| Private & Confidential                                                                                                                                                                                                                                                                                                                                                        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   Dated  23  December 2010                                                                                                                                                                                                                                                                                                                               |
|   THIRD SUPPLEMENTAL AGREEMENTrelating toa Loan ofup to US$222,000,000toLEWISHAM MARITIME INC.PULFORD OCEAN INC.RAYFORD NAVIGATION CORP.ROSSINGTON MARINE CORP.andQUEX SHIPPING INC.as joint and several Borrowers provided byTHE BANKS AND FINANCIAL INSTITUTIONSlisted in schedule 1 Agent, Security Agent and Account BankCITIBANK INTERNATIONAL PLC  |
|                                                                                                                                                                                                                                                                                                                                                                              |   |   |
|                                                                                                                                                                                                                                                                                                                                                                              |

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| Clause                                                             |                              | Page   |
|--------------------------------------------------------------------|-----------------------------------|--------|
|                                                               |                              |   |
| 1                                                                  | Definitions                       | 2      |
|                                                               |                              |   |
| 2                                                                  | Consent of the Creditors          | 3      |
|                                                               |                              |   |
| 3                                                                  | Amendments to Principal Agreement | 3      |
|                                                               |                              |   |
| 4                                                                  | Representations and warranties    | 5      |
|                                                               |                              |   |
| 5                                                                  | Conditions                        | 7      |
|                                                               |                              |   |
| 6                                                                  | Security Parties' confirmations   | 7      |
|                                                               |                              |   |
| 7                                                                  | Fees and expenses                 | 8      |
|                                                               |                              |   |
| 8                                                                  | Miscellaneous and notices         | 9      |
|                                                               |                              |   |
| 9                                                                  | Applicable law                    | 9      |
|                                                               |                              |   |
|                                                               |                              |   |
| Schedule 1 Names and addresses of the Banks                        | 11                                |
|                                                               |                              |   |
| Schedule 2 Documents and evidence required as conditions precedent | 12                                |

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| (1) | LEWISHAM MARITIME INC., a company incorporated in the British Virgin Islands (the "Lewisham Borrower"); |
|-----|---------------------------------------------------------------------------------------------------------|

| (2) | PULFORD OCEAN INC., a company incorporated in the British Virgin Islands (the "Pulford Borrower"); |
|-----|---------------------------------------------------------------------------------------------------------|

| (3) | RAYFORD NAVIGATION CORP., a company incorporated in the British Virgin Islands (the "Rayford Borrower"); |
|-----|----------------------------------------------------------------------------------------------------------|

| (4) | ROSSINGTON MARINE CORP., a company incorporated in the British Virgin Islands (the "Rossington Borrower"); |
|-----|------------------------------------------------------------------------------------------------------------|

| (5) | QUEX SHIPPING INC., a company incorporated in the British Virgin Islands (the "Quex Borrower" and, together with the Lewisham Borrower, the Pulford Borrower, the Rayford Borrower and the Rossington Borrower, the "Borrowers" and each a "Borrower"); |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | THE BANKS AND FINANCIAL INSTITUTIONS listed as Banks in schedule 1 (together the "Banks"); |
|-----|--------------------------------------------------------------------------------------------|

| (7) | CITIBANK INTERNATIONAL PLC as agent (in such capacity the "Agent"), security agent (in such capacity the "Security Agent") and account bank (in such capacity the "Account Bank"); |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | BULK ENERGY TRANSPORT (HOLDINGS) LIMITED, a corporation incorporated in the Marshall Islands as Corporate Guarantor (the "Corporate Guarantor"); and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | SAFBULK MARITIME S.A., a corporation incorporated in the Marshall Islands as Commercial Manager (the "Commercial Manager"); and |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| (10) | ENTERPRISES SHIPPING AND TRADING SA, a corporation incorporated in the Republic of Liberia (which has established a branch office in Greece under Greek Law 89/1967 as amended from time to time) as Technical Manager (the "Technical Manager" and, together with the Commercial Manager, the "Managers"). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | this Agreement is supplemental to: |
|-----|------------------------------------|

