----

| 1. | (a) MARTINIQUE INTERNATIONAL CORP., a corporation organised and existing under the laws of the British Virgin Islands, having its registered office at Palm Chambers, 197 Main Street, P.O. Box 3174, Road Town, Tortola, British Virgin Islands (the "Bremen Owner"); |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) HARBOUR BUSINESS INTERNATIONAL CORP., a corporation organised and existing under the laws of the British Virgin Islands, having its registered office at Palm Chambers, 197 Main Street, P.O. Box 3174, Road Town, Tortola, British Virgin Islands (the "Hamburg Owner"); |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) AMAZONS MANAGEMENT INC., a corporation organised and existing under the laws of the Republic of the Marshall Islands, having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands (the "Davakis Owner"); |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) LAGOON SHIPHOLDING LTD., a corporation organised and existing under the laws of the Republic of the Marshall Islands, having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands (the "Ranger Owner"); |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) CYNTHERA NAVIGATION LTD., a corporation organised and existing under the laws of the Republic of the Marshall Islands, having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands (the "Oryx Owner"); |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) WALDECK MARITIME CO., a corporation organised and existing under the laws of the Republic of the Marshall Islands, having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands (the "Zebra Owner" and together with the Bremen Owner, the Hamburg Owner, the Davakis Owner, the Ranger Owner and the Oryx Owner the "Borrowers") as joint and several borrowers; and |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | MARFIN POPULAR BANK PUBLIC CO LTD (successor by way of cross-border merger of Marfin Egnatia Bank Societe Anonyme), a company duly incorporated under the laws of the Republic of Cyprus, having its registered office at 154 Limassol Avenue, 2025 Nicosia, Cyprus acting through its branch in Greece under the trade name MARFIN EGNATIA BANK, Piraeus office, at 91 Akti Miaouli, 185 38 Piraeus, Greece (the "Lender") as lender. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| A. | Pursuant to a financial agreement dated 27 August 2008  (as same was amended and/or supplemented by an addendum no. 1 dated 9 September 2009 (the "Addendum No. 1"), by an addendum no. 2 dated 13 November 2009 (the "Addendum No. 2") and by an addendum no. 3 dated 2 June 2010 (the "Addendum No. 3"  and as the same is hereby and from time to time may have been or may be further amended, supplemented or varied hereinafter referred to as the "Financial Agreement"), made by and among the Lender as lender and the Borrowers as joint and several borrowers, the Lender made available to the Borrowers certain term loan and revolving credit facilities not exceeding in aggregate Two hundred Fifty Five million Dollars ($255,000,000) in the following amounts: (i) a term loan facility of up to One hundred and Sixty Five million Dollars ($165,000,000) (the "Term Facility") and (ii) a reducing revolving credit facility of up to Ninety million Dollars ($90,000,000) (the "RevolvingFacility" and together with the Term Facility the "Facilities") for the purposes and upon the terms and conditions set forth therein. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | Pursuant to the Financial Agreement, inter alia, the following documents were executed, as security for the obligations of the Borrowers to the Lender thereunder: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a first priority mortgage dated 11 September 2008 and a deed of covenants collateral thereto of even date as same was amended by an addendum no. 1 dated 9 September 2009, an addendum no. 2 dated 13 November 2009 and an addendum no. 3 dated 2 June 2010 (the "Bremen Ship Deed of Covenants"), all executed by the Bremen Owner in favour of the Lender, over the Bremen Ship; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a first priority mortgage dated 25 September 2008 and a deed of covenants collateral thereto of even date as same was amended by an addendum no. 1 dated 9 September 2009, an addendum no. 2 dated 13 November 2009 and an addendum no. 3 dated 2 June 2010 (together the "Hamburg Ship Deed of Covenants"), all executed by the Hamburg Owner in favour of the Lender, over the Hamburg Ship; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a first priority mortgage dated 28 August 2008 and a deed of covenants collateral thereto of even date as same was amended by an addendum no. 1 dated 9 September 2009, an addendum no. 2 dated 13 November 2009 and an addendum no. 3 dated 2 June 2010 (together the "Davakis Ship Deed of Covenants"), all executed by the Davakis Owner in favour of the Lender, over the Davakis Ship; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | a first priority mortgage dated 28 August 2008 and a deed of covenants collateral thereto of even date as same was amended by an addendum no. 1 dated 9 September 2009, an addendum no. 2 dated 13 November 2009 and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | an addendum no. 3 dated 2 June 2010 (together the "Ranger Ship Deed of Covenants"), all executed by the Ranger Owner in favour of the Lender, over the Ranger Ship; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | a first priority mortgage dated 28 August 2008 and a deed of covenants collateral thereto of even date as same was amended by an addendum no. 1 dated 9 September 2009, an addendum no. 2 dated 13 November 2009 and an addendum no. 3 dated 2 June 2010 (together the "Oryx Ship Deed of Covenants"), all executed by the Oryx Owner in favour of the Lender, over the Oryx Ship; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | a first priority mortgage dated 25 September 2008  and a deed of covenants collateral thereto of even date as same was amended by an addendum no. 1 dated 9 September 2009, an addendum no. 2 dated 