ex-10_6.htm


    TBS INTERNATIONAL LIMITED
& SUBSIDIARIES                EXHIBIT
10.6 

     

     

    



    


     

    [Letterhead
of Berenberg bank]

     

     

    TBS Shipping Services Inc.

    Mr.
Ferdinand V. Lepere

    612 East
Grassy Sprain Road

    Yonkers

    New York
10710

    USA

    Fax
No.:  +(914) 779-5230

     

     

    Grainger
Maritime Corp.

    c/o TBS
International Limited

    Mr.
William J. Carr

    Suite
306, Commerce Building

    One
Chancery Lane

    Hamilton
HM12

    Bermuda

    Fax
No.:  +(414) 295-4957

     

    March 10,
2009

     

     

    Loan
Agreement dated 19 June 2008 (the “Loan Agreement”)

    Here:
Waiver Request for the Asset Protection Clause

     

    Dear
Sirs,

     

    We hereby
give our consent to suspend the asset protection clause according to
para-graph 10.2(b) of the Loan Agreement through 31 December 2009
under the following conditions:

     

    
      	
              ·  

            	
              You
      will prepay an amount of USD 1,625,000.00 on 19 March 2009
      representing the instalment of USD  812,500.00, due on
      21 September 2009, and the instalment of USD 812,500.00, due on
      21 December 2009.  the next regular repayment instalment
      will become due on 22 March 2010 as per the attached repayment
      schedule.

            


    

     

    
      	
              ·  

            	
              All
      other banks granting loans to TBS International Group e.g. Bank of
      America, The Royal Bank of Scotland, DVB Bank, Credit Suisse and AIG
      Commercial Equipment Finance Borrowing have waived their financial
      covenants – including the asset protection clause – required in their
      respective loan documentation through 31 December
      2009.  Please confirm this in writing to
  us.

            


    

     

    For this
request we will debit your current account No. 0523281004 with an arrangement
fee of USD 9,750.00.

    Yours faithfully,

     

    Jeh.
Berenberg, Gossler & Co. KG

     

    /s/  Drae
Aschenbrenner

    Drae Aschenbrenner

     

    Accepted

     

    SIGNED
BY

     

    /s/  Ferdinand V.
Lepere                                                      

    for and
on behalf of

    Grainger
Maritime Corp.

    


      
        
           


        

        
           


          
            

          

        

        
           


        

      


      


        
          	
                  Grainger
      Maritime Corp

                
	 
      	 
      	 
      	 
      	 
      	
                  Currency:

                	 
      
	 
      	 
      	 
      	 
      	 
      	
                  USD

                	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                  REPAYMENT
      SCHEDULE

                
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                  Installment:
      quarterly

                
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                  No.

                	
                  Due
      Date

                	
                  Interest

                	
                  Installment

                	
                  Total
      amount

                	
                  Outstanding

                	 
      
	 
      	 
      	
                  3.32600%

                	 
      	 
      	
                         9,790,000.00

                	 
      
	 
      	
                  12/19/2008

                	 
      	 
      	 
      	 
      	 
      
	
                  1

                	
                  3/19/2009

                	
                              81,046.86

                	
                         1,625,000.00

                	
                         1,706,046.86

                	
                         8,125,000.00

                	 
      
	
                  2

                	
                  6/19/2009

                	
                              69,039.93

                	
                                         -

                	
                              69,039.93

                	
                         8,125,000.00

                	 
      
	
                  3

                	
                  9/21/2009

                	
                              70,540.80

                	
                                         -

                	
                              70,540.80

                	
                         8,125,000.00

                	 
      
	
                  4

                	
                  12/21/2009

                	
                              66,289.50

                	
                                         -

                	
                              66,289.50

                	
                         8,125,000.00

                	 
      
	
                  5

                	
                  3/22/2010

                	
                              66,269.50

                	
                            812,500.00

                	
                            878,769.50

                	
                         7,312,500.00

                	 
      
	
                  6

                	
                  6/22/2010

                	
                              62,135.94

                	
                            812,500.00

                	
                            874,635.94

                	
                         6,500,000.00

                	 
      
	
                  7

                	
                  9/22/2010

                	
                              55,231.94

                	
                            812,500.00

                	
                            867,731.94

                	
                         5,687,500.00

                	 
      
	
                  8

                	
                  12/22/2010

                	
                              47,802.03

                	
                            812,500.00

                	
                            860,302.03

                	
                         4,875,000.00

                	 
      
	
                  9

                	
                  3/22/2011

                	
                              40,523.44

                	
                            812,500.00

                	
                            853,023.44

                	
                         4,082,500.00

                	 
      
	
                  10

                	
                  6/22/2011

                	
                              34,519.97

                	
                            812,500.00

                	
                            847,019.97

                	
                         3,250,000.00

                	 
      
	
                  11

                	
                  9/22/2011

                	
                              27,615.97

                	
                            812,500.00

                	
                            840,115.97

                	
                         2,437,500.00

                	 
      
	
                  12

                	
                  12/22/2011

                	
                              20,486.95

                	
                            812,500.00

                	
                            832,986.95

                	
                         1,625,000.00

                	 
      
	
                  13

                	
                  3/22/2011

                	
                              13,657.90

                	
                            812,500.00

                	
                            826,157.90

                	
                            812,500.00

                	 
      
	
                  14

                	
                  6/22/2011

                	
                               6,903.99

                	
                            812,500.00

                	
                            819,403.99