| Private & Confidential |
|----------------------------|
|   |  Dated 7 February 2012 |      |
|--------|-----------------------------|--------------------------|
|     FIFTH SUPPLEMENTAL AGREEMENTrelating toa Loan ofup to US$222,000,000toLEWISHAM MARITIME INC.PULFORD OCEAN INC.RAYFORD NAVIGATION CORP.ROSSINGTON MARINE CORP.andQUEX SHIPPING INC.as joint and several Borrowers provided byTHE BANKS AND FINANCIAL INSTITUTIONSlisted in schedule 1 Agent, Security Agent and Account BankCITIBANK INTERNATIONAL PLC  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |
|--------|

----

| 1 | Definitions                                                            | 2  |
|---|------------------------------------------------------------------------|----|
| 2 | Consent of the Creditors                                               | 4  |
| 3 | Amendments to Principal Agreement and to Principal Corporate Guarantee | 5  |
| 4 | Representations and warranties                                         | 8  |
| 5 | Conditions                                                             | 10 |
| 6 | Security Parties' confirmations                                        | 10 |
| 7 | Expenses                                                               | 11 |
| 8 | Miscellaneous and notices                                              | 12 |
| 9 | Applicable law                                                         | 13 |

| Schedule 1 Names and addresses of the Banks                        | 14 |
|--------------------------------------------------------------------|----|
| Schedule 2 Documents and evidence required as conditions precedent | 15 |
| Schedule 3 Form of Amended and restated Facility Agreement         | 17 |

----

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

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

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

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

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

| (6)   | THE BANKS AND FINANCIAL INSTITUTIONS listed as Banks in schedule 1 (together the "Banks") but excluding Agriculture Bank of Greece S.A., Piraeus Branch who are not a party to this Agreement; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

| (a)        | a facility agreement dated 26 June 2007 as amended and supplemented and/or restated by a supplemental agreement dated 16 October 2007, a supplemental letter dated 10 July 2008, a second supplemental agreement dated 30 September 2009 (the "Second Supplemental Agreement"), a supplemental letter dated 4 August 2010, a third supplemental agreement dated 23 December 2010 and a fourth supplemental agreement dated 31 March 2011 (the "Fourth Supplemental |
|------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|         | Agreement") (together, the "Principal Agreement") made between (inter alios) (1) the Borrowers, as joint and several borrowers, (2) the Banks, (3) the Agent, (4) the Security Agent, (5) the Account Bank and (6) the Arranger, relating to a loan facility of up to Two hundred and twenty two million Dollars ($222,000,000), of which the principal amount outstanding at the date hereof is Eighty seven million four hundred and fifty eight thousand six hundred and sixty three hundred Dollars ($87,458,663), advanced by the Banks to the Borrowers for the purposes stated therein; and |
|--------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)       | a corporate guarantee dated 26 June 2007 as amended and supplemented by the Second Supplemental Agreement and as further amended and supplemented by the Fourth Supplemental Agreement (together the "Principal Corporate Guarantee") made between the Corporate Guarantor and the Security Agent in respect of the obligations of the Borrowers to the Creditors under the Principal Agreement; |
|------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (a)        | the temporary reduction of the Security Requirement until 1 January 2013 to 100%; |
|------------------------------------------|-----------------------------------------------------------------------------------|

| (b)        | the waiver of application of (i) the minimum Equity Ratio requirement contained in clause 5.3.1 of the Principal Corporate Guarantee in respect of each Accounting Period ending on or before 31 December 2012 and (ii) the minimum liquidity requirement contained in clause 5.1.7 of the Principal Corporate Guarantee up to 1 January 2013; |
|------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)        | certain other amendments to the terms and conditions applicable to the Loan, the Principal Agreement and the Principal Corporate Guarantee and agreed to by the Borrowers, the Corporate Guarantor and the Creditors; and |
|------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)        | certain consequential changes to the Principal Agreement and the Principal Corporate Guarantee required in connection with the above and agreed to by the Borrowers, the Corporate Guarantor and the Creditors; and |
|------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

