Exhibit 4.36.4   Date
29 March 2004   KTL KENSINGTON, INC. as Owner   -and-  THE ROYAL BANK OF SCOTLAND plc as Lender   GENERAL ASSIGNMENT   relating to
m.v. KENSINGTON   WATSON, FARLEY & WILLIAMS London  
   INDEX  Clause1
  
  DEFINITIONS AND
  INTERPRETATION2
  
  COVENANT TO PAY3
  
  ASSIGNMENTS AND
  FLOATING CHARGE4
  
  EARNINGS, INSURANCES AND REQUISITION
  COMPENSATION5
  
  REPRESENTATIONS AND
  WARRANTIES6
  
  COVENANTS7
  
  PROTECTION OF SECURITY8
  
  ENFORCEABILITY AND
  LENDERS POWERS9
  
  APPLICATION OF MONEYS10
  
  FURTHER ASSURANCES11
  
  POWER OF ATTORNEY12
  
  INCORPORATION
  OF LOAN AGREEMENT PROVISIONS13
  
  SUPPLEMENTAL14
  
  LAW AND JURISDICTIONEXECUTION PAGE  
    THIS DEED is made
on 29 March 2004  BETWEEN  (1)KTL KENSINGTON, INC., a company incorporated in Liberia whose registered office is at 80
Broad Street, Monrovia, Liberia (the Owner); and  (2)THE ROYAL BANK OF SCOTLAND
plc, acting through its office at Shipping Business
Centre, 5-10 Great Tower Street, London EC3P 3HX (the Lender which expression
includes its successors and assigns)  BACKGROUND  (A)By a loan agreement dated 2 March 2004 and made
between (i) Knightsbridge Tankers Limited (the Borrower), (ii) KTL
Hampstead, Inc., KTL Chelsea, Inc., KTL Mayfair, Inc., KTL Camden, Inc. and the
Owner and (iii) the Lender it was agreed that the Lender would make available
to the Borrower a facility of up to US$140,000,000 by way of up to five (5)
separate advances.  (B)By certain agreements (each a Daylight Funding Agreement)
dated
                                                          2004
and made between, among others, each New Owner and the Lender it was agreed
that the Lender would advance to each New Owner by way of a single advance and
by way of overdraft a facility of approximately US$40,000000 per New Owner for
the purpose of financing the balance of that New Owners obligation to pay the
purchase price of the Ship to be acquired by it in excess of the amount
available for that purpose under the Loan Agreement.  By the guarantee contained in clause 10 of the Loan Agreement each
New Owner guarantees the liabilities of each other New Owner under, inter alia,
its Daylight Funding Agreement.  A copy
of the form of each Daylight Funding Agreement is annexed to the Mortgage (the
Mortgage)
marked B.  (C)It is one of the conditions precedent to (i) the
availability of the facility under the Loan Agreement and (ii) the facility
under the Owners Daylight Funding Agreement that the Owner executes, delivers
and registers a Mortgage and enters into this Deed.  (D)The Owner has executed a Mortgage in favour of the
Lender.  (E)This Deed supplements the Loan Agreement and the
Mortgage executed by the Owner and is one of the General Assignments referred
to in the Loan Agreement.  IT IS AGREED as
follows:  1DEFINITIONS AND INTERPRETATION  1.1Defined expressions.  Words and expressions defined in the Loan
Agreement shall have the same meanings when used in this Deed unless the
context otherwise requires.  1.2Definitions.  In this Deed, unless the contrary intention appears:  Charter  means any charter relating to the Ship, or
other contract for its employment, whether or not already in existence;  
   Charter
Guarantee means any guarantee, bond, letter of credit or other
instrument (whether or not already issued) supporting a Charter;  Loan
Agreement  means the loan
agreement dated 2 March 2004 referred to in Recital (A);  Receiver  means any receiver and/or manager (or joint
receivers and/or managers) appointed under Clause 8.3;  Secured
Assets  means those assets
of the Owner:  (a)mortgaged or charged by
Clause 3.1; or  (b)covered by the floating
charge in Clause 3.2; or  (c)mortgaged or charged by any
other Finance Document to which the Owner is a party;  Secured
Liabilities  means all
liabilities which the Borrower, the New Owners, the other Security Parties or
any of them have, at the date of this Deed or at any later time or times, to
the Lender under or in connection with any Finance Document or the Master
Agreement or any judgment relating to any Finance Document or the Master
Agreement (including, without limitation, the liabilities of the New Owners as
joint and several guarantors of the liabilities of the Borrower and each other
New Owner, as contained in clause 10 of the Loan Agreement); and for this
purpose, there shall be disregarded any total or partial discharge of these
liabilities, or variation of their terms, which is effected by, or in
connection with, any bankruptcy, liquidation, arrangement or other procedure
under the insolvency laws of any country; and  Ship  means the vessel KENSINGTON documented in
