| From:  | Piraeus      Bank A.E. 47-49      Alai Miaouli 185      36 PiraeusGreece |
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| (a) | by deleting the definitions of “Availability      Period”, “Tranche”, “Tranche B” and “Tranche      C” in Clause 1.1 thereof in their entirety and substituting the same      with:  |
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|   | (a) | in      the case of Tranche A, Tranche B and Tranche C, 30 May 2008;                             |
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|   | (b)     | in      the case of Tranche D, 30 August 2008; |
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|   | (a)  | (or, in each case, such later date as the Agent      may, with the authorisation of all the      Lenders, agree with the Borrower);  or |
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|   | (c) | if      earlier, the date on which the Total Commitments are fully borrowed,      cancelled or terminated;”; |
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|   | (b) | by      adding the following new definition of “Tranche D”in      Clause 1.1 thereof: |
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|   | (c) | by deleting Clauses 2.1 and 2.4 thereof in its      entirety and substituting them with the following: |
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|   | “2.1 Amount of      facility. Subject to the other provisions of this Agreement, the      Lenders shall make available to the Borrower a term loan facility not      exceeding $170,000,000 in four Tranches, Tranche A, Tranche B, Tranche C      and Tranche D. |
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|   | 2.4        Limit of initial Total Commitments.                                                                                                                                                                                                                |

| (a)   | The Borrower hereby acknowledges that until      Piraeus Bank A.E. transfers $85,000,000      of its Commitments (“Excess      Commitment”) to one or more Transferee Lenders it may only draw      down Tranche A and Tranche 13 in the maximum principal amount of      $93,500,000 in aggregate. If the Excess Commitment has not been been      transferred within the period commencing on the Drawdown Date of Tranche A      and ending 60 days thereafter (the “Relevant      Period”) the Borrower shall prepay on the last day of the Relevant      Period an amount of $8,500,000 in accordance with Clause 8.8 (b). Until      such time as Piraeus Bank A.E. transfers the Excess Commitment the      reference to Total Commitments in this Agreement shall be construed to      mean (i) for the Relevant Period, $93,500,000 and (ii) at all times      thereafter,$85,000,000. |
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| (b)   | As from the date of this Agreement the Borrower      shall assist the Agent to find      banks or financial institutions to whom Piraeus Bank A.E. will transfer      the Excess Commitment in order to permit the Borrower to draw down Tranche      C and Tranche D and to increase the maximum amount of the Loan to be made      available hereunder to  $170,000,000. |
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| (c)   | The transfer of the Excess Commitment will (inter      alia) operate to reduce Piraeus      Bank A.E.’s Contribution in Tranche A and Tranche B to 50 per cent. of the      aggregate amount of such  Tranches.”; |
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| (d) | by      deleting Clauses 4.2(b)(ii) and (iii) and Clauses 4.2(c) and 4.2(d) in      their entirety thereof in its entirety and substituting them with the      following: |
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|   |  "(i) | in      the case of Tranche B, an amount of $28,500,000 which shall be      made available in a single advance to the Borrower for the purpose      of providing the Borrower with liquidity for financing part of the      acquisition cost of “OMICRON”;  |
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|   | (ii) | in      the case of Tranche C, an amount of $26,500,000 which shall be made      available in a single advance to the Borrower for the purpose of      refinancing the Borrower’s equity remitted by the Borrower to      Dampskibsselskabet Norden A/S in respect of the acquisition of “OMICRON”;      and |
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|   | (iii) | in      the case of Tranche D, an amount of $50,000,000 which shall be made      available to the Borrower for the purpose of providing the Borrower with      liquidity for its general corporatepurposes;” |
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|   | (c) | Tranche      B shall be made available to the Borrower after the Drawdown Date for      Tranche A; |
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|   | (d) | Tranche      C shall be made available to theBorrower: |
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|   | (i) | after      the Drawdown Date of Tranche B; and |
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|   | (ii) | if      Piraeus Bank A.E. has transferred to one or more Transferee Lenders the      Excess Commitment; |
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|   | (e) | Tranche D shall be made available to the Borrower      after the Drawdown Date      of Tranche C; and” |
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|   |   | and      redesignating the existing paragraph (e) of Clause 4.2 as paragraph      (1); |
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| (e) | by      deleting Clause 8.8 thereof in its entirety and substituting it with the      following new Clause 8.8: |
