Document:

-- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

EXHIBIT 10.11

                                     

	
10 March 2008		 		
Global Banking & Markets	
	 		 		
Shipping Business Centre	
	
Marinouki Shipping Corp.		 		
5-10 Great Tower Street	
	
c/o Safety Steamship Overseas SA		 		
London EC3P 3HX	
	
32 Avenue Karamanli,		 		
Telephone. +44 (0)20 7833 2121	
	
PO Box 70837,		 		
Facsimile: +44 (0)20 7085 7134	
	
GR-16605 Voula,		 		
www.rbs.com/gbm	
	
Athens, Greece		 		 	

Attn: Mr Konstantinos Adamopoulos  

Dear Sirs, 

Re: Loan Agreement dated 1 March 2006 between
Marinouki Shipping Corp.

(as Borrower) and The Royal Bank of Scotland plc (as
Lender)

We refer to the loan made available to you pursuant to the above Loan Agreement and confirm that we are prepared to vary the terms and conditions of the loan as follows:- 

Words and expressions used in the Loan Agreement shall have the same meaning when used herein. 

	
1.     	
LOAN AMOUNT	
	 
	          	
  US$32,620,000 (United States
      Dollars Thirty Two Million Six Hundred And Twenty Thousand) representing
      an increase of US$4.000,000 (the “Increase”) on the existing
      Loan of US$28,620,000. 

	 
	
2.     	
REPAYMENT	
	 
	 	
  The Loan shall be repayable by 20 consecutive semi-annual instalments, as follows: first two instalments to be equal to US$545,000 each, followed by six instalments of US$767,000 each and the remaining
    twelve instalments to be equal to US$877,000 each. The first such instalment will be payable on 5 September 2008. while a balloon instalment of US$16,404,000 to be payable together with the final instalment. 

	 
	 	
  For avoidance of any doubt, any out of the money position between the current facility balance in Japanese Yen and the amended facility limit proposed herein is to be payable on the date of acceptance of
    this letter. 

	 

2

	
3.     	
SECURITY	
	          	          	 
	 	
As security for the obligations of the Borrower the Bank will require:	
	 
	 	
(a)     	
A Supplemental Loan Agreement	
	 
	 	
(b)     	
      A new first priority mortgage
          or amendment to the existing Mortgage (if required) over m.v. “Marina”,
    a 2006 built bulk carrier of 87,000 dwt. 

	 
	 	
(c)     	
Such other supplemental documentation as shall be required by the Bank or its lawyers.	
	 
	
4.     	
SIGNING OF SUPPLEMENTAL LOAN AGREEMENT	
	 
	 	
  The loan agreement is to be executed on or before 10 April 2008 failing which the offer will lapse notwithstanding its acceptance. 

	 
	
5.     	
FEE	
	 
	 	
  A fee of US$4,000 will be payable on the date of signing of the Supplemental Loan Agreement. 

	 
	
6.     	
OTHER TERMS AND CONDITIONS	
	 
	 	
(a)     	
      All other terms and conditions of the Loan Agreement shall remain unchanged and in full force and effect. 

	 
	 	
(b)     	
      All out of pocket expenses (including VAT) incurred by the Bank in connection with the loan facility shall be reimbursed by the Borrower on demand; such expenses shall include (but shall not be limited to) legal and other
    expenses incurred by the Bank after acceptance of this letter. 

	 
	 	
(c)     	
      This letter contains an outline of certain terms and conditions (it does not constitute a legally binding commitment on the Bank) which will, inter alia, be embodied in the Supplemental Loan Agreement and security
        documentation. such legal agreement and security documentation shall be governed by English law (except to the extent any security otherwise requires). The Documentation shall supersede this letter and all prior discussions and negotiations in
    relation to the loan facility. 

	 
	 	
(d)     	
      The Bank shall be entitled to obtain such legal opinions from such Jurisdictions as it may require and from lawyers appointed by it and the Borrower shall provide such corporate and other documentation as may be required by
    the Bank or its lawyers. 