the name of the Owner under the laws and flag of the Marshall Islands under
Official Number 2035 and includes any share or interest in that vessel and its
engines, machinery, boats, tackle, outfit, spare gear, fuel, consumable or
other stores, belongings and appurtenances whether on board or ashore and
whether now owned or hereafter acquired.  1.3Application of construction and interpretation provisions of Loan
Agreement. 
Clauses 1.2 and 1.5 of the Loan Agreement apply, with any necessary
modifications, to this Deed.  1.4Inconsistency between Loan Agreement provisions and this Deed.  This Deed shall be read
together with the other Finance Documents, but in case of any conflict between
the Loan Agreement and this Deed, the provisions of the Loan Agreement shall
prevail.  1.5Continuing effect after discharge of Mortgage.  Notwithstanding that this
Deed supplements the Loan Agreement and the Mortgage, it shall continue in full
force and effect after any discharge of the Mortgage.  1.6Inconsistency between provisions of specific mortgages and this
Deed.  Any
specific mortgage which the Owner may effect in respect of any Charter or
Charter Guarantee to secure the Secured Liabilities shall be in addition to
this Deed; but in the event of any conflict between the provisions of such a
mortgage and the provisions of this Deed, the  2    provisions
of the mortgage shall prevail; and for this purpose mortgage includes assignment
and charge.  2COVENANT TO PAY  2.1Covenant to pay Secured Liabilities.  The Owner covenants with the Lender:  (a)duly
and punctually to pay the Secured Liabilities; and  (b)to
observe and perform all its other obligations under the Finance Documents.  3ASSIGNMENTS AND FLOATING CHARGE  3.1Assignments.  The Owner, with full title guarantee, assigns to the Lender
absolutely all rights and interests which now or at any later time it has to,
in or in connection with:  (a)the
Earnings;  (b)the
Insurances;  (c)any
Charter;  (d)any
Charter Guarantee; and  (e)any
Requisition Compensation.  Each Security Interest created by each
paragraph in this Clause 3.1 is a separate and independent Security Interest
and if any one of them is to be construed and categorised as a floating charge
that shall not result in the others being so construed or categorised.  3.2General floating charge. As security for payment of the Secured
Liabilities, the Owner charges in favour of the Lender, by way of first floating
charge and (where applicable) with full title guarantee, all its undertaking
and all its assets whatsoever and wheresoever, both present and future, except
those assets mortgaged or charged by Clause 3.1 or by any other Finance
Document to which the Owner is a party.  3.3Continuing security.  This Deed shall remain in force until the
end of the Security Period as a continuing security and, in particular:  (a)the
Security Interests created by Clauses 3.1 and 3.2 shall not be satisfied by any
intermediate payment or satisfaction of the Secured Liabilities;  (b)the
Security Interests created by Clauses 3.1 and 3.2, and the rights of the Lender
under this Deed, are only capable of being extinguished, limited or otherwise
adversely affected by an express and specific term in a document signed by or
on behalf of the Lender;  (c)no
failure or delay by or on behalf of the Lender to enforce or exercise a
Security Interest created by Clause 3.1 or Clause 3.2 or a right of the Lender
under this Deed, and no act, course of conduct, acquiescence or failure to act
(or to prevent the Owner from taking certain action) which is inconsistent with
such a Security Interest or such a right or with such a Security Interest being
a fixed security shall preclude or estop the Lender (either permanently or
temporarily) from enforcing or exercising it or result in a Security Interest
expressed to be a fixed security taking effect as a floating security; and  3    (d)this
Deed shall be additional to, and shall not in any way impair or be impaired by:  (i)any
other Security Interest whether in relation to property of the Owner or that of
a third party; or  (ii)any
other right of recourse as against the Owner or any third party,  (iii)which
the Lender now or subsequently has in respect of any of the Secured
Liabilities.  3.4No obligations imposed on Lender.  The Owner shall remain liable to perform all
obligations connected with the Secured Assets and the Lender shall not, in any
circumstances, have or incur any obligation of any kind in connection with the
Secured Assets.  3.5Notice of assignment.  The Owner shall, upon the written request of
the Lender, give written notice (in such form as the Lender shall require) of