13 November 2009 and an addendum no. 3 dated 2 June 2010 (together the "Zebra Ship Deed of Covenants" and together with the Bremen Ship Deed of Covenants, the Hamburg Ship Deed of Covenants, the Davakis Ship Deed of Covenants, the Ranger Ship Deed of Covenants and the Oryx Ship Deed of Covenants the "Deeds of Covenants"), all executed by the Zebra Owner in favour of the Lender, over the Zebra Ship; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | a general assignment dated 25 September 2008 of, inter alia, the Earnings, Insurances and Requisition Compensation of the Bremen Ship as same was amended by an addendum no. 1 dated 9 September 2009, an addendum no. 2 dated 13 November 2009 and an addendum no. 3 dated 2 June 2010 (together the "Bremen Ship General Assignment"), all executed by the Bremen Owner in favour of the Lender; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | a general assignment dated 11 September 2008 of, inter alia, the Earnings, Insurances and Requisition Compensation of the Hamburg Ship as same was amended by an addendum no. 1 dated 9 September 2009, an addendum no. 2 dated 13 November 2009 and an addendum no. 3 dated 2 June 2010 (together the "Hamburg Ship General Assignment") all executed by the Hamburg Owner in favour of the Lender; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | a general assignment dated 28 August 2008 of, inter alia, the Earnings, Insurances and Requisition Compensation of the Davakis Ship as same was amended by an addendum no. 1 dated 9 September 2009, an addendum no. 2 dated 13 November 2009 and an addendum no. 3 dated 2 June 2010 (together the "Davakis Ship General Assignment") all executed by the Davakis Owner in favour of the Lender; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (x) | a general assignment dated 28 August 2008 of, inter alia, the Earnings, Insurances and Requisition Compensation of the Ranger Ship as same was amended by an addendum no. 1 dated 9 September 2009, an addendum no. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | 2 dated 13 November 2009 and an addendum no. 3 dated 2 June 2010  (together the "Ranger Ship General Assignment"), all executed by the Ranger Owner in favour of the Lender; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xi) | a general assignment dated 28 August 2008 of, inter alia, the Earnings, Insurances and Requisition Compensation of the Oryx Ship as same was amended by an addendum no. 1 dated 9 September 2009, an addendum no. 2 dated 13 November 2009 and an addendum no. 3 dated 2 June 2010 (together the "Oryx Ship General Assignment"), all executed by the Oryx Owner in favour of the Lender; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xii) | a general assignment dated 25 September 2008 of, inter alia, the Earnings, Insurances and Requisition Compensation of the Zebra Ship as same was amended by an addendum no. 1 dated 9 September 2009, an addendum no. 2 dated 13 November 2009 and an addendum no. 3 dated 2 June 2010 (together the "Zebra Ship General Assignment" and together with the Bremen Ship General Assignment, the Hamburg Ship General Assignment, the Davakis Ship General Assignment, the Ranger Ship General Assignment and the Oryx Ship General Assignment the "General Assignments"), all executed by the Zebra Owner in favour of the Lender; and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xiii) | aguarantee and indemnity dated 27 August 2008 (the "Guarantee") executed by SEANERGY MARITIME HOLDINGS CORP. of the Marshall Islands (the "Seanergy HoldingsGuarantor") in favour of the Lender. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| C. | Pursuant to the Addendum No. 1 and following a request by the Borrowers, the Lender, inter alia, had agreed to waive the Lender's rights under Clause 23 of the Initial Financial Agreement up to 1 July 2010. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| D. | Pursuant to the Addendum No. 2 and following a further request by the Borrowers, the Lender, inter alia, had agreed to waive the Lender's rights under Clause 23 of the Financial Agreement for a further period up to 1 January 2011. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| E. | Pursuant to the Addendum No. 3 and following a further request by the Borrowers, the Lender, inter alia, has agreed to (i) consent to the acquisition by the Seanergy Holdings Guarantor of the remaining Fifty per cent (50%) of the shares of Bulk Energy Transport (Holdings) Limited ("BET") and (ii) waive the Lender's rights under Clause 23 of the Financial Agreement for a further period up to 3 January 2012. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| F. | The outstanding principal amount of the Term Facility on the date hereof is Ninety Eight million Dollars ($98,000,000) and the outstanding principal amount of the Revolving Facility on the date hereof is Forty Eight million Dollars ($48,000,000). |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| G. | The Borrowers and the Seanergy Holdings Guarantor requested the Lender to (i) consent to the deferral of payment of the Revolving Facility until 27 December 2018, |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) consent to the extension of the Facilities' tenor until 27 December 2018, (iii) consent to the amendment of the amounts of the Repayment Instalments and the Balloon Payment, (iv) waive the Lender's rights under Clause 19.27 of the Financial Agreement as of 31 December 2011 and waive the Lender's rights under Clauses 19.27 and 23 of the Financial Agreement for a period commencing on 1 January 2012 and ending on 31 December 2013 inclusive (the "New Waiver Period") and (v) amend the financial covenants contained in Clauses 19.27 and 23 of the Financial Agreement after expiration of the New Waiver Period. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| H. | The Lender has agreed to consent to the request referred to in Recital G above on the condition (inter alia) that: |
|----|--------------------------------------------------------------------------------------------------------------------|

