----

| Clause     | Heading                                    | Page   |
|------------|--------------------------------------------|--------|
|       |                                       |   |
| 1.         | Definitions and Interpretation             | 2      |
| 2.         | Settlement of the Outstanding Indebtedness | 4      |
| 3.         | Disposal of the Shares                     | 5      |
| 4.         | Undertakings                               | 7      |
| 5.         | Representations and Warranties             | 7      |
| 6.         | Other Additional Provisions                | 9      |
| 7.         | Conditions                                 | 10     |
| 8.         | Miscellaneous                              | 10     |
| 9.         | Governing Law and Jurisdiction             | 11     |
| 10.        | Enforcement                                | 11     |
|       |                                       |   |
| Schedule 1 | Terms of Share Sale                        | 12     |
| Schedule 2 | Creditors' List                            | 13     |
| Schedule 3 | Outstanding Receivables                    | 14     |

----

| (1)    | (a)                                                                                                                                                                                                                                                                          | MARITIME FANTASY SHIPPING LIMITED;                                  |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|
|   | (b)                                                                                                                                                                                                                                                                          | MARITIME FIESTA SHIPPING LIMITED;                                   |
|   | (c)                                                                                                                                                                                                                                                                          | MARITIME FIGHTER SHIPPING LIMITED; and                              |
|   | (d)                                                                                                                                                                                                                                                                          | MARITIME FREEWAY SHIPPING LIMITED,                                  |
|   |                                                                                                                                                                                                                                                                         | as borrowers (collectively, the "Borrowers" and each a "Borrower"); |
|   |                                                                                                                                                                                                                                                                         |                                                                |
| (2)    | MARITIME CAPITAL SHIPPING LIMITED, as guarantor (the "Guarantor");                                                                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                         |
| (3)    | DVB GROUP MERCHANT BANK (ASIA) LTD., as agent (the "Agent");                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                         |
| (4)    | GREEN EAGLE OPCO LLC, a limited liability company incorporated in the Republic of Marshall Islands, having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960, as nominated party (the "Nominated Party"); and |
|   |                                                                                                                                                                                                                                                                         |                                                                |
| (5)    | (a)                                                                                                                                                                                                                                                                          | DVB GROUP MERCHANT BANK (ASIA) LTD.;                                |
|   | (b)                                                                                                                                                                                                                                                                          | CREDIT SUISSE AG; and                                               |
|   | (c)                                                                                                                                                                                                                                                                          | UNITED OVERSEAS BANK LIMITED,                                       |
|   |                                                                                                                                                                                                                                                                         | as lenders (collectively, the "Lenders").                           |

| (A) | By a loan agreement dated 19 October 2007, as amended and supplemented by a supplemental agreement dated 20 May 2010 (together with all other amendments and supplements thereto from time to time, the "Loan Agreement") and made between (i) the Borrowers, as joint and several borrowers, (ii) DVB Group Merchant Bank (Asia) Ltd., Credit Suisse AG and United Overseas Bank Limited, as arrangers, (iii) the Agent, as agent, security agent and account bank, (iv) DVB Bank SE (formerly known as DVB Bank AG) (the "Swap Provider"), as swap provider and (v) the Lenders, as lenders, the Lenders have made available to the Borrowers, jointly, a loan facility of up to $97,254,500 in four advances, for the purpose of financing part of the acquisition cost of the Ships (as defined in the Loan Agreement) upon the terms and conditions contained therein. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | One or more of the Borrowers and the Swap Provider have entered into a master swap agreement dated 22 October 2007 to hedge the interest payable to the Lenders under the Loan Agreement against interest rate fluctuations upon the terms and conditions contained therein.  As at the date of this Agreement, the Swap Exposure is zero. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | Prior to the date of this Agreement, certain events of potential non-compliance and potential Events of Defaults (or events of non-compliance and Events of Default, as the case may be) have occurred and are continuing. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | Prior to the date of this Agreement the Lenders and the Swap Provider agreed that neither the Lenders nor the Swap Provider would enforce their rights or exercise any remedy under the Loan Agreement, the Master Swap Agreement or any Security Document in respect of the events of potential non-compliance and potential Events of Default (or events of non-compliance and Events of Default, as the case may be) already disclosed by the Borrowers to the Agent or the Lenders unless and until (a) any Borrower, the Guarantor or Seanergy Maritime Holdings Corp. ("Seanergy") (i) commences or is placed into a proceeding under Title 11 of the United States Code or makes or is placed into a similar filing or proceeding or (ii) becomes subject to an order of a court of competent jurisdiction appointing a receiver, liquidator or trustee of its assets or any part of it, or a decree of the court adjudicating such Borrower, the Guarantor or Seanergy a bankrupt, or declaring such Borrower, the Guarantor or Seanergy insolvent or (iii) files a |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (E) | As no Relevant Event has occurred as at the date of this Agreement, the Parties are entering into this Agreement to record the terms and conditions upon and subject to which they hereby agree the settlement of the Outstanding Indebtedness, and the extinguishment of the Guarantor's liabilities under the Guarantee. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | DEFINITION AND INTERPRETION |
|----|-----------------------------|