the assignments contained in Clause 3.1 to any person from whom any part of the
Secured Assets is or may be due.  3.6Negative pledge; disposal of assets.  The Owner shall not sell, create any
Security Interest not exclusively securing the Secured Liabilities over or otherwise
dispose of any items of the Secured Assets or any right relating to any item of
the Secured Assets.  However, this
Clause 3.6 does not apply to the assets covered by the floating charge in
Clause 3.2.  3.7Release of security.  At the end of the Security Period, the
Lender will, at the request and cost of the Owner, re-assign (without any
warranty, representation, covenant or other recourse) to the Owner such rights
as the Lender then has to, or in connection with, the assets assigned in Clause
3.1 and release the floating charge created in Clause 3.2.  3.8Insolvency Act 1986.  Paragraph 14 of Schedule B1 to the
Insolvency Act 1986 applies to the floating charge created by Clause 3.2 and to
any other charge created by this Deed which is to be construed and categorised
as a floating charge.  4EARNINGS, INSURANCES AND REQUISITION COMPENSATION  4.1Receipt of Earnings.  The Earnings shall be paid to the Operating
Account of the Owner for application in accordance with clause 17 of the Loan
Agreement until an Event of Default occurs, whereupon:  (a)the
Owner shall forthwith, and the Lender may at any time thereafter, instruct all
persons from whom the Earnings are due to pay them to the Lender or as it may
direct; and  (b)any
sum in respect of Earnings then held by the Owners brokers, bankers or other
agents or representatives shall be deemed to have been received by and to be
held by them on trust for the Lender.  4.2Receipt of Insurances before an Event of Default.  Before an Event of Default
occurs, sums recoverable in respect of the Insurances shall be payable as
follows:  (a)any
sum recoverable in respect of a Total Loss under the Insurances against fire
and usual marine risks and war risks shall be paid to the Lender; and  4    (b)any
sum recoverable in respect of a Major Casualty under the Insurances against
fire and usual marine risks and war risks shall be paid to the Lender but so
that:  (i)the
sum received by the Lender shall be paid over to the Owner upon the Owner
providing evidence satisfactory to the Lender that all loss and damage
resulting from the casualty has been properly made good and repaired and that
all repair accounts and other liabilities connected with the casualty have been
paid by the Owner; and  (ii)the
insurers with whom the fire and usual marine risks and war risks insurances are
effected may in the case of any Major Casualty, and with the prior written
consent of the Lender make payment on account of the repairs which are being
carried out; and  (c)any
other sum recoverable under the Insurances against fire and usual marine risks
and war risks shall be paid to the Owner which shall apply it in making good
the loss and fully repairing all damage in respect of which that insurance
money was received; and  (d)any
sum recoverable under the Insurances against protection and indemnity risks
shall be paid direct to the person to whom was incurred the liability to which
such sum relates (or to the Owner in reimbursement to it of moneys expended to
discharge that liability).  4.3Receipt of Insurances after an Event of Default.  On or after the occurrence
of an Event of Default any sums recoverable under the Insurances shall be
payable to the Lender.  4.4Receipt of Requisition Compensation.  Any Requisition Compensation shall at all
times be payable to the Lender.  5REPRESENTATIONS AND WARRANTIES  5.1General.  The Owner represents and warrants to the Lender as follows.  5.2Repetition of Loan Agreement representations and warranties.  The representations and
warranties in clause 11 of the Loan Agreement remain true and not misleading if
repeated on the date of this Deed with reference to the circumstances now
existing.  5.3No Charter.  Except as disclosed by the Owner to the Lender in writing, the
Ship is not subject to any Charter.  5.4Compliance with Environmental Laws.  All Environmental Laws relating to its
ownership, operation and management and the business of the Owner (as now
conducted and as reasonably anticipated to be conducted in the future) have
been complied with.  5.5No Environmental Claim.  No Environmental Claim has been made or
threatened against the Owner or otherwise in connection with the Ship.  5.6No Environmental Incident.  No Environmental Incident has occurred and