|   | (a) | a facility agreement dated 26 June 2007 as amended and supplemented and/or restated by a supplemental agreement dated 16 October 2007, a supplemental letter dated 10 July 2008, a second supplemental agreement dated 30 September 2009 and a supplemental letter dated 4 August 2010 (together the "Principal Agreement") made between (inter alios) (1) the Borrowers, as joint and several borrowers, (2) the Banks, (3) the Agent, (4) the Security Agent, (5) the Account Bank and (6) the Arranger, relating to a loan facility of up to Two hundred and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (b) | a corporate guarantee dated 26 June 2007 as amended and supplemented by the second supplemental agreement dated 30 September 2009 referred to above (together the "Corporate Guarantee") made between the Corporate Guarantor and the Security Agent in respect of the obligations of the Borrowers to the Creditors under the Principal Agreement; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | the Borrowers and the Corporate Guarantor have requested that the Creditors consent to: |
|-----|-----------------------------------------------------------------------------------------|

|   | (a) | the transfer of all of the shares held by Mineral (as defined below) in the Corporate Guarantor (being 250 shares constituting 50% of the total issued share capital of the Corporate Guarantor) to Seanergy; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | certain other amendments to the terms of the Principal Agreement; and |
|--------|-----|-----------------------------------------------------------------------|

| (C) | this Agreement sets out (inter alia) the terms and conditions upon which the Creditors shall, at the request of the Borrowers and the Corporate Guarantor, agree to the above amendments and other arrangements. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

----

|   | 1.3 | Principal Agreement |
|--------|-----|---------------------|

|   | (a) | References in the Principal Agreement to "this Agreement" shall, with effect from the Effective Date and unless the context otherwise requires, be references to the Principal Agreement as amended by this Agreement and words such as "herein", "hereof", "hereunder", "hereafter", "hereby" and "hereto", where they appear in the Principal Agreement, shall be construed accordingly. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | 2 | Consent of the Creditors |
|--------|---|--------------------------|

|   | 2.1 | Consent |
|--------|-----|---------|

|   | 2.2 | The Creditors, relying upon the representations and warranties on the part of the Borrowers and the Corporate Guarantor contained in clause 4, agree with the Borrowers that, subject to the terms and conditions of this Agreement and in particular, but without prejudice to the generality of the foregoing, fulfilment on or before 20 December 2010 of the conditions contained in clause 5 and schedule 2, the Creditors: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | agree and consent to the transfer of all the shares held by Mineral in the Corporate Guarantor (being on the date of this Agreement, 250 shares constituting 50% of the total issued share capital of the Corporate Guarantor) to Seanergy; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | agree and consent to the amendment of the Principal Agreement on the terms set out in clause 3.1 and to the amendment of the Principal Corporate Guarantee on the terms set out in clause 3.2. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3 | Amendments to Principal Agreement |
|--------|---|-----------------------------------|

----

|   | 3.1 | Amendments to Principal Agreement |
|--------|-----|-----------------------------------|

|   | (a) | by deleting the definition of "Margin" in clause 1.2 of the Principal Agreement in its entirety and by inserting in its place the following new definition of "Margin": |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | ""Margin" means: |
|--------|-----|------------------|

|   | (a) | for the period commencing on the first Drawdown Date and ending on 30 June 2009, zero point seven five per cent (0.75%) per annum; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | for the period commencing on 1 July 2009 and ending on 30 June 2010, two per cent (2%) per annum; |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (c) | for the period commencing on 1 July 2010 and ending on 24 September 2010, zero point seven five per cent (0.75%) per annum; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | from 25 September 2010 and at all other times thereafter, one point seven five per cent (1.75%) per annum;"; |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (b) | by inserting the following new definition in clause 2.1 of the Principal Agreement in the correct alphabetical order: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (c) | by inserting in the definition of "Security Documents" in clause 1.2 of the Principal Agreement after the words "the Second Supplemental Agreement," the words "the Third Supplemental Agreement,"; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | by replacing the word "Second" wherever it appears in the definition of "Ultimate Shareholder" in clause 1.2 of the Principal Agreement with the word "Third"; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | by deleting clause 7.1.10 of the Principal Agreement in its entirety and by inserting in its place the following new clause 7.1.10: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the Ultimate Shareholders are the ultimate beneficial owners of at least 50.1% of the issued voting share capital of the Shareholder; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the Shareholder is, directly, the legal and beneficial owner of 100% of the issued voting share capital of the Corporate Guarantor; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | each of the Borrowers is a wholly-owned direct Subsidiary of the Corporate Guarantor;" and |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (f) | by deleting the number "50" from paragraph (c) clause 10.1.26 and by replacing it with the number "100", and by deleting paragraph (d) of clause 10.1.26 (d) in its entirety. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2 | Continued force and effect |
|--------|-----|----------------------------|