|   | (i) | the Borrowers enter into this Addendum No. 4 with the Lender; |
|--------|-----|---------------------------------------------------------------|

|   | (ii) | each Borrower executes in favour of the Lender an addendum to the relevant Deed of Covenants, incorporating, inter alia, the amendments hereinafter set forth; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | each Borrower executes in favour of the Lender an addendum to the relevant General Assignment; |
|--------|-------|------------------------------------------------------------------------------------------------|

|   | (iv) | the Seanergy Holdings Guarantor executes an addendum to its Guarantee; and |
|--------|------|----------------------------------------------------------------------------|

|   | (v) | the Seanergy Holdings Guarantor executes a charge over the shares in MARITIME CAPITAL SHIPPING LIMITED of Bermuda ("MCS") in favour of the Lender (the "Share Charge"). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| I. | In connection with the foregoing, the parties hereto have agreed to partially amend the Financial Agreement by entering into this Addendum No. 4, keeping any and all other provisions of the Financial Agreement in full force and effect. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | In this Addendum No. 4 (which term shall include any addenda, amendments or supplements hereto) and in the Recitals hereof capitalised terms not otherwise defined herein shall have the meanings ascribed to them in the Financial Agreement and furthermore: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.  | Amendments to the Financial Agreement |
|----------|---------------------------------------|

| 2.1 | With effect from the Effective Date the following definitions of Clause 2.1 of the Financial Agreement shall be amended to read as follows: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | the market value of any asset specified in paragraph (b) and (c) shall be the bid price quoted for it on the relevant calculation date by the Lender; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the amount or value of any asset denominated in a currency other than Dollars shall be converted into Dollars using the Lender's spot rate for the purchase of Dollars with that currency on the relevant calculation date;"; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.2 | With effect from the Effective Date the following definitions shall be inserted in Clause 2.1 of the Financial Agreement: |
|-----|---------------------------------------------------------------------------------------------------------------------------|

