| Private & Confidential                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
|            Dated  March 31, 2011          FOURTH 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         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

----

| Clause                                                             |                                                                   | Page   |
|--------------------------------------------------------------------|------------------------------------------------------------------------|--------|
| 1                                                                  | Definitions                                                            | 2      |
| 2                                                                  | Consent of the Creditors                                               | 3      |
| 3                                                                  | Amendments to Principal Agreement and to Principal Corporate Guarantee | 3      |
| 4                                                                  | Representations and warranties                                         | 5      |
| 5                                                                  | Conditions                                                             | 6      |
| 6                                                                  | Security Parties' confirmations                                        | 7      |
| 7                                                                  | Fees and expenses                                                      | 7      |
| 8                                                                  | Miscellaneous and notices                                              | 8      |
| 9                                                                  | Applicable law                                                         | 9      |
|                                                               |                                                                   |   |
| Schedule 1 Names and addresses of the Banks                        | 10                                                                     |
| Schedule 2 Documents and evidence required as conditions precedent | 11                                                                     |

----

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

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

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

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

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

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

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

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

| (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, a supplemental letter dated 4 August 2010 and a third supplemental agreement dated 20 December 2010 (together the "Principal Agreement") made between (inter alios) (1) the Borrowers, as joint and several borrowers, (2) the Banks, (3) the Agent, (4) the Security Agent, (5) the Account Bank and (6) the Arranger, relating to a loan facility of up to Two hundred and twenty two million Dollars ($222,000,000), of which the principal amount outstanding at the date hereof is $101,714,980.10, 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 dated 30 September 2009 referred to above (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; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (a) | the temporary reduction of the minimum Equity Ratio requirement contained in clause 5.3.1 of the Principal Corporate Guarantee during the Amendment Period; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

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

| 1.3.1 | References in the Principal Agreement to "this Agreement" shall, with effect from the Effective Date and unless the context otherwise requires, be references to the Principal Agreement as amended by this Agreement and words such as "herein", "hereof", "hereunder", "hereafter", "hereby" and "hereto", where they appear in the Principal Agreement, shall be construed accordingly. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3.2 | 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 |
|--------|----------------|--------------------------|

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

| 2.1.1 | agree and consent to the matter set out in paragraph (a) of Recital (B) above; and |
|-------|------------------------------------------------------------------------------------|

| 2.1.2 | agree and consent to the amendment of the Principal Agreement on the terms set out in clause 3.1 and to the amendment of the Principal Corporate Guarantee on the terms set out in clause 3.2; and |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.1.3 | waive, for the avoidance of doubt, any breach of clause 5.3.1 of the Principal Corporate Guarantee, as it may have occurred prior to the Effective Date (i.e. including in respect of the Accounting Period ended on 31 December 2010) Provided however that, for the avoidance of doubt, such waiver shall not prejudice the Creditors' right to demand compliance by the Security Parties, and the Security Parties' obligation to comply, with such clause at any time after the Effective Date (as such clause is, during the Amendment Period, amended by this Agreement). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.2 | Payments |
|--------|-----|----------|

0

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

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

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

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

----

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

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

|   | (d) | for the period commencing on 25 September 2010 and ending on 31 December 2010, one point seven five per cent (1.75%) per annum; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | for the period commencing on 1 January 2011 and ending on 31 December 2011, two per cent (2%) per annum; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (f) | from 1 January 2012 and at all other times thereafter, one point seven five per cent (1.75%) per annum;"; |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

| 3.1.1 | by inserting the following new definition in clause 1.2 of the Principal Agreement in the correct alphabetical order: |
|-------|-----------------------------------------------------------------------------------------------------------------------|

| 3.1.2 | by inserting in the definition of "Security Documents" in clause 1.2 of the Principal Agreement after the words "the Third Supplemental Agreement," the words "the Fourth Supplemental Agreement,". |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 3.2.1 | by inserting the following new definition of "Second Amendment Period" in clause 1.2 of the Principal Corporate Guarantee in the correct alphabetical order: |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2.2 | by replacing in clause 5.2.1 of the Principal Corporate Guarantee the words "Amendment Period" in lines 6, 8 and 10, with the words "the Second Amendment Period"; |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2.3 | 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: |
|-------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the period between 30 June 2009 and 30 June 2010 (or during or by reference to any financial period falling within such period; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the period between 31 December 2010 and 31 December 2011 (or during or by reference to any financial period falling within such period)."; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2.4 | by deleting clause 5.3.1 of the Principal Corporate Guarantee in its entirety and by replacing it with the following new clause 5.3.1: |
|-------|----------------------------------------------------------------------------------------------------------------------------------------|

----

|   | "5.3.1 The Guarantor undertakes that it will ensure that: |
|--------|-----------------------------------------------------------|

|   | (a) | subject to paragraph (b) below, the Equity Ratio will not be, at the end of any Accounting Period or at any other time, lower than 0.3:1.0; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | at the end of the Accounting Periods ending on 31 December 2009, 30 June 2010, 30 June 2011 and 31 December 2011 and at any other times during such Accounting Periods, the Equity Ratio will not be lower than 0.175:1.0;"; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2.5 | by inserting in the heading of clause 5.4 of the Principal Corporate Guarantee after the words "Amendment Period" the words "and the Second Amendment Period"; |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2.6 | by inserting in the first and second lines of the first paragraph of clause 5.4, after the words "throughout the Amendment Period" the words "and throughout the Second Amendment Period"; |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2.7 | by inserting in the second line of clause 5.5.1 of the Principal Corporate Guarantee, after the words "Amendment Period" the words "and the Second Amendment Period"; and |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2.8 | by inserting in the third line of clause 5.5.2 of the Principal Corporate Guarantee, after the words "Amendment Period", the words "and the Second Amendment Period". |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | 3.4 | Valuations |
|--------|-----|------------|

