Document:

d867882_ex4-5.htm

    
EXHIBIT 4.5

    
 

    Date                   November
2006

    

    

    DRYSHIPS
INC.

    as
Borrower

    

    -
and -

    

    THE
BANKS AND FINANCIAL INSTITUTIONS

    listed
in Part A of Schedule 1

    as
Lenders

    

    -
and -

    

    HSH
NORDBANK AG

    as
Agent and Security Trustee

    

    -
and -

    

    HSH
NORDBANK AG

    as
Lead Arranger and Lead Bookrunner

    

    -
and -

    

    THE
GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND

    as
Joint Bookrunner

    

    -
and -

    

    HSH
NORDBANK AG

    and

    THE
GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND

    as
Joint Underwriters

    

    -
and -

    

    THE
BANKS AND FINANCIAL INSTITUTIONS

    listed
at Part B of Schedule 1

    as
Swap Banks

    

    

    _______________________________________

    

    SUPPLEMENTAL AGREEMENT

    

    _______________________________________

    

    relating
to revolving credit and term loan facilities

    of
(originally) up to US$518,750,000 in aggregate

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    INDEX

    

     

    Clause

    Page

     

    
      	
              1

            	
              INTERPRETATION

            	
              2

            
	
              2

            	
              AGREEMENT
      OF THE CREDITOR PARTIES

            	
              3

            
	
              3

            	
              CONDITIONS
      PRECEDENT

            	
              3

            
	
              4

            	
              REPRESENTATIONS
      AND WARRANTIES

            	
              4

            
	
              5

            	
              AMENDMENTS
      TO LOAN AGREEMENT AND OTHER FINANCE DOCUMENTS

            	
              4

            
	
              6

            	
              FURTHER
      ASSURANCES

            	
              10

            
	
              7

            	
              FEES
      AND EXPENSES

            	
              10

            
	
              8

            	
              COMMUNICATIONS

            	
              11

            
	
              9

            	
              SUPPLEMENTAL

            	
              11

            
	
              10

            	
              LAW
      AND JURISDICTION

            	
              11

            
	 
      	
              REPAYMENT
      OF TERM LOAN

            	
              13

            
	 
      	
              EXECUTION
      PAGES

            	
              15

            

    

    

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    THIS AGREEMENT is made
on                        November
2006

    

    BETWEEN

    

    
      	
              (1)

            	
              DRYSHIPS
      INC.  as Borrower;

            

    

     

    
      	
              (2)

            	
              THE BANKS AND FINANCIAL
      INSTITUTIONS  listed in Part A of Schedule 1, as Lenders;

            

    

     

    
      	
              (3)

            	
              HSH NORDBANK AG, acting
      through its office at Gerhart-Hauptmann-Platz 50, D-20095, Hamburg,
      Federal Republic of Germany, as Agent;

            

    

     

    
      	
              (4)

            	
              HSH NORDBANK AG, acting
      through its office at Gerhart-Hauptmann-Platz 50, D-20095, Hamburg,
      Federal Republic of Germany, as Security
      Trustee;

            

    

     

    
      	
              (5)

            	
              HSH NORDBANK AG, acting
      through its office at Gerhart-Hauptmann-Platz 50, D-20095, Hamburg,
      Federal Republic of Germany, as Lead
      Arranger;

            

    

     

    
      	
              (6)

            	
              HSH NORDBANK AG, acting
      through its office at Gerhart-Hauptmann-Platz 50, D-20095, Hamburg,
      Federal Republic of Germany, as Lead
      Bookrunner;

            

    

     

    
      	
              (7)

            	
              THE GOVERNOR AND COMPANY OF THE
      BANK OF SCOTLAND, acting through its office at New Uberior House,
      11 Earl Grey Street, Edinburgh, EH2 9BN, Scotland, as Joint
      Bookrunner;

            

    

     

    
      	
              (8)

            	
              HSH NORDBANK AG, acting
      through its office at Gerhart-Hauptmann-Platz 50, D-20095, Hamburg,
      Federal Republic of Germany and THE GOVERNOR AND COMPANY OF THE
      BANK OF SCOTLAND, acting through its office at New Uberior House,
      11 Earl Grey Street, Edinburgh, EH2 9BN, Scotland, as Joint Underwriters;
      and

            

    

     

    
      	
              (9)

            	
              THE BANKS AND
      FINANCIAL INSTITUTIONS listed at Part B of Schedule 1,
      as Swap
      Banks.

            

    

     

    BACKGROUND

     

    
      	
              (A)

            	
              By
      a loan agreement dated 31 March 2006 (as supplemented and amended by a
      supplemental letter dated 15 May 2006, the “Loan Agreement”) and made between
      (i) the Borrower, (ii) the Lenders, (iii) the Agent, (iv) the Security
      Trustee, (v) the Lead Arranger, (vi) the Lead Bookrunner, (vii) the Joint
      Bookrunner, (vii) the Joint Underwriters and (ix) the Swap Banks, the
      Lenders agreed to make available to the Borrower both term loan and
      short-term credit facilities of (originally) up to US$518,750,000 in
      aggregate.

            

    

     

    
      	
              (B)

            	
              The
      Borrower has made a request to the Creditor Parties
  to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              increase
      the amount of the Term Loan by US$9,942,042 and to allow the Borrower to
      use the increase to part-finance the acquisition of m.v. “REDONDO” by the
      wholly-owned subsidiary of the Borrower, Argo Owning Company Limited,
      being a corporation incorporated in, and existing under the laws of, the
      Marshall Islands; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              increase
      the amount of the Credit Facility by US$60,541,000 and to allow the
      Borrower to use the increase to (a) refinance the existing indebtedness
      secured on  m.v.s “DELRAY”, “ESTEPONA” and “FORMENTERA” owned by
      the wholly-owned subsidiaries of the Borrower, Classical Owning Company
      Limited, Human Owning Company Limited and Paternal Owning Company Limited
      (each being a corporation incorporated in and existing under the laws of
      the Republic of the

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    
      	
               
      

            	
              Marshall
      Islands) and (b) provide working capital for its general corporate
      purposes.

            

    

     

    
      	
              (C)

            	
              Following
      the drawdown of the increase to the Term Loan and the Credit Facility
      referred to in Recital (B) above the consolidated Term Loan will be
      secured on the Ships listed in Appendix
III.

            

    

     

    
      	
              (D)

            	
              This
      Agreement sets out the terms and conditions on which the Creditor Parties
      agree, with effect on and from the Effective Date, to amend the Loan
      Agreement.

            

    

     

    IT IS AGREED as
follows:

    

    
      	
              1

            	
              INTERPRETATION

            

    

     

    
      	
              1.1

            	
              Defined
      expressions.  Words and expressions defined in the Loan
      Agreement and the other Finance Documents shall have the same meanings
      when used in this Agreement unless the context otherwise
      requires.

            

    

     

    
      	
              1.2

            	
              Definitions.  In
      this Agreement, unless the contrary intention
  appears:

            

    

     

    “Argo” means Argo Owning
Company Limited, a corporation incorporated and existing under the laws of the
Republic of the Marshall Islands and having its registered office at Trust
Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH
96960;

     

    “Effective
Date”  means the date on which the conditions precedent in
Clause 3 are satisfied;

    

    “Loan
Agreement”  means the loan agreement dated 31 March 2006 (as
supplemented and amended by a supplemental letter dated 15 May 2006) referred to
in Recital (A);

    

    “Mortgage
Amendment”  means, in relation to each Mortgage, an amendment
to such Mortgage, to be in such form and on such terms as may be acceptable to
the Lenders and in the plural, means all of them;

    

    “Named Ships” means each
of:

    

    
      	
               
      

            	
              (a)

            	
              the
      1994-built bulk carrier of 38,267 gross registered tons and 23,975 net
      registered tons registered in the ownership of Classical under Maltese
      flag with the name “DELRAY”;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      1994-built bulk carrier 38,267 gross registered tons and 23,975 net
      registered tons registered in the ownership of Human under Maltese flag
      with the name “ESTEPONA”; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      1996-built bulk carrier 38,267 gross registered tons and 23,975 net
      registered tons registered in the ownership of Paternal under Maltese flag
      with the name “FORMENTERA”;

            

    

     

    “Replacement Ship” means the
2000-built bulk carrier of 40,562 gross registered tons and 26,139 net
registered tons currently registered in the ownership of the Replacement Ship
Seller under Bahamas flag with the name “LIBERTY ONE” which is to be acquired by
Argo pursuant to the Replacement Ship MOA and registered in its ownership under
Maltese flag with the name “REDONDO”;

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    “Replacement Ship Advance”
means an amount of up to the lesser of (a) $9,942,041.56 and (b) 63 per cent. of
the Market Value of the Replacement Ship (determined in accordance with the
valuation referred to in Schedule 5, Part D, Paragraph 5 of the Loan Agreement)
which is to be made available in accordance with and pursuant to Clauses 2.3 and
4.2(g) of the Loan Agreement;

    

    “Replacement Ship
MOA”  means a memorandum of agreement dated 11 September 2006
made between the Replacement Ship Seller and Argo as buyer in respect of the
sale and purchase of the Replacement Ship for a price of $40,750,000;
and

    

    “Replacement Ship
Seller”  means Liberty Maritime International Ltd. a company
incorporated in and existing under the laws of the Bahamas.

    

    
      	
              1.3

            	
              Application of construction and
      interpretation provisions of Loan Agreement.  Clauses 1.2
      and 1.5 of the Loan Agreement apply, with any necessary modifications, to
      this Agreement.

            

    

     

    
      	
              2

            	
              AGREEMENT
      OF THE CREDITOR PARTIES

            

    

     

    
      	
              2.1

            	
              Agreement of the
      Lenders.  The Lenders agree, subject to and upon the
      terms and conditions of this
Agreement:

            

    

     

    
      	
              (a)

            	
              to
      increase the Term Loan by
$9,942,042;

            

    

     

    
      	
              (b)

            	
              to
      allow the Borrower to use the Replacement Ship Advance for the purpose of
      financing part of the acquisition cost of the Replacement
      Ship;

            

    

     

    
      	
              (c)

            	
              to
      increase the Credit Facility by
$60,541,000;

            

    

     

    
      	
              (d)

            	
              to
      allow the Borrower to draw down an Additional Advance for the purpose of
      refinancing the existing indebtedness secured on the Named Ships and to
      provide the Borrower with working capital for its general corporate
      purposes; and

            

    

     

    
      	
              (e)

            	
              to
      (i) waive the prepayment of the Loan required to be made pursuant to
      Clause 8.9 of the Loan Agreement in connection with the sale of “PANORMOS”
      (such prepayment being in an amount of $15,730,458.44) and (ii) allow the
      Borrower to apply such amount towards part-financing the acquisition of
      “LIBERTY ONE” (tbr “REDONDO”) by
Argo

            

    

     

    Provided that following the
drawdown of the Additional Advance referred to in paragraph (d) above and the
increase to the Term Loan referred to in paragraph (a) above, the Loan will be
fully drawn and no further amounts will be available to the Borrower pursuant to
the Loan Agreement.

     

    
      	
              2.2

            	
              Agreement of the Creditor
      Parties.  The Creditor Parties agree, subject to and upon
      the terms and conditions of this Agreement, to the consequential amendment
      of the Loan Agreement and the other Finance Documents in connection with
      the matters referred to in Clause
2.1.

            

    

     

    
      	
              2.3

            	
              Effective Date. The
      agreement of the Lenders and the other Creditor Parties contained in
      Clauses 2.1 and 2.2 shall have effect on and from the Effective
      Date.

            

    

     

    
      	
              3

            	
              CONDITIONS
      PRECEDENT

            

    

     

    
      	
              3.1

            	
              General.  The
      agreement of the Lenders and the other Creditor Parties contained in
      Clauses 2.1 and 2.2 is subject to the fulfilment of the conditions
      precedent in Clause 3.2.

