Document:

<PAGE>

[GRAPHIC]

                               DATED FEBRUARY 2000

                                     BETWEEN

                                    BOSS LTD.
                               STAVANGER SUN LTD.
                                   AS BORROWER

                       CHRISTIANIA BANK OG KREDITKASSE ASA
                          AS AGENT AND SECURITY TRUSTEE

                                       AND

                                     OTHERS

   ---------------------------------------------------------------------------
                               AMENDMENT AGREEMENT
                                  RELATING TO A

                            SENIOR FACILITY AGREEMENT
                              DATED 30 OCTOBER 1997

                            JUNIOR FACILITY AGREEMENT
                              DATED 30 OCTOBER 1997

                               PRIORITY AGREEMENT
                              DATED 30 OCTOBER 1997

                                       AND

                      ASSIGNMENT OF EARNINGS AND INSURANCES
                              DATED 31 OCTOBER 1997

   ---------------------------------------------------------------------------

                                CLIFFORD CHANCE

<PAGE>

THIS AGREEMENT is made on      February 2000

BETWEEN

(1)     BOSS LTD and STAVANGER SUN LTD., both companies duly incorporated in the
        Cayman Islands each having its registered office at 3rd Floor, CIBC
        Financial Centre, PO Box 1234, George Town, Grand Cayman, Cayman Islands
        (the "BORROWERS", and singly a "BORROWER") acting jointly and severally;

(2)     CHRISTIANIA BANK OG KREDITKASSE ASA as agent (under both the Senior
        Facility Agreement and Junior Facility Agreement) and security trustee
        (the "AGENT" and "SECURITY TRUSTEE"); and

(3)     THE FINANCIAL INSTITUTIONS who are defined as banks under the Senior
        Facility Agreement and senior lenders under the Priority Agreement (the
        "SENIOR LENDERS");

(4)     THE FINANCIAL INSTITUTIONS defined as banks under the Junior Facility
        Agreement and junior lenders under the Priority Agreement (the "JUNIOR
        LENDERS" together with the Senior Lenders, the "LENDERS");

(5)     CHRISTIANIA BANK OG KREDITKASSE ASA defined as senior swap counterparty
        under the Priority Agreement (together with the Senior Lenders, the
        "SENIOR CREDITORS"); and

(6)     CHRISTIANIA BANK OG KREDITKASSE ASA defined as junior swap counterparty
        under the Priority Agreement (together with the Junior Lenders, the
        "JUNIOR CREDITORS").

RECITALS

(A)     By the Facility Agreements, the Lenders made loan facilities available
        to the Borrowers upon the terms and subject to the conditions contained
        therein.

(B)     The Borrowers have requested and the Lenders have agreed to amend
        certain provisions of the Facility Documents to reflect the change of
        name of the Vessel "MT Stavanger Boss" to "Genmar Boss" and its
        re-registration under a Marshall Islands flag.

IT IS AGREED as follows.

1.      DEFINITIONS AND INTERPRETATION

1.1     DEFINITIONS
        In this Agreement:

        "ASSIGNMENT OF EARNINGS AND INSURANCES" means the assignment of earnings
        and insurances relating to the Vessel presently known as MT Stavanger
        Boss dated 31 October 1997 between Boss Ltd as Owner and the Security
        Trustee.

<PAGE>

        "EFFECTIVE DATE" means the date on which the Agent confirms to the
        Lenders and the Borrower that it has received each of the documents
        listed in Schedule 1 (CONDITIONS PRECEDENT) in a form and substance
        satisfactory to the Agent.

        "FACILITY AGREEMENTS" means the Senior Facility Agreement and the Junior
        Facility Agreement.

        "JUNIOR FACILITY AGREEMENT" means the Junior Facility Agreement dated 30
        October 1997 as amended from time to time between the Borrowers, Agent
        and others.

        "NEW MORTGAGES" means the first preferred Marshall Islands ship mortgage
        to be granted by Boss Ltd in its capacity as Borrower under the Senior
        Facility Agreement over its Vessel and the second preferred Marshall
        Islands ship mortgage to be granted by Boss Ltd. in its capacity as
        Borrower under the Junior Facility Agreement over its Vessel.

        "PRIORITY AGREEMENT" means the Priority Agreement dated 30 October 1997
        as amended from time to time between the Borrowers, the Agent and
        Security Trustee, the Senior Creditors and the Junior Creditors.

        "SECOND AMENDMENT AGREEMENTS" means the amendment agreements to the
        Facility Agreements dated 27 December 1999 between the Borrowers, the
        Agent and the Lenders.

        "SENIOR FACILITY AGREEMENT" means the Senior Facility Agreement dated 30
        October 1997 as amended from time to time between the Borrowers, the
        Agent, and others.

1.2     INCORPORATION OF DEFINED TERMS

        Terms defined in the Senior Facility Agreement shall, unless otherwise
        defined herein, have the same meaning herein and the principles of
        construction set out in the Senior Facility Agreement shall have effect
        as if set out in this Agreement.

1.3     CLAUSES

        In this Agreement any reference to a "Clause" or "Schedule" is, unless
        the context otherwise requires, a reference to a Clause or Schedule
        hereof. Clause headings are for ease of reference only.