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

|   | 4.1 | Primary representations and warranties |
|--------|-----|----------------------------------------|

|   | (a) | Existing representations and warranties |
|--------|-----|-----------------------------------------|

|   | (b) | Corporate power |
|--------|-----|-----------------|

|   | (c) | Binding obligations |
|--------|-----|---------------------|

|   | (d) | No conflict with other obligations |
|--------|-----|------------------------------------|

----

|   | (e) | No filings required |
|--------|-----|---------------------|

|   | (f) | Choice of law |
|--------|-----|---------------|

|   | (g) | Consents obtained |
|--------|-----|-------------------|

|   | (h) | Shareholdings |
|--------|-----|---------------|

|   | (i) | the Ultimate Shareholders are the ultimate beneficial owners of (A) at least 50.1% of the issued voting share capital of Seanergy and (B) 50% of the issued voting share capital of Mineral; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Seanergy is, directly, the legal and beneficial owner of 100% of the issued voting share capital of the Corporate Guarantor; and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | each of the Borrowers is a wholly-owned direct Subsidiary of the Corporate Guarantor. |
|--------|-------|---------------------------------------------------------------------------------------|

|   | 4.2 | Repetition of representations and warranties |
|--------|-----|----------------------------------------------|

----

|   | 5 | Conditions |
|--------|---|------------|

|   | 5.1 | Documents and evidence |
|--------|-----|------------------------|

|   | 5.2 | General conditions precedent |
|--------|-----|------------------------------|

|   | (a) | the representations and warranties in clause 4 being true and correct on the Effective Date as if each was made with respect to the facts and circumstances existing at such time; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | no Event of Default having occurred and continuing at the time of the Effective Date. |
|--------|-----|---------------------------------------------------------------------------------------|

|   | 5.3 | Waiver of conditions precedent |
|--------|-----|--------------------------------|

|   | 6 | Security Parties' confirmations |
|--------|---|---------------------------------|

|   | 6.1 | Guarantee |
|--------|-----|-----------|

|   | (a) | the Corporate Guarantee and the obligations of the Corporate Guarantor thereunder, shall remain and continue in full force and effect notwithstanding the said amendments to the Principal Agreement contained in this Agreement; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | with effect from the Effective Date, references in the Corporate Guarantee to "the Facility Agreement" or "the Agreement" or "the Loan Agreement" (or equivalent references) shall henceforth be references to the Principal Agreement as amended by this Agreement and as from time to time hereafter amended and shall also be deemed to include this Agreement and the obligations of the Borrowers hereunder. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2 | Security Documents |
|--------|-----|--------------------|

|   | (a) | the Security Documents to which such Relevant Party is a party and the obligations of the relevant Relevant Party thereunder, shall remain and continue in full force and effect notwithstanding the said amendments to the Principal |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | with effect from the Effective Date, references in the Security Documents to which such Relevant Party is a party to "the Facility Agreement" or "the Agreement" or "the Loan Agreement" (or equivalent references) shall henceforth be references to the Principal Agreement amended by this Agreement and as from time to time hereafter amended and shall also be deemed to include this Agreement and the obligations of the Borrowers hereunder. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7 | Fees and expenses |
|--------|---|-------------------|

|   | 7.1 | Fees |
|--------|-----|------|

|   | 7.2 | The Borrowers hereby jointly and severally agree to pay to the Agent for the account of the Banks (pro rata in accordance with their Contributions), a restructuring fee of $217,686.28 on or before the date of this Agreement. The fee referred to in this clause 7.1 is non-refundable. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.3 | Expenses |
|--------|-----|----------|

|   | (a) | in connection with the negotiation, preparation, execution and, where relevant, registration of this Agreement and of any amendment or extension of or the granting of any waiver or consent under this Agreement; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in contemplation of, or otherwise in connection with, the enforcement of, or preservation of any rights under this Agreement or otherwise in respect of the monies owing and obligations incurred under this Agreement, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.4 | Value Added Tax |
|--------|-----|-----------------|

