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| INDEX                               |
|------------------------------------------|
| Clause                              |   | Page |
| 1                                   | DEFINITIONS | 2 |
| 2                                        | REPRESENTATIONS      AND WARRANTIES  | 3 |
| 3                                        | AGREEMENT      OF THE CREDITOR PARTIES  | 4 |
| 4                                        | CONDITIONS  | 4 |
| 5                                        | VARIATIONS      TO LOAN AGREEMENT AND FINANCE DOCUMENTS  | 6 |
| 6                                        | CONTINUANCE      OF LOAN AGREEMENT AND FINANCE DOCUMENTS  | 8 |
| 7                                        | EXPENSES  | 8 |
| 8                                        | COMMUNICATIONS  | 8 |
| 9                                        | SUPPLEMENTAL  | 8 |
| 10                                       | LAW      AND JURISDICTION  | 8 |
| SCHEDULE      1  LENDERS  | 10 |
| EXECUTION      PAGE                 | 11 |

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| (1) | CAPITAL PRODUCT PARTNERS      L.P., a limited liability partnership formed in the Republic of the      Marshall Islands whose registered office is at Trust Company Complex,      Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960      (including its successors) as Borrower; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | APOLLONAS SHIPPING COMPANY,      CARNATION SHIPPING COMPANY, CENTURION NAVIGATION LIMITED, IRAKLITOS      SHIPPING COMPANY, LAREDO MARITIME INC.,LORENZO SHIPMANAGEMENT      INC., MANGO      FINANCE CORP., POLARWIND MARITIME S.A.,      ROSS      SHIPMANAGEMENT CO., SHIPPING RIDER CO., SORREL      SHIPMANAGEMENT INC., SPLENDOR SHIPHOLDING S.A. and TEMPEST MARINE      INC., each a corporation      incorporated in the Republic of the Marshall Islands whose registered      office is at Trust Company Complex, Ajeltake Road, Ajeltake Island,      Majuro, MH96960, Marshall Islands (each an “Owner” and, together,      the “Owners”); |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | THE BANKS AND FINANCIAL      INSTITUTIONS  listed in Schedule 1, as Lenders; |
|-----|----------------------------------------------------------------------------------------|

| (4) | HSH NORDBANK AG acting      through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany,      as Agent, Bookrunner and Security Trustee;      and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | HSH NORDBANK AG acting      through its office at Martensdamm 6, D-24103      Kiel, Federal Republic of Germany as Swap    Bank. |
|-----|----------------------------------------------------------------------------------------------------------------------------------|

| (A) | By      a loan agreement dated 22 March 2007 as amended and supplemented by      supplemental agreements dated respectively 19 September 2007, 11 June 2008      and 7 April 2009 (together, the “Loan Agreement”) made      between (i) the Borrower as borrower, (ii) the Lenders as lenders, (iii)      the Agent, (iv) the Bookrunner, (v) the Swap Bank and (vi) the Security      Trustee, it was agreed that the Lenders would make available to the      Borrower a revolving credit and term loan facility not exceeding      US$370,000,000 (the “Loan”). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | The      Borrower has requested that the Lenders agree  to: |
|-----|-------------------------------------------------------------|

|   | (i) | the      release of Epicurus Shipping Company (“Epicurus”) from all its      obligations under the Finance Documents to which it is a party and its      substitution by Navarro International S.A. as guarantor for the      obligations of the Borrower under the Loan Agreement;  and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      substitution of m.t. “ATROTOS” (owned by Epicurus) with the newbuilding      oil/product carrier of approximately 51,000 deadweight tons currently      being constructed by STX Offshore & Shipbuilding Co., Ltd. (formerly      known as STX Shipbuilding Co. Ltd.) (the “Builder”) and having      Builder’s Hull No. S-1262 (tbn “AYRTON II”) as one of      the Ships on which the Loan shall besecured. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | This      Agreement sets out the terms and conditions on which the Lenders agree      to: |
|-----|-------------------------------------------------------------------------------------------|

|   | (i) | substitute      Epicurus with Navarro InternationalS.A.; |
|--------|-----|----------------------------------------------------------|

|   | (ii) | substitute      m.t. “ATROTOS” with STX Hull No. S-1262 (tbn “AYRTON II”);      and |
|--------|------|-------------------------------------------------------------------------------------------------------------|