2.      AMENDMENT

        With effect from the Effective Date

        (i)     the Senior Lenders, the Borrowers and the Agent agree that the
                Senior Facility Agreement shall be amended as set out in Part 1
                of Schedule 2 (AMENDMENTS TO SENIOR FACILITY AGREEMENT).

        (ii)    the Junior Lenders, the Borrowers and the Agent agree that the
                Junior Facility Agreement shall be amended as set out in Part 2
                of Schedule 2 (AMENDMENTS TO THE JUNIOR FACILITY AGREEMENT);

<PAGE>

        (iii)   the Senior Creditors, the Junior Creditors, the Borrowers and
                the Agent and the Security Trustee agree that the Priority
                Agreement shall be amended as set out in Part 3 of Schedule 2
                (AMENDMENT TO THE PRIORITY AGREEMENT);

        (iv)    Boss Ltd and the Security Trustee agree that the Assignment of
                Earnings and Insurances shall be amended as set out in Part 4 of
                Schedule 2 (AMENDMENT TO THE ASSIGNMENT OF EARNINGS AND
                INSURANCES).

3.      REPRESENTATIONS

3.1     The Borrowers make the representations set out in Clause 12 of the
        Senior Facility Agreement and Clause 12 of the Junior Facility Agreement
        as if each reference therein to "this Agreement" or "the Facility
        Documents" includes a reference to (a) this Agreement and (b) the
        relevant Facility Agreement as amended by this Agreement.

3.2     Boss Ltd makes the representations set out in Clauses 3 and 8 of the
        Assignment of Earnings and Insurances as if each reference therein to
        "this Agreement" or "this Assignment" includes a reference to (a) this
        Agreement and (b) the Assignment of Earnings and Insurances as amended
        by this Agreement.

4.      CONTINUITY AND FURTHER ASSURANCE

4.1     CONTINUING OBLIGATIONS

        The provisions of the Facility Documents shall, save as amended hereby,
        continue in full force and effect.

4.2     FURTHER ASSURANCE

        Each of the Borrowers shall, at the request of the Agent and at its own
        expense, do all such acts and things necessary or desirable to give
        effect to the amendments effected or to be effected pursuant to this
        Agreement.

5.      FEES, COSTS AND EXPENSES

5.1     TRANSACTION EXPENSES

        The Borrowers shall, from time to time on demand of the Agent, reimburse
        the Beneficiaries (as defined under the Priority Agreement) for all
        costs and expenses (including legal fees) together with any VAT thereon
        incurred by it in connection with the negotiation, preparation and
        execution of this Agreement, any other document referred to in this
        Agreement and the completion of the transactions herein contemplated.

5.2     PRESERVATION AND ENFORCEMENT OF RIGHTS

        The Borrowers shall, from time to time on demand of the Agent, reimburse
        the Beneficiaries for all costs and expenses (including legal fees) on a
        full indemnity basis together with any VAT thereon incurred in or in
        connection with the preservation and/or enforcement of any of the rights
        of the Beneficiaries under this Agreement and any other document
        referred to in this Agreement.

<PAGE>

5.3     STAMP TAXES

        The Borrowers shall pay all stamp, registration and other taxes to which
        this Agreement, any other document referred to in this Agreement or any
        judgment given in connection herewith is or at any time may be subject
        and shall, from time to time on demand of the Agent, indemnify the
        Beneficiaries against any liabilities, costs, claims and expenses
        resulting from any failure to pay or any delay in paying any such tax.

6.      MISCELLANEOUS

6.1     INCORPORATION OF TERMS

        The provisions of clause 28 (REMEDIES AND WAIVER), clause 29 (PARTIAL
        INVALIDITY), clause 31 (LAW) and clause 32 (JURISDICTION) of the Senior
        Facility Agreement shall be incorporated into this Agreement as if set
        out in full herein and as if references therein to "this Agreement" or
        "the Facility Documents" are references to this Agreement.

6.2     COUNTERPARTS

        This Agreement may be executed in any number of counterparts, all of
        which taken together shall constitute one and the same instrument.

7.      CONSENT UNDER PRIORITY AGREEMENT

        The Senior Creditors hereby consent to the amendment made or to be made
        to the Junior Facility Agreement pursuant to this Agreement.

AS WITNESS the hands of duly authorised representatives of the parties hereto
the day and year first before written.

<PAGE>

                                   SCHEDULE 1

                              CONDITIONS PRECEDENT

1.      In relation to each Borrower:

        (a)     a copy, certified as at the date of this Agreement a true and
                up-to-date copy by a duly authorised officer of such Borrower,
                certifying that, as at the date hereof, there has been no change
                to the constitutional documents delivered by such Borrower
                pursuant to the Senior Facility Agreement;

        (b)     a copy, certified as at the date of this Agreement a true and
                up-to-date copy by an a duly authorised officer of a board
                resolution of such Borrower approving the execution, delivery
                and performance of this Agreement and, in the case of Boss Ltd
                as the relevant Borrower, the New Mortgages and the terms and
                conditions hereof and authorising a named person or persons to
                sign this Agreement and, in the case of Boss Ltd as the relevant
                Borrower, the New Mortgages and any other documents to be
                delivered by such Borrower pursuant hereto; and

        (c)     a certificate of an duly authorised officer of such Borrower
                setting out the names and signatures of the persons authorised
                to sign, on behalf of such Borrower, this Agreement and, in the
                case of Boss Ltd as the relevant Borrower, the New Mortgages and
                any other documents to be delivered by such Borrower pursuant
                hereto.

