Document:

Exhibit 10.20

 

LOAN AGREEMENT

 

October I.2011

 

Bulk Partners (Bermuda)
Ltd

P.O Box HM2257

Hamilton I1MJX

Bermuda

 

Mr Ed Coll, Lagoa Investments
Ltd., and Mr Anthony Laura ("the Lenders"), are pleased to confirm that, subject to the following terms and conditions.
they agree to make loans to Bulk Partners (Bermuda) Ltd. ("the Borrower") in the aggregate amount of US$l 0,000.000.

 

The Notes:

The obligation to repay the loans shall
he evidenced by the three Promissory Notes (the "Notes") in substantially the form of Exhibit A hereto, dated the date
of the making of the loans, payable to the order of the Lenders in accordance with the repayment terms dictated by the Note.

 

The Interest:

The Note shall bear interest from its date,
payable annually as stipulated in the Notes, at a rate per annum (on the basis of a 360 day year for the actual number of days
involved) equal to eight percent. (8.00%) per annum. To the extent permitted by law, any payment of interest on the Notes not made
when due shall bear interest from the date when due until payment is made at a rate per annum equal to ten percent. (10%) per annum.

 

Optional Prepayment:

The Borrower shall have the right, on not
less than 7 days notice. to prepay the Notes in whole at any time or in part from time to time, together with accrued interest
on the principal being prepaid to the date of prepayment.

 

Representation and Warranties:

The Borrower represents and warrants that: 

		(a)	This Agreement constitutes, and the Note, when issued, will constitute, the valid and legally binding
obligations of the Borrower enforceable in accordance with their terms;

		(h)	There is no provision of any mortgage, indenture contract, or agreement binding on the Borrower
or affecting its property; which would prohibit. conflict with, or in any way prevent the execution, delivery, or carrying out
the terms of this Agreement and of the Notes.

 

    	 

    	 

    

 

Conditions of Lending:

The obligation of the Lenders to make each
loan is subject to the following conditions precedent:

 

		(a)	At the time of the loan (i) the Borrower shall have complied and
shall then be in compliance with all the terms. covenants and conditions of this Agreement which are binding upon it, (ii) there
shall have occurred no Event of Default as defined below and no event which, with the giving of notice or the lapse of time,
or both, would constitute an Event of Default and (iii) the representations and warranties contained
in this Agreement shall be true with the same effect as though such representations and warranties had been made at the
time of the loan.

 

Covenants:

The Borrower agrees that so long as it
may borrow under this Agreement and until the payment in full of the Notes it will give prompt '• iitten notice to the Lenders
of the following:

(i) Any Event of Default as defiled
below and any event which with the giving of notice or the lapse of time. or both, would constitute an Event of Default.

(ii) Any material adverse change
in the business, properties, condition (financial or other) or operations. present or prospective. of the Borrower.

 

Events of Default:

If any of the following events (each an
"Event of Default") shall occur:

		(a)	Default shall be made in any payment of interest on or principal of the Notes when demanded and
payable;

		(b)	Default shall be made in the due observance or performance of any other term, covenant or agreement
contained in this Agreement;

		(c)	Any representation or warranty made by the Borrower herein or any statement or representation made
in any certificate, report or other document delivered in connection herewith shall prove to have been misleading in any material
respect when made;

		(d)	The Borrower makes an assignment for the benefit of creditors, files a petition in bankruptcy,
is adjudicated insolvent or bankrupt under any law or statute of any jurisdiction, whether now or hereafter in effect, or if there
is commenced against the Borrower any such proceeding which remains undismissed for a period of 30 days. or the Borrower by any
act indicates its consent to, approval of or acquiescence in any such proceeding or suffers any such receivership to continue undischarged
for a period of 30 days; or

 

    	 

    	 

    

 

		(e)	One or more judgements against the Borrower or attachments against its property, which in the aggregate
exceed $50.000 or the operation or result of which could be to interfere materially and adversely with the conduct of the business
of the Borrower, remain unpaid. unstayed on appeal, undischarged, unbonded, or undismissed for a period of 30 days;

then the Notes shall become and be immediately
due and payable and the obligation of the Lenders to make any or further loans hereunder shall terminate upon declaration to that
effect delivered by the Lenders to the Borrower; provided. that upon the happening of any event specified in (d), no declaration
or other notice need be given.

 

Miscellaneous:

		(a)	This Agreement and the rights and obligations of the parties hereunder shall he governed by the
laws of the islands of Bermuda, as to both interpretation and performance.