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
              3.2

            	
              Conditions
      precedent.  The conditions referred to in Clause 3.1 are
      that the Agent shall have received the following documents and evidence in
      all respects in form and substance satisfactory to the Agent and its
      lawyers on or before the Effective
Date:

            

    

     

    
      	
              (a)

            	
              documents
      of the kind specified in Schedule 5, Part A, paragraphs 3, 4 and 5 of the
      Loan Agreement in relation to the Borrower, updated with appropriate
      modifications to refer to this
Agreement;

            

    

     

    
      	
              (b)

            	
              an
      original of this Agreement duly executed by the parties to
    it;

            

    

     

    
      	
              (c)

            	
              a
      duly executed original of each Mortgage
  Amendment;

            

    

     

    
      	
              (d)

            	
              evidence
      that each Mortgage Amendment has been duly registered against the Ship to
      which it relates in accordance with the laws of
  Malta;

            

    

     

    
      	
              (e)

            	
              the
      fees referred to in Clause 7 of this Agreement have been received in full
      by the Agent; and

            

    

     

    
      	
              (f)

            	
              favourable
      legal opinions from lawyers appointed by the Agent on such matters
      concerning the laws of the Malta, the Marshall Islands and such other
      relevant jurisdictions as the Agent may
require.

            

    

     

    
      	
              4

            	
              REPRESENTATIONS
      AND WARRANTIES

            

    

     

    
      	
              4.1

            	
              Repetition of Loan Agreement
      representations and warranties.  The Borrower represents
      and warrants to the Creditor Parties that the representations and
      warranties in clause 10 of the Loan Agreement remain true and not
      misleading if repeated on the date of this
  Agreement.

            

    

     

    
      	
              4.2

            	
              Repetition of Finance Document
      representations and warranties.  The Borrower and each of
      the other Security Parties represents and warrants to the Creditor Parties
      that the representations and warranties in the Finance Documents (other
      than the Loan Agreement) to which it is a party remain true and not
      misleading if repeated on the date of this
  Agreement.

            

    

     

    
      	
              5

            	
              AMENDMENTS
      TO LOAN AGREEMENT AND OTHER FINANCE
DOCUMENTS

            

    

     

    
      	
              5.1

            	
              Specific amendments to Loan
      Agreement.  With effect on and from the Effective Date
      the Loan Agreement shall be amended as
follows:

            

    

     

    
      	
              (a)

            	
              by
      re-designating Clauses 1.2, 1.3, 1.4, 1.5 and 1.6 of the Loan Agreement as
      Clauses 1.1, 1.2, 1.3, 1.4 and 1.5
respectively;

            

    

     

    
      	
              (b)

            	
              by
      adding in clause 1.1 of the Loan Agreement, the definitions of “Argo”,
      “Mortgage Amendment”, “Named Ships”, “Replacement Ship”, “Replacement Ship
      Advance”, “Replacement Ship MOA” and “Replacement Ship Seller” included in
      Clause 1.2 hereof;

            

    

     

    
      	
              (c)

            	
              by
      adding in clause 1.1 of the Loan Agreement all of the following new
      definitions;

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    “Classical” means Classical
Owning Company Limited, a corporation incorporated and existing under the laws
of the Republic of the Marshall Islands and having its registered office at
Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
MH 96960;

    

    “Consolidation Date” has the
meaning given to it in Clause 8.3;

    

    “Human” means Human Owning
Company Limited, a corporation incorporated and existing under the laws of the
Republic of the Marshall Islands and having its registered office at Trust
Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH
96960;

    

    “Named Ship Earnings Account
Pledge” means, in relation to each Named Ship, a pledge agreement
creating security in favour of the Creditor Parties in respect of the Earnings
Account for that Named Ship, in such form as the Lenders may approve or require
and in the plural means all of them;

    

    “Named Ship Owner”
means:

    

    (a)           in
the case of “DELRAY”, Classical;

    

    (b)           in
the case of “ESTEPONA”, Human; and

    

    (c)           in
the case of “FORMENTERA”, Paternal,

    

    and
in the plural means all of them;

    

    “Paternal” means Paternal
Owning Company Limited, a corporation incorporated and existing under the laws
of the Republic of the Marshall Islands and having its registered office at
Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
MH 96960;

    

    “Replacement Ship Advance
Commitment” means, in relation to a Lender, the amount set opposite its
name in the fourth column of Schedule 1, Part A, or, as the case may require,
the amount specified in the relevant Transfer Certificate, as that amount may be
reduced, cancelled or terminated in accordance with this Agreement (and “Total Replacement Ship Advance
Commitments” means the aggregate of the Replacement Ship Advance
Commitments of all the Lenders);

    

    “Replacement Ship Earnings
Account” means an account in the name of Argo, with the Agent in Hamburg
designated “Liberty One - Earnings Account”, or any other account (with that or
another office of the Agent) which is designated by the Agent as the Replacement
Ship Earnings Account for that Ship for the purposes of this
Agreement;

    

    “Replacement Ship Earnings Account
Pledge” means a pledge agreement creating security in favour of the
Creditor Parties in respect of the Replacement Ship Earnings Account, in such
form as the Lenders may approve or require;

    

    “Total Participation” means, in
relation to a Lender on or after the Consolidation Date, the amount set opposite
its name in the fifth column of Schedule 1, Part A, representing the
consolidated total participation of that Lender in the Loan;”

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    
      	
              (d)

            	
              by
      adding in the second line of the definition of “Additional Advance” in
      Clause 1.1 of the Loan Agreement, after the words “purchase price of an
      Additional Ship” the words “or a Named
Ship”;

            

    

     

    
      	
              (e)

            	
              by
      adding a new subparagraph (iii) in paragraph (a) of the definition of
      “Availability Period” in Clause 1.1 of the Loan Agreement as
      follows:

            

    

     

    “(iii)           the
Replacement Ship Advance, 31 December 2006; and”,

     

    and
re-designating the current subparagraph (iii) as subparagraph (iv);

     

    
      	
              (f)

            	
              by
      replacing the figure “$81,273,542.60” in paragraph (a) of the definition
      of “Balloon Instalment” in Clause 1.1 of the Loan Agreement with the
      figure “$99,371,911.72”;

            

    

     

    
      	
              (g)

            	
              by
      replacing in the second line of the definition of “Credit Facility
      Commitment” in Clause 1.1 of the Loan Agreement the word “fourth” with the
      word “fifth”;

            

    

     

    
      	
              (h)

            	
              by
      adding in paragraph (a) of the definition of “Deed of Covenant” in Clause
      1.1 of the Loan Agreement after the words “in relation to each Existing
      Ship” the words “, the Replacement Ship, each Named
  Ship”;

            

    

     

    
      	
              (i)

            	
              by
      adding to the definition of “Finance Documents” in Clause 1.1 of the Loan
      Agreement the following paragraphs:

            

    

     

    “(t)           the
Named Ship Earnings Account Pledges;

     

    (u)           the
Replacement Ship Earnings Account Pledge;

     

    (v)           the
Mortgage Amendments;”

     

    and
re-designating the current paragraph (t) as paragraph (w);

     

    
      	
              (j)

            	
              by
      adding in paragraph (a) of the definition of “Mortgage” in Clause 1.1 of
      the Loan Agreement after the words “in relation to each Existing Ship” the
      words “, the Replacement Ship, each Named
Ship”;

            

    

     

    
      	
              (k)

            	
              by
      adding to the definition of “Owner” in Clause 1.1 of the Loan Agreement
      the following additional
paragraphs:

            

    

     

    “(c)           the
Replacement Ship, Argo;

     

    (d)           a
Named Ship, the Named Ship Owner of that Ship; and”

     

    and
re-designating the current paragraph (c) as paragraph (e) and removing the words
“(h)” from the start of the final paragraph of the definition;

     

    
      	
              (l)

            	
              by
      adding to the definition of “Ships” in Clause 1.1 of the Loan Agreement
      after the words “together, the Existing Ships,” the words “the Replacement
      Ship, the Named Ships,”;

            

    

     

    
      	
              (m)

            	
              by
      deleting the definition of “Term Loan” in Clause 1.1 of the Loan Agreement
      and replacing it with the following new
  definition:

            

    

     

    “Term Loan” means an amount of
up to $438,607,456.66 (representing the maximum aggregate principal amount of
the Refinancing Advance, the Replacement Ship Advance and the Identified Ship
Advance) or the aggregate principal amount of the Refinancing

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    Advance,
the Replacement Ship Advance and the Identified Ship Advance for the time being
outstanding under this Agreement;”;

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
              (n)

            	
              by
      replacing the figure “$518,750,000” in Clause 2.1 of the Loan Agreement
      with the figure “$555,860,680.62”;

            

    

     

    
      	
              (o)

            	
              by
      adding a new paragraph (c) to Clause 2.2 of the Loan Agreement as
      follows:

            

    

     

    
      	
               
      

            	
              “(c)

            	
              the
      Replacement Ship Advance in the proportion which, as at the Drawdown Date
      for such Advance, its Replacement Ship Advance Commitment bears to the
      Total Replacement Ship Advance
Commitments.”;

            

    

     

    
      	
              (p)

            	
              by
      deleting paragraph (e) of Clause 4.2 of the Loan Agreement and replacing
      it with the following new
paragraph:

            

    

     

    
      	
               
      

            	
              “(e)

            	
              the
      Refinancing Advance, the Identified Ship Advance and the Replacement Ship
      Advance shall not in aggregate exceed 63 per cent. of the aggregate Market
      Values of the Existing Ships, the Identified Ship and the Replacement Ship
      (determined in accordance with the valuations referred to in Schedule 5,
      Part A, paragraph 12 (in the case of the Existing Ships), Schedule 5, Part
      B, paragraph 9 (in the case of the Identified Ship) and Schedule 5, Part
      D, paragraph 5 (in the case of the Replacement
  Ship));”

            

    

     

    
      	
              (q)

            	
              by
      adding a new paragraph (g) in Clause 4.2 of the Loan Agreement as
      follows:

            

    

     

    
      	
               
      

            	
              “(g)

            	
              the
      Replacement Ship Advance shall not exceed the lesser of (i) $9,942,042 and
      (ii) 63 per cent. of the aggregate Market Value of the Replacement Ship
      (as determined in accordance with the valuations referred to in Schedule
      5, Part D, paragraph 5) and shall be applied in financing part of the
      purchase price of the Replacement
Ship;”

            

    

     

    and
re-designating the current paragraph (g) as paragraph (h), and the current
paragraph (h) as paragraph (i);

     

    
      	
              (r)

            	
              by
      replacing the figure “$460,000,000” in subparagraph (i) of Clause 8.1(a)
      of the Loan Agreement with  the figure
      “$438,607,456.66”;

            

    

     

    
      	
              (s)

            	
              by
      adding in the third line of the hanging paragraph below Clause 8.1(a)(ii)
      of the Loan Agreement after the words “the acquisition of an Additional
      Ship” the words “or a Named Ship”;

            

    

     

    
      	
              (t)

            	
              by
      adding to the definition of “B” in Clause 8.1(b) of the Loan Agreement
      after the words “in the case of an Additional Ship” the words “or a Named
      Ship”;

            

    

     

    
      	
              (u)

            	
              by
      converting the text of Clause 8.3 of the Loan Agreement into paragraph (a)
      of that Clause, and by adding the following new paragraph (b) to that
      Clause:

            

    

     

    
      	
               
      

            	
              “(b)

            	
              On
      the Consolidation Date, the Agent shall send to all the Creditor Parties
      and the Borrower a schedule specifying the Total Participation of each
      Lender in the Loan and this schedule shall thereafter be substituted for,
      and replace, the schedule listing the Lenders and their Commitments set
      out in Schedule 1, Part A.

            

    

     

    For
the purpose of paragraph (b) of this Clause 8.3, “Consolidation Date” means the
earlier of (i) the Drawdown Date relating to the Additional Advance for the
final Named Ship to be refinanced and (ii) 30 March 2007.”