2.      A copy, certified a true copy by or on behalf of each Borrower, of each
        such law, decree, consent, licence, approval, registration or
        declaration as is, in the opinion of counsel to the Lenders, necessary
        to render this Agreement and the New Mortgages legal, valid, binding and
        enforceable, to make this Agreement and the New Mortgages admissible in
        evidence in each Borrower's jurisdiction of incorporation and to enable
        each Borrower to perform its obligations thereunder.

3.      Confirmation from Seward & Kissel LLP, the Lenders' Marshall Islands
        counsel that the New Mortgages have been registered at the Maritime
        Administration Registry Office of the Republic of the Marshall Islands
        in New York in the name of the Vessel "Genmar Boss" (ex "Stavanger
        Boss") owned by Boss Ltd.

4.      An opinion of the Lenders' Counsel in the jurisdiction of incorporation
        of each Borrower and the jurisdiction of the flag of the Vessel "Genmar
        Boss" (ex "Stavanger Boss") satisfactory in form and substance to the
        Agent and in substantially the form distributed to the Lenders prior to
        the signing of this Agreement.

5.      Payment of the Lender's legal fees pursuant to Clauses 5.2 of the Second
        Amendment Agreements and Clause 5.2 of this Agreement.

<PAGE>

                                   SCHEDULE 2

                                     PART 1

                     AMENDMENTS TO SENIOR FACILITY AGREEMENT

1.      The definition of "MORTGAGES" at clause 1.1 of the Senior Facility
        Agreement shall be deleted and replaced with the following:

        "MORTGAGES" means each of the Norwegian International ship mortgages to
        be granted by Stavanger Sun Ltd. as the relevant Borrower over its
        Vessel and a first preferred Marshall Islands ship mortgage to be
        granted by Boss Ltd. as the relevant Borrower over its Vessel, to the
        Security Trustee both pursuant to paragraph 1, Part 2 of the First
        Schedule and "MORTGAGE" means any of them.

2.      A new definition shall be added to Clause 1.1 of the Senior Facility
        Agreement as follows:

        "MARSHALL ISLANDS" means the Republic of the Marshall Islands.

3.      Clause 12.1(i) of the Senior Facility Agreement shall be deleted and
        replaced with the following:

        "STATUS It is a limited liability company duly organised under the laws
        of the Cayman Islands with power to enter into the Facility Documents
        and to exercise its rights and perform its obligations under the
        Facility Documents and in respect of Boss Ltd., as the relevant
        Borrower, it is duly qualified as a foreign maritime entity in the
        Marshall Islands and it has the power to register its Vessel at the
        Maritime Administration Registry Office of the Republic of the Marshall
        Islands in New York and, in respect of Stavanger Sun Ltd. as the
        relevant Borrower, it has power to register its Vessel in the office of
        the Norwegian International Ship Register in Norway."

4.      Clause 12.1(iii) of the Senior Facility Agreement shall be deleted and
        replaced with the following:

        "NO DEDUCTIONS OR WITHHOLDING Under the laws of the Caymen Islands,
        Norway and the Marshall Islands in force at the date hereof, it will not
        be required to make any deduction or withholding from any payment it may
        make under any of the Facility Documents."

5.      Clause 12.1(iv) of the Senior Facility Agreement shall be deleted and
        replaced with the following:

        "CLAIMS PARI PASSU Without prejudice to the security constituted or
        pursuant to any Facility Documents under the laws of the Cayman Islands,
        Norway and the Marshall Islands in force at the date hereof, the claims
        of the Agent, the Banks and the Security Trustee against it under any
        Facility Documents will, to the extent that such claims exceed the
        realised value of the security therefore, rank at least pari passu with
        the claims of all its other unsecured and non-subordinated creditors
        save those whose

<PAGE>

        claims are preferred solely by any bankruptcy, insolvency or other
        similar laws of general application.

6.      Clause 12.1(vii) of the Senior Facility Agreement shall be deleted and
        replaced with the following:

        "VALIDITY AND ADMISSIBILITY IN EVIDENCE Other than the recording of the
        Mortgage over its Vessel, in respect of Boss Ltd. as the relevant
        Borrower, at the Maritime Administration Registry Offices of the
        Republic of the Marshall Islands and, in respect of Stavanger Sun Ltd.
        as the relevant Borrower, at the office of the Norwegian International
        Ship Register and any required registration in the Cayman Islands all
        acts, conditions and things required to be done, fulfilled and performed
        in order (a) to enable it lawfully to enter into, exercise its rights
        under and perform and comply with the obligations expressed to be
        assumed by it in the Facility Documents, (b) to ensure that the
        obligations expressed to be assumed by it in the Facility Documents are
        legal, valid and binding and (c) to make the Facility Documents
        admissible in evidence in the Cayman Islands, have been done, fulfilled
        and performed."

7.      Paragraph 1(ii) of Part 2 of the First Schedule of the Senior Facility
        Agreement shall be deleted and replaced with the following:

                "in respect of Boss Ltd. as the relevant Borrower, the Marshall
                Islands ship mortgage granted by such Borrower over its Vessel
                in favour of the Security Trustee in a form acceptable to the
                Agent."