no person has claimed that an Environmental Incident has occurred.  5    6COVENANTS  6.1General.  The Owner shall comply with the following provisions of this
Clause 6 at all times during the Security Period except as the Lender may
otherwise permit.  6.2Insurance and Ship covenants.  The Owner shall comply with the provisions
of clauses 14 (insurance) and 15 (ship covenants) of the Loan Agreement.  7PROTECTION OF SECURITY  7.1Lenders right to protect or maintain security.  The Lender may take any
action which it may think fit for the purpose of protecting or maintaining the
security created by this Deed or for any similar or related purpose.  7.2Lenders right to insure, repair etc.  Without limiting the generality of Clause
7.1, if the Owner does not comply with Clause 6, the Lender may:  (a)effect,
replace and renew any Insurances;  (b)arrange
for the carrying out of such surveys and/or repairs of the Ship as it deems
expedient or necessary; and  (c)discharge
any liabilities charged on the Ship, or otherwise relating to or affecting it,
and/or take any measures which the Lender may think expedient or necessary for
the purpose of preventing its arrest and securing its release.  8ENFORCEABILITY AND LENDERS POWERS  8.1Right to enforce security.  If an Event of Default occurs and
irrespective of whether a notice has been served under clause 18.2 of the Loan
Agreement (and without the necessity for any court order in any jurisdiction to
the effect that an Event of Default has occurred or that the security
constituted by this Deed has become enforceable):  (a)the
security constituted by this Deed shall immediately become enforceable for all
purposes (including those of paragraph 14 of Schedule B1 of the Insolvency Act
1986); and  (b)the
Lender shall be entitled at any time or times to serve a notice on the Owner
crystallising each charge created by this Deed which is a floating charge; and  (c)the
Lender shall be entitled at any time or times to exercise the powers set out in
this Clause 8 and in any other Finance Document; and  (d)the
Lender shall be entitled at any time or times:  (i)to
exercise the powers possessed by it as assignee of any item of the Secured
Assets conferred by the law of any country or territory in which any item of
the Secured Assets is physically present or deemed to be sited the courts of
which have or claim any jurisdiction in respect of the Owner or any item of the
Secured Assets; and  6    (ii)without
limiting the scope of the Lenders powers under sub-paragraph (i), to exercise
the powers possessed by it as a creditor or as a person with a Security
Interest in any item of the Secured Assets conferred by English law.  8.2Right to take possession, sell etc.  On the occurrence of an Event of Default,
the Lender shall be entitled then or at any later times or times:  (a)to
require that all policies and other documents relating to the Insurances
(including details of and correspondence concerning outstanding claims) be
forthwith delivered to or to the order of the Lender;  (b)to
collect, recover and give a good discharge for any moneys or claims forming
part of, or arising in relation to, any item of the Secured Assets and to
permit any brokers through whom collection or recovery is effected to charge
the usual brokerage therefor;  (c)to
take over or commence or defend (if necessary using the name of the Owner) any
claims or proceedings relating to, or affecting, any item of the Secured Assets
which the Lender may think fit and to abandon, release or settle in any way any
such claims or proceedings; and  (d)generally,
to enter into any transaction or arrangement of any kind and to do anything in
relation to any item of the Secured Assets which the Lender may think fit.  8.3Power to appoint receiver.  The Lender shall have the power, at any time
after the Security Interests created by this Deed have become enforceable, to
appoint a receiver or joint receivers of all the Secured Assets or of such item
of the Secured Assets as may be specified or described in the appointment; and,
unless the appointment otherwise provides, it shall be deemed to cover the
whole or substantially the whole of the Secured Assets.  8.4Administrative receiver.If the appointment of the receiver or the joint receivers under
Clause 8.3 covers the whole or substantially the whole of the Secured Assets,
he or they shall be an administrative receiver or administrative receivers,
unless the provisions of the Insolvency Act 1986 relating to an administrative
receiver are not applicable to a receiver of property of a company such as the
Owner.  In that case, section 42 of the Insolvency
Act 1986 and Schedule 1 to that Act (general powers of an administrative