     

    such
new Schedule 1, Part A to be in the form set out in the Appendix I to this
Agreement;

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
              (v)

            	
              by
      adding to the end of Clause 9.1(c) of the Loan Agreement the following
      words:

            

    

     

    “Provided that in the case of a
Drawdown Date relating to an Additional Advance for a Named Ship, paragraphs 4,
5 and 7(a) of Schedule 5, Part C, shall not apply.”;

     

    
      	
              (w)

            	
              by
      adding to Clause 9.1 of the Loan Agreement a new paragraph (d) as
      follows:

            

    

     

    
      	
               
      

            	
              “(d)

            	
              that,
      on or before the Drawown Date relative to the Replacement Ship Advance,
      the Agent receives the documents described in Part D of Schedule 5 in form
      and substance satisfactory to the Agent and its
  lawyers;”

            

    

     

    and
re-designating the existing paragraphs (d), (e), (f), (g) and (h) of Clause 9.1
as paragraphs (e), (f), (g), (h) and (i) respectively;

     

    
      	
              (x)

            	
              by
      adding in the third line of Clause 14.2 of the Loan Agreement after the
      words “in the case of each Existing Ship” the words “, the Replacement
      Ship, each Named Ship”;

            

    

     

    
      	
              (y)

            	
              by
      adding in the second line of paragraph (c) of Clause 14.3 of the Loan
      Agreement after the words “in the case of each Existing Ship” the words “,
      the Replacement Ship, each Named
Ship”;

            

    

     

    
      	
              (z)

            	
              by
      replacing Schedule 4 of the Loan Agreement with a new schedule in the form
      set out in Appendix II to this
Agreement;

            

    

     

    
      	
              (aa)

            	
              by
      adding a new Part D to Schedule 5 to the Loan Agreement as
      follows:

            

    

     

    

    “PART
D

    

    The
following are the documents referred to in Clause 9.1(d).

    

    
      	
              1

            	
              A
      duly executed original of:

            

    

     

    
      	
              (a)

            	
              the
      Mortgage, the Deed of Covenant and the General Assignment relating to the
      Replacement Ship (and of each document to be delivered under each of
      them);

            

    

     

    
      	
              (b)

            	
              the
      Replacement Ship Earnings Account Pledge;
and

            

    

     

    
      	
              (c)

            	
              the
      Management Agreement Assignment relating to the Replacement
      Ship.

            

    

     

    
      	
              2

            	
              A
      copy of the Replacement Ship MOA and documentary evidence
      that:

            

    

     

    
      	
              (a)

            	
              the
      Replacement Ship has been unconditionally delivered to and accepted by
      Argo under the Replacement Ship MOA and the full purchase price payable
      under that MOA (in addition to the part to be financed by the Replacement
      Ship Advance) has been duly paid, together with a copy of the bill of sale
      and the other documents delivered by the Replacement Ship Seller
      thereunder;

            

    

     

    
      	
              (b)

            	
              the
      Replacement Ship is definitively and permanently registered in the name of
      Argo under Maltese flag at the port of
Valletta;

            

    

     

    
      	
              (c)

            	
              the
      Replacement Ship is in the absolute and unencumbered ownership of Argo,
      save as contemplated by the Finance Documents relative to the Replacement
      Ship;

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
              (d)

            	
              the
      Replacement Ship maintains the highest available class with Lloyd’s
      Register of Shipping (or such other first-class classification society
      which is a member of IACS as the Agent may approve) free of all overdue
      recommendations and conditions of such classification
    society;

            

    

     

    
      	
              (e)

            	
              the
      Mortgage relating to the Replacement Ship has been duly registered against
      that Ship as a valid first priority Maltese statutory ship mortgage in
      accordance with the laws of Malta;
and

            

    

     

    
      	
              (f)

            	
              the
      Replacement Ship is insured in accordance with the provisions of this
      Agreement and all requirements therein in respect of insurances have been
      complied with.

            

    

     

    
      	
              3

            	
              A
      copy of the Management Agreement and a duly executed original of the
      Manager’s Undertaking in relation to the Replacement
  Ship.

            

    

     

    
      	
              4

            	
              Copies
      of:

            

    

     

    
      	
              (a)

            	
              the
      document of compliance (DOC) and safety management  certificate
      (SMC) referred to in paragraph (a) of the definition of the ISM Code
      Documentation in respect of the Replacement Ship and the applicable
      Approved Manager certified as true and in effect by Argo;
    and

            

    

     

    
      	
              (b)

            	
              the
      ISPS Code Documentation in respect of the Replacement Ship certified as
      true and in effect by Argo.

            

    

     

    
      	
              5

            	
              Two
      valuations (at the cost of the Borrower) of the Replacement Ship,
      addressed to the Agent, stated to be for the purpose of this Agreement and
      dated not earlier than 15 days before the Drawdown Date for the
      Replacement Ship Advance, each from an Approved
  Broker.

            

    

     

    
      	
              6

            	
              Favourable
      legal opinions from lawyers appointed by the Agent on such matters
      concerning the laws of Malta and such other relevant jurisdictions as the
      Agent may require.

            

    

     

    
      	
              7

            	
              A
      favourable opinion from an independent insurance consultant acceptable to
      the Agent on such matters relating to the insurances of the Replacement
      Ship as the Agent may require.”

            

    

     

    
      	
              (bb)

            	
              by
      replacing the figure “$518,750,000” in paragraph 1 of the form of Transfer
      Certificate set out in Schedule 6 of the Loan Agreement with the figure
      “$555,860,680.62”;

            

    

     

    
      	
              (cc)

            	
              by
      replacing the figure “$518,750,000” in the form of Designation Notice set
      out in Schedule 7 of the Loan Agreement with the figure
      “$555,860,680.62”;

            

    

     

    
      	
              (dd)

            	
              by
      replacing the figure “$518,750,000” in the first paragraph of the form of
      Compliance Certificate set out in Schedule 7 of the Loan Agreement with
      the figure “$555,860,680.62”;

            

    

     

    
      	
              (ee)

            	
              the
      definition of, and references throughout to, each Finance Document shall
      be construed as if the same referred to that Finance Document as amended
      and supplemented by this Agreement;
and

            

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      	
              (ff)

            	
              by
      construing references throughout to “this Agreement”, “hereunder” and
      other like expressions as if the same referred to the Loan Agreement as
      amended and supplemented by this
Agreement.

            

    

     

    
      	
              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 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 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 give full
      effect to the terms of this
Agreement.

            

    

    

    
      	
              6

            	
              FURTHER
      ASSURANCES

            

    

     

    
      	
              6.1

            	
              Borrower’s and each Security
      Party’s obligation to execute further documents etc.  The
      Borrower and each Security Party
shall:

            

    

    

    
      	
              (a)

            	
              execute
      and deliver to the Security Trustee (or as it may direct) any assignment,
      mortgage, power of attorney, proxy or other document, governed by the law
      of England or such other country as the Security Trustee may, in any
      particular case, specify;

            

    

    

    
      	
              (b)

            	
              effect
      any registration or notarisation, give any notice or take any other
      step,

            

    

    

    
      	
               
      

            	
              which
      the Agent may, by notice to the Borrower, specify for any of the purposes
      described in Clause 6.2 or for any similar or related
      purpose.

            

    

    

    
      	
              6.2

            	
              Purposes of further
      assurances.  Those purposes
  are:

            

    

    

    
      	
              (a)

            	
              validity
      and effectively to create any Security Interest or right of any kind which
      the Security Trustee intended should be created by or pursuant to the Loan
      Agreement or any other Finance Document, each as amended and supplemented
      by this Agreement, and

            

    

    

    
      	
              (b)

            	
              implementing
      the terms and provisions of this
Agreement.

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    
      	
              6.3

            	
              Terms of further
      assurances.  The Security Trustee may specify the terms
      of any document to be executed by the Borrower or any Security Party under
      Clause 6.1, and those terms may include any covenants, powers and
      provisions which the Security Trustee considers appropriate to protect its
      interests.

            

    

    

    
      	
              6.4

            	
              Obligation to comply with
      notice.  The Borrower or any Security Party shall comply
      with a notice under Clause 6.1 by the date specified in the
      notice.

            

    

    

    
      	
              7

            	
              FEES
      AND EXPENSES

            

    

     

    
      	
              7.1

            	
              Fee.  On the
      date of this Agreement, the Borrower shall pay to the Agent certain
      facility fees set out in the letter addressed to the Agent from the
      Borrower and dated the same date as this
  Agreement.

            

    

     

    
      	
              7.2

            	
              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 necessary
modifications.

            

    

    

    
      	
              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.

            

    

     

    

    THIS AGREEMENT has been duly
executed as a Deed on the date stated at the beginning of this
Agreement.

    

    

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    APPENDIX
I

    

    LENDERS,
COMMITMENTS AND FINAL PARTICIPATIONS

    

    
      	
              Lender

            	
              Lending
      Office

            	
              Replacement
      Ship 

              Advance
      Commitement

              (US
      Dollars)

            	
              Credit
      Facility 

              Commitment
      (US Dollars)

               

            	
              Total

              Participation

              in
      Loan

              (US
      Dollars)

            
	
              HSH
      Nordbank AG

            	
              Gerhart-Hauptmann-Platz
      50

              D-20095
      Hamburg

              Germany

               

            	
               

               

              4,971,020.78

            	
               

               

              34,385,219.34

            	
               

               

              174,248,216.48

            
	
              The
      Governor and Company of the Bank of Scotland

            	
              11
      Earl Grey Street

              Edinburgh
      EH3 9BN

              Scotland

               

            	
               

               

              4,971,020.78

            	
               

               

              11,461,739.78

            	
               

               

              49,152,429.16

            
	
              Alliance
      & Leicester

              Commercial
      Finance plc

               

               

            	
              Carlton
      Park

              Narborough

              Leicester
      LE19 0AL

              England

            	 
      	
               

               

              9,067,462.21

            	
               

               

              42,217,147.31

            
	
              Bayerische
      Hypo-und

              Vereinsbank
      AG

               

            	
              Alter
      Wall 22

              20457
      Hamburg

              Germany

               

            	 
      	
               

               

              12,467,760.54

            	
               

               

              58,048,577.55

            
	
              Commerzbank
      AG

               

            	
              Ness
      7-9

              D-20457
      Hamburg

              Germany

            	 
      	
               

              22,668,655.53

            	
               

              105,542,868.27

            
	
              Dresdner
      Bank AG in Hamburg

               

               

            	
              Jungfernstieg
      22

              20349
      Hamburg

              Germany

            	 
      	
               

              11,334,327.77

            	
               

              52,771,434.14

            
	
              Natixis

               

            	
              115
      rue Reaumur

              BP
      4 - 75002 Paris - Cedex 02

              France

            	 
      	
               

              7,934,029.44

            	
               

              36,940,003.90

            
	
              Sumitomo
      Mitsui Banking

              Corporation,
      Brussels

              Branch

               

            	
              Avenue
      des Arts 58

              Box
      18

              1000
      Brussels

              Belgium

               

            	 
      	
               

               

              7,934,029.44

            	
               

               

              36,940,003.90

            

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    APPENDIX
II

    

     

    REPAYMENT
OF TERM LOAN

     

    
      	 
      	
              Repayment
      Date

            	
              Amount
      of Repayment Instalment ($)

            	
              Maximum
      Outstanding Amount of Term Loan following repayment ($)

            
	 
      	 
      	 
      	 
      
	
              1

            	
              28
      February 2007

            	
              16,520,612.90

            	
              539,340,067.72

            
	
              2

            	
              31
      May 2007

            	
              16,520,612.90

            	
              522,819,454.82

            
	
              3

            	
              31
      August 2007

            	
              13,764,906.47

            	
              509,054,548.35

            
	
              4

            	
              30
      November 2007

            	
              13,764,906.47

            	
              495,289,641.87

            
	
              5

            	
              29
      February 2008

            	
              13,764,906.47

            	
              481,524,735.40

            
	
              6

            	
              31
      May 2008

            	
              13,764,906.47

            	
              467,759,828.93

            
	
              7

            	
              31
      August 2008

            	
              13,611,343.47

            	
              454,148,485.46

            
	