----

| (a)        | in relation to the Lewisham Borrower, 0/444310/006; |
|------------------------------------------|-----------------------------------------------------|

| (b)       | in relation to the Pulford Borrower, 0/444313/005; |
|------------------------------------|----------------------------------------------------|

| (c)        | in relation to the Rayford Borrower, 0/444315/008; |
|------------------------------------------|----------------------------------------------------|

| (d)        | in relation to the Rossington Borrower, 0/444314/001; and |
|------------------------------------------|-----------------------------------------------------------|

| (e)        | in relation to the Quex Borrower, 0/444312/009, |
|------------------------------------------|-------------------------------------------------|

| 1.3   | Principal Agreement and Principal Corporate Guarantee |
|-----------------|-------------------------------------------------------|

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

----

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

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

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

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

| (a)        | agree and consent to reduce, for the period from 23 December 2011 until 1 January 2013, the Security Requirement applicable immediately before the Effective Date (namely 125%), to 100%; |
|------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)        | waive the application of (i) clause 5.3.1 of the Principal Corporate Guarantee in respect of each Accounting Period ending on or prior to 31 December 2012 and (ii) clause 5.1.7 of the Principal Corporate Guarantee for the period from the Effective Date until 1 January 2013; |
|------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)        | waive, for the avoidance of doubt, any breach of clause 5.1.7 or clause 5.3.1 of the Principal Corporate Guarantee and any shortfall in the Security Value under clause 8.2.1 of the Principal Agreement, as they may have occurred prior to the Effective Date (i.e. including in respect of the Accounting Period ended on 31 December 2011) Provided however that, for the avoidance of doubt, such waiver and the waiver referred to in paragraph (b) above shall not prejudice the Creditors' right to demand compliance by the Security Parties, and the Security Parties' obligation to comply, with such clauses and provisions at any time after the Effective Date (albeit as such provisions are amended or expressly disapplied by this Agreement) and, for the avoidance of doubt: |
|------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)          | clause 5.3.1 of the Principal Corporate Guarantee, shall be applied again in respect of any Accounting Periods commencing on or after 1 January 2013 and starting with the testing of the Equity Ratio (as defined in the Principal |
|-------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|          | Corporate Guarantee) as at the end of the Accounting Period ending 30 June 2013; and |
|--------------------------------------------------|--------------------------------------------------------------------------------------|

| (ii)        | clause 5.1.7 of the Principal Corporate Guarantee shall be applied again with effect from 2 January 2013 and at all times thereafter; and |
|-------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

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

| 3   | Amendments to Principal Agreement and to Principal Corporate Guarantee |
|---------------|------------------------------------------------------------------------|

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

| 3.2   | Amendments to Principal Corporate Guarantee |
|-----------------|---------------------------------------------|

| (a)        | by inserting the following definition of "Fifth Supplemental Agreement" in clause 1.2 of the Principal Corporate Guarantee in the correct alphabetical order: |
|------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)        | by deleting clause 4.1.13 in its entirety and by replacing it with the following new clause 4.1.13: |
|------------------------------------------|-----------------------------------------------------------------------------------------------------|

| (c)        | by deleting clause 5.2.1 of the Principal Corporate Guarantee in its entirety and by replacing it with the following new clause 5.2.1: |
|------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|

----

| (d)       | by deleting clause 5.2.5 of the Principal Corporate Guarantee in its entirety and by replacing it with the following new clause 5.2.5: |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|

| (e)        | by inserting the following new clauses 5.2.6-5.2.13 (inclusive) in the Principal Corporate Guarantee immediately after clause 5.2.5: |
|------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 5.2.13 | Sureties |
|--------|--------|----------|

| (f)        | by deleting clauses 5.4 and 5.5 of the Principal Corporate Guarantee in their entirety and inserting in their place the following new clauses 5.4 and 5.5: |
|------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "5.4 | Sanctions |
|--------|------|-----------|

