| To:    | Maritime Grace Shipping Limited   |
|--------|-----------------------------------|
|   | Maritime Glory Shipping Limited   |
|   | (as joint and several borrowers)  |
|   |                              |
|   | and                               |
|   |                              |
|   | Maritime Capital Shipping Limited |
|   | (as guarantor)                    |
|   |                              |
|   | all of Unit 2203, 22nd Floor      |
|   | Golden Centre                     |
|   | 188 Des Voeux Road Central        |
|   | Hong Kong                         |
|   |                              |
| Date:  | 24 October 2012                   |

| The Hongkong and Shanghai Banking Corporation Limited    |   |              |
|----------------------------------------------------------|--------|-------------------|
| Hong Kong Main Office: 1 Queen's Road Central, Hong Kong |   |              |
| Tel: 2822 1111 Fax:                                      |   |              |
| SWIFT: HSBCHKHH                                          |   |              |
| www.hsbc.com.hk                                          |   | Page _____/______ |
|                                                     |   |              |

----

| Ref:                              |   |            |
|-----------------------------------|--------|-----------------|
|                              |   |            |
| Maritime Grace Shipping Limited   |   |            |
| Maritime Glory Shipping Limited   |   |            |
| Maritime Capital Shipping Limited |   | 24 October 2012 |
|                              |   |            |
| -2-                               |

| The Hongkong and Shanghai Banking Corporation Limited    |   |              |
|----------------------------------------------------------|--------|-------------------|
| Hong Kong Main Office: 1 Queen's Road Central, Hong Kong |   |              |
| Tel: 2822 1111 Fax:                                      |   |              |
| SWIFT: HSBCHKHH                                          |   |              |
| www.hsbc.com.hk                                          |   | Page _____/______ |
|                                                     |   |              |

----

| Ref:                              |   |            |
|-----------------------------------|--------|-----------------|
|                              |   |            |
| Maritime Grace Shipping Limited   |   |            |
| Maritime Glory Shipping Limited   |   |            |
| Maritime Capital Shipping Limited |   | 24 October 2012 |
|                              |   |            |
| -3-                               |

| /s/ Fiona Lee                                       |   |
|-----------------------------------------------------|--------|
| Name: Fiona Lee                                     |   |
| Title: Senior Loan Management Manager AMH & ASP |
|                                                |   |
|                                                |   |

| For and on behalf of              |                  | For and on behalf of            |
|-----------------------------------|-----------------------|---------------------------------|
| Maritime Grace Shipping Limited   |                  | Maritime Glory Shipping Limited |
| by:                               |                  | by:                             |
|                              |                  |                            |
| /s/ Georgios Stavrakakis          |                  | /s/ Georgios Stavrakakis        |
| Name:                             | Georgios Stavrakakis  |                            | Name: | Georgios Stavrakakis |
| Title:                            | Authorised Signatory  |                            | Title: | Authorised Signatory |
|                              |                  |                            |   |   |
|                              |                  |                            |
| /s/ Christina Anagnostara         |                  | /s/ Christina Anagnostara       |
| Name:                             | Christina Anagnostara |                            | Name: | Christina Anagnostara |
| Title:                            | Authorised Signatory  |                            | Title: | Authorised Signatory |
|                              |                  |                            |   |   |
|                              |                  |                            |   |   |
| For and on behalf of              |                  |                            |
| Maritime Capital Shipping Limited |                  |                            |
| by:                               |                  |                            |
|                              |                  |                            |
| /s/ Christina Anagnostara         |                  | /s/ Georgios Stavrakakis        |
| Name:                             | Christina Anagnostara |                            | Name: | Georgios Stavrakakis |
| Title:                            | Authorised Signatory  |                            | Title: | Authorised Signatory |
|                              |                  |                            |   |   |

| The Hongkong and Shanghai Banking Corporation Limited    |   |              |
|----------------------------------------------------------|--------|-------------------|
| Hong Kong Main Office: 1 Queen's Road Central, Hong Kong |   |              |
| Tel: 2822 1111 Fax:                                      |   |              |
| SWIFT: HSBCHKHH                                          |   |              |
| www.hsbc.com.hk                                          |   | Page _____/______ |
|                                                     |   |              |

----

| To:    | Maritime Grace Shipping Limited   |
|--------|-----------------------------------|
|   | Maritime Glory Shipping Limited   |
|   | (as joint and several borrowers)  |
|   |                              |
|   | and                               |
|   |                              |
|   | Maritime Capital Shipping Limited |
|   | (as guarantor)                    |
|   |                              |
|   | all of Unit 2203, 22nd Floor      |
|   | Golden Centre                     |
|   | 188 Des Voeux Road Central        |
|   | Hong Kong                         |
|   |                              |
| Date:  | 4 September 2012                  |

| (a) | The waiver period ("Waiver Period") will commence on the date of your acceptance of this letter until 31 October 2012 or the occurrence of a Triggering Event whichever occurs first; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| The Hongkong and Shanghai Banking Corporation Limited    |   |              |
|----------------------------------------------------------|--------|-------------------|
| Hong Kong Main Office: 1 Queen's Road Central, Hong Kong |   |              |
| Tel: 2822 1111 Fax:                                      |   |              |
| SWIFT: HSBCHKHH                                          |   |              |
| www.hsbc.com.hk                                          |   | Page _____/______ |
|                                                     |   |              |