| 1.1 | Definitions |
|-----|-------------|

----

| 1.2 | Construction |
|-----|--------------|

| 1.3 | Third Party Rights |
|-----|--------------------|

| 1.4 | Successors and Assigns |
|-----|------------------------|

| 1.5 | No Agent Liability |
|-----|--------------------|

| 1.6 | No Release |
|-----|------------|

----

| 2. | Settlement of the Outstanding Indebtedness |
|----|--------------------------------------------|

| 2.1 | Settlement |
|-----|------------|

|   | (a) | As settlement of the Outstanding Indebtedness and the Swap Exposure (if any) by the Borrowers and for the full and final discharge of the Guarantor's liabilities under the Guarantee, the Borrowers and the Guarantor agree on the Closing Date to:- |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | apply all cash held in the Accounts towards prepayment of the Loan in accordance with the voluntary prepayment provisions pursuant to clause 4.2 of the Loan Agreement. All the moneys received pursuant to this Clause 2.1(a)(i) shall be applied in the manner set out in clause 13.1 of the Loan Agreement; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | dispose of the Shares in accordance with the provisions of Clause 3; and |
|--------|------|--------------------------------------------------------------------------|

|   | (iii) | apply the Company Cash and the Agreed Surplus toward the payment or satisfaction of the Deficiency Claim dollar for dollar for each dollar of cash turned over until all the available Company Cash (received or held on or after the Closing Date) and the Agreed Surplus have been turned over (although the Agent may retain one hundred thousand Dollars ($100,000) in the relevant Operating Account for each Ship to meet operating expenses and other working capital requirements of the Borrowers, it being understood that such amounts shall be counted as applied toward the payment or satisfaction of the Deficiency Claim dollar for dollar). |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In consideration of the Borrowers' and the Guarantor's agreement to settle in accordance with Clause 2.1(a), and for other good and valuable consideration, the Borrowers shall be released from all liability in respect of the Outstanding Indebtedness, the Swap Exposure and the Deficiency Claim, and the Guarantor shall be released from all liability in respect of its obligations under the Guarantee and the Deficiency Claim, upon the completion of the settlement transaction and the application of monies as contemplated in Clause 2.1(a), and provided that the Agent shall have received all of the documents referred to in Clause 7 on or prior to the date of this Agreement. Any surplus in the Company Cash or the Agreed Surplus remaining after the payment of the Deficiency Claim in full shall be released and become available funds for the use of the Guarantor. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | Borrowers' and Guarantor's right to sell |
|-----|------------------------------------------|