8.      Paragraph 7(ii) of Part 2 of the First Schedule of the Senior Facility
        Agreement shall be deleted and replaced with the following:

                "in respect of Boss Ltd. as the relevant Borrower, evidence of
                re-registration of its Vessel under the Marshall Islands flag.

9.      The Fourth Schedule of the Senior Facility Agreement shall be amended by
        deleting the reference to the "MT Stavanger Boss" and replacing it with
        a reference to "Genmar Boss".

<PAGE>

                                   SCHEDULE 2

                                     PART 2

                     AMENDMENTS TO JUNIOR FACILITY AGREEMENT

1.      The definition of "MORTGAGES" at clause 1.1 of the Junior Facility
        Agreement shall be deleted and replaced with the following:

        "MORTGAGES" means each of the Norwegian International ship mortgages to
        be granted by Stavanger Sun Ltd. as the relevant Borrower over its
        Vessel and a second preferred Marshall Islands ship mortgage to be
        granted by Boss Ltd. as the relevant Borrower over its Vessel, to the
        Security Trustee both pursuant to paragraph 1, Part 2 of the First
        Schedule and "MORTGAGE" means any of them.

2.      A new definition shall be added to Clause 1.1 of the Junior Facility
        Agreement as follows:

        "MARSHALL ISLANDS" means the Republic of the Marshall Islands.

3.      Clause 12.1(i) of the Junior Facility Agreement shall be deleted and
        replaced with the following:

        "STATUS It is a limited liability company duly organised under the laws
        of the Cayman Islands with power to enter into the Facility Documents
        and to exercise its rights and perform its obligations under the
        Facility Documents and in respect of Boss Ltd., as the relevant
        Borrower, it is duly qualified as a foreign maritime entity in the
        Marshall Islands and it has the power to register its Vessel at the
        Maritime Administration Registry Offices of the Republic of the Marshall
        Islands in New York and, in respect of Stavanger Sun Ltd. as the
        relevant Borrower, it has power to register its Vessel in the office of
        the Norwegian International Ship Register in Norway."

4.      Clause 12.1(iii) of the Junior Facility Agreement shall be deleted and
        replaced with the following:

        "NO DEDUCTIONS OR WITHHOLDING Under the laws of the Caymen Islands,
        Norway and the Marshall Islands in force at the date hereof, it will not
        be required to make any deduction or withholding from any payment it may
        make under any of the Facility Documents."

5.      Clause 12.1(iv) of the Junior Facility Agreement shall be deleted and
        replaced with the following:

        "CLAIMS PARI PASSU Without prejudice to the security constituted or
        pursuant to any Facility Documents under the laws of the Cayman Islands,
        Norway and the Marshall Islands in force at the date hereof, the claims
        of the Agent, the Banks and the Security Trustee against it under any
        Facility Documents will, to the extent that such claims exceed the
        realised value of the security therefore, rank at least pari passu with
        the claims of all its other unsecured and non-subordinated creditors
        save those whose

<PAGE>

        claims are preferred solely by any bankruptcy, insolvency or other
        similar laws of general application.

6.      Clause 12.1(vii) of the Junior Facility Agreement shall be deleted and
        replaced with the following:

        "VALIDITY AND ADMISSIBILITY IN EVIDENCE Other than the recording of the
        Mortgage over its Vessel, in respect of Boss Ltd. as the relevant
        Borrower, at the Maritime Administration Registry Offices of the
        Republic of the Marshall Islands and, in respect of Stavanger Sun Ltd.
        as the relevant Borrower, at the office of the Norwegian International
        Ship Register and any required registration in the Cayman Islands all
        acts, conditions and things required to be done, fulfilled and performed
        in order (a) to enable it lawfully to enter into, exercise its rights
        under and perform and comply with the obligations expressed to be
        assumed by it in the Facility Documents, (b) to ensure that the
        obligations expressed to be assumed by it in the Facility Documents are
        legal, valid and binding and (c) to make the Facility Documents
        admissible in evidence in the Cayman Islands, have been done, fulfilled
        and performed."

7.      Paragraph 1(ii) of Part 2 of the First Schedule of the Junior Facility
        Agreement shall be deleted and replaced with the following:

                "in respect of Boss Ltd. as the relevant Borrower, the Marshall
                Islands ship mortgage granted by such Borrower over its Vessel
                in favour of the Security Trustee in a form acceptable to the
                Agent."

8.      Paragraph 7(ii) of Part 2 of the First Schedule of the Junior Facility
        Agreement shall be deleted and replaced with the following:

                "in respect of Boss Ltd. as the relevant Borrower, evidence of
                re-registration of its Vessel under the Marshall Islands flag.

9.      The Fourth Schedule of the Junior Facility Agreement shall be amended by
        deleting the reference to the "MT Stavanger Boss" and replacing it with
        a reference to "Genmar Boss".

<PAGE>

                                   SCHEDULE 2

                                     PART 3

                        AMENDMENTS TO PRIORITY AGREEMENT

1.      Clause 1(i) of the Second Schedule to the Priority Agreement shall be
        deleted and replaced as follows:

        "(a)    in respect of the Vessel Stavanger Sun to be owned by Stavanger
                Sun Ltd, the Norwegian International ship mortgages over such
                Vessel; and

        (b)     in respect of the Vessel Genmar Boss to be owned by Boss Ltd,
                the first preferred and the second preferred Marshall Islands
                ship mortgages over such Vessel.