----

| 2.3 | With effect from the Effective Date the definitions "Bremen Ship Charter", "Davakis Ship Charter", "Hamburg Ship Charter", "Margin Calculation Date", "Ranger Ship Charter", "Reduction Date", "Total Assets", "Total Assets to Total Liabilities Ratio" and "Total Liabilities", shall be deleted from the Financial Agreement. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.4 | With effect from the Effective Date, Clause 19.30 of the Financial Agreement shall be deleted in its entirety and replaced as follows: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | "to ensure and procure that the Seanergy Holdings Guarantor will remain the legal, beneficial and registered owner of the MCS Shares and will not transfer, assign, charge or otherwise encumber, the whole or any part of the MCS Shares to anyone other than the Lender, unless with the prior written approval of the Lender ;". |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.5 | With effect from the Effective Date Clauses 6.2.5, 7.5, 9.1, 10.3, 10.12, 11.1, 11.2, 19.27, 19.29 and 23 of the Financial Agreement shall be amended to read as follows: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "6.2.5 | where any Repayment Date in relation to the Term Facility occurs other than at the end of an Interest Period there shall, in respect of that part of the Term Facility equivalent to the amount of the Repayment Instalment falling due on such Repayment Date be a separate Interest Period expiring on such Repayment Date and the Interest Rate relating to such part shall be fixed separately;"; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "7.5 | The Lender's certificate as to the Interest Rate applicable shall be final and (except in the case of manifest error) binding on the Borrowers and the other Security Parties." |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ""9.1 | If the Lender determines (which determination shall be conclusive) that on any Interest Determination Date: |
|--------|-------|-------------------------------------------------------------------------------------------------------------|

----

|   | 9.1.1 | the Lender for any reason is unable to obtain in the London Interbank Market deposits in Dollars in the required amount and for the required period; or |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.1.2 | LIBOR would not adequately reflect the cost to the Lender of making, funding or maintaining the Facilities or any part thereof for the duration of the next succeeding Interest Period; or |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | 9.1.3 | adequate and reasonable means do not or will not exist for the Lender to ascertain the Interest Rate applicable to the next succeeding Interest Period; or |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.1.4 | Dollars will or may not continue to be freely transferable; |
|--------|-------|-------------------------------------------------------------|

|   | "10.3 | Unless an Event of Default shall have occurred (whereupon all moneys received by the Lender pursuant to Clause 10.1 shall be applied in accordance with the provisions of Clause 12) any and all amounts prepaid pursuant to Clause 10.1 shall be applied pro rata: (i) towards prepayment of the amounts outstanding under the Revolving Facility and (ii) towards prepayment of the Repayment Instalments and the Balloon Payment proportionately, save for moneys received by the Lender pursuant to Clause 10.1 following the sale of the Zebra Ship which shall be applied towards prepayment of the Term Facility in inverse order of maturity (including the Balloon Payment); provided however that unless the Borrowers and the Lender otherwise agree in writing, upon prepayment and application of any sums towards the Revolving Facility in accordance with this Clause 10.3, the Applicable Limit shall be reduced by the amounts so prepaid and applied."; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "10.12 | on 31 March 2012 and on each date falling at quarterly intervals thereafter, if the Borrowers and/or the Seanergy Holdings Guarantor have a surplus of funds greater than Five million Dollars ($5,000,000) (the "Surplus Earnings") over the Borrowers' requirements for operation and maintenance of the Ships during the relevant period (after meeting their other obligations to the Lender under this Agreement), an amount equal to any such Surplus Earnings shall be applied (i) towards prepayment of the Revolving Facility whereupon the Applicable Limit shall be reduced by the amount so prepaid and after the Revolving Facility has been repaid in full and has ceased being available for drawing, towards the Balloon Payment and thereafter towards prepayment of the Repayment Instalments in inverse order of maturity or (ii) for any other purpose approved by the Lender." |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | "11.1 | The outstanding principal amount of the Term Facility which on 31 January 2012 was Ninety Eight million Dollars ($98,000,000) shall be repaid by the Borrowers by (a) the twenty two (22) Repayment Instalments each such Repayment Instalment being due and payable on the Repayment Date numerically corresponding to it and, on which such Repayment Instalment shall be due and payable hereunder and (b) the Balloon Payment being due and payable on the twenty second (22nd) and final Repayment Date."; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "11.2 | Subject as hereinafter provided, the aggregate of all outstanding amounts under the Revolving Facility shall be repaid by the Borrowers on the twenty second (22nd) and final Repayment Date whereupon, the Revolving Facility shall be cancelled and no further Revolving Advances shall be drawn down."; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "19.27 | to ensure and procure that: |
|--------|--------|-----------------------------|