----

| 3. | Disposal of the Shares |
|----|------------------------|

| 3.1 | Fairness Opinions |
|-----|-------------------|

|   | (a) | Prior to the transfer or sale of any Shares by the Guarantor, up to two independent valuers or advisers mutually agreed by the Guarantor and the Agent will be engaged or instructed by either the Guarantor or the Agent to give a fairness opinion to the Lenders and the Guarantor on the share sale transaction which will be based on the fair market value of the Shares taking into consideration the Fair Market Value of the Ships subject to the value of any other assets of the Borrowers (if any) and the Outstanding Indebtedness (the "Encumbered Fair Market Equity Value").  For this purpose, the valuation of the Fair Market Value of the Ships shall be made on the same terms as comprised in the definition of Fair Market Value save that it shall include on a discounted basis the benefit of any existing charter. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | All costs in connection with the Agent obtaining its first fairness opinion from an independent valuer or adviser shall be borne by the Guarantor. The costs of obtaining the second fairness opinion, if required by the Agent, shall be borne by the Agent. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If two fairness opinions are obtained by either the Guarantor or the Agent, then the Encumbered Fair Market Equity Value shall be the average of the two fairness opinions. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | Purchase Price of the Shares |
|-----|------------------------------|

|   | (a) | On the date of this Agreement, the Nominated Party shall be deemed to have declared the Initial Borrowers' Equity Consideration to the Guarantor as the purchase price of the Shares, and the Borrowers and the Guarantor shall disclose to the Agent and the Nominated Party all the offers received prior to or following the date of this Agreement from third party buyers who have offered to acquire the Shares from the Guarantor (if any). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Agent (on the instruction of the Lenders) may consent to a sale of the Shares to:- |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (i) | a third party buyer, if the price offered by it for the acquisition of all the Shares exceeds the Initial Borrowers' Equity Consideration or, pursuant to Clause 3.2(c), any subsequent Borrowers' Equity Consideration; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in any other case, the Nominated Party, |
|--------|------|-----------------------------------------|

|   | (c) | At any time prior to the giving of the Agent's consent pursuant to Clause 3.2(b), the Nominated Party shall have the option to increase the value attributed to the Initial Borrowers' Equity Consideration or any subsequent Borrowers' Equity Consideration to any level, or to exceed any offer made by a third party buyer for the acquisition of the Shares. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | Share Sale Agreement |
|-----|----------------------|

|   | (a) | Upon the giving of the Agent's consent under Clause 3.2(b)(ii), the Guarantor and the Nominated Party, will, on the Closing Date, conclude the sale and purchase of the |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | The Guarantor undertakes to cooperate with the Lenders, the Agent and the Nominated Party (if applicable) to effect and complete a transfer of the Shares to the Nominated Party or the third party buyer, as the case may be, on the Closing Date. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4 | Sale of Shares to the Third Party Buyer |
|-----|-----------------------------------------|

| 3.5 | Sale of Shares to the Nominated Party |
|-----|---------------------------------------|

| 3.6 | Forgiveness of the Shareholders' Loans and Other Encumbrance |
|-----|--------------------------------------------------------------|

|   | (a) | the Guarantor and the Borrowers hereby unconditionally and irrevocably agree to waive and forgive all outstanding shareholders' and intra-group loans and all interest accrued thereon owed to the Guarantor or any of the Borrower by any of the Borrowers, and the Guarantor and any relevant Borrower shall discharge and release all Encumbrances created or made against any Borrower and the relevant Ship with a copy of such agreement being promptly made available to the Lenders; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the Shares and the assets owned by the Borrowers (including but not limited to the Ships) shall be free of all Encumbrances other than the loan outstanding (including accrued interest and costs) under the Loan Agreement, the Master Swap Agreement, the Security Documents and/or, with respect to the Ships, the respective Approved Charter.  The Guarantor and the Borrowers shall confirm that all other Encumbrances have been settled in accordance with Clause 5.7(a) of this Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.7 | Limit on the Deficiency Claim |
|-----|-------------------------------|