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|   | (iii) | the      consequential amendments to the Loan Agreement and the other Finance      Documents in connection with thosematters. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------|

| 1 | DEFINITIONS |
|---|-------------|

| 1.1 | Words and expressions defined in      the Loan Agreement (as hereby amended) and the recitals hereto and not      otherwise defined herein shall have the same meanings when used in this      Fourth SupplementalAgreement. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | In this Fourth Supplemental      Agreement the words and expressions specified below shall have the      meanings attributed to thembelow: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | “New Earnings Account” means      an account opened or to be opened in the name of the New Owner with the      Agent in Hamburg designated “Navarro International S.A. - Earnings      Account”, or any other account (with that or another office of the Agent)      which is designated by the Agent as the Earnings Account for “AYRTON II” for the purposes of the Loan      Agreement; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “New Earnings Account      Pledge” means the first priority pledge over the New Earnings      Account to be executed by the New Owner in favour of the Lenders in such      form as the Lenders may approve orrequire; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “New Finance Documents”      means, together, the New Guarantee, the New Mortgage, the New General      Assignment, any New Charterparty Assignment, the New Manager’s Undertaking      and the New Earnings Account Pledge and, in the singular, means any of      them; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “New General Assignment”      means a first priority general assignment of the Earnings, Insurances and      Requisition Compensation in respect of “AYRTON II” executed or to be executed by      the New Owner in favour of the Security Trustee in such form as the      Lenders may approve or require; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “New Guarantee” means the      guarantee of the obligations of the Borrower under the Loan Agreement and      the other Finance Documents executed or to be executed by the New Owner in      favour of the Security Trustee in such form as the Lenders may approve or      require; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “New Manager’s      Undertaking” means a letter of undertaking executed or to be      executed by the Approved Manager in favour of the Security Trustee in the      terms required by the Security Trustee agreeing certain matters in      relation to the Approved Manager serving as the manager of “AYRTON II” and subordinating the rights of      the Approved Manager against “AYRTON      II” and the New Owner to the rights of the Creditor Parties under      the Finance Documents, in such form as the Lenders, may approve or      require; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | “New Mortgage” means the      first preferred Liberian mortgage over “AYRTON II” executed or to be executed by      the New Owner in favour of the Security Trustee in such form as the      Lenders may approve or require; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “New Owner” means      Navarro International S.A., a corporation incorporated and existing in the      Republic of the Marshall Islands whose registered office is at Trust      Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, The      Marshall Islands; and |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “Shipbuilding Contract”      means the shipbuilding contract dated 21 August 2006 made between the      Builder and the New Owner for the construction by the Builder of “AYRTON      II” and its purchase by the New Owner, as the same may be amended or      supplemented from time to time. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | Where the context so admits words      importing the singular number only shall include the plural and vice versa      and words importing persons shall include firms and      corporations.  Clause headings are inserted for convenience of      reference only and shall be ignored in construing this Fourth Supplemental      Agreement.  References to Clauses are to clauses of this Fourth      Supplemental Agreement save as may be otherwise expressly provided in this      Fourth SupplementalAgreement. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | REPRESENTATIONS      AND WARRANTIES |
|---|-------------------------------------|