<PAGE>

                                   SCHEDULE 2

                                     PART 4

              AMENDMENTS TO ASSIGNMENTS OF EARNINGS AND INSURANCES

1.      Recital G shall be deleted and replaced with the following:

        "This Assignment is collateral to the New Mortgages over the Vessel
        dated on or about 17 February 2000 and granted by Boss Ltd as Owner in
        favour of Christiania Bank og Kreditkasse ASA acting as Security
        Trustee".

<PAGE>

                                   SIGNATURES

THE BORROWERS

BOSS LTD.

By:

STAVANGER SUN LTD.

By:

THE AGENT

CHRISTIANIA BANK OG KREDITKASSE ASA

By:

THE SECURITY TRUSTEE

CHRISTIANIA BANK OG KREDITKASSE ASA

By:

THE SENIOR LENDERS

CHRISTIANIA BANKS OG KREDITKASSE ASA

By:

<PAGE>

UNION BANK OF NORWAY

By:

SKANDINAVISKA ENSKILDA BANKEN

By:

THE JUNIOR LENDERS

CHRISTIANIA BANK OG KREDITKASSE ASA

By:

FOKUS BANK ASA

By:

THE SENIOR SWAP COUNTERPARTY

CHRISTIANIA BANKS OG KREDITKASSE ASA

By:

THE JUNIOR SWAP COUNTERPARTY

CHRISTIANIA BANKS OG KREDITKASSE ASA

By:<PAGE>

[GRAPHIC]

                                DATED MARCH 2000

                                     BETWEEN

                                    BOSS LTD.
                               STAVANGER SUN LTD.
                                   AS BORROWER

                       CHRISTIANIA BANK OG KREDITKASSE ASA
                          AS AGENT AND SECURITY TRUSTEE

                                       AND

                                     OTHERS

   ---------------------------------------------------------------------------
                               AMENDMENT AGREEMENT
                                  RELATING TO A

                            SENIOR FACILITY AGREEMENT
                              DATED 30 OCTOBER 1997

                            JUNIOR FACILITY AGREEMENT
                              DATED 30 OCTOBER 1997

                               PRIORITY AGREEMENT
                              DATED 30 OCTOBER 1997

                                       AND

                      ASSIGNMENT OF EARNINGS AND INSURANCES
                             DATED 27 NOVEMBER 1997
   ---------------------------------------------------------------------------

<PAGE>

THIS AGREEMENT is made on   March 2000

BETWEEN

(1)     BOSS LTD and STAVANGER SUN LTD., both companies duly incorporated in the
        Cayman Islands each having its registered office at 3rd Floor, CIBC
        Financial Centre, PO Box 1234, George Town, Grand Cayman, Cayman Islands
        (the "BORROWERS", and singly a "BORROWER") acting jointly and severally;

(2)     CHRISTIANIA BANK OG KREDITKASSE ASA as agent (under both the Senior
        Facility Agreement and Junior Facility Agreement) and security trustee
        (the "AGENT" and "SECURITY TRUSTEE"); and

(3)     THE FINANCIAL INSTITUTIONS who are defined as banks under the Senior
        Facility Agreement and senior lenders under the Priority Agreement (the
        "SENIOR LENDERS");

(4)     THE FINANCIAL INSTITUTIONS defined as banks under the Junior Facility
        Agreement and junior lenders under the Priority Agreement (the "JUNIOR
        LENDERS" together with the Senior Lenders, the "LENDERS");

(5)     CHRISTIANIA BANK OG KREDITKASSE ASA defined as senior swap counterparty
        under the Priority Agreement (together with the Senior Lenders, the
        "SENIOR CREDITORS"); and

(6)     CHRISTIANIA BANK OG KREDITKASSE ASA defined as junior swap counterparty
        under the Priority Agreement (together with the Junior Lenders, the
        "JUNIOR CREDITORS").

RECITALS

(A)     By the Facility Agreements, the Lenders made loan facilities available
        to the Borrowers upon the terms and subject to the conditions contained
        therein.

(B)     The Borrowers have requested and the Lenders have agreed to amend
        certain provisions of the Facility Documents to reflect the change of
        name of the Vessel "MT Stavanger Sun" to "Genmar Sun" and its
        re-registration under a Marshall Islands flag.

IT IS AGREED as follows.

1.      DEFINITIONS AND INTERPRETATION

1.1     DEFINITIONS
        In this Agreement:

        "ASSIGNMENT OF EARNINGS AND INSURANCES" means the assignment of earnings
        and insurances relating to the Vessel presently known as MT Stavanger
        Sun dated 27 November 1997 between Stavanger Sun Ltd as Owner and the
        Security Trustee.

<PAGE>

        "EFFECTIVE DATE" means the date on which the Agent confirms to the
        Lenders and the Borrower that it has received each of the documents
        listed in Schedule 1 (CONDITIONS PRECEDENT) in a form and substance
        satisfactory to the Agent.

        "FACILITY AGREEMENTS" means the Senior Facility Agreement and the Junior
        Facility Agreement.

        "JUNIOR FACILITY AGREEMENT" means the Junior Facility Agreement dated 30
        October 1997 as amended from time to time between the Borrowers, Agent
        and others.