----

| 4. | Undertakings |
|----|--------------|

| 4.1 | Interest |
|-----|----------|

| 4.2 | Lenders' Costs |
|-----|----------------|

|   | (a) | The Borrowers and the Guarantor jointly undertake to reimburse and indemnify the Finance Parties and the Nominated Party for all legal and other fees and expenses incurred in connection with or arising out of this Agreement and/or owing under the Loan Agreement, the Master Swap Agreement and/or the Security Documents on or prior to the Closing Date. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The release to be provided under this Agreement shall not release the Borrowers or the Guarantor from any obligations under Clause 4.2(a). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The Lenders will exercise all reasonable endeavours to keep the fees and expenses at a reasonable level. |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (d) | The Borrowers and the Guarantor acknowledge and agree that the fees and expenses referred to in Clause 4.2(a). shall be reimbursed or paid from funds other than the cash in the Accounts, the Agreed Surplus or the Company Cash. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Representations and Warranties |
|----|--------------------------------|

| 5.1 | The Outstanding Indebtedness |
|-----|------------------------------|

| 5.2 | Cash in the Accounts |
|-----|----------------------|

----

| 5.3 | Binding Obligations |
|-----|---------------------|

| 5.4 | No Encumbrance |
|-----|----------------|

|   | (a) | Until the closing of any of the transactions contemplated in this Agreement, and unless the Mortgages are discharged by the Security Agent on the instructions of the Lenders, each Mortgage remains registered against the relevant Ship in the relevant Registry and constitutes a valid first preferred mortgage lien on the relevant Ship. The Borrowers have not permitted any Encumbrance (other than Permitted Encumbrances) to subsist, arise or be created or extended over the Ships or otherwise in contravention of the negative undertaking pursuant to clause 8.3.1 of the Loan Agreement; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | As of the date of this Agreement the Guarantor acknowledges that (i) the Share Pledges constitute valid and legally binding obligations of the Guarantor and (ii) it has not created or permitted to subsist any Encumbrance (other than Permitted Encumbrances) on or over the Shares or any part thereof or interest therein or otherwise in contravention of the negative undertaking pursuant to clause 4.2.4 of each Share Pledge. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.5 | Potential Defaults by the Borrowers |
|-----|-------------------------------------|

| 5.6 | Marketing of the Ships |
|-----|------------------------|

| 5.7 | No Borrowing |
|-----|--------------|

|   | (a) | The Borrowers have not incurred any Borrowed Money in contravention of clause 8.3.7 of the Loan Agreement except for (i) Borrowed Money pursuant to or permitted by the Security Documents or (ii) Permitted Borrowed Money. Other than the Lenders, the Guarantor and the creditors as more particularly described in the creditors' list attached hereto as Schedule 2, as of the date of this Agreement there are |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | To the Borrowers' and the Guarantor's best knowledge, other than United Overseas Bank Limited, the Lenders and the creditors as more particularly described in the creditors' list attached in Schedule 2, as of the date of this Agreement there are no other secured creditors or unsecured creditors of the Guarantor or any of its Subsidiaries, except for administrative or secretarial service providers associated with the ownership and operation of the Ships by the Guarantor and its Subsidiaries. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.8 | Corporate Power |
|-----|-----------------|

| 5.9 | Repetition of Representations and Warranties |
|-----|----------------------------------------------|

| 5.10 | Condition of the Ships |
|------|------------------------|

| 6. | Other Additional Provisions |
|----|-----------------------------|

| 6.1 | Reservation of all rights and remedies of the Lenders and the Swap Provider |
|-----|-----------------------------------------------------------------------------|

|   | (a) | the Agent, for and on behalf of the Lenders, hereby expressly reserves all rights and remedies of the Lenders and the Swap Provider in respect of the events of potential non-compliance and potential Events of Default (or events of non-compliance and Events of Default, as the case may be), including, but not limited to, all rights and remedies of the Lenders and the Swap Provider under the Loan Agreement, the Master Swap Agreement and the Security Documents; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the Lenders' and the Swap Provider's rights remain reserved in respect of all or any other non-compliance with any provision of the Loan Agreement, the Master Swap Agreement or any Security Document which have previously been notified to the Borrowers together with any other non-compliance with the Loan Agreement, the Master Swap Agreement or any Security Document that may have occurred or are continuing; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | neither this Agreement, nor any delay or failure of the Lenders or the Swap Provider to enforce their rights under the Loan Agreement, the Master Swap Agreement or any Security Document or with respect to any non-compliance with any provision of the Loan Agreement, the Master Swap Agreement or any Security Document, shall constitute a variation, waiver, suspension or limitation of any rights of any of the Lenders or the Swap Provider pursuant to the Loan Agreement, the Master Swap Agreement or any Security Document, or give rise to any estoppel. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | Claim Reinstatement |
|-----|---------------------|

