----

----

----

| 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  | 9 |
| EXECUTION      PAGE                 | 10 |

----

| (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, EPICURUS      SHIPPING COMPANY, IRAKLITOS SHIPPING COMPANY, LAREDO MARITIME INC.,LORENZO SHIPMANAGEMENT      INC., POLARWIND      MARITIME S.A., ROSS SHIPMANAGEMENT CO.,      SHIPPING RIDER      CO., SORREL SHIPMANAGEMENT INC., SPLENDOR SHIPHOLDING S.A. and TEMPEST MARINE INCeach      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 (the “OriginalLoan Agreement”) as      amended and supplemented by a first supplemental agreement dated 19      September 2007 (the “First Supplemental      Agreement”) and as further amended and supplemented by a second      supplemental agreement dated 11 June 2008 (the “Second Supplemental      Agreement” and together with the First Supplemental Agreement and      the Original Loan Agreement, 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 Canvey Shipmanagement Co. (“Canvey”) from all its      obligations under the Finance Documents to which it is a party and its      substitution by Mango Finance Corp. as guarantor for the obligations of      the Borrower under the Loan Agreement;and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      substitution of m.t. “ASSOS” (owned by Canvey) with m.t. “AGAMEMNON II”      (owned by Mango Finance Corp.) as one of the Existing Ships on which the      Loan shall be secured. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (i) | substitute      Canvey with Mango Finance Corp.; |
|--------|-----|--------------------------------------------------|

|   | (ii) | substitute      m.t. “ASSOS” with m.t. “AGAMEMNON II”;and |
|--------|------|-----------------------------------------------------------------------------------|

----

|   | (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 Third Supplemental  Agreement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | “New Earnings      Account”  means an account opened or to be opened in the      name of THE New Owner with the Agent in Hamburg designated “Mango Finance      Corp. - 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 “AGAMEMNON 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 or  require; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “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      “AGAMEMNON 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 orrequire; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “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 “AGAMEMNON II”      and subordinating the rights of the Approved Manager against “AGAMEMNON      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; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | “New      Mortgage”  means the first preferred Liberian mortgage      over “AGAMEMNON 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 Mango Finance Corp., 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 |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “Share Purchase      Agreement” means the agreement made or to be made between the      Borrower as buyer and Capital Maritime & Trading Corp. as seller in      respect of the acquisition by the Borrower of all of the shares in the New      Owner on terms acceptable in all respects to      the Lenders. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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      Third Supplemental Agreement.  References to Clauses are to      clauses of this Third Supplemental Agreement save as may be otherwise      expressly provided in this Third Supplemental  Agreement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 2.1 | The      Borrower hereby represents and warrants to the Agent, as at the date of      this Third Supplemental Agreement, that the representations and warranties      set forth in Clause 10 of the Loan Agreement (updated mutatis mutandis to      the date of this Third 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 Third Supplemental      Agreement. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (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 Third 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 Third 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 Third 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 Third      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; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | the      execution, delivery and performance of this Third 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 Third 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 Third Supplemental Agreement and all      information furnished by the Borrower or on its behalf relating to its      business and affairs in connection with this Third 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 Third Supplemental Agreement, hereby agree      with the Borrower, subject to and upon the terms and conditions of this      Third Supplemental Agreement and in particular, but without limitation,      subject to the fulfilment of the conditions precedent set out in Clause 4,      to: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (b) | substitute      “ASSOS” with “AGAMEMNON II” as an Existing 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 it  thereunder. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| 4.1 | The      agreements of the Lenders contained in Clause 3.1 of this Third      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 EffectiveDate: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (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 Third      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 “AGAMEMNON II” is: |
|-----|---------------------------------------------------|

|   | (i) | 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 “AGAMEMNON 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 “AGAMEMNON II” or her      Earnings, Insurances or Requisition  Compensation; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | a      certified true copy of any Charterparty entered into in respect of the New      Ship duly signed by the partiesthereto; |
|-----|--------------------------------------------------------------------------------------------------------------------------------|

| (i) | 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; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| (l) | a      copy of the Share Purchase Agreement duly signed by the parties      thereto; |
|-----|--------------------------------------------------------------------------------------|

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

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

----

| (o) | 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 Third 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; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (q) | 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 Third      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 Third 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 “ASSOS” in clause 1.1 thereof and replacing it      with the following new definition: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| (c) | by      deleting sub-paragraph (d) in the definition of “Existing Charter” in      clause 1.1 thereof and redesignating the existing sub-paragraphs (e), (f),      (g) and (h) as (d), (e), (f) and (g)  respectively; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (i) | deleting      sub-paragraph (b); |
|--------|-----|----------------------------------|

|   | (ii) | inserting      the following new sub-paragraph(e): |
|--------|------|----------------------------------------------------|

|   | (iii) | redesignating      the existing sub-paragraphs (c), (d) and (e) as new sub-paragraphs (b),      (c) and (d) respectively, |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------|

| (e) | by      replacing the word “ASSOS” with the word “AGAMEMNON II” in the second line      of the definition of “Existing Ships” in clause 1.1    thereof; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | 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) | “ATROTOS”,      Epicurus; |
|--------|-----|---------------------------------------|

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

|   | (m) | “AVAX”,      Apollonas; and |
|--------|-----|-----------------------------------------|

|   | (n) | “AXIOS”,      Iraklitos, |
|--------|-----|--------------------------------------|

|   |   | and,      in the plural, means all of them;”; |
|--------|--------|-----------------------------------------------------|

| (g) | 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 Third Supplemental Agreement and as the same may from      time to time be further supplemented and/or amended”;  and |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | 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: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 Third 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 Third 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 Third      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 Third Supplemental Agreement and such      further modifications (if any) thereto as may be necessary to make the      same consistent with the terms of this Third 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 this    Agreement. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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                       |

----

----

----

----