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

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

| 4.1.1 | Existing representations and warranties |
|-------|-----------------------------------------|

| 4.1.2 | Corporate power |
|-------|-----------------|

----

| 4.1.3 | Binding obligations |
|-------|---------------------|

| 4.1.4 | No conflict with other obligations |
|-------|------------------------------------|

| 4.1.5 | No filings required |
|-------|---------------------|

| 4.1.6 | Choice of law |
|-------|---------------|

| 4.1.7 | Consents obtained |
|-------|-------------------|

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

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

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

----

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

| 5.2.1 | 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 |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2.2 | no Event of Default having occurred and continuing at the time of the Effective Date. |
|-------|---------------------------------------------------------------------------------------|

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

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

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

| 6.1.1 | 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 |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.1.2 | with effect from the Effective Date, references in the Principal Corporate Guarantee to "the Facility Agreement" or "the Agreement" or "the Loan Agreement" (or equivalent references) shall henceforth be references to the Principal Agreement as amended by this Agreement and as from time to time hereafter amended and shall also be deemed to include this Agreement and the obligations of the Borrowers hereunder. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 6.2.1 | 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 |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2.2 | 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 | Fees and expenses |
|--------|----------------|-------------------|

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

----

|   | 7.2 | Expenses |
|--------|-----|----------|

| 7.2.1 | in connection with the negotiation, preparation, execution and, where relevant, registration of any of the Relevant Documents and of any amendment or extension of or the granting of any waiver or consent under any of the Relevant Documents; |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2.2 | in contemplation of, or otherwise in connection with, the enforcement of, or preservation of any rights under any of the Relevant Documents or otherwise in respect of the monies owing and obligations incurred under any of the Relevant Documents, |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.3 | Value Added Tax |
|--------|-----|-----------------|

|   | 7.4 | 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                        |   |  47 - 49 Akti Miaouli185 36 PiraeusGreece                                  |
|  Alpha Bank A.E.                                   |   |  Piraeus Shipping Division 96089 Akti Miaouli185 35 PiraeusGreece          |
|  Credit Suisse AG                                  |   |  St. Alban-Graben 1-3P.O. BoxCH4002 BasleSwitzerland                       |
|  The Governor and Company of the Bank of Ireland   |   |  Head OfficeLower Baggot StreetDublin 2Ireland                             |
|  Samba Financial Group, London Branch              |   |  Nigthtingale House65 Curzon StreetMayfairLondon W1J 8PFEngland            |
|  Agricultural Bank of Greece S.A., Piraeus Branch  |   |  37 Iroon Politechniou Street185 32 PiraeusGreece                          |
|  FBB-First Business Bank S.A.                      |   |  Shipping Division62 Notara & Sotiros Dios Street185 35 PiraeusGreece  |
|  Scotiabank Europe plc                                  |   |  Scotiabank Europe PLCScotia House33 Finsbury SquareLondon EC1A 1BB        |

----

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

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

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

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

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

----

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

|   | 4 | Process agent |
|--------|---|---------------|

|   | 5 | Fee |
|--------|---|-----|

|   | 6 | Interest payments |
|--------|---|-------------------|

|   | 7 | 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                      | )      |   |                 |
| as Agent, Security Agent, Account Bank and Bank | )      |   | Attorney-in-fact     |
|                                            |   |   |                 |
| SIGNED by                                       | )      |   |                 |
| and by                                          | )      |   | Authorised Signatory |
| for and on behalf of                            | )      |   |                 |
| ALPHA BANK A.E.                                 | )      |   |                 |
| as Bank                                         | )      |   | Authorised Signatory |
|                                            |   |   |                 |
| SIGNED by                                       | )      |   |                 |
| for and on behalf of                            | )      |   |                 |
| CREDIT SUISSE                                   | )      |   |                 |
| as Bank                                         | )      |   | Attorney-in-fact     |
|                                            |   |   |                 |
| SIGNED by                                       | )      |   |                 |
| for and on behalf of                            | )      |   |                 |
| THE GOVERNOR AND COMPANY OF                     | )      |   |                 |
| THE BANK OF IRELAND                             | )      |   |                 |
| as Bank                                         | )      |   | Attorney-in-fact     |
|                                            |   |   |                 |
| SIGNED by                                       | )      |   |                 |
| for and on behalf of                            | )      |   |                 |
| SAMBA FINANCIAL GROUP, LONDON BRANCH            | )      |   |                 |
| as Bank                                         | )      |   | Authorised Signatory |
|                                            |   |   |                 |
| SIGNED by                                       | )      |   |                 |
| for and on behalf of                            | )      |   |                 |
| AGRICULTURAL BANK OF GREECE S.A.,               | )      |   |                 |
| PIRAEUS BRANCH                                  | )      |   |                 |
| as Bank                                         |   |   | Authorised Signatory |
|                                            |   |   |                 |
|                                            |   |   |                 |
|                                            |   |   |                 |

----

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

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