| 7. | Conditions |
|----|------------|

| 7.1 | Delivery of Transfer Documents into Escrow |
|-----|--------------------------------------------|

| 7.2 | Agent's rights |
|-----|----------------|

3

| 7.3 | Certificate of Resolutions |
|-----|----------------------------|

| 8. | Miscellaneous |
|----|---------------|

|   | (a) | This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Time shall be of the essence in the performance of the respective obligations of the Borrowers and the Guarantor under this Agreement. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any provision of this Agreement prohibited by or unlawful or unenforceable under any applicable law actually applied by any court of competent jurisdiction shall, to the extent required by such law, be severed from this Agreement and rendered ineffective so far as is possible without modifying the remaining provisions of this Agreement.  Where however the provisions of any such applicable law may be waived, they are hereby waived by the Parties to the full extent permitted by such law |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | Any amendment to this Agreement shall be in writing and signed by, or on behalf of, each Party. |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (e) | Rights and remedies under this Agreement are cumulative and do not exclude any other rights or remedies provided by law or otherwise. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Neither the Borrowers nor the Guarantor may assign any of its rights under this Agreement or any document referred to in it without the prior written consent of the Agent (on the instructions of the Lenders). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | Governing Law and Jurisdiction |
|----|--------------------------------|

| 10. | Enforcement |
|-----|-------------|

|   | (a) | In respect of the Borrowers, the provisions as to jurisdiction and service of process specified in clause 18.2 of the Loan Agreement apply to this Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In respect of the Guarantor, the provisions as to jurisdiction and service of process specified in clause 9.2 of the Guarantee apply to this Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | On the Closing Date the Shares will be transferred to the Nominated Party or its nominee (in this Schedule, the "Transferee") free of all mortgages, charges, liens, encumbrances, claims and adverse interests with all rights and benefits attached or accruing thereto, including all dividends and other distributions declared but not paid. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The Guarantor and the Borrowers shall upon first demand by the Agent deliver to the Transferee (to the extent not already delivered to the Agent): |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | duly executed Instruments of  Transfer in respect of the Shares, transferring them to the Transferee, together with the existing share certificates relating to the Shares; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | letters of resignation of each of the directors and officers of the Borrowers, confirming that they have no claims against the Borrowers for loss of office or otherwise; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the original stock register, minute book, book of share certificates, Articles of Incorporation and By-laws, all other books and records and the corporate seal of each Borrower; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | a resolution of the board of directors and of the shareholder of each Borrower, approving the transfer of Shares to the Transferee and the appointment of directors and officers nominated by the Transferee in respect of each Borrower. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | a comfort letter from the Guarantor to the directors appointed by the Transferee that, to the best of the Guarantor's knowledge and belief, the current directors of the Borrowers have discharged their duties, inter alia, honestly in good faith without wilful misconduct or fraud. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Breakdown of Accruals and Payables |   |   |   |   |   |   |   |   |   |   |   |   |
|------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| As at 11 December 2012             |   |   |   |   |   |   |   |   |   |   |   |   |
|                               |   |   |   |   |   |   |   |   |   |   |   |   |