| 2.1 | The Borrower hereby represents      and warrants to the Agent, as at the date of this Fourth Supplemental      Agreement, that the representations and warranties set forth in Clause 10      of the Loan Agreement (updated mutatis mutandis to the date of this Fourth      Supplemental Agreement) are true and correct as if all references therein      to “this Agreement” were references to the Loan Agreement as further      amended by this Fourth Supplemental  Agreement. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | The Borrower hereby further      represents and warrants to the Agent that as at the date of this Fourth      Supplemental Agreement: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| (a) | it      is a limited liability partnership duly formed and in good standing under      the laws of the Marshall Islands and has full power to enter into and      perform its obligations under this Fourth Supplemental Agreement and has      complied with all statutory and other requirements relative to its      business, and does not have an established place of business in any part      of the United Kingdom or the United States of  America; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | all      necessary governmental or other official consents, authorisations,      approvals, licences, consents or waivers for the execution, delivery,      performance, validity and/or enforceability of this Fourth Supplemental      Agreement and all other documents to be executed in connection with the      amendments to the Loan Agreement (including, but not limited to, the New      Finance Documents) and the other Finance Documents as contemplated hereby      have been obtained and will be maintained in full force and effect, from      the date of this Fourth Supplemental Agreement and so long as any moneys      are owing under any of the Finance Documents and/or the New Finance      Documents and while all or any part of the Commitment remains      outstanding; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | it      has taken all necessary corporate and other action to authorise the      execution, delivery and performance of its obligations under this Fourth      Supplemental Agreement and all aforesaid documents to which it is a party      and such documents do or will upon execution thereof constitute its valid      and binding obligations enforceable in accordance with their respective      terms; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (d) | the      execution, delivery and performance of this Fourth Supplemental Agreement      and all such other documents as contemplated hereby (including, but not      limited to, the New Finance Documents) does not and will not, from the      date of this Fourth Supplemental Agreement and so long as any moneys are      owing under any of the Finance Documents and/or the New Finance Documents      and while all or any part of the Commitment remains outstanding,      constitute a breach of any contractual restriction or any existing      applicable law, regulation, consent or authorisation binding on the      Borrower or on any of its property or assets and will not result in the      creation or imposition of any security interest, lien, charge or      encumbrance (other than under the Finance Documents and/or the New Finance      Documents) on any of such property or assets;  and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | it      has fully disclosed in writing to the Agent all facts which it knows or      which it should reasonably know and which are material for disclosure to      the Agent in the context of this Fourth Supplemental Agreement and all      information furnished by the Borrower or on its behalf relating to its      business and affairs in connection with this Fourth Supplemental Agreement      was and remains true, correct and complete in all material respects and      there are no other material facts or considerations the omission of which      would render any such informationmisleading. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | AGREEMENT      OF THE CREDITOR PARTIES |
|---|----------------------------------------|

| 3.1 | The Lenders, relying upon each of      the representations and warranties set out in Clauses 2.1 and 2.2 of this      Fourth Supplemental Agreement, hereby agree with the Borrower, subject to      and upon the terms and conditions of this Fourth Supplemental Agreement      and in particular, but without limitation, subject to the fulfilment of      the conditions precedent set out in Clause 4,  to: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | substitute      Epicurus with the New Owner as guarantor of the obligations of the      Borrower under the Loan Agreement and the other Finance      Documents; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | substitute      “ATROTOS” with “AYRTON II” as a Ship on which the Loan will be secured;      and |
|-----|--------------------------------------------------------------------------------------------------------------------------|

| (c) | the      amendments/variations to the Loan Agreement and the other Finance      Documents referred to in Clause 5. |
|-----|--------------------------------------------------------------------------------------------------------------------|

| 3.2 | The Borrower and the Owners agree      and confirm that the Loan Agreement and the Finance Documents to which      each is a party shall remain in full force and effect and each of the      Borrower and each Owner shall remain liable under the Loan Agreement and      the Finance Documents to which each is a party for all obligations and      liabilities assumed by itthereunder. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | The agreement of the Creditor      Parties contained in Clauses 3.1 and 3.2 shall have effect on and from the      Effective Date. |
|-----|------------------------------------------------------------------------------------------------------------------------------------|