receiver) shall nevertheless be deemed to be incorporated into this Deed with
any necessary modifications.    8.5Receivers powers in relation to Ship.  Without prejudice to Clause 8.4, it is specifically
declared that, if the appointment of a Receiver comprises the Ship, he shall
have power to commence, defend and settle any proceedings or take any other
steps with a view or relating to the arrest of the Ship or in connection with
any other matter relating to the Ship, to operate the Ship (and to issue bills
of lading and other documents in the name of the Owner), to enter into
charterparties, insurances and other contracts in respect of the Ship, to sell
the Ship and to do all things which appear to the Receiver to be conducive to
or connected with any of the foregoing.  8.6Administrator.  To the intent that the Lender shall be the holder of a qualifying
floating charge in respect of the Owners property for the purposes of the
Insolvency Act 1986 and the Enterprise Act 2002, it is hereby declared that, in
addition to the power to appoint  7    a receiver or an administrative receiver contained in
Clause 8.3, the Lender shall have power, after all relevant floating charges
have become enforceable, to appoint an administrator of the Owner or, at the
option of the Lender, to apply to the court for an administration order in
respect of the Owner.  8.7Supplementary provisions regarding Receivers.  The
following shall have effect as regards any Receiver appointed under this Clause
8:  (a)the
appointment shall be by deed or, at the Lenders option, by a document signed
by any of its officers; and an appointment in respect of some only of the
Secured Assets may later be extended to all or some of the other Secured
Assets;  (b)to the
fullest extent permitted by law, a Receiver shall be the Owners agent, and the
Owner shall be responsible, to the exclusion of any liability on the part of
the Lender, for his remuneration and for his contracts, acts and defaults;  (c)the
remuneration of a Receiver and the other terms of his appointment shall be
fixed, and may be revised, by the Lender;  (d)the
Lender may exercise any of the powers conferred by the Finance Documents while
a Receiver is in office and is acting;  (e)the
Owner irrevocably and by way of security appoints every Receiver its attorney
on its behalf and in its name or otherwise to execute or sign any document and
do any act or thing which that Receiver considers necessary or desirable with a
view to or in connection with any exercise or proposed exercise of any of his
powers;  (f)a
Receiver may delegate any of his powers to any person or persons and may do so
on terms authorising successive sub-delegations;  (g)in the
case of joint Receivers, any of their powers may be exercised by any one or
more of them, unless their appointment specifically states the contrary;  (h)in the
event that a Receiver is not an administrative receiver, the Lender may remove
him, with or without appointing another Receiver; and such a removal may be
effected by a document signed by any of the Lenders officers;  (i)the
Lender may appoint a Receiver to replace a Receiver who has resigned or for any
other reason ceased to hold office;  (j)a
Receiver shall be entitled to retain out of any money received by him such
amounts in respect of his expenses or the following indemnity (or to cover
estimated future expenses or amounts due under the following indemnity) as he
may from time to time agree with the Lender; and  (k)the
Owner shall, on a Receivers demand, fully indemnify that Receiver and every
person employed by or acting for him in respect of all claims, expenses,
liabilities and losses which are made or brought against or incurred by that
Receiver or person, or which that Receiver reasonably and with due diligence
estimates that he or such a person may incur, as a result of or in connection
with any action taken or omitted to be taken in relation to the Secured Assets
or any other matter or event relating to the Secured Assets, including any
accident or incident involving or caused by the Ship; and neither a Receiver
nor such  8    a person shall have any liability to the Owner in any
circumstances save proven dishonesty on the part of that Receiver or person
himself.  8.8Law of Property Act 1925 not applicable.  The Owner hereby waives the entitlement
conferred by section 93 of the Law of Property Act 1925 and agrees that section
103 of that Act shall not apply to the security created by this Deed.  8.9No liability of Lender or Receiver.  Neither the Lender nor any Receiver shall be
obliged to check the nature or sufficiency of any payment received by it or him