|                                    | Fantasy | Fiesta | Fighter | Freeway | AsianGrace | AfricanGlory | AfricanJoy | MaritimeGlory | MaritimeGrace | MCS(Holding) | MCS(HK) | Total        |
|-----------------------------------------|---------|--------|---------|---------|------------|--------------|------------|---------------|---------------|--------------|---------|--------------|
| MUR Shipping B.V                        |    |   |    |    | 2,358      | (15,713)     | 4,723      | 189,538  |          |         |    | 180,907      |
| Service fee due to Seanargy             |    |   |    |    |       |         |       |          |          | 540,000      |    | 540,000      |
| Management fee due to MCS (HK)          | 45,625  | 45,625 | 45,825  | 45,625  |       |         |       |          |          |         |    | 182,499      |
| Aeglr.Martne B.V.                       |    |   |    |    | 40,411     |         |       |          |          |         |    | 40,411       |
| Appleby Services (Bermuda) Ltd.         |    |   |    |    |       |         |       |          |          | 17,459       |    | 17,459       |
| Bahico SA                               |    |   |    |    |       |         | 47,463     |          |          |         |    | 47,483       |
| Chingx1Shipyard (Guangzhou) Co Ltd      |    |   |    |    | 248,000    |         |       |          |          |         |    | 246,000      |
| The Hongkong Electric Co Ltd            |    |   |    |    |       |         |       |          |          |         | 336     | 336          |
| Feamisys A/S                            |    |   |    |    | 585        | 565          | 585        |          |          |         |    | 1,755        |
| Federal Express (Hong Kong) Ltd.        |    |   |    |    |       |         |       |          |          |         | 41      | 41           |
| Fleet Management Ltd.                   |    |   |    |    | 138,624    |         | 235,239    | (29,686)      | 31,326        |         |    | 375,305      |
| International Paint Limited             |    |   |    |    | 63,325     |         |       |          |          |         |    | 63,325       |
| Kora/talc's D. S.A.                     |    |   |    |    |       | 8,002        |       |          |          |         |    | 8,002        |
| Marsh (Hong Kong) Ltd.                  |    |   |    |    |       |         |       | 153           | (81)          |         | 4.593   | 4,666        |
| Netpas                                  |    |   |    |    |       |         |       |          |          |         | 149     | 149          |
| NMS Ltd.                                |    |   |    |    | 9,588      |         |       |          |          |         |    | 9,568        |
| Risk Exchange Limited                   |    |   |    |    | 39,063     | 23,131       | 24,008     | 21,051        | (17.405)      |         |    | 89,848       |
| Space Electronics Co Ltd                |    |   |    |    |       |         | 4,986      |          |          |         |    | 4,986        |
| Viking Life-Saving Equipment B.V.       |    |   |    |    |       |         |       | 5,674         |          |         |    | 5,674        |
| Vincent T.K. Cheung, Yap & Co       | 373     | 373    | 373     | 373     | 373        | 373          | 373        |          |          | 373          | 399     | 3,382        |
| Wallern Shipmanagement Ltd              |    |   |    |    |       | 290.220      |       |          |          |         |    | 290,220      |
| Accrual for broker commission           |    |   |    |    | 24,871     | 31,838       | 31,662     | 13,459        |          |         |    | 101,830      |
| Accrual for Other coats (Offhlre)/Misc  |    |   |    |    | 6,050      | 12,050       | 23,956     |          | 73,726        |         |    | 115,782      |
| Accrual for bank Interest               | 15,324  | 41,790 | 48,766  | 28,441  | 111,525    | 77,120       | 101,329    |          |          |         |    | 424,296      |
| Accrual for professional fee (PWC)      | 7.858   | 7,858  | 7,858   | 7,858   | 7,858      | 7,858        | 7,858      | 7.858         | 7,858         | 26,118       | 26,044  | 122,887      |
| Accrual for office & ataff expenses |    |   |    |    |       |         |       |          |          |         | 44.830  | 44,830       |
| Wind out fee due (accrual)    |    |   |    |    |       |         |       |          |          | 500,000      |    | 500,000      |
| TOTAL ACCRUALS AND PAYABLES             | 69,180  | 95,648 | 102,623 | 82,297  | 890,613    | 435,464      | 482,182    | 207,848       | 95,426        | 1,083,948    | 76,393  | 3,421,520.09 |

