Document:

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                                                                   EXHIBIT 10.23

[HBU HOLLANDSCHE BANK - UNIE N.V. LOGO]

                                CREDIT AGREEMENT

THE UNDERSIGNED:

1.   Adventure Three S.A., established in Majuro, Marshall Islands,
     hereinafter referred to as 'the Borrower',

2.   HOLLANDSCHE BANK-UNIE N.V., having its registered office in Amsterdam,
     the Netherlands, hereinafter referred to as 'HBU'.

HAVE AGREED AS FOLLOWS:

On the basis of the information supplied to HBU, the Borrower is granted a
facility on the terms and conditions and at the rates and charges stated in this
agreement and the appendix hereto. The facility is granted to finance the
purchase of the M/V Free Envoy.

FACILITY AMOUNT: principal amount USD 6,000,000     USD 4,725,000 remaining

OVERDRAFT FACILITY

The credit may also be used for drawing short-term loans in USD. The terms and
conditions governing these short-term loans are incorporated in a separate
short-term loan agreement.

REDUCTION SCHEME

Except for earlier alteration, the limit of the overdraft facility will be
reduced by USD 425,000 per three months and a last instalment of USD 900,000,
the next instalment is due on 27 September 2005.

RATES AND CHARGES

Overdraft facility

-    Current USD debit interest rate, based on the market rate, will be 6.19%
-    Short term loans: libor + 1.95%.                           (AMENDMENT)

SECURITY AND COVENANTS

-    First preferred mortgage of USD 6,000,000 on the vessel m.v. "Free Envoy",
     registered under the flag of the Marshall Islands. Official number 2161,
     call letters V7GR6. Fuller details are included in the mortgage deed. On
     this mortgage the laws of the Marshall Islands will be applicable.

     As far as possible HBU's General Conditions applicable to Ship Mortgages
     are incorporated in the mortgage deed.

-    Suretyship of USD 500,000, plus interest and costs, from Mr. G.D.
     Gourdomichalis, residing in Piraeus, Greece and/or Mr. S.D. Gourdomichalis,
     residing in Piraeus, Greece and/or Mr. I.G. Varouxakis, residing in
     Piraeus, Greece.

As soon as Freeseas S.A. has got her Stock Exchange quotation, this suretyship
shall be replaced by joint and several liability of Freeseas S.A.          (NEW)

<PAGE>
-    Joint and several liability of Adventure Two S.A.            (AMENDMENT)

-    Pledge of rights and earnings under time charter contracts concluded or to
     be concluded.

-    Pledge of rights under hull and machinery insurance policy.

-    Pledge of rights under protection and indemnity risk insurance policy.

-    Pursuant to Art. 18 of the HBU General Banking Conditions HBU has a right
     of pledge on all goods and documents of title which are in possession or
     will come into the possession of HBU or a third party on HBU's behalf from
     or for the benefit of the Borrower on any account whatsoever and on all
     present or future claims of the Borrower vis-a-vis HBU on any account
     whatsoever to secure any obligations of the Borrower to HBU on any account
     whatsoever. Insofar as such pledge has not been created yet, this agreement
     shall be considered as an instrument of pledge and, insofar as necessary,
     as notification of such pledge.

OTHER PROVISIONS

-    Borrower will give HBU the time charter agreements for inspection. The
     contents thereof must be acceptable to HBU.

-    At any moment at least 60% of the value of the ship must be covering the
     outstanding facility.

-    The Borrower will submit once a year to HBU a surveyor's report of the
     vessel to be mortgaged to HBU. The contents must be acceptable to HBU.

-    There will be no change of ownership with respect to the shares in the
     companies of the Borrower.

-    The enclosed HBU General Credit Provisions dated January 1999 will apply.
     By signing this Credit Agreement the Borrower declares that he has received
     a copy of said General Credit Provisions and is fully aware of the contents
     thereof.

Signature:

Rotterdam, 23 September 2005

HOLLANDSCHE BANK-UNIE N.V.