|   | 7.5 | Stamp and other duties |
|--------|-----|------------------------|

----

|   | 8 | Miscellaneous and notices |
|--------|---|---------------------------|

|   | 8.1 | Notices |
|--------|-----|---------|

|   | 8.2 | Counterparts |
|--------|-----|--------------|

|   | 8.3 | Borrowers' obligations |
|--------|-----|------------------------|

|   | 9 | Applicable law |
|--------|---|----------------|

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

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

----

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

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|  Name                                                   |   |   |  Address                                                                        |
|--------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------|
|  Citibank International plc                        |   |   |  47 - 49 Akti Miaouli185 36 PiraeusGreece                                  |
|  Alpha Bank A.E.                                   |   |   |  Piraeus Shipping Division 96089 Akti Miaouli185 35 PiraeusGreece          |
|  Credit Suisse                                     |   |   |  St. Alban-Graben 1-3P.O. BoxCH4002 BasleSwitzerland                       |
|  The Governor and Company of the Bank of Ireland   |   |   |  Head OfficeLower Baggot StreetDublin 2Ireland                             |
|  Samba Financial Group, London Branch              |   |   |  Nigthtingale House65 Curzon StreetMayfairLondon W1J 8PFEngland            |
|  Agricultural Bank of Greece S.A., Piraeus Branch  |   |   |  37 Iroon Politechniou Street185 32 PiraeusGreece                          |
|  FBB-First Business Bank S.A.                      |   |   |  Shipping Division62 Notara & Sotiros Dios Street185 35 PiraeusGreece  |
|  Scotiabank Europe plc                                  |   |   |  Scotiabank Europe PLCScotia House33 Finsbury SquareLondon EC1A 1BB        |

----

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

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

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

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

|   | (B) | being duly passed at meetings of the directors or adopted by the directors of such Relevant Party and of the shareholders/stockholders of such Relevant Party, each duly convened and held; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

|   | 10 | Consents |
|--------|----|----------|

----

|   | 11 | Legal opinions |
|--------|----|----------------|

|   | 12 | Process agent |
|--------|----|---------------|

|   | 13 | Fee |
|--------|----|-----|

|   | 14 | Interest payments |
|--------|----|-------------------|

|   | 15 | Evidence of ownership |
|--------|----|-----------------------|

----

| Borrowers                |   |   |             |
|--------------------------|--------|--------|------------------|
|                     |   |   |             |
| EXECUTED as a DEED by    | )      |   |             |
| for and on behalf of     | )      |   |             |
| LEWISHAM MARITIME INC.   | )      |   | Attorney-in-fact |
|                     |   |   |             |
|                     |   |   |             |
| Witness                  |   |   |             |
| Name:                    |   |   |             |
| Address:                 |   |   |             |
| Occupation:              |   |   |             |
|                     |   |   |             |
| EXECUTED as a DEED by    | )      |   |             |
| for and on behalf of     | )      |   |             |
| PULFORD OCEAN INC.       | )      |   | Attorney-in-fact |
|                     |   |   |             |
|                     |   |   |             |
| Witness                  |   |   |             |
| Name:                    |   |   |             |
| Address:                 |   |   |             |
| Occupation:              |   |   |             |
|                     |   |   |             |
| EXECUTED as a DEED by    | )      |   |             |
| for and on behalf of     | )      |   |             |
| RAYFORD NAVIGATION CORP. | )      |   | Attorney-in-fact |
|                     |   |   |             |
|                     |   |   |             |
| Witness                  |   |   |             |
| Name:                    |   |   |             |
| Address:                 |   |   |             |
| Occupation:              |   |   |             |
|                     |   |   |             |
| EXECUTED as a DEED by    | )      |   |             |
| for and on behalf of     | )      |   |             |
| ROSSINGTON MARINE CORP.  | )      |   | Attorney-in-fact |
|                     |   |   |             |
|                     |   |   |             |
| Witness                  |   |   |             |
| Name:                    |   |   |             |
| Address:                 |   |   |             |
| Occupation:              |   |   |             |
|                     |   |   |             |