under this Deed or to preserve, exercise or enforce any right forming part of,
or relating to, any item of the Secured Assets.  9APPLICATION OF MONEYS  9.1Application.  All sums received by the Lender or by a Receiver:  (a)in
respect of the Earnings following a direction made by the Lender under Clause
4.1;  (b)under
the Insurances (except any sum received by the Lender in respect of a Major
Casualty which has been paid over to the Owner under Clause 4.2(b));  (c)in
respect of Requisition Compensation;  (d)in
respect of any transaction or arrangement under Clause 8.1, 8.2, 8.3, 8.5 or
8.7,  shall be held
by the Lender or the Receiver upon trust in the first place to pay or discharge
any expenses or liabilities (including any interest) which have been paid or
incurred by the Lender or any Receiver in or connection with the exercise of
their respective powers and to apply the balance in accordance with clause 21
of the Loan Agreement.   10FURTHER ASSURANCES  10.1Owners obligation to execute further documents etc.  The Owner shall:  (a)execute
and deliver to the Lender (or as it may direct) any assignment, mortgage, power
of attorney, proxy or other document, governed by the law of England or such
other country as the Lender may, in any particular case, specify;  (b)effect
any registration or notarisation, give any notice or take any other step;  which the
Lender may, by notice to the Owner, specify for any of the purposes described
in Clause 10.2 or for any similar or related purpose.  10.2Purposes of further assurances.  The purposes referred to in Clause 10.1 are:  (a)validly
and effectively to create any Security Interest or right of any kind which the
Lender intended should be created by or pursuant to this Deed or any other
Finance Document;  (b)to
create a specific mortgage or assignment of any particular item of the Secured
Assets or otherwise to vest in the Lender the title to any particular item of
the Secured Assets;  9    (c)to
protect the priority, or increase the effectiveness, in any jurisdiction of any
Security Interest which is created, or which the Lender intended should be
created, by or pursuant to the Mortgage, this Deed or any other Finance
Document;  (d)to
enable or assist the Lender or a Receiver to sell or otherwise deal with any
item of the Secured Assets, to transfer title to, or grant any interest or
right relating to, any item of the Secured Assets or to exercise any power
which is referred to in Clause 8.1 above or which is conferred by any Finance
Document;  (e)to
enable or assist the Lender to enter into any transaction to commence, defend
or conduct any proceedings and/or to take any other action relating to any item
of the Secured Assets in any country or under the law of any country.  10.3Terms of further assurances.  The Lender may specify the terms of any
document to be executed by the Owner under Clause 10.1, and those terms may
include any covenants, powers and provisions which the Lender considers
appropriate to protect its or a Receivers interests.  10.4Obligation to comply with notice.  The Owner shall comply with a notice under
Clause 10.1 by the date specified in the notice.  10.5Additional corporate action.  At the same time as the Owner delivers to
the Lender any document executed under Clause 10.1(a), the Owner shall also
deliver to the Lender a certificate signed by 2 of the Owners directors which
shall:  (a)set
out the text of a resolution of the Owners directors specifically authorising
the execution of the document specified by the Lender; and  (b)state
that either the resolution was duly passed at a meeting of the directors
validly convened and held throughout which a quorum of directors entitled to
vote on the resolution was present or that the resolution has been signed by
all the directors and is valid under the Owners articles of association or
other constitutional documents.  11POWER OF ATTORNEY  11.1Appointment.  For the purpose of securing the Lenders interest in the Secured
Assets and the due and punctual performance of its obligations to the Lender
under this Deed and every other Finance Document, the Owner irrevocably and by
way of security appoints the Lender its attorney, on behalf of the Owner and in
its name or otherwise, to execute or sign any document and do any act or thing
which the Owner is obliged to do under any Finance Document.  11.2Ratification of actions of attorney.  For the avoidance of doubt and without
limiting the generality of Clause 11.1, it is confirmed that it authorises the
Lender to execute on behalf of the Owner a document ratifying by the Owner any