| 4 | CONDITIONS |
|---|------------|

| 4.1 | The agreements of the Lenders      contained in Clause 3.1 of this Fourth Supplemental Agreement shall all be      expressly subject to the condition that (i) no Event of Default has      occured and (ii) that the Agent shall have received in form and substance      satisfactory to it and its legal advisers on or before the Effective Date: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | evidence      that the persons executing this Fourth Supplemental Agreement on behalf of      the Borrower and the Owners are duly authorised to execute the      same; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (b) | a      certificate of an officer of the New Owner confirming the names of all its      directors and shareholders and having attached thereto true and complete      copies of its incorporation and constitutional  documents; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | true      and complete copies of resolutions passed at a meeting of the directors of      the Borrower authorising and approving the execution of this Fourth      Supplemental Agreement and each New Finance Document and authorising its      directors or other representatives to execute the same on its      behalf; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | true      and complete copies of the resolutions passed at separate meetings of the      directors and shareholders of the New Owner authorising and approving the      execution of the New Finance and authorising its directors or other      representatives to execute the same on its  behalf; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | the      original of any power of attorney issued by each of the Borrower and the      New Owner pursuant to such resolutions  aforesaid; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | evidence      that “AYRTON II” has been: |
|-----|------------------------------------------------------|

|   | (i) | irrevocably      delivered by the Builder to the New Owner in accordance with the terms of      the Shipbuilding Contract; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | registered      in the name of the New Owner under the laws and flag of the Republic of      Liberia; and |
|--------|------|-----------------------------------------------------------------------------------------------------------|

|   | (ii) | insured      in accordance with the relevant provisions of the New Mortgage and all      requirements thereof in respect of such insurances have been      fulfilled; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | each      New Finance Document has been duly executed by the New Owner together with      evidence that: |
|-----|----------------------------------------------------------------------------------------------------------|

|   | (i) | the      New Mortgage has been registered against “AYRTON II” with first priority      in accordance with the laws of the Republic of  Liberia; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | all      notices required to be served under the New General Assignment and any New      Charterparty Assignment have been served and acknowledged in the manner      therein provided; and |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | save      for the Security Interests created by or pursuant to the New Mortgage, the      New General Assignment and any Charterparty Assignment, there are no      Security Interests of any kind whatsoever on “AYRTON II” or her Earnings,      Insurances or RequisitionCompensation; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | a      certified true copy of any Charterparty entered into in respect of “AYRTON      II” duly signed by the partiesthereto; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

| (j) | evidence      that the New Earnings Account has been opened and all mandate forms and      all, documentation required by each Creditor Party in relation to the New      Owner pursuant to that Creditor Party’s “know your customer” requirements      have been received; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (k) | a      true and complete copy of the management agreement in respect of “AYRTON      II”; |
|-----|-------------------------------------------------------------------------------------------------------|

| (l) | the      New Manager’s Undertaking executed by the Approved Manager in favour of      the Security Trustee; |
|-----|-------------------------------------------------------------------------------------------------------------------|

| (m) | evidence      that the New Owner is a direct or indirect wholly-owned subsidiary of the      Borrower; |
|-----|--------------------------------------------------------------------------------------------------------|

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| (n) | copies      of ISM DOC, SMC and the International Ship Security Certificate under the      ISPS Code in respect of “AYRTONII”; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (o) | evidence that “AYRTON II” maintains the highest      available class with a classification society which is a member of the      IACS as the Agent may approve free of all overdue recommendations and      conditions of such classification  society; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (p) | certified      copies of all documents (with a certified translation if an original is      not in English) evidencing any other necessary action, approvals or      consents with respect to this Fourth Supplemental Agreement and the New      Finance Documents (including without limitation) all necessary      governmental and other official approvals and consents in such pertinent      jurisdictions as the Agent deemsappropriate; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (q) | such      legal opinions as the Agent may require in respect of the matters      contained in this Fourth Supplemental Agreement, the New Finance      Documents; and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (r) | evidence      that the agent referred to in clause 30.4 of the Loan Agreement has      accepted its appointment as agent for service of process under this Fourth      Supplemental Agreement and the New Finance  Documents. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | VARIATIONS      TO LOAN AGREEMENT AND FINANCEDOCUMENTS |
|---|--------------------------------------------------------|