        "NEW MORTGAGES" means the first preferred Marshall Islands ship mortgage
        to be granted by Stavanger Sun Ltd in its capacity as Borrower under the
        Senior Facility Agreement over its Vessel and the second preferred
        Marshall Islands ship mortgage to be granted by Stavanger Sun Ltd. in
        its capacity as Borrower under the Junior Facility Agreement over its
        Vessel.

        "PRIORITY AGREEMENT" means the Priority Agreement dated 30 October 1997
        as amended from time to time between the Borrowers, the Agent and
        Security Trustee, the Senior Creditors and the Junior Creditors.

        "SECOND AMENDMENT AGREEMENTS" means the amendment agreements to the
        Facility Agreements dated 27 December 1999 between the Borrowers, the
        Agent and the Lenders.

        "SENIOR FACILITY AGREEMENT" means the Senior Facility Agreement dated 30
        October 1997 as amended from time to time between the Borrowers, the
        Agent, and others.

        "THIRD AMENDMENT AGREEMENT" means the amendment agreement dated 17
        February 2000 to the Senior Facility Agreement, Junior Facility
        Agreement, Priority Agreement and Assignment of Earnings and Insurances
        by Boss Ltd.

1.2     INCORPORATION OF DEFINED TERMS

        Terms defined in the Senior Facility Agreement shall, unless otherwise
        defined herein, have the same meaning herein and the principles of
        construction set out in the Senior Facility Agreement shall have effect
        as if set out in this Agreement.

1.3     CLAUSES

        In this Agreement any reference to a "Clause" or "Schedule" is, unless
        the context otherwise requires, a reference to a Clause or Schedule
        hereof. Clause headings are for ease of reference only.

2.      AMENDMENT

        With effect from the Effective Date

        (i)     the Senior Lenders, the Borrowers and the Agent agree that the
                Senior Facility Agreement shall be amended as set out in Part 1
                of Schedule 2 (AMENDMENTS TO SENIOR FACILITY AGREEMENT).

<PAGE>

        (ii)    the Junior Lenders, the Borrowers and the Agent agree that the
                Junior Facility Agreement shall be amended as set out in Part 2
                of Schedule 2 (AMENDMENTS TO THE JUNIOR FACILITY AGREEMENT);

        (iii)   the Senior Creditors, the Junior Creditors, the Borrowers and
                the Agent and the Security Trustee agree that the Priority
                Agreement shall be amended as set out in Part 3 of Schedule 2
                (AMENDMENT TO THE PRIORITY AGREEMENT);

        (iv)    Stavanger Sun Ltd and the Security Trustee agree that the
                Assignment of Earnings and Insurances shall be amended as set
                out in Part 4 of Schedule 2 (AMENDMENT TO THE ASSIGNMENT OF
                EARNINGS AND INSURANCES).

3.      REPRESENTATIONS

3.1     The Borrowers make the representations set out in Clause 12 of the
        Senior Facility Agreement and Clause 12 of the Junior Facility Agreement
        as if each reference therein to "this Agreement" or "the Facility
        Documents" includes a reference to (a) this Agreement and (b) the
        relevant Facility Agreement as amended by this Agreement.

3.2     Stavanger Sun Ltd makes the representations set out in Clauses 3 and 8
        of the Assignment of Earnings and Insurances as if each reference
        therein to "this Agreement" or "this Assignment" includes a reference to
        (a) this Agreement and (b) the Assignment of Earnings and Insurances as
        amended by this Agreement.

4.      CONTINUITY AND FURTHER ASSURANCE

4.1     CONTINUING OBLIGATIONS

        The provisions of the Facility Documents shall, save as amended hereby,
        continue in full force and effect.

4.2     FURTHER ASSURANCE

        Each of the Borrowers shall, at the request of the Agent and at its own
        expense, do all such acts and things necessary or desirable to give
        effect to the amendments effected or to be effected pursuant to this
        Agreement.

5.      FEES, COSTS AND EXPENSES

5.1     TRANSACTION EXPENSES

        The Borrowers shall, from time to time on demand of the Agent, reimburse
        the Beneficiaries (as defined under the Priority Agreement) for all
        costs and expenses (including legal fees) together with any VAT thereon
        incurred by it in connection with the negotiation, preparation and
        execution of this Agreement, any other document referred to in this
        Agreement and the completion of the transactions herein contemplated.

5.2     PRESERVATION AND ENFORCEMENT OF RIGHTS

        The Borrowers shall, from time to time on demand of the Agent, reimburse
        the Beneficiaries for all costs and expenses (including legal fees) on a
        full indemnity basis together with any VAT thereon incurred in or in
        connection with the preservation

<PAGE>

        and/or enforcement of any of the rights of the Beneficiaries under this
        Agreement and any other document referred to in this Agreement.

5.3     STAMP TAXES

        The Borrowers shall pay all stamp, registration and other taxes to which
        this Agreement, any other document referred to in this Agreement or any
        judgment given in connection herewith is or at any time may be subject
        and shall, from time to time on demand of the Agent, indemnify the
        Beneficiaries against any liabilities, costs, claims and expenses
        resulting from any failure to pay or any delay in paying any such tax.