|   | a) | the ratio of Net Debt to last twelve months, EBITDA shall be no more than 8.75:1; and |
|--------|----|---------------------------------------------------------------------------------------|

|   | b) | the ratio of EBITDA to Net Interest Expense shall be no less than 1.75:1; and |
|--------|----|-------------------------------------------------------------------------------|

|   | c) | on a consolidated basis, at all times, the aggregate amount of cash deposits held in accounts of the Borrowers and the Seanergy Holdings Guarantor with the Lender free from any Encumbrances (other than Encumbrances in favour of the Lender) including monies applied previously or to be applied at the end of the relevant quarterly period towards prepayment of the Facilities in accordance with the provisions of Clause 10.12 shall not be less than five per cent (5%) of the Net Debt. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | "19.29 | throughout any Waiver Period, not to withdraw any Surplus Earnings credited to any Earnings Account in accordance with Clause 10.12 without the Lender's prior written consent; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.6 | With effect from the Effective Date, Clauses 7.3, 11.3and 19.31 of the Financial Agreement shall be deleted and left intentionally blank. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

| 2.7 | With effect from the Effective Date, the Clause 36.2(a) of the Financial Agreement shall be amended to read as follows: |
|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | "(a) | to the Borrowers: | c/o Seanergy Maritime Holdings Corp.1-3, P. Grigoriou & Vouliagmenis AvenueGlyfada 166 74, Athens GreeceFax No.: +30 210 963-8450".  |
|--------|------|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 2.8 | With effect from the Effective Date, the Clause 34.3 shall be amended to read as follows: |
|-----|-------------------------------------------------------------------------------------------|

----

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

|   | "34.3 | The Lender may, without consent of, but with prior written notice to the Borrowers or any other Security Party (at the cost of the Lender) at any time assign, transfer all or part of the Facilities or either of them and its right and powers under this Agreement to any other bank (including, without limitation the Central Bank of Cyprus, the Bank of Greece or any other central bank) or other financial institution (the "Transferee Lender"). The Lender may disclose to a potential assignee, transferee of participant or to any other person who may propose entering into contractual relations with the Lender in relation to this Agreement such information about the Borrowers, the Security Parties and the Group as the Lender shall consider appropriate." |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 2.9 | With effect from the Effective Date, the Clause 38 of the Financial Agreement shall be amended to read as follows: |
|-----|--------------------------------------------------------------------------------------------------------------------|

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

|   | "38.1 | This Agreement and any non-contractual obligations in connection with it shall be governed by, and construed in accordance with, English law. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | 38.2 | Subject to Clause 38.3, the courts of England shall have exclusive jurisdiction to settle any disputes, which may arise out of or in connection with this Agreement and any non-contractual obligations |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | in connection with it. |
|--------|--------|------------------------|

|   | 38.3 | Clause 38.2 is for the exclusive benefit of the Lender, which reserves the right: |
|--------|------|-----------------------------------------------------------------------------------|