----

| Ref:                              |   |             |
|-----------------------------------|--------|------------------|
|                              |   |             |
| Maritime Grace Shipping Limited   |   |             |
| Maritime Glory Shipping Limited   |   |             |
| Maritime Capital Shipping Limited |   | 4 September 2012 |
|                              |   |             |
| -2-                               |

| (b) | The Borrowers shall use their best endeavours to sell the Vessels on or before 31 October 2012 at a price sufficient to repay in full each Facility and all interest accrued and other sums owing in respect thereof; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The Borrowers will keep the Agent fully informed of any proposed sale (including advising on the sale price, the completion date, commissions and brokerage payable and other material commercial provisions) and will ensure that the sale and purchase agreement shall provide for the sale proceeds to be remitted direct to the Agent; the sale proceeds shall be applied by the Agent (and the relevant Borrower hereby authorizes and instructs the Agent to so apply such sale proceeds) in payment of the Liabilities; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | The Borrowers will provide the Agent within five days from the date of this letter and not Iess than weekly thereafter details of each Vessel's location, cargo and voyage itinerary for at least the following three weeks; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | The Borrowers shall pay interest on each Facility in accordance with the terms of the Facility Agreement on the last day of each Interest Period but (for the avoidance of doubt) shall not be obligated to make any payments of principal, make retention payments or maintain a minimum liquidity balance during the Waiver Period; and |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | Whether or not the Vessels are sold in accordance with this letter, the Borrowers shall repay all the Liabilities still outstanding not later than 31 October 2012. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| The Hongkong and Shanghai Banking Corporation Limited    |   |              |
|----------------------------------------------------------|--------|-------------------|
| Hong Kong Main Office: 1 Queen's Road Central, Hong Kong |   |              |
| Tel: 2822 1111 Fax:                                      |   |              |
| SWIFT: HSBCHKHH                                          |   |              |
| www.hsbc.com.hk                                          |   | Page _____/______ |
|                                                     |   |              |

----

| Ref:                              |   |             |
|-----------------------------------|--------|------------------|
|                              |   |             |
| Maritime Grace Shipping Limited   |   |             |
| Maritime Glory Shipping Limited   |   |             |
| Maritime Capital Shipping Limited |   | 4 September 2012 |
|                              |   |             |
| -3-                               |

| /s/ Fiona Lee                                       |   |
|-----------------------------------------------------|--------|
| Name: Fiona Lee                                     |   |
| Title: Senior Loan Management Manager AMH & ASP |
|                                                |   |
|                                                |   |

| For and on behalf of              |                  | For and on behalf of            |
|-----------------------------------|-----------------------|---------------------------------|
| Maritime Grace Shipping Limited   |                  | Maritime Glory Shipping Limited |
| by:                               |                  | by:                             |
|                              |                  |                            |
| /s/ Dale Ploughman                |                  | /s/ Dale Ploughman              |
| Name:                             | Dale Ploughman        |                            | Name: | Dale Ploughman |
| Title:                            | Director              |                            | Title: | Director |
|                              |                  |                            |   |   |
|                              |                  |                            |
| /s/ Christina Anagnostara         |                  | /s/ Christina Anagnostara       |
| Name:                             | Christina Anagnostara |                            | Name: | Christina Anagnostara |
| Title:                            | Director              |                            | Title: | Director |
|                              |                  |                            |   |   |
|                              |                  |                            |   |   |
| For and on behalf of              |                  |                            |
| Maritime Capital Shipping Limited |                  |                            |
| by:                               |                  |                            |
|                              |                  |                            |
| /s/ Dale Ploughman                |                  | /s/ Christina Anagnostara       |
| Name:                             | Dale Ploughman        |                            | Name: | Christina Anagnostara |
| Title:                            | Director              |                            | Title: | Director |
|                              |                  |                            |   |   |

| The Hongkong and Shanghai Banking Corporation Limited    |   |              |
|----------------------------------------------------------|--------|-------------------|
| Hong Kong Main Office: 1 Queen's Road Central, Hong Kong |   |              |
| Tel: 2822 1111 Fax:                                      |   |              |
| SWIFT: HSBCHKHH                                          |   |              |
| www.hsbc.com.hk                                          |   | Page _____/______ |
|                                                     |   |              |