----

| Estimated Hire to be received | Pacific Fantasy   | Fiesta            | Pacific Fighter   | Clipper Freeway   |
|-------------------------------|-------------------|-------------------|-------------------|-------------------|
|                          |              |              |              |              |
| 23 January 2013 Oldenoff*     | $35,337.47 approx | $35,337.47 approx | $35,337.47 approx | $35,337.47 approx |

----

| The Borrowers                   |   |                    |
|---------------------------------|--------|-------------------------|
|                            |   |                    |
| SIGNED, SEALED and DELIVERED    | )      |                    |
|                            | )      |                    |
| by Stamatios Tsantanis          | )      | /s/ Stamatios Tsantanis |
|                            | )      |                    |
| for and on behalf of            | )      |                    |
|                            | )      |                    |
| MARITIME FANTASY                | )      |                    |
| SHIPPING LIMITED                | )      |                    |
|                            | )      |                    |
| pursuant to a power of attorney | )      |                    |
| dated 25 January 2013           | )      |                    |
|                            | )      |                    |
| in the presence of:             | )      |                    |
|                            |   |                    |
|                            |   |                    |
| /s/ Theodora Mitropetrou        |   |                    |
| Theodora Mitropetrou            |   |                    |
|                            |   |                    |
| SIGNED, SEALED and DELIVERED    | )      |                    |
|                            | )      |                    |
| by Stamatios Tsantanis          | )      | /s/ Stamatios Tsantanis |
|                            | )      |                    |
| for and on behalf of            | )      |                    |
|                            | )      |                    |
| MARITIME FIESTA                 | )      |                    |
| SHIPPING LIMITED                | )      |                    |
|                            | )      |                    |
| pursuant to a power of attorney | )      |                    |
| dated 25 January 2013           | )      |                    |
|                            | )      |                    |
| in the presence of:             | )      |                    |
|                            |   |                    |
| /s/ Theodora Mitropetrou        |   |                    |
| Theodora Mitropetrou            |   |                    |
|                            |   |                    |
|                            |   |                    |
|                            |   |                    |
| SIGNED, SEALED and DELIVERED    | )      |                    |
|                            | )      |                    |
| by Stamatios Tsantanis          | )      | /s/ Stamatios Tsantanis |
|                            | )      |                    |
| for and on behalf of            | )      |                    |
|                            | )      |                    |
| MARITIME FIGHTER                | )      |                    |
| SHIPPING LIMITED                | )      |                    |
|                            | )      |                    |
| pursuant to a power of attorney | )      |                    |
| dated 25 January 2013           | )      |                    |
|                            | )      |                    |
| in the presence of:             | )      |                    |
|                            |   |                    |
| /s/ Theodora Mitropetrou        |   |                    |
| Theodora Mitropetrou            |   |                    |

----

| SIGNED, SEALED and DELIVERED    | )      |                        |
|---------------------------------|--------|-----------------------------|
|                            | )      |                        |
| by Stamatios Tsantanis          | )      | /s/ Stamatios Tsantanis     |
|                            | )      |                        |
| for and on behalf of            | )      |                        |
|                            | )      |                        |
| MARITIME FREEWAY                | )      |                        |
| SHIPPING LIMITED                | )      |                        |
|                            | )      |                        |
| pursuant to a power of attorney | )      |                        |
| dated 25 January 2013           | )      |                        |
|                            | )      |                        |
| in the presence of:             | )      |                        |
|                            |   |                        |
| /s/ Theodora Mitropetrou        |   |                        |
| Theodora Mitropetrou            |   |                        |
|                            |   |                        |
| The Guarantor                   |   |                        |
|                            |   |                        |
| SEALED with the COMMON SEAL of  | )      |                        |
|                            | )      |                        |
|                            | )      |                        |
| MARITIME CAPITAL                | )      |                        |
| SHIPPING LIMITED                | )      |                        |
|                            | )      |                        |
| and SIGNED by                   | )      |                        |
| Stamatios Tsantanis             | )      | /s/ Stamatios Tsantanis     |
| in the presence of:             | )      |                        |
|                            |   |                        |
| /s/ Theodora Mitropetrou        |   |                        |
| Theodora Mitropetrou            |   |                        |
|                            |   |                        |
| The Agent                       |   |                        |
|                            |   |                        |
| SIGNED by                       | )      |                        |
| Alastair Craig MacAulay         | )      | /s/ Alastair Craig MacAulay |
| Attorney-in-fact                | (      |                        |
|                            | )      |                        |
| for and on behalf of            | )      |                        |
|                            | )      |                        |
|                            | )      |                        |
| DVB GROUP MERCHANT              | )      |                        |
| BANK (ASIA) LTD.                | )      |                        |
|                            | )      |                        |
| pursuant to a power of attorney | )      |                        |
| dated 28 January 2013           | )      |                        |
|                            | )      |                        |
| in the presence of: Vivian Wong | )      |                        |
| /s/ Vivian Wong                 |   |                        |