|   | (a) | to commence proceedings in relation to any matter which arises out of or in connection with this Agreement and any non-contractual obligations in connection with it in the courts of the Republic of Greece and/or any country other than England or Greece and which have or claim jurisdiction to that matter; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to commence such proceedings in the courts of any such country or countries concurrently with or in addition to proceedings in England or Greece or without commencing proceedings in England or Greece. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 38.4 | The Borrowers irrevocably appoint E.J.C. Album, Solicitor, presently at Exchange Tower (10th Floor), 1 Harbour Exchange Square, London E14 9GE, England, to act as its agent to receive and accept on their behalf any process or other document relating to any proceedings in the English courts which are connected with this Agreement and any non-contractual obligations in connection with it. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 38.5 | The Borrowers irrevocably designate and appoint Mr. Efstratios Paschalidis, an Attorney-at-law with offices at 8th Floor, Ionian Building, 2 Defteras Merarchias Street, 185 36 Piraeus, Greece, as agent for the service of process in Greece ("antiklitos") and agree to consider any legal process or any demand or notice made served by or on behalf of the Lender on the said agent as being made to the Borrowers. The designation of such an authorized agent ("antiklitos") shall remain irrevocable until all Indebtedness shall have been paid in full in accordance with the terms of this Agreement and the other Security Documents. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 38.6 | Nothing in this Clause 38 shall exclude or limit any right which the Lender may have (whether under the law of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 38.7 | In this Clause 38, "proceedings" means proceedings of any kind, including an application for a provisional or protective measure or enforcement court order (diatagi pliromis)." |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.  | Construction of the Financial Agreement and the other Security Documents |
|----------|--------------------------------------------------------------------------|

| 3.1 | With effect from the Effective Date all references in the Financial Agreement to "this Agreement" shall be construed as references to the Financial Agreement as amended and/or supplemented by this Addendum No. 4 and the words "hereby", "hereof", "herein", "hereunder" and the like shall be construed accordingly. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | With effect from the Effective Date all references in any of the Security Documents to the "Agreement" or to the "Financial Agreement" shall be construed as references to the Financial Agreement as amended and/or supplemented by this Addendum No. 4 and the words "thereby", "thereof", therein", "thereunder" and like shall be construed accordingly. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | With effect from the Effective Date all references in the Financial Agreement or any other of the Security Documents to the Security Documents (including references in the Security Document in question to itself) shall be construed as to include the Supplemental Security Documents referred to in Clause 4 hereof and as references to the same as supplemented and amended by or pursuant to this Addendum No. 4 and the words "herein", "hereof", "hereunder", "therein", "thereof" and the like shall be construed accordingly. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.  | Supplemental Security Documents |
|----------|---------------------------------|

| 4.1 | On or prior to the Effective Date, each Borrower shall execute an addendum to the relevant Deed of Covenants, in favour of the Lender and in form and substance satisfactory to the Lender and its legal advisors. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | On or prior to the Effective Date, each Borrower shall execute an addendum to the relevant General Assignment, in favour of the Lender and in form and substance satisfactory to the Lender and its legal advisors. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | On or prior to the Effective Date, the Seanergy Holdings Guarantor shall execute in favour of the Lender and in form and substance satisfactory to the Lender and its legal advisors an addendum to its Guarantee. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | On or prior to the Effective Date, the Seanergy Holdings Guarantor shall execute the Share Charge in form and substance satisfactory to the Lender and its legal advisors. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.  | Conditions Precedent |
|----------|----------------------|

| 5.1 | The Lender's agreement to consent to the Borrowers' requests referred to in Recital F hereof is subject to the condition that the Lender shall have received the following in form and substance satisfactory to the Lender, in all respects on or prior to 31 January 2012: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | certificate of incumbency of each Borrower and the Seanergy Holdings Guarantor signed by its secretary or a director thereof, stating, inter alia, the officers and/or directors of same and that no amendment has been effected to its Articles of Incorporation and By-Laws or its Memorandum and Articles of Association, as the case may be, from the date of the Financial Agreement until the date of such certificate, or advising of any change thereto by attaching the relevant amendment to the certificate; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | certificate of incumbency of MCS signed by its secretary or a director thereof stating, inter alia, the officers and/or directors of MCS and attaching its Memorandum of Association and Bye-Laws thereof together with all amendments thereto; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | certificate or other evidence in respect of the existence and good standing of each Borrower, the Seanergy Holdings Guarantor and MCS dated not more than fifteen (15) days before the date of this Addendum No. 4; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | minutes of meeting of the directors and shareholders, or resolutions of the directors and shareholders of each Borrower and resolutions of the directors of the Seanergy Holdings Guarantor at which there was approved the entry into |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | execution delivery and performance of this Addendum No. 4, the Supplemental Security Documents and any other documents executed pursuant hereto or thereto to which the relevant Borrower is a party; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | evidence of the due authority of any person signing this Addendum No. 4, the Supplemental Security Documents and any other documents executed pursuant hereto or thereto on behalf of each Borrower and the Seanergy Holdings Guarantor; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the Supplemental Security Documents referred to in Clause 4, all duly executed, delivered to the Lender and where appropriate duly registered with the relevant authorities; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | the original share certificates in respect of all issued shares of MCS; |
|--------|-----|-------------------------------------------------------------------------|