              8

            	
              30
      November 2008

            	
              13,611,343.47

            	
              440,537,141.99

            
	
              9

            	
              28
      February 2009

            	
              13,611,343.47

            	
              426,925,798.52

            
	
              10

            	
              31
      May 2009

            	
              13,611,343.47

            	
              413,314,455.04

            
	
              11

            	
              31
      August 2009

            	
              12,127,501.55

            	
              401,186,953.50

            
	
              12

            	
              30
      November 2009

            	
              12,127,501.55

            	
              389,059,451.95

            
	
              13

            	
              28
      February 2010

            	
              12,127,501.55

            	
              376,931,950.40

            
	
              14

            	
              31
      May 2010

            	
              12,127,501.55

            	
              364,804,448.85

            
	
              15

            	
              31
      August 2010

            	
              12,127,501.55

            	
              352,676,947.31

            
	
              16

            	
              30
      November  2010

            	
              12,127,501.55

            	
              340,549,445.76

            
	
              17

            	
              28
      February 2011

            	
              12,127,501.55

            	
              328,421,944.21

            
	
              18

            	
              31
      May 2011

            	
              12,127,501.55

            	
              316,294,442.67

            
	
              19

            	
              31
      August 2011

            	
              12,127,501.55

            	
              304,166,941.12

            
	
              20

            	
              30
      November 2011

            	
              12,127,501.55

            	
              292,039,439.57

            
	
              21

            	
              29
      February 2012

            	
              12,127,501.55

            	
              279,911,938.02

            
	
              22

            	
              31
      May 2012

            	
              12,127,501.55

            	
              267,784,436.48

            
	
              23

            	
              31
      August 2012

            	
              12,127,501.55

            	
              255,656,934.93

            
	
              24

            	
              30
      November 2012

            	
              12,127,501.55

            	
              243,529,433.38

            
	
              25

            	
              28
      February 2013

            	
              12,127,501.55

            	
              231,401,931.83

            
	
              26

            	
              31
      May 2013

            	
              12,127,501.55

            	
              219,274,430.29

            
	
              27

            	
              31
      August 2013

            	
              12,127,501.55

            	
              207,146,928.74

            
	
              28

            	
              30
      November 2013

            	
              11,475,001.55

            	
              195,671,927.19

            
	
              29

            	
              28
      February 2014

            	
              9,630,001.55

            	
              186,041,925.64

            
	
              30

            	
              31
      May 2014

            	
              9,630,001.55

            	
              176,411,924.10

            
	
              31

            	
              31
      August 2014

            	
              9,630,001.55

            	
              166,781,922.55

            
	
              32

            	
              30
      November 2014

            	
              9,630,001.55

            	
              157,151,921.00

            
	
              33

            	
              28
      February 2015

            	
              9,630,001.55

            	
              147,521,919.46

            
	
              34

            	
              31
      May 2015

            	
              9,630,001.55

            	
              137,891,917.91

            
	
              35

            	
              31
      August 2015

            	
              9,630,001.55

            	
              128,261,916.36

            
	
              36

            	
              30
      November 2015

            	
              9,630,001.55

            	
              118,631,914.81

            
	
              37

            	
              29
      February 2016

            	
              9,630,001.55

            	
              109,001,913.27

            
	
              38

            	
              31
      May 2016

            	
              9,630,001.55

            	
              99,371,911.72

            
	
              Balloon
      Instalment

            	
              31
      May 2016

            	
              99,371,911.72

            	
              0

            

    

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    APPENDIX
III

    

    LIST
OF SHIPS (FOLLOWING THE CONSOLIDATION OF THE TERM LOAN)

    

    
      	
              Number

               

               

            	
              Name of
    vessel

            	
              Deadweight

            	
              Year Built

               

               

               

            
	 
      	 
      	 
      	 
      
	
              1

            	
              Manasota

            	
              171,061

            	
              2004

            
	
              2

            	
              Alameda

            	
              170,662

            	
              2001

            
	
              3

            	
              Shibumi

            	
              166,058

            	
              1984

            
	
              4

            	
              Netadola

            	
              149,475

            	
              1993

            
	
              5

            	
              Mendocino

            	
              76,623

            	
              2002

            
	
              6

            	
              Coronado

            	
              75,706

            	
              2000

            
	
              7

            	
              Waikiki

            	
              75,473

            	
              1995

            
	
              8

            	
              Mostoles

            	
              75,395

            	
              1981

            
	
              9

            	
              Solana

            	
              75,100

            	
              1995

            
	
              10

            	
              Sonoma

            	
              74,786

            	
              2001

            
	
              11

            	
              Catalina

            	
              74,432

            	
              2005

            
	
              12

            	
              Samsara

            	
              73,688

            	
              1999

            
	
              13

            	
              Padre

            	
              73,601

            	
              2004

            
	
              14

            	
              Toro

            	
              73,035

            	
              1995

            
	
              15

            	
              Xanadu

            	
              72,270

            	
              1999

            
	
              16

            	
              La Jolla

            	
              72,126

            	
              1997

            
	
              17

            	
              Lacerta

            	
              71,862

            	
              1994

            
	
              18

            	
              Redondo

            	
              74,716

            	
              2000

            
	
              19

            	
              Paragon

            	
              71,259

            	
              1995

            
	
              20

            	
              Iguana

            	
              70,349

            	
              1996

            
	
              21

            	
              Daytona

            	
              69,703

            	
              1989

            
	
              22

            	
              Lanikai

            	
              68,676

            	
              1998

            
	
              23

            	
              Tonga

            	
              66,798

            	
              1984

            
	
              24

            	
              Flecha

            	
              65,081

            	
              1982

            
	
              25

            	
              Striggla

            	
              64,747

            	
              1982

            
	
              26

            	
              Alona

            	
              48,640

            	
              2002

            
	
              27

            	
              Matira

            	
              45,863

            	
              1994

            
	
              28

            	
              Hille
      Oldendorff

            	
              55,566

            	
              2005

            
	
              29

            	
              Maganari

            	
              75,941

            	
              2001

            
	
              30

            	
              Estepona

            	
              70,003

            	
              1994

            
	
              31

            	
              Delray

            	
              70,029

            	
              1994

            
	
              32

            	
              Formentera

            	
              70,015

            	
              1996

            
	
              33

            	
              Lanzarote

            	
              73,008

            	
              1996

            
	
              34

            	
              Ligari

            	
              75,583

            	
              2004

            

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    EXECUTION
PAGES

     

    THE
BORROWERS

    

    

    SIGNED
by                                                                           )

    for
and on behalf
of                                                                 )

    DRYSHIPS
INC.                                                                  )

    

    

    

    THE
LENDERS

    

    

    LENDERS

    

    SIGNED
by                                                                           )

    for
and on behalf
of                                                                  )

    HSH NORDBANK
AG                                                       )

    

    

    

    

    SIGNED
by                                                                           )

    for
and on behalf
of                                                                  )

    THE GOVERNOR AND COMPANY
OF                          )

    THE BANK OF
SCOTLAND                                              )

    

    

    

    

    SIGNED
by                                                                           )

    for
and on behalf
of                                                                  )

    ALLIANCE &
LEICESTER                                                )

    COMMERCIAL FINANCE
PLC                                        )

    

    

    

    

    SIGNED
by                                                                           )

    for
and on behalf
of                                                                  )

    BAYERISCHE
HYPO-UND                                                )

    VEREINSBANK
AG                                                           )

    

    

    

    

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    SIGNED
by                                                                           )

    for
and on behalf
of                                                                  )

    COMMERZBANK                                                              )

    AKTIENGESELLSCHAFT                                                 )

    

    

    

    

    SIGNED
by                                                                           )

    for
and on behalf
of                                                                  )

    DRESDNER BANK AG IN
HAMBURG                          )

    

    

    

    SIGNED
by                                                                           )

    for
and on behalf
of                                                                  )

    NATIXIS (formerly known
as                                                 )

    NATEXIS BANQUES
POPULAIRES)                               )

    

    

    

    

    SIGNED
by                                                                           )

    for
and on behalf
of                                                                  )

    SUMITOMO MITSUI
BANKING                                     )

    CORPORATION                                                                  )

    

    

    

    

    AGENT

    

    SIGNED
by                                                                           )

    for
and on behalf
of                                                                  )

    HSH NORDBANK
AG                                                        )

    

    

    

    SECURITY
TRUSTEE

    

    SIGNED
by                                                                           )

    for
and on behalf
of                                                                  )

    HSH NORDBANK
AG                                                        )

    

    

    LEAD
ARRANGER/LEAD BOOKRUNNER

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    

    SIGNED
by                                                                           )

    for
and on behalf
of                                                                  )

    HSH NORDBANK
AG                                                        )

    JOINT
BOOKRUNNNER

    

    

    SIGNED
by                                                                           )

    for
and on behalf
of                                                                  )

    THE GOVERNOR AND
COMPANY                                )

    OF THE BANK OF
SCOTLAND                                        )

     

    

    

    JOINT
UNDERWRITERS

    

    

    SIGNED
by                                                                           )

    for
and on behalf of      
                                                           )

    HSH NORDBANK
AG          
                                             )

    

    

    

    SIGNED
by                                                                           )

    for
and on behalf
of                                       
                          )

    THE GOVERNOR AND COMPANY
OF                          )

    THE BANK OF
SCOTLAND                                              )

    

    

    

    SWAP
BANKS

    

    

    SIGNED
by                                                                           )

    for
and on behalf
of                                                             
   )

    HSH NORDBANK
AG                                                       )

    

    

    SIGNED
by                                                                           )

    for
and on behalf
of                                                                  )

    HBOS TREASURY SERVICES
PLC                                 )

    

    

    

    SIGNED
by                                                                           )

    for
and on behalf
of                                                           
      )

    COMMERZBANK                                                              )

    AKTIENGESELLSCHAFT                                                 )

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    Witness
to all
the                                                                     )

    above
signatures                                                                      )

    

    Name:

    Address:

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    COUNTERSIGNED  this
day      of November 2006 for and on behalf of the
below companies each of which, by its execution hereof, confirms and
acknowledges that it has read and understood the terms and conditions of this
supplemental letter, that it agrees in all respects to the same and that the
Finance Documents to which it is a party shall remain in full force and effect
and shall continue to stand as security for the obligations of the Borrower
under the Loan Agreement.