6.      MISCELLANEOUS

6.1     INCORPORATION OF TERMS

        The provisions of clause 28 (REMEDIES AND WAIVER), clause 29 (PARTIAL
        INVALIDITY), clause 31 (LAW) and clause 32 (JURISDICTION) of the Senior
        Facility Agreement shall be incorporated into this Agreement as if set
        out in full herein and as if references therein to "this Agreement" or
        "the Facility Documents" are references to this Agreement.

6.2     COUNTERPARTS

        This Agreement may be executed in any number of counterparts, all of
        which taken together shall constitute one and the same instrument.

7.      CONSENT UNDER PRIORITY AGREEMENT

        The Senior Creditors hereby consent to the amendment made or to be made
        to the Junior Facility Agreement pursuant to this Agreement.

AS WITNESS the hands of duly authorised representatives of the parties hereto
the day and year first before written.

<PAGE>

                                   SCHEDULE 1

                              CONDITIONS PRECEDENT

1.      In relation to each Borrower:

        (a)     a copy, certified as at the date of this Agreement a true and
                up-to-date copy by a duly authorised officer of such Borrower,
                certifying that, as at the date hereof, there has been no change
                to the constitutional documents delivered by such Borrower
                pursuant to the Senior Facility Agreement;

        (b)     a copy, certified as at the date of this Agreement a true and
                up-to-date copy by an a duly authorised officer of a board
                resolution of such Borrower approving the execution, delivery
                and performance of this Agreement and, in the case of Stavanger
                Sun Ltd as the relevant Borrower, the New Mortgages and the
                terms and conditions hereof and authorising a named person or
                persons to sign this Agreement and, in the case of Stavanger Sun
                Ltd as the relevant Borrower, the New Mortgages and any other
                documents to be delivered by such Borrower pursuant hereto; and

        (c)     a certificate of an duly authorised officer of such Borrower
                setting out the names and signatures of the persons authorised
                to sign, on behalf of such Borrower, this Agreement and, in the
                case of Stavanger Sun Ltd as the relevant Borrower, the New
                Mortgages and any other documents to be delivered by such
                Borrower pursuant hereto.

2.      A copy, certified a true copy by or on behalf of each Borrower, of each
        such law, decree, consent, licence, approval, registration or
        declaration as is, in the opinion of counsel to the Lenders, necessary
        to render this Agreement and the New Mortgages legal, valid, binding and
        enforceable, to make this Agreement and the New Mortgages admissible in
        evidence in each Borrower's jurisdiction of incorporation and to enable
        each Borrower to perform its obligations thereunder.

3.      Confirmation from Seward & Kissel LLP, the Lenders' Marshall Islands
        counsel that the New Mortgages have been registered at the Maritime
        Administration Registry Office of the Republic of the Marshall Islands
        in New York in the name of the Vessel "Genmar Sun" (ex "Stavanger Sun")
        owned by Stavanger Sun Ltd.

4.      An opinion of the Lenders' Counsel in the jurisdiction of incorporation
        of each Borrower and the jurisdiction of the flag of the Vessel "Genmar
        Sun" (ex "Stavanger Sun") satisfactory in form and substance to the
        Agent and in substantially the form distributed to the Lenders prior to
        the signing of this Agreement.

5.      Payment of the Lender's legal fees pursuant to Clauses 5.2 of the Second
        Amendment Agreements, Clause 5.2 of the Third Amendment Agreement and
        Clause 5.2 of this Agreement.

<PAGE>

                                   SCHEDULE 2

                                     PART 1

                     AMENDMENTS TO SENIOR FACILITY AGREEMENT

1.      The definition of "MORTGAGES" at clause 1.1 of the Senior Facility
        Agreement shall be deleted and replaced with the following:

        "MORTGAGES" means each of the first preferred Marshall Islands ship
        mortgages to be granted by each Borrower over its Vessel, to the
        Security Trustee pursuant to paragraph 1, Part 2 of the First Schedule
        and "MORTGAGE" means any of them.

2.      Clause 12.1(i) of the Senior Facility Agreement shall be deleted and
        replaced with the following:

        "STATUS It is a limited liability company duly organised under the laws
        of the Cayman Islands with power to enter into the Facility Documents
        and to exercise its rights and perform its obligations under the
        Facility Documents and it is duly qualified as a foreign maritime entity
        in the Marshall Islands and it has the power to register its Vessel at
        the Maritime Administration Registry Office of the Republic of the
        Marshall Islands in New York."

3.      Clause 12.1(vii) of the Senior Facility Agreement shall be deleted and
        replaced with the following:

        "VALIDITY AND ADMISSIBILITY IN EVIDENCE Other than the recording of the
        Mortgage over its Vessel at the Maritime Administration Registry Offices
        of the Republic of the Marshall Islands and any required registration in
        the Cayman Islands all acts, conditions and things required to be done,
        fulfilled and performed in order (a) to enable it lawfully to enter
        into, exercise its rights under and perform and comply with the
        obligations expressed to be assumed by it in the Facility Documents, (b)
        to ensure that the obligations expressed to be assumed by it in the
        Facility Documents are legal, valid and binding and (c) to make the
        Facility Documents admissible in evidence in the Cayman Islands, have
        been done, fulfilled and performed."