| 5.1 | In consideration of the agreement      of the Lenders contained in Clause 3.1 of this Fourth Supplemental      Agreement, the Borrower hereby agrees with the Lenders that upon      satisfaction of the conditions referred to in Clause 4.1, the provisions      of the Loan Agreement shall be varied and/or amended and/or supplemented      with effect on and from the Effective Date as    follows: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | by      inserting in clause 1.1 thereof the definition of “Effective Date” set out      in Clause 1.2; |
|-----|--------------------------------------------------------------------------------------------------------------------|

| (b) | by      deleting the definition of “ATROTOS” in clause 1.1 thereof and replacing      it with the following newdefinition: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

| (c) | by      deleting the words “, STX Shipbuilding Co.,      Ltd.” in the first line of sub-paragraph (b) in the definition of      “Builder” in clause 1.1 thereof and replacing them with the words “and      “AYRTON II”, STX Offshore & Shipbuilding Co., Ltd. (formerly known as      STX Shipbuilding Co. Ltd.)”; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | in      the definition of “Existing Owners” in clause 1.1 thereof    by: |
|-----|--------------------------------------------------------------------------------------|

|   | (i) | inserting      the following new sub-paragraph(f): |
|--------|-----|----------------------------------------------------|

|   | (ii) | redesignating      the existing sub-paragraphs (f), (g) and (h) as new sub-paragraphs (g),      (h) and (i) respectively, |
|--------|------|---------------------------------------------------------------------------------------------------------------------------|

| (e) | by      adding the words “AYRTON II” after the words “,”AXIOS” in the second line of the      definition of “Existing Ships” in clause 1.1  thereof; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | by      adding the following new definition in clause 1.1  thereof: |
|-----|---------------------------------------------------------------------|

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| (g) | by      deleting the definition of “Owner” in clause 1.1 thereof and replacing it      with the following new definition: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | “AGAMEMNON II”,      Mango; |
|--------|-----|-----------------------------------------|

|   | (b) | “AGISILAOS”,      Polarwind; |
|--------|-----|------------------------------------------|

|   | (c) | “AIOLOS”,      Tempest; |
|--------|-----|-------------------------------------|

|   | (d) | “AKERAIOS”,      Laredo; |
|--------|-----|--------------------------------------|

|   | (e) | “AKTORAS”,      Centurion; |
|--------|-----|----------------------------------------|

|   | (f) | “ALEXANDROS II”,      Sorrel; |
|--------|-----|-------------------------------------------|

|   | (g) | “ANEMOS I”,      Splendor; |
|--------|-----|----------------------------------------|

|   | (h) | “APOSTOLOS”,      Lorenzo; |
|--------|-----|----------------------------------------|

|   | (i) | “ARIONAS”,      Carnation; |
|--------|-----|----------------------------------------|

|   | (j) | “ATLANTAS”, Shipping      Rider; |
|--------|-----|----------------------------------------------|

|   | (k) | “ATTIKOS”,      Ross; |
|--------|-----|-----------------------------------|

|   | (l) | “AVAX”,      Apollonas; |
|--------|-----|-------------------------------------|

|   | (m) | “AXIOS”, Iraklitos;      and |
|--------|-----|------------------------------------------|

|   | (n) | “AYRTON II”,      Navarro, |
|--------|-----|----------------------------------------|

|   | and,      in the plural, means all ofthem;”; |
|--------|----------------------------------------------------|