		(b)	If any suit is instituted by the Lenders to enforce this Agreement or the Notes, the Borrower hereby
submits to jurisdiction and to the laying of venue in the Islands of Bermuda.

 

If you agree to the foregoing terms and
conditions, please signify your acceptance by signing, dating and returning to us the enclosed copy of this Agreement.

 

Yours faithfully,

For and on behalf of:-

 

ACCEPTED AND AGREED TO:

 

Dated:   October 1, 2011

 

For and on behalf of :Bulk Partners (Bermuda) LtdExhibit 10.21

 

LOAN AGREEMENT

 

THIS LOAN AGREEMENT (the
“Agreement”) is made on January 10th, 2013 between:

 

ASO 2020 Maritime S.A.,
of Aquilino de la Guardia Street No. 8, IGRA Building, P.O. Box 0823 – 02435 Panama, Republic of Panama (the “Lender”)

 

Nordic Bulk Holding Company
Ltd., of 3rd Floor, Par La Ville Place, 14 Par La Ville Road, Hamilton, Bermuda (the “Borrower”).

 

(the Lender and the Borrower
being from time to time, hereinafter referred to as the “Parties”).

 

WHEREAS the Lender has
agreed to make available to the Borrower a loan of $ 12,683,333.33 upon and subject to the terms of this Agreement, as well as,
a certain subscription agreement concluded as of the date hereof between the Borrower, ST Shipping and Transport Pte. Ltd and Bulk
Fleet Bermuda Holding Company Limited (the "Subscription Agreement");

 

WHEREAS the Parties wish
to document such transaction;

 

		1.	DEFINITIONS

 

Terms Defined In this Agreement:

 

	“Business Day”	means a day (other than a Saturday or a Sunday) on which banks are open for business in London, New York and Panama;
	 	 
	 “Loan”	means the principal amount of the borrowing by the Borrower hereunder or (as the context requires) the principal amount thereof from time to time outstanding;
	 	 
	“Repayment Day”	means January 9th 2023 or any prior date in accordance with Clause 4.1.
	 	 
	“Taxes”	includes all present and future taxes, levies, duties, deductions, charges, fees and withholdings of any nature impose, levied, collected, withheld or assessed by any country or any political sub-division taxing authority thereof: “Taxation” shall be construed accordingly.

 

		2.	THE LOAN

 

		2.1.	Loan

 

Subject to
the terms of this Agreement, as well as, the Restructuring Agreement and in reliance on the representations and warranties of the
Borrower set out in Clause 7, the Lender has granted to the Borrower a loan of twelve million six hundred eighty three thousand
three hundred thirty three US Dollars and thirty three cents ($ 12,683,333.33) (the “Loan”).

 

		2.2.	Purpose of the Loan

 

The purpose of the Loan is to
provide financing for the Borrower’s activities and investments.

 

		3.	DRAWDOWN

 

The Loan shall
be paid within one Business Day from the execution of this Agreement.

 

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		4.	REPAYMENT

 

		4.1.	Repayment

 

The Borrower
shall repay the Loan in full on the Repayment Date.

 

		4.2.	Voluntary early payments

 

The Borrower
may prepay all or part of the Loan, however not in amounts or increments which less than $ 50,000 USD Fifty Thousand.

 

		5.	INTEREST AND SUBORDINATION

 

		5.1.	Interest 

 

The Loan is
interest free.

 

		5.2.	Subordination

 

The Loan is
fully subordinated to a certain loan agreement concluded on 25.07.2012 between Bulk Nordic Odyssey LTD, Bulk Nordic Orion LTD and
DVB Bank SE.

 

		6.	PAYMENTS

 

		6.1.	Funds and Place

 

All payments
to be made by Borrower hereunder shall be made to the Lender in US Dollars in same day funds on the due date to such account of
the Lender as the Lender may specify for this purpose.

 

		6.2.	Taxes

 

All payments
to be made by the Borrower hereunder shall be made without set-off or counterclaim, or deduction due to any taxation, fees or penalties,
including but not limited to any withholding tax or Value Added Tax.

 

		7.	REPRESENTATION AND WARRANTIES

 

		7.1.	The Borrower makes the following representations and
warranties to and for the benefit of the Lender:

 

		(i)	Status: It is a limited liability company, duly incorporated and validly existing under the laws
of Bermuda;

		(ii)	Powers and authority: It has the power to enter into and perform, and has taken all necessary action
to authorize the entry into, performance and delivery of this Agreement and the transactions contemplated hereby;

		(iii)	Legal validity: This Agreement constitutes its legal, valid and binding obligations enforceable
in accordance with the terms hereof;

		(iv)	Non – conflict: The entry into and performance by it of, and the transactions contemplated
by, this Agreement do not and will not:

		·	conflict with any law or regulation or
judicial or official order; or

		·	conflict with the articles of association
of the Borrower; or

		·	conflict with any mortgage, agreement
or other undertaking or instrument which is binding upon the Borrower or of its assets.