|   | 5.4.1 | The Guarantor understands that certain of the Creditors (be it due to applicable laws or due to internal rules and regulations) are prohibited to conclude transactions or finance transactions with the government of or any person or entity owned or controlled by the government of "Restricted Countries" or "Restricted Persons". |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 5.5.1 | The Guarantor undertakes with the Security Agent that it will procure that all moneys payable to the Guarantor at any time throughout the Security Period and for whatever reason shall, unless and until the Security Agent (acting on the instructions of the Majority Banks) agrees in writing, be paid at all times to the BET Account. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.5.2 | The Guarantor hereby undertakes with the Security Agent that it will maintain in the BET Account from the Effective Date (as defined in the Fifth Supplemental Agreement) and at all times thereafter and throughout the Security Period a minimum cash balance which shall be at all times not less than the aggregate of: |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)    | such amount as is equal to the aggregate amounts that have been previously transferred to the BET Account by way of operation of clause 8.4 of the Agreement or clause 4.3.2 of the Agreement. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.5.3 | The Guarantor may not withdraw moneys from the BET Account at any time and for any purpose whatsoever except with the prior written consent of the Security Agent (acting on the instructions of all the Banks).". |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3   | Continued force and effect |
|-----------------|----------------------------|

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

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

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

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

----

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

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

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

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

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

----

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

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

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

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

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

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

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

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

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

----

| (a)        | the Principal Corporate Guarantee and the obligations of the Corporate Guarantor thereunder, shall remain and continue in full force and effect notwithstanding the said amendments to the Principal Agreement contained in this Agreement and the other arrangements referred to in clause 2; and |
|------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| (a)        | the Security Documents to which such Relevant Party is a party and the obligations of the relevant Relevant Party thereunder, shall remain and continue in full force and effect notwithstanding the said amendments to the Principal Agreement and the Principal Corporate Guarantee contained in this Agreement and the other arrangements referred to in clause 2; and |
|------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 7   | Expenses |
|---------------|----------|

| 7.1   | Expenses |
|-----------------|----------|

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

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

----

| 7.2   | Value Added Tax |
|-----------------|-----------------|

| 7.3   | Stamp and other duties |
|-----------------|------------------------|

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

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

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

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

----

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

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

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

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

----

|  Name                                                     |  Address                                                                          |
|----------------------------------------------------------------|----------------------------------------------------------------------------------------|
|  Citibank International plc                          |  Citigroup Centre33 Canada SquareLondon E14 5LBEngland                       |
|  Alpha Bank A.E.                                     |  Piraeus Shipping Division 96089 Akti Miaouli185 35 PiraeusGreece            |
|  Credit Suisse AG (formerly known as Credit Suisse)  |  St. Alban-Graben 1-3P.O. BoxCH4002 BasleSwitzerland                         |
|  The Governor and Company of the Bank of Ireland     |  Head OfficeLower Baggot StreetDublin 2Ireland                               |
|  Samba Financial Group, London Branch                |  Nigthtingale House65 Curzon StreetMayfairLondon W1J 8PFEngland              |
|  Agricultural Bank of Greece S.A., Piraeus Branch    |  37 Iroon Politechniou Street185 32 PiraeusGreece                            |
|  FBB-First Business Bank S.A.                        |  Shipping Division85 Akti Miaouli & 2 Flessa Street185 38 PiraeusGreece  |
|  Scotiabank Europe plc                                    |  Scotiabank Europe PLC201 Bishopsgate6th FloorLondon EC2M 3NSEngland         |

----

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

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

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

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

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

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

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

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

| 2   | Consents |
|---------------|----------|

----

| 3   | Legal opinions |
|---------------|----------------|

| 4   | Relevant Documents |
|---------------|--------------------|

| 5   | Process agent |
|---------------|---------------|

| 6   | New Earnings Accounts |
|---------------|-----------------------|

| 7   | Retention Account |
|---------------|-------------------|

| 8   | Security Requirement |
|---------------|----------------------|

| 9   | Registration forms |
|---------------|--------------------|

----

----

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

----

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

----

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