|   | (h) | prepayment of the Revolving Facility by an amount of Three million Two hundred thousand Dollars ($3,200,000); |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (i) | confirmation from any agents for service of process nominated in this Addendum No. 4 and elsewhere in the Supplemental Security Documents for the acceptance of any notice of service of process that they consent to such nomination; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | opinions from lawyers appointed by the Lender at the Borrowers' expense as to all such aspects of law as the Lender shall deem relevant for this Addendum No. 4 and the Supplemental Security Documents and any other documents executed pursuant thereto or hereto; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | evidence that the present majority shareholders of the Seanergy Holdings Guarantor through their affiliated entities have proceeded with an equity contribution of Ten million Dollars ($10,000,000) in the Seanergy Holdings Guarantor; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | payment to the Lender of an amount of Ten thousand Euros (€10,000) plus value added tax thereon in respect of legal fees of the Greek and English legal advisors of the Lender in respect of this Addendum No. 4 and the Supplemental Security Documents; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | payment to the Lender of the fees of the Marshall Islands, Bahamian, British Virgin Islands and Bermuda legal counsels of the Lender. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

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| 6.  | Representations, Warranties and Covenants |
|----------|-------------------------------------------|

| 6.1 | As at the date hereof each Borrower makes, repeats and restates, as the case may be, all the representations, warranties and covenants set forth in the Financial Agreement, mutatis mutandis, as of the date hereof. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | In addition to the above the Borrowers hereby represent and warrant to the Lender as at the date of this Addendum No. 4 that: |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | all necessary licences, consents and authorities, governmental or otherwise, for the Borrowers and the Seanergy Holdings Guarantor to enter into and perform their respective obligations under this Addendum No. 4 and the Supplemental Security Documents to which each of them is a party have been obtained; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | this Addendum No. 4 constitutes and each of the Supplemental Security Documents will on the execution thereof constitute the legal, valid and binding obligations of the relevant Borrower(s) or the Seanergy Holdings Guarantor (as the case may be) enforceable in accordance with its terms; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the execution and delivery of, and the performance of the provisions of this Addendum No. 4 and the Supplemental Security Documents do not, and will not contravene any applicable law or regulation existing at the date hereof or any contractual restriction binding on any one or more of the Borrowers and the Seanergy Holdings Guarantor or (where applicable) their respective constitutional documents. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.  | Agreement of the Lender |
|----------|-------------------------|

| 7.1 | The Lender relying upon each of the representations and warranties set out in Clause 6 and subject to the fulfilment of the conditions precedent set out in Clause 5 on or before 31 January 2012, hereby agrees to the requests of the Borrowers and the Seanergy Holdings Guarantor set out in Recital G. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | The agreement of the Lender referred to in Clause 7.1 above shall be evidenced by the Effective Time Notice which shall be delivered by the Lender to the Borrowers on the Effective Date. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.  | Fees Costs and Expenses |
|----------|-------------------------|

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| 9.  | Headings and Counterparts |
|----------|---------------------------|

|   | The headings in this Addendum No. 4 are for the purpose of references only, and shall not limit or otherwise affect any of the terms hereof. This Addendum No. 4 may be executed in any number of counterparts. Any single counterpart or set of counterparts signed, in either case, by all the parties hereto shall constitute a full and original agreement for all purposes. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.  | Continuation of the Financial Agreement and other Security Documents |
|-----------|----------------------------------------------------------------------|

