                                                                                                                         |   | (Waived During Waiver Period) |

----

  

  

----

| 1.  Minimum Consolidated Tangible Net Worth (Section 7.13 (a) of the Credit Agreement) for the fiscal quarter ending ____________________ . |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                  |   |   |   |   |
|                                                                                                                                                  |   |
|                                                                                                                                                  | A.  Consolidated Tangible Net Worth: |
|                                                                                                                                                  |   |   |   |   |
|                                                                                                                                                  |   | 1.  Shareholders’ Equity of Holdings and its Subsidiaries: |   | $_______________ |
|                                                                                                                                                  |   |   |   |   |
|                                                                                                                                                  |   | 2.  Intangible Assets of Holdings and its Subsidiaries: |   | $_______________ |
|                                                                                                                                                  |   |   |   |   |
|                                                                                                                                                  |   | 3.  Total (Items 1 less 2) |   | $_______________ |
|                                                                                                                                                  |   |   |
|                                                                                                                                                  | B. $235,000,000: | $_______________ |
|                                                                                                                                                  |   |   |
|                                                                                                                                                  | C.  Consolidated Net Income earned in each full fiscal quarter ending after September 30, 2007 (with no deduction for a net loss in any such fiscal quarter): |  $_______________ |
|                                                                                                                                                  |   |   |   |
|                                                                                                                                                  | D.  Aggregate increases in Shareholders’ Equity of Holdings and its Subsidiaries after the Closing Date by reason of the issuance and sale of Equity Interests of Holdings or any Subsidiary after September 30, 2007 (other than issuances to Holdings or a wholly-owned Subsidiary), including upon any conversion of debt securitiesof Holdings into such Equity Interests: |   $_______________ |
|                                                                                                                                                  |   |   |   |   |
|                                                                                                                                                  | E.  75% of Item C above: | $_______________ |
|                                                                                                                                                  |   |   |   |   |
|                                                                                                                                                  | F.  Sum Item B plus Item D plus Item E above: | $_______________ |
|                                                                                                                                                  |  Item A shall not be less than Item F |   |
|                                                                                                                                                  |   |   |
|                                                                                                                                                  | F.  Compliance | Yes | No |

| 2.  Minimum Cash Liquidity (Section 7.13 (b) of the Credit Agreement) for the calendar month ending ____________________ . |
|--------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                 |   |   |   |   |
|                                                                                                                                 | A.  Qualified Cash: (the amount of cash and Cash Equivalents which is freely transferable and not subject to a Lien (other than the Lien in favor of the Administrative Agent), pledge, security interest, encumbrance, escrow or cash collateral arrangement or any other restrictionon its use): |  $_______________ |
|                                                                                                                                 |   |   |   |   |
|                                                                                                                                 | B.  Availability |   |
|                                                                                                                                 |   |   |   |   |
|                                                                                                                                 |   | 1.  Loan Value: |   | $_______________ |
|                                                                                                                                 |   |   |   |   |
|                                                                                                                                 |   | 2.  Total Outstandings: |   | $_______________ |
|                                                                                                                                 |   |   |   |   |
|                                                                                                                                 |   | 3.  Revolving Credit Facility: |   | $_______________ |
|                                                                                                                                 |   |   |   |   |
|                                                                                                                                 |   | 4.  Total Revolving Credit Outstandings: |   | $_______________ |
|                                                                                                                                 |   |   |   |   |
|                                                                                                                                 |   | 5.  Item (B)1 minus Item (B)2 above: |   | $_______________ |
|                                                                                                                                 |   |   |   |   |
|                                                                                                                                 |   | 6.  Item B(3) minus Item B(4) above: |   | $_______________ |
|                                                                                                                                 |   |   |   |   |
|                                                                                                                                 |   | 7.  The Lesser of Item B(5) and Item B(6) above: | $_______________ |
|                                                                                                                                 |   |   |   |   |
|                                                                                                                                 | C.  Sum of Item A and B(7) above: | $_______________ |
|                                                                                                                                 |   |   |   |   |
|                                                                                                                                 | D.  Item C Above Shall Not Be Less Than: | $15,000,000 |
|                                                                                                                                 |   |   |   |   |
|                                                                                                                                 | E.  Compliance | Yes | No |