| (h) | in      the definition of “Shipbuilding Contracts” in clause 1.1 thereof by adding      in the fourth line immediately before the words “and the Aris II      Shipbuilding Contract” the words “, Navarro Shipbuilding      Contract”; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | by      construing all references therein to “this Agreement” where the context      admits as being references to “this Agreement as the same is amended and      supplemented by this Fourth Supplemental Agreement and as the same may      from time to time be further supplemented and/or amended”;    and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j) | by      construing references to each of the Finance Documents as being references      to each such document as it is from time to time supplemented and/or      amended. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | Amendments to Finance      Documents.  With effect on and from the Effective Date      each of the Finance Documents other than the Loan Agreement shall be, and      shall be deemed by this Agreement to have been, amended as      follows: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (a) | the      definition of, and references throughout each of the Finance Documents to,      the Loan Agreement and any of the other Finance Documents shall be      construed as if the same referred to the Loan Agreement and those Finance      Documents as amended and supplemented by this Fourth Supplemental      Agreement; and |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | by      construing references throughout each of the Finance Documents to “this      Agreement”, “this Deed”, “hereunder and other like expressions as if the      same referred to such Finance Documents as amended and supplemented by      this Fourth Supplemental Agreement. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | Finance Documents to remain in      full force and effect.  The Finance Documents shall      remain in full force and effect as amended and supplemented      by: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | the      amendments to the Finance Documents contained or referred to in Clauses      5.1 and 5.2; and |
|-----|--------------------------------------------------------------------------------------------------------|

| (b) | such      further or consequential modifications as may be necessary to make the      same consistent with, and to give full effect to, the terms of this Fourth      Supplemental Agreement. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | CONTINUANCE      OF LOAN AGREEMENT AND FINANCEDOCUMENTS |
|---|---------------------------------------------------------|

| 6.1 | Save for the alterations to the      Loan Agreement and the other Finance Documents made or to be made pursuant      to this Fourth Supplemental Agreement and such further modifications (if      any) thereto as may be necessary to make the same consistent with the      terms of this Fourth Supplemental Agreement, the Loan Agreement shall      remain in full force and effect and the security constituted by the other      Finance Documents shall continue and remain valid and      enforceable. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7 | EXPENSES |
|---|----------|

| 7.1 | Fees and      expenses. The      provisions of clause 20 (fees and expenses) of the Loan Agreement shall      apply to this Agreement as if they were expressly incorporated in this      Agreement with any necessaryamendments. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8 | COMMUNICATIONS |
|---|----------------|

| 8.1 | General.  The provisions of clause 28      (notices) of the Loan Agreement, as amended and supplemented by this      Agreement, shall apply to this Agreement as if they were expressly      incorporated in this Agreement with any necessary      modifications. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9 | SUPPLEMENTAL |
|---|--------------|

| 9.1 | Counterparts.  This Agreement may be executed in      any number of counterparts. |
|-----|---------------------------------------------------------------------------------------------|

| 9.2 | Third Party      rights.  A      person who is not a party to this Agreement has no right under the      Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the      benefit of any term of thisAgreement. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10 | LAW      AND JURISDICTION |
|----|---------------------------|

| 10.1 | Governing      law.  This      Agreement shall be governed by and construed in accordance with English      law. |
|------|----------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Incorporation      of the Loan Agreement provisions.  The provisions of clause 30 (law      and jurisdiction) of the Loan Agreement, as amended and supplemented by      this Agreement, shall apply to this Agreement as if they were expressly      incorporated in this Agreement with any necessary      medications. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Lender                                        | Lending      Office                                                                                         |
|-----------------------------------------------|-------------------------------------------------------------------------------------------------------------|
|  HSH      Nordbank AG               |  Gerhart-Hauptmann-Platz      5020095      HamburgGermany Fax      No: +(49) 40 33 33 34118  |
|  Alpha      Bank A.E.                    |  Akti      Miaouli 89185      38 PiraeusGreece Fax      No: +30 210 429 0348                 |
|  Deutsche      Schiffsbank AG       |  Domshof      17D-28195      Bremen Fax      No: +49 421 3609 293                       |
|  National      Bank of Greece S.A.  |  Bouboulinas      2 & Akti Miaouli185      35 Piraeus Fax No: +30 210 414 4120           |
|  Fortis      Bank                        |  166      Syngrou Ave176      71 AthensGreece Fax      No: +30 210 954 4368                       |

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