|   | Subject to the amendments to the Financial Agreement set out in or to be made pursuant to this Addendum No. 4 and such further modifications (if any) thereof as may be necessary to make same consistent with the terms of this Addendum No. 4 or the documents supplementing and amending same (as the case may be) the Financial Agreement and the other Security Documents shall remain in full force and effect and, without prejudice to the generality of the foregoing, the Security Documents shall continue to secure the obligations of the Borrowers under the Financial Agreement as supplemented and amended by this Addendum No. 4. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.  | Further Assurance |
|-----------|-------------------|

|   | The Borrowers agree with the Lender to execute, deliver and, if appropriate, register at their own expense any and all such further assurances or documents as the Lender may require for the purpose of more fully carrying into effect the purposes of this Addendum No. 4 and/or ensuring that the Lender's security is maintained. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.  | Notices |
|-----------|---------|

|   | Clause 36 (Notices) of the Financial Agreement shall apply to this Addendum No. 4 as if the same was set out in full herein. |
|--------|------------------------------------------------------------------------------------------------------------------------------|

| 13. | Applicable Law - Jurisdiction |
|-----|-------------------------------|

| 13.1 | This Addendum No. 4 and any non-contractual obligations connected with it shall be governed by and construed in accordance with the laws of England. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2 | Any legal action or proceedings arising out of or in connection with this Addendum No. 4 and any non-contractual obligations in connection with it shall be brought in the High |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Court of Justice in London, England. The Borrowers hereby accept for themselves and in respect of their assets and revenues generally and unconditionally the jurisdiction of the aforesaid court and hereby irrevocably appoint E.J.C. Album, Solicitors, presently located at One Connaught Place, London W2 2ET, England, as their agent for service of process in respect of proceedings before such court and undertake that, throughout the Security Period they will maintain an agent in England for such purpose. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3 | The Borrowers irrevocably designate and appoint Mr. Efstratios Paschalidis, an attorney-at-law with offices at 8th Floor, Ionian Building, 2 Defteras Merarchias Street, 185 36 Piraeus, Greece, as agent for the service of process in Greece ("antiklitos") and agrees to consider any legal process or any demand or notice made served by or on behalf of the Lender on the said agent as being made to the Borrowers. The designation of such an authorized agent ("antiklitos") shall remain irrevocable until all Indebtedness shall have been paid in full in accordance with the terms of the Financial Agreement and the other Security Documents. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.4 | The submission to such jurisdiction shall not (and shall not be construed so as to) limit the right of the Lender to bring any legal action or proceedings with respect to this Addendum No. 4 and any non-contractual obligations in connection with it in any competent jurisdiction. The Borrowers hereby irrevocably waive any objection they may now or hereafter have to the selection of venue of any such action or proceedings and any claim they may have that such action or proceedings have been brought in an inconvenient forum. Nothing herein contained shall affect the right of the Lender to serve process in any other manner permitted by law. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| SIGNED for and on behalf of                    | ) |
|------------------------------------------------|---|
| MARFIN POPULAR BANK PUBLIC CO LTD              | ) |
| (Greek Branch, trade name MARFIN EGNATIA BANK) | ) |
| by                                             | ) |
| and by                                         | ) |
| in the presence of:                            | ) |

| SIGNED for and on behalf of    | ) |
|--------------------------------|---|
| MARTINIQUE INTERNATIONAL CORP. | ) |
| by                             | ) |
| in the presence of:            | ) |

| SIGNED for and on behalf of          | ) |
|--------------------------------------|---|
| HARBOUR BUSINESS INTERNATIONAL CORP. | ) |
| by                                   | ) |
| in the presence of:                  | ) |

| SIGNED for and on behalf of | ) |
|-----------------------------|---|
| AMAZONS MANAGEMENT INC.     | ) |
| by                          | ) |
| in the presence of:         | ) |

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| SIGNED for and on behalf of | ) |
|-----------------------------|---|
| LAGOON SHIPHOLDING LTD.     | ) |
| by                          | ) |
| in the presence of:         | ) |

| SIGNED for and on behalf of | ) |
|-----------------------------|---|
| CYNTHERA NAVIGATION LTD.    | ) |
| by                          | ) |
| in the presence of:         | ) |

| SIGNED for and on behalf of | ) |
|-----------------------------|---|
| WALDECK MARITIME CO.        | ) |
| by                          | ) |
| in the presence of:         | ) |

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