 

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		8.	NOTICES

 

Except as otherwise
stated herein, all notices, requests, demands and other communications to, upon or by any party hereto shall be given or made in
writing or by registered post or facsimile transmission or e-mail and shall be duly given or made if dispatched in writing by registered
post or facsimile transmission or e-mail to the party to which such notice, request, demand or other communication is required
or permitted to be given or made under this Agreement, addressed as follows:

 

if to the Borrower
at 

 

Third Floor,
Par La Ville Place

 

14 Par La Ville
Road

 

Hamilton, HM08

 

Bermuda

 

Tel: +1(0) 441-295-8313

 

Fax: +1(0) 441-292-1373

 

Email: sdurrant@consolidated.bm

 

if to the
Lender at:

 

To the attention
of: Mr. John P. Ioannidis

ASO 2020 Maritime
S.A.

c/o Olympic
Shipping and Management S.A.

8, Zephyrou
St. P. Phaleron

GR 175 64 Athens
Greece

Tel: +30 210
9498 353

Fax: +30 210
9498 364

Email: john.ioannidis@olyship.com

 

With a copy
to:

ASO Holdings
S.A.

Städtle
27

Vaduz, FL 9490
Lichtenstein

Attention:
Anthony S. Papadmitriou

Facsimile:
+00423 23 50 220

Email: asp@onassis.gr

 

Or at such
other addresses or facsimile number as may have been notified by the intended addressee to the other party by not less than five
(5) Business Days’ prior notice. Any notice or other communication hereunder required to be given in writing shall be duly
given by registered post or facsimile to be effective version for the purposes hereof. All such notices, requests, demands or other
communications, if duly given or made, shall be effective upon receipt.

 

		9.	ASSIGNMENT

 

The Lender
may at any time assign or transfer all or part of its right or obligations hereunder to any of its Affiliates, however he remains
responsible for the terms of such assignment to be identical to those of this Agreement.

 

		10.	ENTIRE AGREEMENT

 

This Agreement
constitutes, together with the Subscription Agreement, the whole agreement of the Parties in relation to its subject matter and
supersedes any previous agreement, representations, warranties or arrangements, allegations or promises (whether in writing or
oral) between them in relation to that matter (with the exception of the Restructuring Agreement). No modification of this Agreement
shall be effective unless it is made in writing and signed by both Parties.

 

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		11.	CONFIDENTIALITY

 

This Agreement
is private and confidential and each Party undertakes that it shall not at any time disclose to any person or entity any information
or details in relation to this Agreement except as provided in next paragraph of this clause.

 

Each Party
may disclose information regarding this Agreement:

 

		(i)	to its employees, officers, contracted representatives or contracted advisers who need to know
such information for the purposes of carrying out the Party’s obligations under this agreement. Each Party shall ensure that
its employees, officers, contracted representatives or contracted advisers to whom it discloses the other Party’s confidential
information comply with this clause 11; and

 

		(ii)	as it may be obliged to do by operation of law, by court order or by any governmental or regulatory
authority.

 

		12.	GOVERNING LAW

 

This Agreement
and any dispute or claim (whether contractual or otherwise) arising out of or in connection with it or its subject matter shall
be governed by and construed solely in accordance with English law.

 

		13.	DISPUTE RESOLUTION

 

The Parties
irrevocably agree that the High Court of London located in London is to have exclusive jurisdiction to settle any dispute which
may arise out of or in connection with this Agreement and the documents to be entered into pursuant to it. The Parties irrevocably
submit to the jurisdiction of such courts and waive any objection to proceedings in any such court on the ground of venue or on
the ground that the proceedings have been brought in an inconvenient forum.

 

		14.	COSTS AND CHARGES

 

All banking
costs and charges related to the disbursement and repayment of the Loan shall be borne by the Borrower.

 

		15.	LANGUAGE

 

This Agreement
is made in English in two originals – one the Lender and one for the Borrower.

 

AS WITNESSED
WHEREOF, the parties hereto have caused this Agreement to be signed in two copies on date first above written.

 

	Signed by (Name
    & Signature)	 
	 	 
	for and on behalf of the Lender	 
	 	 
	Signed by (Name
    & Signature)	 
	 	 
	for and on behalf of the Borrower	 

 

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