----

| The Nominated Party              |   |                        |
|----------------------------------|--------|-----------------------------|
|                             |   |                        |
| SIGNED by                   | )      |                        |
| Alastair Craig MacAulay          | )      | /s/ Alastair Craig MacAulay |
| Attorney-in-fact                 | )      |                        |
|                             | )      |                        |
| for and on behalf of             | )      |                        |
|                             | )      |                        |
|                             | )      |                        |
| GREEN EAGLE OPCO LLC             | )      |                        |
|                             | )      |                        |
|                             | )      |                        |
| pursuant to a power of attorney  | )      |                        |
| dated  17 January 2013 | )      |                        |
|                             | )      |                        |
|                             | )      |                        |
| in the presence of: Vivian Wong  | )      |                        |
| /s/ Vivian Wong                  |   |                        |
|                             |   |                        |

----

| The Lenders                           |    |                                |
|---------------------------------------|---------|-------------------------------------|
|                                  |    |                                |
| SIGNED by                        | )       |                                |
| Alastair Craig MacAulay               | )       | /s/ Alastair Craig MacAulay         |
| Attorney-in-fact                      | )       |                                |
|                                  | )       |                                |
| for and on behalf of                  | )       |                                |
|                                  | )       |                                |
| DVB GROUP MERCHANT                    | )       |                                |
| BANK (ASIA) LTD.                      | )       |                                |
|                                  | )       |                                |
|                                  | )       |                                |
| pursuant to a power of attorney       | )       |                                |
| dated 28 January 2013                 | )       |                                |
|                                  | )       |                                |
|                                  | )       |                                |
| in the presence of: Vivian Wong       | )       |                                |
| /s/ Vivian Wong                       |    |                                |
|                                  |    |                                |
|                                  |    |                                |
| SIGNED by                        | )       |                                |
| Alastair Craig MacAulay               | )       | /s/ Alastair Craig MacAulay         |
| Attorney-in-fact                      | )       |                                |
|                                  | )       |                                |
| for and on behalf of                  | )       |                                |
|                                  | )       |                                |
|                                  | )       |                                |
| CREDIT SUISSE AG                      | )       |                                |
|                                  | )       |                                |
| pursuant to a power of attorney  |    |                                |
| dated 23 January 2013            |    |                                |
|                                  | )       |                                |
| in the presence of: Vivian Wong       | )       |                                |
| /s/ Vivian Wong                       |    |                                |
|                                  |    |                                |
|                                  |    |                                |
| SIGNED by Chun Siok Lhan         | )       |                                |
|                                  | )       |                                |
| for and on behalf of                  | )       |  /s/  Chun Siok Lhan |
|                                  | )       |                                |
|                                  | )       |                                |
| UNITED OVERSEAS BANK                  | )       |                                |
| LIMITED                               | )  |                                |
|                                  | )       |                                |
|                                  | )       |                                |
| in the presence of:                   | )       |                                |