    

    

    

    __________________________________                                        __________________________________

    

    for
and on behalf
of                                                                           for
and on behalf of

    WEALTH
MANAGEMENT
INC.                                                     HELIUM
SHIPPING COMPANY

                                       
LIMITED

    

    

    

    __________________________________                                        __________________________________

    

    for
and on behalf
of                                                                           for
and on behalf of

    HYDROGEN
SHIPPING
COMPANY                                  
            SILICON
SHIPPING COMPANY

    LIMITED                                                                                        
  LIMITED

    

    

    

    __________________________________                                        __________________________________

    

    for
and on behalf
of                                                                           for
and on behalf of

    OXYGEN
SHIPPING
COMPANY                                                    ANNAPOLIS
SHIPPING COMPANY

    LIMITED                                                                                       
   LIMITED

    

    

    

    __________________________________                                         __________________________________

    

    for
and on behalf
of                                                                           for
and on behalf of

    LANCAT
SHIPPING
COMPANY                                                    TOLAN
SHIPPING COMPANY

    LIMITED                                                                                        
  LIMITED

    

    

    

    __________________________________                                         __________________________________

    

    for
and on behalf
of                                                                           for
and on behalf of

    MALVINA
SHIPPING
COMPANY                                                  ARLETA
NAVIGATION COMPANY

    LIMITED                                                                                        
  LIMITED

    

    

    

    __________________________________                                        __________________________________

    

    for
and on behalf
of                                                          
                for
and on behalf of

    SELMA
SHIPPING
COMPANY                                                       ROYERTON
SHIPPING COMPANY

    LIMITED                                                                                     
     LIMITED

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    

    

    __________________________________                                         __________________________________

    

    for
and on behalf
of                                                                           for
and on behalf of

    SAMSARA
SHIPPING
COMPANY                                                  LANSAT
SHIPPING COMPANY

    LIMITED                                                                                        
  LIMITED

    

    

    

    __________________________________                                         __________________________________

    

    for
and on behalf
of                                                                           for
and on behalf of

    FARAT
SHIPPING
COMPANY                                                     
 MADRAS SHIPPING COMPANY

    LIMITED                                                                                         
 LIMITED

    

    

    

    __________________________________                                         __________________________________

    

    for
and on behalf
of                                                                           for
and on behalf of

    IGUANA
SHIPPING
COMPANY                                                     BORSARI
SHIPPING COMPANY

    LIMITED                                                                                        
  LIMITED

    

    

    

    __________________________________                                        __________________________________

    

    for
and on behalf
of                                                                           for
and on behalf of

    ONIL
SHIPPING
COMPANY                                                           ZATAC
SHIPPING COMPANY

    LIMITED                                                                                        
  LIMITED

    

    

    

    __________________________________                                        __________________________________

    

    for
and on behalf
of                                                                           for
and on behalf of

    FABIANA
NAVIGATION
COMPANY                                            FAGO
SHIPPING COMPANY

    LIMITED                                                                                           LIMITED

    

    

    __________________________________                                        __________________________________

    

    for
and on behalf
of                                                                           for
and on behalf of

    FELICIA
NAVIGATION
COMPANY                                              PLATAN
SHIPPING COMPANY

    LIMITED                                                                                     
     LIMITED

    

    

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    

    

    __________________________________                                        __________________________________

    

    for
and on behalf
of                                                                           for
and on behalf of

    KARMEN
SHIPPING
COMPANY                                        
          THELMA SHIPPING
COMPANY

    LIMITED                                                                                        
  LIMITED

    

    

    

    __________________________________                                                                                     

    

    for
and on behalf of

    CELINE
SHIPPING
COMPANY                                                                           

    LIMITEDd867882_4-6.htm

    

      Exhibit
4.6

      

      Date                    November
2006

      

      

      DRYSHIPS
INC.

      as
Borrower

      

      -
and -

      

      THE
BANKS AND FINANCIAL INSTITUTIONS

      listed
in Part A of Schedule 1

      as
Lenders

      

      -
and -

      

      HSH
NORDBANK AG

      as
Agent and Security Trustee

      

      -
and -

      

      HSH
NORDBANK AG

      as
Lead Arranger and Lead Bookrunner

      

      -
and -

      

      THE
GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND

      as
Joint Bookrunner

      

      

      -
and -

      

      THE
BANKS AND FINANCIAL INSTITUTIONS

      listed
at Part B of Schedule 1

      as
Swap Banks

      

      

      _______________________________________

      

      SUPPLEMENTAL
AGREEMENT

      

      _______________________________________

      

      relating
to revolving credit and term loan facilities

      of
(originally) up to US$110,000,000 in aggregate

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      INDEX

      

      Clause

      Page

       

      
        	
                1

              	
                INTERPRETATION

              	
                2

              
	
                2

              	
                AGREEMENT
      OF THE CREDITOR PARTIES

              	
                3

              
	
                3

              	
                CONDITIONS
      PRECEDENT

              	
                3

              
	
                4

              	
                REPRESENTATIONS
      AND WARRANTIES

              	
                4

              
	
                5

              	
                AMENDMENTS
      TO LOAN AGREEMENT AND OTHER FINANCE DOCUMENTS

              	
                4

              
	
                6

              	
                FURTHER
      ASSURANCES

              	
                10

              
	
                7

              	
                FEES
      AND EXPENSES

              	
                10

              
	
                8

              	
                COMMUNICATIONS

              	
                11

              
	
                9

              	
                SUPPLEMENTAL

              	
                11

              
	
                10

              	
                LAW
      AND JURISDICTION

              	
                11

              
	 
      	
                REPAYMENT
      OF TERM LOAN

              	
                13

              
	 
      	
                EXECUTION
      PAGES

              	
                15

              

      

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      THIS AGREEMENT is made
on                      November
2006

      

      BETWEEN

      

      
        	
                (1)

              	
                DRYSHIPS
      INC.  as Borrower;

              

      

       

      
        	
                (2)

              	
                THE BANKS AND FINANCIAL
      INSTITUTIONS  listed in Part A of Schedule 1, as Lenders;

              

      

       

      
        	
                (3)

              	
                HSH NORDBANK AG, acting
      through its office at Gerhart-Hauptmann-Platz 50, D-20095, Hamburg,
      Federal Republic of Germany, as Agent;

              

      

       

      
        	
                (4)

              	
                HSH NORDBANK AG, acting
      through its office at Gerhart-Hauptmann-Platz 50, D-20095, Hamburg,
      Federal Republic of Germany, as Security
      Trustee;

              

      

       

      
        	
                (5)

              	
                HSH NORDBANK AG, acting
      through its office at Gerhart-Hauptmann-Platz 50, D-20095, Hamburg,
      Federal Republic of Germany, as Lead
      Arranger;

              

      

       

      
        	
                (6)

              	
                HSH NORDBANK AG, acting
      through its office at Gerhart-Hauptmann-Platz 50, D-20095, Hamburg,
      Federal Republic of Germany, as Lead
      Bookrunner;

              

      

       

      
        	
                (7)

              	
                THE GOVERNOR AND COMPANY OF THE
      BANK OF SCOTLAND, acting through its office at New Uberior House,
      11 Earl Grey Street, Edinburgh, EH2 9BN, Scotland, as Joint Bookrunner;
      and

              

      

       

      
        	
                (8)

              	
                THE BANKS AND
      FINANCIAL INSTITUTIONS listed at Part B of Schedule 1,
      as Swap
      Banks.

              

      

       

      BACKGROUND

       

      
        	
                (A)

              	
                By
      a loan agreement dated 31 March 2006 (as supplemented and amended by a
      supplemental letter dated 15 May 2006, the “Loan Agreement”) and made between
      (i) the Borrower, (ii) the Lenders, (iii) the Agent, (iv) the Security
      Trustee, (v) the Lead Arranger, (vi) the Lead Bookrunner, (vii) the Joint
      Bookrunner, (vii) the Joint Underwriters and (ix) the Swap Banks, the
      Lenders agreed to make available to the Borrower both term loan and
      short-term credit facilities of (originally) up to US$110,000,000 in
      aggregate.

              

      

       

      
        	
                (B)

              	
                The
      Borrower has made a request to the Creditor Parties
  to:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                increase
      the amount of the Term Loan by US$1,638,135.59 and to allow the Borrower
      to use the increase to part-finance the acquisition of m.v. “REDONDO” by
      the wholly-owned subsidiary of the Borrower, Argo Owning Company Limited,
      being a corporation incorporated in, and existing under the laws of, the
      Marshall Islands; and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                increase
      the amount of the Credit Facility by US$10,222,000 and to allow the
      Borrower to use the increase to (a) refinance the existing indebtedness
      secured on  m.v.s “DELRAY”, “ESTEPONA” and “FORMENTERA” owned by
      the wholly-owned subsidiaries of the Borrower, Classical Owning Company
      Limited, Human Owning Company Limited and Paternal Owning Company Limited
      (each being a corporation incorporated in and existing under the laws of
      the Republic of the Marshall Islands) and (b) provide working capital for
      its general corporate purposes.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      
        	
                (C)

              	
                Following
      the drawdown of the increase to the Term Loan and the Credit Facility
      referred to in Recital (B) above the consolidated Term Loan will be
      secured on the Ships listed in Appendix
III.

              

      

       

      
        	
                (D)

              	
                This
      Agreement sets out the terms and conditions on which the Creditor Parties
      agree, with effect on and from the Effective Date, to amend the Loan
      Agreement.

              

      

       

      IT IS AGREED as
follows:

      

      
        	
                1

              	
                INTERPRETATION

              

      

       

      
        	
                1.1

              	
                Defined
      expressions.  Words and expressions defined in the Loan
      Agreement and the other Finance Documents shall have the same meanings
      when used in this Agreement unless the context otherwise
      requires.

              

      

       

      
        	
                1.2

              	
                Definitions.  In
      this Agreement, unless the contrary intention
  appears:

              

      

       

      “Argo” means Argo Owning
Company Limited, a corporation incorporated and existing under the laws of the
Republic of the Marshall Islands and having its registered office at Trust
Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH
96960;

       

      “Effective
Date”  means the date on which the conditions precedent in
Clause 3 are satisfied;

      

      “Loan
Agreement”  means the loan agreement dated 31 March 2006 (as
supplemented and amended by a supplemental letter dated 15 May 2006) referred to
in Recital (A);

      

      “Mortgage
Amendment”  means, in relation to each Mortgage, an amendment
to such Mortgage, to be in such form and on such terms as may be acceptable to
the Lenders and in the plural, means all of them;

      

      “Named Ships” means each
of:

      

      
        	
                 
      

              	
                (a)

              	
                the
      1994-built bulk carrier of 38,267 gross registered tons and 23,975 net
      registered tons registered in the ownership of Classical under Maltese
      flag with the name “DELRAY”;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      1994-built bulk carrier 38,267 gross registered tons and 23,975 net
      registered tons registered in the ownership of Human under Maltese flag
      with the name “ESTEPONA”; and

              

      

       

      
        	
                 
      

              	
                (c)

              	
                the
      1996-built bulk carrier 38,267 gross registered tons and 23,975 net
      registered tons registered in the ownership of Paternal under Maltese flag
      with the name “FORMENTERA”;

              

      

       

      “Replacement Ship” means the
2000-built bulk carrier of 40,562 gross registered tons and 26,139 net
registered tons currently registered in the ownership of the Replacement Ship
Seller under Bahamas flag with the name “LIBERTY ONE” which is to be acquired by
Argo pursuant to the Replacement Ship MOA and registered in its ownership under
Maltese flag with the name “REDONDO”;

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      “Replacement Ship Advance”
means an amount of up to the lesser of (a) $1,638,135.59 and (b) 12 per cent. of
the Market Value of the Replacement Ship (determined in accordance with the
valuation referred to in Schedule 5, Part D, Paragraph 5 of the Loan Agreement)
which is to be made available in accordance with and pursuant to Clauses 2.3 and
4.2(g) of the Loan Agreement;

      

      “Replacement Ship
MOA”  means a memorandum of agreement dated 11 September 2006
made between the Replacement Ship Seller and Argo as buyer in respect of the
sale and purchase of the Replacement Ship for a price of $40,750,000;
and

      

      “Replacement Ship
Seller”  means Liberty Maritime International Ltd. a company
incorporated in and existing under the laws of the Bahamas.

      

      
        	
                1.3

              	
                Application of construction and
      interpretation provisions of Loan Agreement.  Clauses 1.2
      and 1.5 of the Loan Agreement apply, with any necessary modifications, to
      this Agreement.

              

      

       

      
        	
                2

              	
                AGREEMENT
      OF THE CREDITOR PARTIES

              

      

       

      
        	
                2.1

              	
                Agreement of the
      Lenders.  The Lenders agree, subject to and upon the
      terms and conditions of this
Agreement:

              

      

       

      
        	
                (a)

              	
                to
      increase the Term Loan by
$1,638,135.59;

              

      

       

      
        	
                (b)

              	
                to
      allow the Borrower to use the Replacement Ship Advance for the purpose of
      financing part of the acquisition cost of the Replacement
      Ship;

              

      

       

      
        	
                (c)

              	
                to
      increase the Credit Facility by
$10,222,000;

              

      

       

      
        	
                (d)

              	
                to
      allow the Borrower to draw down up an Additional Advance, for the purpose
      of refinancing the existing indebtedness secured on the Named Ships and to
      provide the Borrower with working capital for its general corporate
      purposes; and

              

      

       

      
        	
                (e)

              	
                to
      (i) waive the prepayment of the Loan required to be made pursuant to
      Clause 8.9 of the Loan Agreement in connection with the sale of “PANORMOS”
      (such prepayment being in an amount of $3,251,854.41) and (ii) allow the
      Borrower to apply such amount towards part-financing the acquisition of
      “LIBERTY ONE” (tbr “REDONDO”) by
Argo

              

      

       

      Provided that following the
drawdown of the Additional Advance referred to in paragraph (d) above and the
increase to the Term Loan referred to in paragraph (a) above, the Loan will be
fully drawn and no further amounts will be available to the Borrower pursuant to
the Loan Agreement.