4.      Paragraph 1(i) of Part 2 of the First Schedule of the Senior Facility
        Agreement shall be deleted and replaced with the following:

                "in respect of Stavanger Sun Ltd. as the relevant Borrower, the
                Marshall Islands ship mortgage granted by such Borrower over its
                Vessel in favour of the Security Trustee in a form acceptable to
                the Agent."

5.      Paragraph 7(i) of Part 2 of the First Schedule of the Senior Facility
        Agreement shall be deleted and replaced with the following:

                "in respect of Stavanger Sun Ltd. as the relevant Borrower,
                evidence of re-registration of its Vessel under the Marshall
                Islands flag.

<PAGE>

6.      The Fourth Schedule of the Senior Facility Agreement shall be amended by
        deleting the reference to the "MT Stavanger Sun " and replacing it with
        a reference to "Genmar Sun".

<PAGE>

                                   SCHEDULE 2

                                     PART 2

                     AMENDMENTS TO JUNIOR FACILITY AGREEMENT

1.      The definition of "MORTGAGES" at clause 1.1 of the Junior Facility
        Agreement shall be deleted and replaced with the following:

        "MORTGAGES" means each of the second preferred Marshall Islands ship
        mortgages to be granted by each Borrower over its Vessel, to the
        Security Trustee both pursuant to paragraph 1, Part 2 of the First
        Schedule and "MORTGAGE" means any of them.

2.      Clause 12.1(i) of the Junior Facility Agreement shall be deleted and
        replaced with the following:

        "STATUS It is a limited liability company duly organised under the laws
        of the Cayman Islands with power to enter into the Facility Documents
        and to exercise its rights and perform its obligations under the
        Facility Documents and it is duly qualified as a foreign maritime entity
        in the Marshall Islands and it has the power to register its Vessel at
        the Maritime Administration Registry Offices of the Republic of the
        Marshall Islands in New York."

3.      Clause 12.1(vii) of the Junior Facility Agreement shall be deleted and
        replaced with the following:

        "VALIDITY AND ADMISSIBILITY IN EVIDENCE Other than the recording of the
        Mortgage over its Vessel at the Maritime Administration Registry Offices
        of the Republic of the Marshall Islands and any required registration in
        the Cayman Islands all acts, conditions and things required to be done,
        fulfilled and performed in order (a) to enable it lawfully to enter
        into, exercise its rights under and perform and comply with the
        obligations expressed to be assumed by it in the Facility Documents, (b)
        to ensure that the obligations expressed to be assumed by it in the
        Facility Documents are legal, valid and binding and (c) to make the
        Facility Documents admissible in evidence in the Cayman Islands, have
        been done, fulfilled and performed."

4.      Paragraph 1(i) of Part 2 of the First Schedule of the Junior Facility
        Agreement shall be deleted and replaced with the following:

                "in respect of Stavanger Sun Ltd. as the relevant Borrower, the
                Marshall Islands ship mortgage granted by such Borrower over its
                Vessel in favour of the Security Trustee in a form acceptable to
                the Agent."

5.      Paragraph 7(i) of Part 2 of the First Schedule of the Junior Facility
        Agreement shall be deleted and replaced with the following:

                "in respect of Stavanger Sun Ltd. as the relevant Borrower,
                evidence of re-registration of its Vessel under the Marshall
                Islands flag.

<PAGE>

6.      The Fourth Schedule of the Junior Facility Agreement shall be amended by
        deleting the reference to the "MT Stavanger Sun" and replacing it with a
        reference to "Genmar Sun".

<PAGE>

                                   SCHEDULE 2

                                     PART 3

                        AMENDMENTS TO PRIORITY AGREEMENT

1.      Clause 1(i)(a) of the Second Schedule to the Priority Agreement shall be
        deleted and replaced as follows:

        "(a)    in respect of the Vessel Genmar Sun (previously known as
                Stavanger Sun) to be owned by Stavanger Sun Ltd, the first
                preferred and the second preferred Marshall Islands ship
                mortgages over such Vessel".

<PAGE>

                                   SCHEDULE 2

                                     PART 4

              AMENDMENTS TO ASSIGNMENTS OF EARNINGS AND INSURANCES

1.      Recital G shall be deleted and replaced with the following:

        "This Assignment is collateral to the New Mortgages over the Vessel
        dated on or about 14 March 2000 and granted by Stavanger Sun Ltd as
        Owner in favour of Christiania Bank og Kreditkasse ASA acting as
        Security Trustee".

<PAGE>

                                   SIGNATURES

THE BORROWERS

BOSS LTD.

By:

STAVANGER SUN LTD.

By:

THE AGENT

CHRISTIANIA BANK OG KREDITKASSE ASA

By:

THE SECURITY TRUSTEE

CHRISTIANIA BANK OG KREDITKASSE ASA

By:

THE SENIOR LENDERS

CHRISTIANIA BANK OG KREDITKASSE ASA

By:

<PAGE>

UNION BANK OF NORWAY

By:

SKANDINAVISKA ENSKILDA BANKEN

By:

THE JUNIOR LENDERS

CHRISTIANIA BANK OG KREDITKASSE ASA

By:

FOKUS BANK ASA

By:

THE SENIOR SWAP COUNTERPARTY

CHRISTIANIA BANK OG KREDITKASSE ASA

By:

THE JUNIOR SWAP COUNTERPARTY

CHRISTIANIA BANK OG KREDITKASSE ASA

By:

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