<PAGE>
Majuro, 26/9                  2005
        ----------------------

/s/ Ion Varouxakis
----------------------------------
Adventure Three S.A.

The undersigned, Adventure Two S.A., declares that he assumes joint and
several liability towards HBU for all sums that the Borrower is now or will at
any time hereafter become due to HBU under this credit arrangement.

Majuro, 26/9                  2005
        ---------------------

/s/ Ion Varouxakis
-----------------------------
Adventure Two S.A.<PAGE>

                                                                   EXHIBIT 10.24

                       SECOND AMENDMENT TO LOAN AGREEMENT

         THIS SECOND AMENDMENT TO LOAN AGREEMENT (the "Amendment") is entered
into effective as of the 7th day of October, 2005, among FreeSeas Inc., formerly
known as Adventure Holdings S.A., a corporation formed under the laws of the
Republic of the Marshall Islands (the "Borrower"), G. Bros S.A., a corporation
formed under the laws of the Republic of the Marshall Islands ("G. Bros"), and V
Capital S.A., a corporation formed under the laws of the Republic of the
Marshall Islands ("V Capital"; G. Bros and V Capital are collectively referred
to herein as the "Lenders").

         WHEREAS, the Lenders and the Borrower have entered into a Loan
Agreement dated August 2, 2004 (the "Loan Agreement"), whereby the Lenders have
provided to the Borrower an interest-free loan in the principal amount of
US$1,579,447.03 (the "Loan") in connection with the acquisition of the M/V "Free
Destiny";

         WHEREAS, the Lenders and the Borrowers entered into a First Amendment
to Loan Agreement effective as of April 25, 2005, whereby the repayment terms of
the Loan were modified; and

         WHEREAS, the Lenders and the Borrower wish to again modify the
repayment terms of the Loan, as set forth herein.

         NOW, THEREFORE, in consideration of the foregoing, of the mutual
agreements and covenants contained herein, and of other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties have agreed and do agree as follows:

         1. CAPITALIZED TERMS. Capitalized terms used but not defined in this
Amendment shall have the meanings as set forth in the Loan Agreement.

         2. MODIFICATION OF REPAYMENT TERMS. Section 1.2 of the Loan Agreement
shall be amended in its entirety to read as follows:

         "The outstanding principal balance of the Loan shall be repayable in
eight equal quarterly installments of US$125,000 each in the years 2006 and
2007, with a balloon payment due on January 1, 2008 of the principal balance
then remaining outstanding; provided, however, if the merger transaction (the
"Merger") contemplated by the Agreement and Plan of Merger dated March 24, 2005,
as amended on July 19, 2005 and September 30, 2005 among the Borrower, the
Lenders, the beneficial owners of the Lenders, and Trinity Partners Acquisition
Company Inc. is completed and, following the closing of the Merger, the Borrower
raises additional capital of at least US$12,500,000 (whether by the sale of new
shares of capital stock or other securities that constitute equity of the
Borrower, the exercise of warrants or options, or otherwise), then the
outstanding principal balance of the Loan shall become immediately due and
payable."

         3. NO FURTHER MODIFICATIONS. Except as expressly set forth in this
Amendment, the Loan Agreement shall be unmodified and remain in full force and
effect.

         4. GOVERNING LAW. This Amendment shall be governed by, and construed in
accordance with the laws of England.

                    [SIGNATURES APPEAR ON THE FOLLOWING PAGE]

                                  Page 1 of 2

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their duly authorized officers as of the date first written
above.

                                        BORROWER:

                                        FreeSeas Inc., formerly known as
                                        Adventure Holdings S.A.

                                        By: /s/ George D. Gourdomichalis
                                            -----------------------------------
                                             Name: George D. Gourdomichalis
                                             Title: President

                                        LENDERS:

                                        G. Bros S.A.

                                        By: /s/ George D. Gourdomichalis
                                            -----------------------------------
                                             Name: George D. Gourdomichalis
                                             Title: President

                                        V Capital S.A.