       

      
        	
                2.2

              	
                Agreement of the Creditor
      Parties.  The Creditor Parties agree, subject to and upon
      the terms and conditions of this Agreement, to the consequential amendment
      of the Loan Agreement and the other Finance Documents in connection with
      the matters referred to in Clause
2.1.

              

      

       

      
        	
                2.3

              	
                Effective Date. The
      agreement of the Lenders and the other Creditor Parties contained in
      Clauses 2.1 and 2.2 shall have effect on and from the Effective
      Date.

              

      

       

      
        	
                3

              	
                CONDITIONS
      PRECEDENT

              

      

       

      
        	
                3.1

              	
                General.  The
      agreement of the Lenders and the other Creditor Parties contained in
      Clauses 2.1 and 2.2 is subject to the fulfilment of the conditions
      precedent in Clause 3.2.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      
        	
                3.2

              	
                Conditions
      precedent.  The conditions referred to in Clause 3.1 are
      that the Agent shall have received the following documents and evidence in
      all respects in form and substance satisfactory to the Agent and its
      lawyers on or before the Effective
Date:

              

      

       

      
        	
                (a)

              	
                documents
      of the kind specified in Schedule 5, Part A, paragraphs 3, 4 and 5 of the
      Loan Agreement in relation to the Borrower, updated with appropriate
      modifications to refer to this
Agreement;

              

      

       

      
        	
                (b)

              	
                an
      original of this Agreement duly executed by the parties to
    it;

              

      

       

      
        	
                (c)

              	
                a
      duly executed original of each Mortgage
  Amendment;

              

      

       

      
        	
                (d)

              	
                evidence
      that each Mortgage Amendment has been duly registered against the Ship to
      which it relates in accordance with the laws of
  Malta;

              

      

       

      
        	
                (e)

              	
                the
      fees referred to in Clause 7 of this Agreement have been received in full
      by the Agent; and

              

      

       

      
        	
                (f)

              	
                favourable
      legal opinions from lawyers appointed by the Agent on such matters
      concerning the laws of the Malta, the Marshall Islands and such other
      relevant jurisdictions as the Agent may
require.

              

      

       

      
        	
                4

              	
                REPRESENTATIONS
      AND WARRANTIES

              

      

       

      
        	
                4.1

              	
                Repetition of Loan Agreement
      representations and warranties.  The Borrower represents
      and warrants to the Creditor Parties that the representations and
      warranties in clause 10 of the Loan Agreement remain true and not
      misleading if repeated on the date of this
  Agreement.

              

      

       

      
        	
                4.2

              	
                Repetition of Finance Document
      representations and warranties.  The Borrower and each of
      the other Security Parties represents and warrants to the Creditor Parties
      that the representations and warranties in the Finance Documents (other
      than the Loan Agreement) to which it is a party remain true and not
      misleading if repeated on the date of this
  Agreement.

              

      

       

      
        	
                5

              	
                AMENDMENTS
      TO LOAN AGREEMENT AND OTHER FINANCE
DOCUMENTS

              

      

       

      
        	
                5.1

              	
                Specific amendments to Loan
      Agreement.  With effect on and from the Effective Date
      the Loan Agreement shall be amended as
follows:

              

      

       

      
        	
                (a)

              	
                By
      redesignating Clauses 1.2, 1.3, 1.4, 1.5 and 1.6 of the Loan Agreement as
      Clauses 1.1, 1.2, 1.3, 1.4 and 1.5
respectively;

              

      

       

      
        	
                (b)

              	
                by
      adding in clause 1.1 of the Loan Agreement, the definitions of “Argo”,
      “Mortgage Amendment”, “Named Ships”, “Replacement Ship”, “Replacement Ship
      Advance”, “Replacement Ship MOA” and “Replacement Ship Seller” included in
      Clause 1.2 hereof;

              

      

       

      
        	
                (c)

              	
                by
      adding in clause 1.1 of the Loan Agreement all of the following new
      definitions;

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      “Classical” means Classical
Owning Company Limited, a corporation incorporated and existing under the laws
of the Republic of the Marshall Islands and having its registered office at
Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
MH 96960;

      

      “Consolidation Date” has the
meaning given to it in Clause 8.3;

      

      “Human” means Human Owning
Company Limited, a corporation incorporated and existing under the laws of the
Republic of the Marshall Islands and having its registered office at Trust
Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH
96960;

      

      “Named Ship Earnings Account
Pledge” means, in relation to each Named Ship, a pledge agreement
creating security in favour of the Creditor Parties in respect of the Earnings
Account for that Named Ship, in such form as the Lenders may approve or require
and in the plural means all of them;

      

      “Named Ship Owner”
means:

      

      (a)           in
the case of “DELRAY”, Classical;

      

      (b)           in
the case of “ESTEPONA”, Human; and

      

      (c)           in
the case of “FORMENTERA”, Paternal,

      

      and
in the plural means all of them;

      

      “Paternal” means Paternal
Owning Company Limited, a corporation incorporated and existing under the laws
of the Republic of the Marshall Islands and having its registered office at
Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
MH 96960;

      

      “Replacement Ship Advance
Commitment” means, in relation to a Lender, the amount set opposite its
name in the fourth column of Schedule 1, Part A, or, as the case may require,
the amount specified in the relevant Transfer Certificate, as that amount may be
reduced, cancelled or terminated in accordance with this Agreement (and “Total Replacement Ship Advance
Commitments” means the aggregate of the Replacement Ship Advance
Commitments of all the Lenders);

      

      “Replacement Ship Earnings
Account” means an account in the name of Argo, with the Agent in Hamburg
designated “Liberty One - Earnings Account”, or any other account (with that or
another office of the Agent) which is designated by the Agent as the Replacement
Ship Earnings Account for that Ship for the purposes of this
Agreement;

      

      “Replacement Ship Earnings Account
Pledge” means a pledge agreement creating security in favour of the
Creditor Parties in respect of the Replacement Ship Earnings Account, in such
form as the Lenders may approve or require;

      

      “Total Participation” means, in
relation to a Lender on or after the Consolidation Date, the amount set opposite
its name in the fifth column of Schedule 1, Part A, representing the
consolidated total participation of that Lender in the Loan;”

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                (d)

              	
                by
      adding in the second line of the definition of “Additional Advance” in
      Clause 1.1 of the Loan Agreement, after the words “purchase price of an
      Additional Ship” the words “or a Named
Ship”;

              

      

       

      
        	
                (e)

              	
                by
      adding a new subparagraph (iii) in paragraph (a) of the definition of
      “Availability Period” in Clause 1.1 of the Loan Agreement as
      follows:

              

      

       

      “(iii)           the
Replacement Ship Advance, 31 December 2006; and”,

       

      and
re-designating the current subparagraph (iii) as subparagraph (iv);

       

      
        	
                (f)

              	
                by
      replacing the figure “$17,226,457.40” in paragraph (a) of the definition
      of “Balloon Instalment” in Clause 1.1 of the Loan Agreement with the
      figure “$20,150,840.63”;

              

      

       

      
        	
                (g)

              	
                by
      replacing in the second line of the definition of “Credit Facility
      Commitment” in Clause 1.1 of the Loan Agreement the word “fourth” with the
      word “fifth”;

              

      

       

      
        	
                (h)

              	
                by
      adding in paragraph (a) of the definition of “Deed of Covenant” in Clause
      1.1 of the Loan Agreement after the words “in relation to each Existing
      Ship” the words “, the Replacement Ship, each Named
  Ship”;

              

      

       

      
        	
                (i)

              	
                by
      adding to the definition of “Finance Documents” in Clause 1.1 of the Loan
      Agreement the following paragraphs:

              

      

       

      “(t)           the
Named Ship Earnings Account Pledges;

       

      (u)           the
Replacement Ship Earnings Account Pledge;

       

      (v)           the
Mortgage Amendments;”

       

      and
re-designating the current paragraph (t) as paragraph (w);

       

      
        	
                (j)

              	
                by
      adding in paragraph (a) of the definition of “Mortgage” in Clause 1.1 of
      the Loan Agreement after the words “in relation to each Existing Ship” the
      words “, the Replacement Ship, each Named
Ship”;

              

      

       

      
        	
                (k)

              	
                by
      adding to the definition of “Owner” in Clause 1.1 of the Loan Agreement
      the following additional
paragraphs:

              

      

       

      “(c)           the
Replacement Ship, Argo;

       

      (d)           a
Named Ship, the Named Ship Owner of that Ship; and”

       

      and
re-designating the current paragraph (c) as paragraph (e) and removing the words
“(h)” from the start of the final paragraph of the definition;

       

      
        	
                (l)

              	
                by
      adding to the definition of “Ships” in Clause 1.1 of the Loan Agreement
      after the words “together, the Existing Ships,” the words “the Replacement
      Ship, the Named Ships,”;

              

      

       

      
        	
                (m)

              	
                by
      deleting the definition of “Term Loan” in Clause 1.1 of the Loan Agreement
      and replacing it with the following new
  definition:

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      “Term Loan” means an amount of
up to $90,253,595.59 (representing the maximum aggregate principal amount of the
Refinancing Advance, the Replacement Ship Advance and the Identified Ship
Advance) or the aggregate principal amount of the Refinancing Advance, the
Replacement Ship Advance and the Identified Ship Advance for the time being
outstanding under this Agreement;”;

       

      
        	
                (n)

              	
                by
      replacing the figure “$110,000,000” in Clause 2.1 of the Loan Agreement
      with the figure “$112,587,543.11”;

              

      

       

      
        	
                (o)

              	
                by
      adding a new paragraph (c) to Clause 2.2 of the Loan Agreement as
      follows:

              

      

       

      
        	
                 
      

              	
                “(c)

              	
                the
      Replacement Ship Advance in the proportion which, as at the Drawdown Date
      for such Advance, its Replacement Ship Advance Commitment bears to the
      Total Replacement Ship Advance
Commitments.”;

              

      

       

      
        	
                (p)

              	
                by
      deleting paragraph (e) of Clause 4.2 of the Loan Agreement and replacing
      it with the following new
paragraph:

              

      

       

      
        	
                 
      

              	
                “(e)

              	
                the
      Refinancing Advance, the Identified Ship Advance and the Replacement Ship
      Advance shall not in aggregate exceed 13 per cent. of the aggregate Market
      Values of the Existing Ships, the Identified Ship and the Replacement Ship
      (determined in accordance with the valuations referred to in Schedule 5,
      Part A, paragraph 12 (in the case of the Existing Ships), Schedule 5, Part
      B, paragraph 9 (in the case of the Identified Ship) and Schedule 5, Part
      D, paragraph 5 (in the case of the Replacement
  Ship));”

              

      

       

      
        	
                (q)

              	
                by
      adding a new paragraph (g) in Clause 4.2 of the Loan Agreement as
      follows:

              

      

       

      
        	
                 
      

              	
                “(g)

              	
                the
      Replacement Ship Advance shall not exceed the lesser of (i) $1,638,135.59
      and (ii) 12 per cent. of the aggregate Market Value of the Replacement
      Ship (as determined in accordance with the valuations referred to in
      Schedule 5, Part D, paragraph 5) and shall be applied in financing part of
      the purchase price of the Replacement
Ship;”

              

      

       

      and
re-designating the current paragraph (g) as paragraph (h), and the current
paragraph (h) as paragraph (i);

       

      
        	
                (r)

              	
                by
      replacing the figure “$97,500,000” in subparagraph (i) of Clause 8.1(a) of
      the Loan Agreement with  the figure
      “$90,253,595.59”;

              

      

       

      
        	
                (s)

              	
                by
      adding in the third line of the hanging paragraph below Clause 8.1(a)(ii)
      of the Loan Agreement after the words “the acquisition of an Additional
      Ship” the words “or a Named Ship”;

              

      

       

      
        	
                (t)

              	
                by
      adding to the definition of “B” in Clause 8.1(b) of the Loan Agreement
      after the words “in the case of an Additional Ship” the words “or a Named
      Ship”;

              

      

       

      
        	
                (u)

              	
                by
      converting the text of Clause 8.3 of the Loan Agreement into paragraph (a)
      of that Clause, and by adding the following new paragraph (b) to that
      Clause:

              

      

       

      
        	
                 
      

              	
                “(b)

              	
                On
      the Consolidation Date, the Agent shall send to all the Creditor Parties
      and the Borrower a schedule specifying the Total Participation of each
      Lender in the Loan and this schedule shall thereafter be substituted for,
      and replace, the schedule listing the Lenders and their Commitments set
      out in Schedule 1, Part A.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      For
the purpose of paragraph (b) of this Clause 8.3, “Consolidation Date” means the
earlier of (i) the Drawdown Date relating to the Additional Advance for the
final Named Ship to be refinanced and (ii) 30 March 2007.”