| 3.  Maximum Consolidated Leverage Ratio (Section 7.13 (c) of the Credit Agreement) for the four fiscal quarters ending ____________________ . |
|---------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                    |   |   |   |   |
|                                                                                                                                                    | A.  Consolidated Funded Indebtedness of Holdings and its Subsidiaries (for the purpose of calculating Consolidated Leverage Ratio, Consolidated Funded Indebtedness shall not include Permitted New Vessel Construction Indebtedness in an amount up to $150,000,0001 inthe aggregate used to finance new build multipurpose tweendeck bulk carrier shipping vessels so long as such vessel remains in the construction phase): |   |
|                                                                                                                                                    |   |   |   |   |
|                                                                                                                                                    |   | 1.  The outstanding principal amount of all obligations, whether current or long-term, for borrowed money (included Obligations under the Agreement), and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments: |   $_______________ |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    |   | 2.  plus, all purchase money Indebtedness: | $_______________ |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    |   | 3.  plus, all direct obligations arising under letter of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments: |  $_______________ |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    |   | 4.  plus, all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business): |  $_______________ |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    |   | 5.  plus, Attributable Indebtedness: | $_______________ |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    |   | 6.  plus, without duplication, all Guarantees with respect to outstanding indebtedness of the types specified in Item A(1) through Item A(5) above of Persons other than the Borrowers or any Subsidiary: |  $_______________ |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    |   | 7.  plus, all Indebtedness of the types referred to in Item A(1) though Item A(6) of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which a Borrower or a Subsidiary is a general partner or a joint venture, unless such Indebtedness is expressly made non-recourseto such Borrower or such Subsidiary: |   $_______________ |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    |   | 8.  Total (Items A(1) through A(7) above): | $_______________ |
|                                                                                                                                                    |   |   |
|                                                                                                                                                    | B.  Consolidated EBITDA of Holdings and its Subsidiaries for the Measurement Period: |   |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    |   | 1.  Consolidated Net Income of Holdings and its Subsidiaries: | $_______________ |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    |   | To the extent deducted in calculating Consolidated Net Income (and without duplication): |   |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    |   | 2.  plus, Consolidated Interest Charges: | $_______________ |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    |   | 3.  plus, the provision for Federal, state, local and foreign income taxes payable: | $_______________ |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    |   | 4.  plus, depreciation and amortization expense: | $_______________ |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    |   | 5.  plus, net losses from the sales of vessels as permitted under the Agreement (in each case of or by Holdings and its Subsidiaries for such Measurement Period): |  $_______________ |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    |   | 6.  plus, any noncash impairment charges in the aggregate, incurred during the fiscal year of Holdings and its Subsidiaries ending December 31, 2009 in respect of any of Holdings and its Subsidiaries goodwill and Vessels |   |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    |   | 7.  Total Items B(1) through B(6) above: | $_______________ |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    |   | 8.minus, the following to the extent included in calculating such Consolidated Net Income, all net gains from the sale of vessels as permitted under this Agreement (in each case of or by Holdings and its Subsidiaries for such Measurement Period): |   $_______________ |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    |   | 9. Total Item B(7) less Item B(8) above2: | $_______________ |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    | C.  The Ratio of Item A(8) to Item B(9): |   _______________ |
|                                                                                                                                                    |   |   |   |   |
|                                                                                                                                                    | D.  Shall Not Be Greater Than: | 3.00:1.00 |
|                                                                                                                                                    | E.  Compliance | Yes | No |

----

  

  

| 4.  Minimum Consolidated Fixed Charge Coverage Ratio (Section 7.13 (d) of the Credit Agreement) for the fiscal quarter ending ____________________ . |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                           |   |   |   |   |
|                                                                                                                                                           | A.  Consolidated EBITDA of Holdings and its Subsidiaries (please see Item 3(B)(9) above): | $_______________ |
|                                                                                                                                                           |   |   |   |
|                                                                                                                                                           | B.  Federal, state, local and foreign Income taxes: | $_______________ |
|                                                                                                                                                           |   |   |   |   |
|                                                                                                                                                           | C.  Restricted Payments made, in each case, for the most recently completed Measurement Period: | $_______________ |
|                                                                                                                                                           |   |   |
|                                                                                                                                                           | D.  Sum of Item B and Item C above: | $_______________ |
|                                                                                                                                                           |   |   |
|                                                                                                                                                           | E.  Consolidated Interest Charges3 for the most recently completed Measure Period4: | $_______________ |
|                                                                                                                                                           |   |   |
|                                                                                                                                                           | F.  The aggregate principal amount of all regularly scheduled principal payments or redemptions or similar acquisitions for value of outstanding debt for borrowed money for the period of 12 consecutive months, but excluding any principal payments to be made in respect of the Revolving Credit Facility: |  $_______________ |
|                                                                                                                                                           |   |   |
|                                                                                                                                                           | H.  Sum of Item E and Item F above: | $_______________ |
|                                                                                                                                                           |   |   |
|                                                                                                                                                           | G.  Item A minus Item D above: | $_______________ |
|                                                                                                                                                           |   |   |
|                                                                                                                                                           | I.  Ratio of Item G to Item H above: | _______________ |
|                                                                                                                                                           |   |   |
|                                                                                                                                                           | J.  Shall Not Be Less Than: | 1.50:1.00 |
|                                                                                                                                                           |   |   |
|                                                                                                                                                           | K.  Compliance: | Yes | No |