	 

3

	
7.     	
ACCEPTANCE	
	 
	          	
  If the terms of this offer are acceptable, please sign the acceptance on the enclosed copy of this letter and return it to the Bank by 12 March 2008. In the event that your acceptance is not received by us by such date,
    this offer shall be automatically cancelled and no longer available for acceptance. 

Yours faithfully 

For THE ROYAL BANK OF SCOTLAND plc

     We hereby unconditionally and irrevocably accept the terms and conditions
  set out above.c52273_ex10-10new.htm

EXHIBIT 10.12

 

	 	 	 	 
	 

	
To:          		
Marinouki Shipping Corporation		 		
Global Banking & Markets	
	 		
c/o Safety Management Overseas SA		 		
Shipping Business Centre	
	 		
32 Karamanli Avenue		 		
5-10 Great Tower Street	
	 		
166 05 Voula		 		
London EC3P 3HX	
	 		
Greece		 		
Telephone: +44 (0)20 7085 5000	
	 		 		 		
Facsimile: +44 (0)20 7085 7134	
	 		 		 		
www.rbs.com/gbm	

24 April 2008 

Dear Sirs

Supplemental Letter

	
1               	
We refer to the loan agreement dated 1 March 2006 (the “Loan Agreement”) made between (1) Marinouki Shipping Corporation as
borrower (the “Borrower”) and (2) The Royal Bank of Scotland plc as lender (the “Bank”), pursuant to which the Bank agreed (inter alia) to make available to the Borrower a multicurrency loan of Thirty Million Four Hundred Thousand Dollars
($30,400,000) upon the terms and conditions contained therein.

	
	 
	
2	
Words and expressions defined in the Loan Agreement shall, unless the context otherwise requires, have the same meaning where used in this Letter.

	
	 
	
3	
As of 19 March 2008 (the “Crystalisation Date”) the Equivalent Amount in Dollars of the Loan then outstanding (less any
amount standing to the credit of the Cash Collateral Account) exceeded by Four Million Dollars ($4,000,000) (the “Excess Amount”) the Dollar Amount of the
Loan.

	
	 
	
4	
The Bank and the Borrower hereby agree that, with effect from the Crystalisation Date, the Bank hereby increases the Commitment by the amount of $4,000,000 and such amount is hereby deemed drawn down
under the Loan Agreement, so that such Excess Amount be deemed to constitute part of the Loan.

	
	 
	
5	
The Bank and the Borrower hereby further agree that the Borrower shall repay the outstanding amount of the Loan as of the date of this Letter (being the amount of $32,620,000, comprising (a) the balance
of $28,620,000 prior to the increase of the Commitment referred to above and (b) the additional amount of $4,000,000 which is deemed drawn down under clause 6 above) by twenty (20) consecutive repayment instalments, one such instalment to be
repaid on each of the Repayment Dates falling after the date of this Letter. Subject to the provisions of the Loan Agreement, the amount of each of the first and second such instalments shall be $545,000 or the equivalent amount in an Optional
Currency calculated in accordance with clause 5.7, the amount of each of the third to the eighth such instalments (inclusive) shall be $767,000 or the equivalent amount in an Optional Currency calculated in accordance with clause 5.7, the amount
of each of the ninth to the nineteenth such instalments (inclusive) shall be $877,000 or the equivalent amount in an Optional Currency calculated in accordance with clause 5.7 and the amount of the last such instalment shall be $17,281,000
or the equivalent amount in an Optional Currency calculated in accordance with clause 5.7 (comprising a repayment instalment of $877,000 and a balloon payment of $16,404,000 (or their equivalent amounts in an Optional Currency calculated in
accordance with clause 5.7)).

	
	 
	
6	
The Bank and the Borrower agree that clause 5 of this Letter shall replace clause 5.1 of the Loan Agreement.

	
	 

Page 1 of 3

	
7               	
In consideration of the Bank’s agreement contained in this Letter, the Borrower agrees to pay to the Bank a fee of $4,000, on the date of execution of this Letter by the Borrower and the
Manager.