       

      such
new Schedule 1, Part A to be in the form set out in the Appendix I to this
Agreement;

       

      
        	
                (v)

              	
                by
      adding to the end of Clause 9.1(c) of the Loan Agreement the following
      words:

              

      

       

      “Provided that in the case of a
Drawdown Date relating to an Additional Advance for a Named Ship, paragraphs 4,
5 and 7(a) of Schedule 5, Part C, shall not apply;”

       

      
        	
                (w)

              	
                by
      adding to Clause 9.1 of the Loan Agreement a new paragraph (d) as
      follows:

              

      

       

      
        	
                 
      

              	
                “(d)

              	
                that,
      on or before the Drawown Date relative to the Replacement Ship Advance,
      the Agent receives the documents described in Part D of Schedule 5 in form
      and substance satisfactory to the Agent and its
  lawyers;”

              

      

       

      
        	
                (x)

              	
                by
      adding in the third line of Clause 14.2 of the Loan Agreement after the
      words “in the case of each Existing Ship” the words “, the Replacement
      Ship, each Named Ship”;

              

      

       

      
        	
                (y)

              	
                by
      adding in the second line of paragraph (c) of Clause 14.3 of the Loan
      Agreement after the words “in the case of each Existing Ship” the words “,
      the Replacement Ship, each Named
Ship”;

              

      

       

      
        	
                (z)

              	
                by
      replacing Schedule 4 of the Loan Agreement with a new schedule in the form
      set out in Appendix II to this
Agreement;

              

      

       

      
        	
                (aa)

              	
                by
      adding a new Part D to Schedule 5 to the Loan Agreement as
      follows:

              

      

       

      

      “PART
D

      

      The
following are the documents referred to in Clause 9.1(d).

      

      
        	
                1

              	
                A
      duly executed original of:

              

      

       

      
        	
                (a)

              	
                the
      Mortgage, the Deed of Covenant and the General Assignment relating to the
      Replacement Ship (and of each document to be delivered under each of
      them);

              

      

       

      
        	
                (b)

              	
                the
      Replacement Ship Earnings Account Pledge;
and

              

      

       

      
        	
                (c)

              	
                the
      Management Agreement Assignment relating to the Replacement
      Ship.

              

      

       

      2           A
copy of the Replacement Ship MOA and documentary evidence that:

       

      
        	
                (a)

              	
                the
      Replacement Ship has been unconditionally delivered to and accepted by
      Argo under the Replacement Ship MOA and the full purchase price payable
      under that MOA (in addition to the part to be financed by the Replacement
      Ship Advance) has been duly paid, together with a copy of the bill of sale
      and the other documents delivered by the Replacement Ship Seller
      thereunder;

              

      

       

      
        	
                (b)

              	
                the
      Replacement Ship is definitively and permanently registered in the name of
      Argo under Maltese flag at the port of
Valletta;

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      
        	
                (c)

              	
                the
      Replacement Ship is in the absolute and unencumbered ownership of Argo,
      save as contemplated by the Finance Documents relative to the Replacement
      Ship;

              

      

       

      
        	
                (d)

              	
                the
      Replacement Ship maintains the highest available class with Lloyd’s
      Register of Shipping (or such other first-class classification society
      which is a member of IACS as the Agent may approve) free of all overdue
      recommendations and conditions of such classification
    society;

              

      

       

      
        	
                (e)

              	
                the
      Mortgage relating to the Replacement Ship has been duly registered against
      that Ship as a valid first priority Maltese statutory ship mortgage in
      accordance with the laws of Malta;
and

              

      

       

      
        	
                (f)

              	
                the
      Replacement Ship is insured in accordance with the provisions of this
      Agreement and all requirements therein in respect of insurances have been
      complied with.

              

      

       

      
        	
                3

              	
                A
      copy of the Management Agreement and a duly executed original of the
      Manager’s Undertaking in relation to the Replacement
  Ship.

              

      

       

      4           Copies
of:

       

      
        	
                (a)

              	
                the
      document of compliance (DOC) and safety management  certificate
      (SMC) referred to in paragraph (a) of the definition of the ISM Code
      Documentation in respect of the Replacement Ship and the applicable
      Approved Manager certified as true and in effect by Argo;
    and

              

      

       

      
        	
                (b)

              	
                the
      ISPS Code Documentation in respect of the Replacement Ship certified as
      true and in effect by Argo.

              

      

       

      
        	
                5

              	
                Two
      valuations (at the cost of the Borrower) of the Replacement Ship,
      addressed to the Agent, stated to be for the purpose of this Agreement and
      dated not earlier than 15 days before the Drawdown Date for the
      Replacement Ship Advance, each from an Approved
  Broker.

              

      

       

      
        	
                6

              	
                Favourable
      legal opinions from lawyers appointed by the Agent on such matters
      concerning the laws of Malta and such other relevant jurisdictions as the
      Agent may require.

              

      

       

      
        	
                7

              	
                A
      favourable opinion from an independent insurance consultant acceptable to
      the Agent on such matters relating to the insurances of the Replacement
      Ship as the Agent may require.”

              

      

      

      
        	
                (bb)

              	
                by
      replacing the figure “$110,000,000” in paragraph 1 of the form of Transfer
      Certificate set out in Schedule 6 of the Loan Agreement with the figure
      “$112,587,543.11”;

              

      

       

      
        	
                (cc)

              	
                by
      replacing the figure “$110,000,000” in the form of Designation Notice set
      out in Schedule 7 of the Loan Agreement with the figure
      “$112,587,543.11”;

              

      

       

      
        	
                (dd)

              	
                by
      replacing the figure “$110,000,000” in the first paragraph of the form of
      Compliance Certificate set out in Schedule 7 of the Loan Agreement with
      the figure “$112,587,543.11”;

              

      

       

      
        	
                (ee)

              	
                the
      definition of, and references throughout to, each Finance Document shall
      be construed as if the same referred to that Finance Document as amended
      and supplemented by this Agreement;
and

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      
        	
                (ff)

              	
                by
      construing references throughout to “this Agreement”, “hereunder” and
      other like expressions as if the same referred to the Loan Agreement as
      amended and supplemented by this
Agreement.

              

      

       

      
        	
                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 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 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 give full
      effect to the terms of this
Agreement.

              

      

      

      
        	
                6

              	
                FURTHER
      ASSURANCES

              

      

       

      

      
        	
                6.1

              	
                Borrower’s
      and each Security Party’s obligation to execute further documents
      etc.  The Borrower and each Security Party
  shall:

              

      

       

      

      
        	
                (a)

              	
                execute
      and deliver to the Security Trustee (or as it may direct) any assignment,
      mortgage, power of attorney, proxy or other document, governed by the law
      of England or such other country as the Security Trustee may, in any
      particular case, specify;

              

      

      

      
        	
                (b)

              	
                effect
      any registration or notarisation, give any notice or take any other
      step,

              

      

      

      
        	
                 
      

              	
                which
      the Agent may, by notice to the Borrower, specify for any of the purposes
      described in Clause 6.2 or for any similar or related
      purpose.

              

      

      

      
        	
                6.2

              	
                Purposes of further
      assurances.  Those purposes
  are:

              

      

      

      
        	
                (a)

              	
                validity
      and effectively to create any Security Interest or right of any kind which
      the Security Trustee intended should be created by or pursuant to the Loan
      Agreement or any other Finance Document, each as amended and supplemented
      by this Agreement, and

              

      

      

      
        	
                (b)

              	
                implementing
      the terms and provisions of this
Agreement.

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                6.3

              	
                Terms of further
      assurances.  The Security Trustee may specify the terms
      of any document to be executed by the Borrower or any Security Party under
      Clause 6.1, and those terms may include any covenants, powers and
      provisions which the Security Trustee considers appropriate to protect its
      interests.

              

      

      

      
        	
                6.4

              	
                Obligation to comply with
      notice.  The Borrower or any Security Party shall comply
      with a notice under Clause 6.1 by the date specified in the
      notice.

              

      

      

      
        	
                7

              	
                FEES
      AND EXPENSES

              

      

       

      
        	
                7.1

              	
                Fee.  On the
      date of this Agreement, the Borrower shall pay to the Agent certain
      facility fees set out in the letter addressed to the Agent from the
      Borrower and dated the same date as this
  Agreement.

              

      

      

      
        	
                7.2

              	
                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 necessary
modifications.

              

      

      

      
        	
                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.

              

      

      

      THIS AGREEMENT has been duly
executed as a Deed on the date stated at the beginning of this
Agreement.

      

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      APPENDIX
I

      

      LENDERS,
COMMITMENTS AND FINAL PARTICIPATIONS

      

      
        	
                Lender

              	
                Lending
      Office

              	
                Replacement
      Ship 

                Advance
      Commitement

                (US
      Dollars)

              	
                Credit
      Facility

                 Commitment
      (US Dollars)

                 

              	
                Total

                Participation

                in
      Loan

                (US
      Dollars)

              
	
                HSH
      Nordbank AG

              	
                Gerhart-Hauptmann-Platz
      50

                D-20095
      Hamburg

                Germany

                 

              	
                 

                 

                819,067.80

              	
                 

                 

                11,166,974

              	
                 

                 

                56,293,771.75

              
	
                The
      Governor and Company of 

                the
      Bank of Scotland

              	
                11
      Earl Grey Street

                Edinburgh
      EH3 9BN

                Scotland

                 

              	
                 

                 

                819,067.80

              	
                 

                 

                11,166,974

              	
                 

                 

                56,293,771.75

              

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      APPENDIX
II

      

       

      REPAYMENT
OF TERM LOAN

       

      
        	 
      	
                Repayment
      Date

              	
                Amount
      of Repayment Instalment ($)

              	
                Maximum
      Outstanding Amount of Term Loan following repayment ($)

              
	 
      	 
      	 
      	 
      
	
                1

              	
                28
      February 2007

              	
                3,347,823.86

              	
                109,239,719.25

              
	
                2

              	
                31
      May 2007

              	
                3,347,823.86

              	
                105,891,895.39

              
	
                3

              	
                31
      August 2007

              	
                2,780,773.74

              	
                103,111,121.66

              
	
                4

              	
                30
      November 2007

              	
                2,780,773.74

              	
                100,330,347.92

              
	
                5

              	
                29
      February 2008

              	
                2,780,773.74

              	
                97,549,574.19

              
	
                6

              	
                31
      May 2008

              	
                2,780,773.74

              	
                94,768,800.45

              
	
                7

              	
                31
      August 2008

              	
                2,751,523.74

              	
                92,017,276.72

              
	
                8

              	
                30
      November 2008

              	
                2,751,523.74

              	
                89,265,752.98

              
	
                9

              	
                28
      February 2009

              	
                2,751,523.74

              	
                86,514,229.25

              
	