transaction or action which the Lender and/or a Receiver has purported to enter
into or to take and which the Lender considers was or might have been outside
his powers or otherwise invalid.  11.3Delegation.  The Lender may sub-delegate to any person or persons (including a
Receiver and persons designated by him) all or any of the powers (including the
discretions) conferred on the Lender by Clauses 11.1 and/or 11.2, and may do so
on terms authorising successive sub-delegations.  10    12INCORPORATION OF LOAN AGREEMENT PROVISIONS  12.1Incorporation of specific provisions.  The following provisions of the Loan
Agreement apply to this Deed as if they were expressly incorporated therein
with any necessary modifications:  clause 24, no
set-off or tax deduction;  clause 29,
variations and waivers;  clause 30, notices;  clause 31,
supplemental.  12.2Incorporation of general provisions.  Clause 12.1 is without prejudice to the
application to this Deed of any provision of the Loan Agreement which, by its
terms, applies or relates to the Finance Documents generally.  13SUPPLEMENTAL  13.1No restriction on other rights.  Nothing in this Deed shall be taken to
exclude or restrict any power, right or remedy which the Lender may at any time
have under:  (a)any
other Finance Document; or  (b)the
law of any country or territory the courts of which have or claim any
jurisdiction in respect of the Owner, the Ship or any other item of the Secured
Assets.  13.2Exercise of other rights.  The Lender may exercise any right under this
Deed before it has exercised any right referred to in Clause 13.1(a) or (b)
above.  13.3Settlement or discharge conditional.  Any settlement or discharge under this Deed
between the Lender and the Owner shall be conditional upon no security or
payment to the Lender by the Owner or any other person being set aside,
adjusted or ordered to be repaid, whether under any insolvency law or
otherwise.  13.4Third party rights.  A person who is not a party to this Deed has
no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or
to enjoy the benefit of any term of this Deed.  14LAW AND JURISDICTION  14.1English law.  This Deed shall be governed by, and construed in accordance with,
English law.  14.2Exclusive English jurisdiction.  Subject to Clause 14.3, the courts of
England shall have exclusive jurisdiction to settle any disputes which may
arise out of or in connection with this Deed.  14.3Choice of forum for the exclusive benefit of the Lender.  Clause 14.2 is for the
exclusive benefit of the Lender, which reserves the rights:  11    (a)to
commence proceedings in relation to any matter which arises out of or in
connection with this Deed in the courts of any country other than England and
which have or claim jurisdiction to that matter; and  (b)to
commence such proceedings in the courts of any such country or countries
concurrently with or in addition to proceedings in England or without
commencing proceedings in England.  The Owner
shall not commence any proceedings in any country other than England in
relation to a matter which arises out of or in connection with this Deed.  14.4Process agent.  The Owner irrevocably appoints Maritime Recovery Limited at its
registered office for the time being, presently at 20 Salcott Road, PO Box 293,
London SW11 6DJ, to act as its agent to receive and accept on its behalf any
process or other document relating to any proceedings in the English courts
which are connected with this Deed.  14.5Lenders rights unaffected.  Nothing in this Clause 14 shall exclude or
limit any right which the Lender may have (whether under the law of any
country, an international convention or otherwise) with regard to the bringing
of proceedings, the service of process, the recognition or enforcement of a
judgment or any similar or related matter in any jurisdiction.  14.6Meaning of proceedings.  In this Clause 14, proceedings means
proceedings of any kind, including an application for a provisional or
protective measure.  THIS DEED has been
duly executed as a deed on the date stated at the beginning of this Deed.  12 
   EXECUTION PAGE   OWNEREXECUTED AS A DEED
  )
  /s/ Nicholas Sherriffby KTL KENSINGTON, INC.
  )acting by Nicholas Sherriff
  )expressly authorised in accordance with the
  )laws ofLiberia
  )by virtue of a power of attorney granted
  )by KTL KENSINGTON, INC.
  )on 2 March 2004
  )such execution being witnessed by:
  )Signature of witness/s/ illegibleLENDEREXECUTEDandDELIVEREDas aDEED
  )
  /s/ Robert J. Mannersby the duly authorised attorney of
  )THE ROYAL BANK OF SCOTLAND plc
  )for it and on its behalf
  )in the presence of:Signature of witness/s/ Charmaine Rumbelow  13