----

| EXECUTED as a DEED by                           | )      |   |                 |
|-------------------------------------------------|--------|--------|----------------------|
| for and on behalf of                            | )      |   |                 |
| QUEX SHIPPING INC.                              | )      |   | Attorney-in-fact     |
|                                            |   |   |                 |
|                                            |   |   |                 |
| Witness                                         |   |   |                 |
| Name:                                           |   |   |                 |
| Address:                                        |   |   |                 |
| Occupation:                                     |   |   |                 |
|                                            |   |   |                 |
| Creditors                                       |   |   |                 |
|                                            |   |   |                 |
| SIGNED by                                       | )      |   |                 |
| for and on behalf of                            | )      |   |                 |
| CITIBANK INTERNATIONAL PLC                      | )      |   |                 |
| as Agent, Security Agent, Account Bank and Bank | )      |   | Attorney-in-fact     |
|                                            |   |   |                 |
| SIGNED by                                       | )      |   |                 |
| and by                                          | )      |   | Authorised Signatory |
| for and on behalf of                            | )      |   |                 |
| ALPHA BANK A.E.                                 | )      |   |                 |
| as Bank                                         | )      |   | Authorised Signatory |
|                                            |   |   |                 |
| SIGNED by                                       | )      |   |                 |
| for and on behalf of                            | )      |   |                 |
| CREDIT SUISSE                                   | )      |   |                 |
| as Bank                                         | )      |   | Attorney-in-fact     |
|                                            |   |   |                 |
| SIGNED by                                       | )      |   |                 |
| for and on behalf of                            | )      |   |                 |
| THE GOVERNOR AND COMPANY OF                     | )      |   |                 |
| THE BANK OF IRELAND                             | )      |   |                 |
| as Bank                                         | )      |   | Attorney-in-fact     |
|                                            |   |   |                 |
| SIGNED by                                       | )      |   |                 |
| for and on behalf of                            | )      |   |                 |
| SAMBA FINANCIAL GROUP, LONDON BRANCH            | )      |   |                 |
| as Bank                                         | )      |   | Authorised Signatory |
|                                            |   |   |                 |
| SIGNED by                                       | )      |   |                 |
| for and on behalf of                            | )      |   |                 |
| AGRICULTURAL BANK OF GREECE S.A.,               | )      |   |                 |
| PIRAEUS BRANCH                                  | )      |   |                 |
| as Bank                                         |   |   | Authorised Signatory |
|                                            |   |   |                 |
|                                            |   |   |                 |
|                                            |   |   |                 |

----

| SIGNED by                                | )      |   |             |
|------------------------------------------|--------|--------|------------------|
| for and on behalf of                     | )      |   |             |
| FBB-FIRST BUSINESS BANK S.A.             | )      |   |             |
| as Bank                                  | )      |   | Attorney-in-fact |
|                                     |   |   |             |
| SIGNED by                                | )      |   |             |
| for and on behalf of                     | )      |   |             |
| SCOTIABANK EUROPE PLC                    | )      |   |             |
| as Bank                                  | )      |   | Attorney-in-fact |
|                                     |   |   |             |
| Security Parties                         |   |   |             |
|                                     |   |   |             |
| EXECUTED as a DEED by                    | )      |   |             |
| for and on behalf of                     | )      |   |             |
| BULK ENERGY TRANSPORT (HOLDINGS) LIMITED | )      |   |             |
| as Corporate Guarantor                   | )      |   |             |
| in the presence of:                      | )      |   | Attorney-in-fact |
|                                     |   |   |             |
|                                     |   |   |             |
|                                     |   |   |             |
| Witness                                  |   |   |             |
| Name:                                    |   |   |             |
| Address:                                 |   |   |             |
| Occupation:                              |   |   |             |
|                                     |   |   |             |
|                                     |   |   |             |
| EXECUTED as a DEED by                    | )      |   |             |
| for and on behalf of                     | )      |   |             |
| ENTERPRISES SHIPPING AND TRADING SA      | )      |   |             |
| as Technical Manager                     | )      |   |             |
| in the presence of:                      | )      |   | Attorney-in-fact |
|                                     |   |   |             |
|                                     |   |   |             |
|                                     |   |   |             |
| Witness                                  |   |   |             |
| Name:                                    |   |   |             |
| Address:                                 |   |   |             |
| Occupation:                              |   |   |             |
|                                     |   |   |             |
| EXECUTED as a DEED by                    | )      |   |             |
| for and on behalf of                     | )      |   |             |
| SAFBULK MARITIME S.A.                    | )      |   |             |
| as Commercial Manager                    | )      |   |             |
| in the presence of:                      | )      |   | Attorney-in-fact |
|                                     |   |   |             |
|                                     |   |   |             |
|                                     |   |   |             |
| Witness                                  |   |   |             |
| Name:                                    |   |   |             |
| Address:                                 |   |   |             |
| Occupation:                              |   |   |             |

----