                10

              	
                31
      May 2009

              	
                2,751,523.74

              	
                83,762,705.51

              
	
                11

              	
                31
      August 2009

              	
                2,446,189.05

              	
                81,316,516.46

              
	
                12

              	
                30
      November 2009

              	
                2,446,189.05

              	
                78,870,327.41

              
	
                13

              	
                28
      February 2010

              	
                2,446,189.05

              	
                76,424,138.36

              
	
                14

              	
                31
      May 2010

              	
                2,446,189.05

              	
                73,977,949.30

              
	
                15

              	
                31
      August 2010

              	
                2,446,189.05

              	
                71,531,760.25

              
	
                16

              	
                30
      November  2010

              	
                2,446,189.05

              	
                69,085,571.20

              
	
                17

              	
                28
      February 2011

              	
                2,446,189.05

              	
                66,639,382.15

              
	
                18

              	
                31
      May 2011

              	
                2,446,189.05

              	
                64,193,193.10

              
	
                19

              	
                31
      August 2011

              	
                2,446,189.05

              	
                61,747,004.04

              
	
                20

              	
                30
      November 2011

              	
                2,446,189.05

              	
                59,300,814.99

              
	
                21

              	
                29
      February 2012

              	
                2,446,189.05

              	
                56,854,625.94

              
	
                22

              	
                31
      May 2012

              	
                2,446,189.05

              	
                54,408,436.89

              
	
                23

              	
                31
      August 2012

              	
                2,446,189.05

              	
                51,962,247.84

              
	
                24

              	
                30
      November 2012

              	
                2,446,189.05

              	
                49,516,058.79

              
	
                25

              	
                28
      February 2013

              	
                2,446,189.05

              	
                47,069,869.73

              
	
                26

              	
                31
      May 2013

              	
                2,446,189.05

              	
                44,623,680.68

              
	
                27

              	
                31
      August 2013

              	
                2,446,189.05

              	
                42,177,491.63

              
	
                28

              	
                30
      November 2013

              	
                2,321,903.34

              	
                39,855,588.29

              
	
                29

              	
                28
      February 2014

              	
                1,970,474.77

              	
                37,885,113.53

              
	
                30

              	
                31
      May 2014

              	
                1,970,474.77

              	
                35,914,638.76

              
	
                31

              	
                31
      August 2014

              	
                1,970,474.77

              	
                33,944,163.99

              
	
                32

              	
                30
      November 2014

              	
                1,970,474.77

              	
                31,973,689.23

              
	
                33

              	
                28
      February 2015

              	
                1,970,474.77

              	
                30,003,214.46

              
	
                34

              	
                31
      May 2015

              	
                1,970,474.77

              	
                28,032,739.70

              
	
                35

              	
                31
      August 2015

              	
                1,970,474.77

              	
                26,062,264.93

              
	
                36

              	
                30
      November 2015

              	
                1,970,474.77

              	
                24,091,790.16

              
	
                37

              	
                29
      February 2016

              	
                1,970,474.77

              	
                22,121,315.40

              
	
                38

              	
                31
      May 2016

              	
                1,970,474.77

              	
                20,150,840.63

              
	
                Balloon
      Instalment

              	
                31
      May 2016

              	
                20,150,840.63

              	
                0

              

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      APPENDIX
III

      

      LIST
OF SHIPS (FOLLOWING THE CONSOLIDATION OF THE TERM LOAN)

      

      
        	
                Number

                 

                 

              	
                Name of
    vessel

              	
                Deadweight

              	
                Year Built

                 

                 

                 

              
	 
      	 
      	 
      	 
      
	
                1

              	
                Manasota

              	
                171,061

              	
                2004

              
	
                2

              	
                Alameda

              	
                170,662

              	
                2001

              
	
                3

              	
                Shibumi

              	
                166,058

              	
                1984

              
	
                4

              	
                Netadola

              	
                149,475

              	
                1993

              
	
                5

              	
                Mendocino

              	
                76,623

              	
                2002

              
	
                6

              	
                Coronado

              	
                75,706

              	
                2000

              
	
                7

              	
                Waikiki

              	
                75,473

              	
                1995

              
	
                8

              	
                Mostoles

              	
                75,395

              	
                1981

              
	
                9

              	
                Solana

              	
                75,100

              	
                1995

              
	
                10

              	
                Sonoma

              	
                74,786

              	
                2001

              
	
                11

              	
                Catalina

              	
                74,432

              	
                2005

              
	
                12

              	
                Samsara

              	
                73,688

              	
                1999

              
	
                13

              	
                Padre

              	
                73,601

              	
                2004

              
	
                14

              	
                Toro

              	
                73,035

              	
                1995

              
	
                15

              	
                Xanadu

              	
                72,270

              	
                1999

              
	
                16

              	
                La Jolla

              	
                72,126

              	
                1997

              
	
                17

              	
                Lacerta

              	
                71,862

              	
                1994

              
	
                18

              	
                Redondo

              	
                74,716

              	
                2000

              
	
                19

              	
                Paragon

              	
                71,259

              	
                1995

              
	
                20

              	
                Iguana

              	
                70,349

              	
                1996

              
	
                21

              	
                Daytona

              	
                69,703

              	
                1989

              
	
                22

              	
                Lanikai

              	
                68,676

              	
                1998

              
	
                23

              	
                Tonga

              	
                66,798

              	
                1984

              
	
                24

              	
                Flecha

              	
                65,081

              	
                1982

              
	
                25

              	
                Striggla

              	
                64,747

              	
                1982

              
	
                26

              	
                Alona

              	
                48,640

              	
                2002

              
	
                27

              	
                Matira

              	
                45,863

              	
                1994

              
	
                28

              	
                Hille
      Oldendorff

              	
                55,566

              	
                2005

              
	
                29

              	
                Maganari

              	
                75,941

              	
                2001

              
	
                30

              	
                Estepona

              	
                70,003

              	
                1994

              
	
                31

              	
                Delray

              	
                70,029

              	
                1994

              
	
                32

              	
                Formentera

              	
                70,015

              	
                1996

              
	
                33

              	
                Lanzarote

              	
                73,008

              	
                1996

              
	
                34

              	
                Ligari

              	
                75,583

              	
                2004

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      EXECUTION
PAGES

       

      

      

      THE
BORROWERS

      

      

      SIGNED
by                                                                           )

      for
and on behalf
of                                                                 )

      DRYSHIPS
INC.                                                                 )

      

      

      

      THE
LENDERS

      

      

      LENDERS

      

      SIGNED
by                                                                          )

      for
and on behalf
of                                                               
 )

      HSH NORDBANK
AG                                                       )

      

      

      

      

      SIGNED
by                                                                           )

      for
and on behalf
of                                                                 )

      THE GOVERNOR AND COMPANY
OF                         )

      THE BANK OF
SCOTLAND                                             )

      

      

      

      

      AGENT

      

      SIGNED
by                                                                           )

      for
and on behalf
of                                                                 )

      HSH NORDBANK
AG                                                       )

      

      

      

      SECURITY
TRUSTEE

      

      SIGNED
by                                                                          )

      for
and on behalf
of                                                                 )

      HSH NORDBANK
AG                                                       )

      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      

      LEAD
ARRANGER/LEAD BOOKRUNNER

      

      

      SIGNED
by                                                                           )

      for
and on behalf
of                                                                 )

      HSH NORDBANK
AG                                                       )

      

      JOINT
BOOKRUNNNER

      

      

      SIGNED
by                                                                           )

      for
and on behalf
of                                                                 )

      THE GOVERNOR AND
COMPANY                               )

      OF THE BANK OF
SCOTLAND                                      )

      

      

      

      

      SWAP
BANKS

      

      

      SIGNED
by                                                                           )

      for
and on behalf
of                                                                  )

      HSH NORDBANK
AG                                                       )

      

      

      SIGNED
by                                                                           )

      for
and on behalf
of                                                                 )

      HBOS TREASURY SERVICES
PLC                              
  )

      

      

      

      

      

      Witness
to all
the                                                                     )

      above
signatures                                                                      )

      

      Name:

      Address:

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      COUNTERSIGNED  this
day      of                         2006
for and on behalf of the below companies each of which, by its execution hereof,
confirms and acknowledges that it has read and understood the terms and
conditions of this supplemental letter, that it agrees in all respects to the
same and that the Finance Documents to which it is a party shall remain in full
force and effect and shall continue to stand as security for the obligations of
the Borrower under the Loan Agreement.

      

      

      

      __________________________________                                         __________________________________

      

      for
and on behalf
of                                                                           for
and on behalf of

      WEALTH
MANAGEMENT
INC.                                                     HELIUM
SHIPPING COMPANY

                                         
LIMITED

      

      

      

      __________________________________                                         __________________________________

      

      for
and on behalf
of                                                                           for
and on behalf of

      HYDROGEN
SHIPPING
COMPANY                                              SILICON
SHIPPING COMPANY

      LIMITED                                                                                         
 LIMITED

      

      

      

      __________________________________                                        __________________________________

      

      for
and on behalf
of                                                                           for
and on behalf of

      OXYGEN
SHIPPING
COMPANY                                                    ANNAPOLIS
SHIPPING COMPANY

      LIMITED                                                                                         
 LIMITED

      

      

      

      __________________________________                                        __________________________________

      

      for
and on behalf
of                                                                           for
and on behalf of

      LANCAT
SHIPPING
COMPANY                                                   
TOLAN SHIPPING COMPANY

      LIMITED                                                                                         
 LIMITED

      

      

       

      __________________________________                                        __________________________________

      

      for
and on behalf
of                                                                           for
and on behalf of

      MALVINA
SHIPPING
COMPANY                                                  ARLETA
NAVIGATION COMPANY

      LIMITED                                                                            
              LIMITED

      

      

      

      __________________________________                                        __________________________________

      

      for
and on behalf
of                                                                           for
and on behalf of

      SELMA
SHIPPING
COMPANY                                                       ROYERTON
SHIPPING COMPANY

      LIMITED                                                                                       
   LIMITED

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      

      

      

      __________________________________                                         __________________________________

      

      for
and on behalf
of                                                                           for
and on behalf of

      SAMSARA
SHIPPING
COMPANY                                                  LANSAT
SHIPPING COMPANY

      LIMITED                                                                                        
  LIMITED

      

      

      

      __________________________________                                        __________________________________

      

      for
and on behalf
of                                                                           for
and on behalf of

      FARAT
SHIPPING
COMPANY                                                       MADRAS
SHIPPING COMPANY

      LIMITED                                                                                         
 LIMITED

      

      

      

      __________________________________                                         __________________________________

      

      for
and on behalf
of                                                                           for
and on behalf of

      IGUANA
SHIPPING
COMPANY                                                     BORSARI
SHIPPING COMPANY

      LIMITED                                                                                           LIMITED

      

      

      

      __________________________________                                        __________________________________

      

      for
and on behalf
of                                                                           for
and on behalf of

      ONIL
SHIPPING
COMPANY                                                           ZATAC
SHIPPING COMPANY

      LIMITED                                                                                       
   LIMITED

      

      

      

      __________________________________                                        __________________________________

      

      for
and on behalf
of                                                                           for
and on behalf of

      FABIANA
NAVIGATION
COMPANY                                            FAGO
SHIPPING COMPANY

      LIMITED                                                                                        
  LIMITED

      

      

      __________________________________                                         __________________________________

      

      for
and on behalf
of                                                                         
 for and on behalf of

      FELICIA
NAVIGATION
COMPANY                                              PLATAN
SHIPPING COMPANY

      LIMITED                                                                                         
 LIMITED

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      

      

      

      

      __________________________________                                        __________________________________

      

      for
and on behalf
of                                                                           for
and on behalf of

      KARMEN
SHIPPING
COMPANY                                                   THELMA
SHIPPING COMPANY

      LIMITED                                                                                        
  LIMITED

      

      

      

      __________________________________                                                                                     

      

      for
and on behalf of

      CELINE
SHIPPING
COMPANY                                                                           

      LIMITED

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]