                                        By: /s/ Ion Varouxakis
                                            -----------------------------------
                                             Name: Ion Varouxakis
                                             Title: President

                                  Page 2 of 2<PAGE>
                                                                   EXHIBIT 10.25

                       SECOND AMENDMENT TO LOAN AGREEMENT

         THIS SECOND AMENDMENT TO LOAN AGREEMENT (the "Amendment") is entered
into effective as of the 7th day of October, 2005, among FreeSeas Inc., formerly
known as Adventure Holdings S.A., a corporation formed under the laws of the
Republic of the Marshall Islands (the "Borrower"), G. Bros S.A., a corporation
formed under the laws of the Republic of the Marshall Islands ("G. Bros"), and V
Capital S.A., a corporation formed under the laws of the Republic of the
Marshall Islands ("V Capital"; G. Bros and V Capital are collectively referred
to herein as the "Lenders").

         WHEREAS, the Lenders and the Borrower entered into a Loan Agreement
dated September 20, 2004 (the "Loan Agreement"), whereby the Lenders have
provided to the Borrower an interest-free loan in the principal amount of
US$2,554,737.25 (the "Loan") in connection with the acquisition of the M/V "Free
Envoy"; and

         WHEREAS, the Lenders and the Borrowers entered into a First Amendment
to Loan Agreement effective as of April 25, 2005, whereby the repayment terms of
the Loan were modified.

         WHEREAS, the Lenders and the Borrower wish to again modify the
repayment terms of the Loan, as set forth herein.

         NOW, THEREFORE, in consideration of the foregoing, of the mutual
agreements and covenants contained herein, and of other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties have agreed and do agree as follows:

         1. CAPITALIZED TERMS. Capitalized terms used but not defined in this
Amendment shall have the meanings as set forth in the Loan Agreement.

         2. MODIFICATION OF REPAYMENT TERMS. Section 1.2 of the Loan Agreement
shall be amended in its entirety to read as follows:

         "The outstanding principal balance of the Loan shall be repayable in
eight equal quarterly installments of US$125,000 each in the years 2006 and
2007, with a balloon payment due on January 1, 2008 of the principal balance
then remaining outstanding; provided, however, if the merger transaction (the
"Merger") contemplated by the Agreement and Plan of Merger dated March 24, 2005,
as amended on July 19, 2005 and September 30, 2005 among the Borrower, the
Lenders, the beneficial owners of the Lenders, and Trinity Partners Acquisition
Company Inc. is completed and, following the closing of the Merger, the Borrower
raises additional capital of at least US$12,500,000 (whether by the sale of new
shares of capital stock or other securities that constitute equity of the
Borrower, the exercise of warrants or options, or otherwise), then the
outstanding principal balance of the Loan shall become immediately due and
payable."

         3. NO FURTHER MODIFICATIONS. Except as expressly set forth in this
Amendment, the Loan Agreement shall be unmodified and remain in full force and
effect.

         4. GOVERNING LAW. This Amendment shall be governed by, and construed in
accordance with the laws of England.

                    [SIGNATURES APPEAR ON THE FOLLOWING PAGE]

                                  Page 1 of 2
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their duly authorized officers as of the date first written
above.

                                BORROWER:

                                FreeSeas Inc., formerly known as Adventure
                                Holdings S.A.

                                By: /s/ George D. Gourdomichalis
                                    -----------------------------------
                                     Name: George D. Gourdomichalis
                                     Title: President

                                LENDERS:

                                G. Bros S.A.

                                By: /s/ George D. Gourdomichalis
                                    -----------------------------------
                                     Name: George D. Gourdomichalis
                                     Title: President

                                V Capital S.A.

                                By: /s/ Ion Varouxakis
                                    -----------------------------------
                                     Name: Ion Varouxakis
                                      Title: President

                                  Page 2 of 2

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