	
	 
	
8	
The Bank and the Borrower agree that the arrangements and agreements set out in this Letter shall become effective immediately upon (a) execution by the Borrower and the Manager of this Letter signifying
their agreement to its terms and (b) delivery by the Borrower to the Bank of such corporate authorisations of the Borrower in respect of this Letter as may be required by the Bank and its legal advisors in their discretion.

	
	 
	
9	
The Borrower agrees with the Bank that it will deliver to the Bank the documents referred to in paragraph 8(b) above by not later than 30 April 2008 (or such later date as the Bank may in its sole discretion
agree), and if the Borrower fails to do so by such time, such failure shall constitute an Event of Default under the Loan Agreement.

	
	 
	
10	
Save as amended by this Letter, the provisions of the Loan Agreement shall continue in full force and effect and the Loan Agreement and this Letter shall be read and construed as one instrument.

	
	 
	
11	
Each of the other Security Documents and the obligations of the Security Parties thereunder shall remain and continue in full force and effect notwithstanding the amendments to the Loan Agreement contained
in this Letter.

	
	 
	
12	
References to the “Agreement” or the “Loan Agreement” in any of the Security Documents shall henceforth be references to the Loan Agreement as amended by this Letter and as from time to
time hereafter amended and shall also be deemed to include this Letter and the obligations of the Security Parties hereunder.

	
	 
	
13	
This Letter is governed by, and shall be construed in accordance with, the laws of England and any dispute hereunder shall be resolved in the same courts as provided for in clause 18.2 of the Loan
Agreement.

	
	 

Yours faithfully

	
EXECUTED as a DEED		 	) 	 
	
by NIKOLAOS A. PAVLIDIS		 	) 	 
	
for and on behalf of		 	) 	 
	
THE ROYAL BANK OF SCOTLAND PLC		 	) 	
/s/ Nikolas A. Pavlidis		 
	
as Bank		 	) 	 
	
In the presence of:		 	) 	 
	 	
	 	
	
/s/ Christos N. Gourtsoviannis		 	 		 	
	
Witness		 	 		 	
	
Name: CHRISTOS N. GOURTSOVIANNIS		 	 		 	
	
Address:		 	 		 	
	
Occupation: SHIP FINANCE MANAGER		 	 		 	

We acknowledge receipt of this letter and agree in full to the terms and conditions set out above and the amendments of the Loan Agreement contained therein. 

 

Page 2 of 3

	
EXECUTED as a DEED		 	) 	 
	
by GEORGE PAPADOPOULOS		 	) 	 
	
for and on behalf of		 	) 	 
	
MARINOUKI SHIPPING CORPORATION		 	) 	
/s/ George A. Papadopoulos		 
	
In the presence of:		 	) 	
Attorney-in-fact	
	 	
	 	
	
/s/ Panagoita Liakakou		 	 		 	
	
Witness		 	 		 	
	
Name: PANAGIOTA LIAKAKOU		 	 		 	
	
Address: ATH. DIAKOY 26, ARGIROUPOLIS 164 51		 	 		 	
	
Occupation:		 	 		 	
	 	
	 	
	
EXECUTED as a DEED		 	) 	 
	
by GEORGE PAPADOPOULOS		 	) 	 
	
for and on behalf of		 	) 	 
	
SAFETY MANAGEMENT OVERSEAS S.A.		 	) 	
/s/ George A. Papadopoulos		 
	
In the presence of:		 	)	
Attorney-in-fact	
	 	
	 	
	
/s/ Panagoita Liakakou		 	 		 	
	
Witness		 	 		 	
	
Name: PANAGIOTA LIAKAKOU		 	 		 	
	
Address: ATH. DIAKOY 26, ARGIROUPOLIS 164 51		 	 		 	
	
Occupation:		 	 		 	

 

Page 3 of 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]