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|   | (a) | a      Ship is sold or becomes a Total Loss the Borrower shall be obliged to      prepay the Relevant Amount of theLoan: |
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|   | (i) | if      that Ship is sold, on or before the date on which the sale is completed by      delivery of such Ship to the buyer;or |
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|   | (ii) | if that Ship becomes a Total Loss, on the earlier      of the date falling 180      days after the relevant Total Loss Date and the date of receipt by the      Lender of the proceeds of insurance relating to such Total      Loss, |
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|   | (A) | “Relevant      Amount” means the higher of (aa) the Relevant Percentage of the      Loan and (bb) an amount which after giving credit for the amount of the      prepayment made pursuant to this Clause 8.8, results in the Security Cover      Percentage being equal to the applicable Security Cover Percentage      referred to in Clause 15.1;and |
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|   | (B) | “Relevant      Percentage” means: |
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|   | (aa) | in the case of a Collateral Ship, the Market Value      of the Collateral Ship which      has been sold or become a Total Loss (on the date on which the      sale      of such Ship is completed by delivery to its buyer or, as the case may      be,      on the Total Loss Date in respect of the Ship) expressed as a percentage      of the aggregate Market Value (on the same date) of all the Ships then      subject to a Mortgage;and |
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|   | (bb) | in      the case of “SINFONIA”: |
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|   | (1) | if that Ship is sold or becomes a Total Loss in      the period commencing on the      Drawdown Date of Tranche A and ending on its fourth anniversary, a      percentage which may be mutually agreed between the Borrower and the Agent      (acting on the instructions of all the Lenders), or failing such agreement      50 per cent. Provided that      if an Event of Default or Potential Event of Default has occurred      and is continuing at the relevant time the Relevant Percentage shall be a      percentage of up to 100 per cent. specified by the Agent in a notice to      the Borrower; and |
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|   | (2) | if that Ship is sold or becomes a Total Loss at      any time thereafter the Market      Value of “SINFONIA” on the date on which such sale is completed or (as the      case may be) the Total Loss Date in respect thereof expressed as a      percentage of the aggregate Market Value (on the same date) of all the      Ships then subject to a Mortgage;  and |
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|   | (b) | the      Excess Commitment has not been transferred by Piraeus Bank A.E. to a      Transferee Lender by the date falling 60 days after the Drawdown Date of      Tranche A, the Borrower shall on that day prepay    $8,500,000;”; |
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| (f) | by      adding the words “and Tranche B” after the words “Tranche A” in the first      line of Clause 9.1(b); |
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| (g) | by      deleting Clause 9.1(c) thereof in its entirety and substituting it with      the following new Clause 9.1(c): |
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| (h) | by deleting the words “Tranche C” in the first      line of Clause 9.1(d) and replacing them with      the words “Tranche D”;and |
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| (i) | by      construing all references in the Loan Agreement to “this Agreement”,      “hereunder” and the like and in the Finance Documents to the “Loan      Agreement” as references to the Loan Agreement as amended and/or      supplemented by this letter. |
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| 2 | Representations      and Warranties The Borrower hereby represents and warrants to      the |
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| (a) | the representations and warranties contained in      the Loan Agreement are true and correct on      the date of this letter as if all references therein to “this Agreement”      were references to the Loan Agreement as supplemented by this letter;      and |
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| (b) | this      letter comprises the legal, valid and binding obligations of the Borrower      enforceable in accordance with itsterms. |
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| 3 | Loan Agreement      and Finance Documents The Borrower hereby agrees with the Agent      that the provisions of the Loan Agreement and the Finance Documents shall      be and are hereby re-affirmed and remain in full force and effect and the      Lender reserves the right at any time to demand repayment in full of all      sums made available to the Borrower under the  loan. |
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| 4 | Notices.      Clause 28 (notices) of the Loan Agreement shall extend and apply to      this letter as if the same were (mutatis mutandis) herein expressly set      forth. |
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| 5 | Governing law      This letter shall be governed by and construed in accordance with      English law and Clause 30 (law and jurisdiction) of the Loan Agreement      shall extend and apply to this letter as if the same were (mutatis      mutandis) herein expressly setforth. |
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