----

  

  

| 5.  Net Present Rental Value (Section 7.19 of the Credit Agreement) for the fiscal quarter ending ____________________. |
|-----------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                              |   |   |   |
|                                                                                                                              | A.  Aggregated net present value of Rentals payable by Holdings or any of its Subsidiaries to any Person (other than Holdings or any of its other Subsidiaries) pursuant to any Operating Lease discounted to ______________ [insert fiscal quarter ending] at a rate of 8.00% per annum:  |   $_______________ |
|                                                                                                                              |   |   |   |
|                                                                                                                              | B.  Without duplication of Item (A), Net present value of any charter of any vessel that, after giving effect to any renewals or other extensions provided therein and in the absence of any early termination, shall or would have a fixed remaining term of (a) prior to the Pre-Waiver Covenant Compliance Date, eighteen months or moreand (b) commencing with the Pre-Waiver Covenant Compliance Date, twenty-three months or more, discounted to ____________ [insert fiscal quarter ending] at a rate of 8.00% per annum:  |    $_______________ |
|                                                                                                                              |   |   |   |
|                                                                                                                              | C.  Sum of Item (A) and Item (B) above: |   | $_______________ |
|                                                                                                                              |   |   |   |
|                                                                                                                              | D.  Shall Not Be Greater Than: |   | $ [45,000,000]5[60,000,000] |
|                                                                                                                              |   |   |   |
|                                                                                                                              | E.  Compliance: | Yes | No |
|                                                                                                                              |   |   |   |
|                                                                                                                              |   |   |
|                                                                                                                              |   |   |
|                                                                                                                              | BANK USE ONLY |
|                                                                                                                              | Received by: | ________________________ |
|                                                                                                                              | Date: | ________________________ |
|                                                                                                                              | Reviewed by: | ________________________ |
|                                                                                                                              | Date: |   |
|                                                                                                                              | Financial Compliance Status:      YES/NO |
|                                                                                                                              |   |   |
|                                                                                                                              |   |   |

----

  

----

| To: | Bank of America, N.A., as Administrative Agent |
|-----|------------------------------------------------|

----

----

----

| 1.  Minimum Cash Liquidity (Section 18(a) of Amendment No. 1) for the calendar month ending ____________________ .                                                                                                                                                                                 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| A.  Qualified Cash: (the amount of cash and Cash Equivalents which is freely transferable and not subject to a Lien (other than the Lien in favor of the Administrative Agent), pledge, security interest, encumbrance, escrow or cash collateral arrangement or any other restrictionon its use): | $                             |
| D.  Item A Above Shall Not Be Less Than:                                                                                                                                                                                                                                                           | $40,000,000 |
| E.  Compliance                                                                                                                                                                                                                                                                                     | Yes | No |

----

----

| 2.  Minimum Cash Liquidity (Section 7.13 (b) of the Credit Agreement) for the calendar month ending ____________________ .                                                                                                                                                                         |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| A.  Qualified Cash: (the amount of cash and Cash Equivalents which is freely transferable and not subject to a Lien (other than the Lien in favor of the Administrative Agent), pledge, security interest, encumbrance, escrow or cash collateral arrangement or any other restrictionon its use): | $                             |
| B.  Availability                                                                                                                                                                                                                                                                                   |   |
| 1.  Loan Value:                                                                                                                                                                                                                                                                                    | $                             |
| 2.  Total Outstandings:                                                                                                                                                                                                                                                                            | $                             |
| 3.  Revolving Credit Facility:                                                                                                                                                                                                                                                                     | $                             |
| 4.  Total Revolving Credit Outstandings:                                                                                                                                                                                                                                                           | $                             |
| 5.  Item (B)1 minus Item (B)2 above:                                                                                                                                                                                                                                                               | $                             |
| 6.  Item B(3) minus Item B(4) above:                                                                                                                                                                                                                                                               | $                             |
| 7.  The Lesser of Item B(5) and Item B(6) above:                                                                                                                                                                                                                                                   | $                             |
| C.  Sum of Item A and B(7) above:                                                                                                                                                                                                                                                                  | $                             |
| D.  Item C Above Shall Not Be Less Than:                                                                                                                                                                                                                                                           | $15,000,000 |
| E.  Compliance                                                                                                                                                                                                                                                                                     | Yes | No |