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                                                                 EXHIBIT 10.3.10

                                 AMENDMENT NO. 1
                                       TO
                               TIME CHARTER PARTY

                                 April 11, 2005

            Reference is hereby made to the Time Charter Party, dated October
20, 2004 (the "Time Charter"), between Victory Ltd., a company incorporated in
the Islands of Bermuda (the "Owners") and CM V-MAX II Ltd., a company
incorporated in the Islands of Bermuda (the "Charterers"). Capitalized terms
used but not defined herein shall have the meanings assigned to them in the Time
Charter.

            The Owners and the Charterers hereby agree that the provisions of
the Time Charter shall be amended as follows:

            1. The schedule set forth in Clause 47 shall be deleted and replaced
      by the following:

<TABLE>
<CAPTION>
                    "Period                                      Basic Hire
<S>                                                              <C>
 1  (Delivery Date - November 10, 2005)                           $ 35,700
 2  (November 11, 2005 - November 10, 2006)                       $ 36,075
 3  (November 11, 2006 - November 10, 2007)                       $ 36,469
 4  (November 11, 2007 - November 10, 2008)                       $ 36,882
 5  (November 11, 2008 - November 10, 2009)                       $ 37,316
 Option 1 (November 11, 2009 - November 10, 2010)                 $ 37,772
 Option 2 (November 11, 2010 - November 10, 2011)                 $ 38,251
 Option 3 (November 11, 2011 - November 10, 2012)                 $ 38,753"
</TABLE>

            This Amendment shall be governed by and construed in accordance with
the laws of England. Except as provided herein, the Time Charter shall remain
unchanged.

            OWNERS                                    CHARTERERS

            Victory Ltd.                              CM V-MAX II Ltd.

            By: /s/ Arthur L. Regan                   By: /s/ Mats Berglund
                -------------------                       -----------------
            Name: Arthur L. Regan                     Name: Mats Berglund
            Title: President and CEO                  Title: Director<PAGE>

                                                                 EXHIBIT 10.3.12

                                 AMENDMENT NO. 1
                                       TO
                               TIME CHARTER PARTY

                                 April 11, 2005

            Reference is hereby made to the Time Charter Party, dated October
20, 2004 (the "Time Charter"), between Vision Ltd., a company incorporated in
the Islands of Bermuda (the "Owners") and CM V-MAX I Ltd., a company
incorporated in the Islands of Bermuda (the "Charterers"). Capitalized terms
used but not defined herein shall have the meanings assigned to them in the Time
Charter.

            The Owners and the Charterers hereby agree that the provisions of
the Time Charter shall be amended as follows:

            1. The schedule set forth in Clause 47 shall be deleted and replaced
      by the following:

<TABLE>
<CAPTION>
                   "Period                                     Basic Hire
<S>                                                            <C>
1  (Delivery Date - November 10, 2005)                          $ 35,700
2  (November 11, 2005 - November 10, 2006)                      $ 36,075
3  (November 11, 2006 - November 10, 2007)                      $ 36,469
4  (November 11, 2007 - November 10, 2008)                      $ 36,882
5  (November 11, 2008 - November 10, 2009)                      $ 37,316
Option 1 (November 11, 2009 - November 10, 2010)                $ 37,772
Option 2 (November 11, 2010 - November 10, 2011)                $ 38,251
Option 3 (November 11, 2011 - November 10, 2012)                $ 38,753"
</TABLE>

            This Amendment shall be governed by and construed in accordance with
the laws of England. Except as provided herein, the Time Charter shall remain
unchanged.

            OWNERS                                      CHARTERERS

            Vision Ltd.                                 CM V-MAX I Ltd.

            By: /s/ Arthur L. Regan                     By: /s/ Mats Berglund
                -------------------                         -----------------
            Name: Arthur L. Regan                       Name: Mats Berglund
            Title: President and CEO                    Title: Director<PAGE>

                                                                  EXHIBIT 10.4.2

                                 AMENDMENT NO. 1
                                       TO
                            SHIP MANAGEMENT AGREEMENT

                                 April 11, 2005

            Reference is hereby made to the Ship Management Agreement, dated
October 20, 2004 (the "Ship Management Agreement"), between Companion Ltd., a
company incorporated in the Islands of Bermuda (the "Owners") and Northern
Marine Management Ltd., a company incorporated in Scotland (the "Managers").
Capitalized terms used but not defined herein shall have the meanings assigned
to them in the Time Charter.

            The Owners and the Managers hereby agree that the provisions of the
Ship Management Agreement shall be amended as follows:

            1. The schedule set forth in Clause 21 shall be deleted and replaced
      by the following:

<TABLE>
<CAPTION>
                    "Period                                    Management Fee
<S>                                                            <C>
1  (Effective date stated in Box 4 - November 10, 2005)            $ 5,750
2  (November 11, 2005 - November 10, 2006)                         $ 6,038
3  (November 11, 2006 - November 10, 2007)                         $ 6,339
4  (November 11, 2007 - November 10, 2008)                         $ 6,656
5  (November 11, 2008 - November 10, 2009)                         $ 6,989
Option 1 (November 11, 2009 - November 10, 2010)                   $ 7,339
Option 2 (November 11, 2010 - November 10, 2011)                   $ 7,706
Option 3 (November 11, 2011 - November 10, 2012)                   $ 8,091"
</TABLE>

      This Amendment shall be governed by and construed in accordance with the
laws of England. Except as provided herein, the Ship Management Agreement shall
remain unchanged.

      OWNERS                                  MANAGERS

      Companion Ltd.                          Northern Marine Management Ltd.

      By: /s/ Arthur L. Regan                 By: /s/ Mats Berglund
          -------------------                     -----------------
      Name: Arthur L. Regan                   Name: Mats Berglund
      Title: President and CEO                Title: Director<PAGE>

                                                                  EXHIBIT 10.4.4

                                 AMENDMENT NO. 1
                                       TO
                            SHIP MANAGEMENT AGREEMENT

                                 April 11, 2005

            Reference is hereby made to the Ship Management Agreement, dated
October 20, 2004 (the "Ship Management Agreement"), between Compatriot Ltd., a
company incorporated in the Islands of Bermuda (the "Owners") and Northern
Marine Management Ltd., a company incorporated in Scotland (the "Managers").
Capitalized terms used but not defined herein shall have the meanings assigned
to them in the Time Charter.

            The Owners and the Managers hereby agree that the provisions of the
Ship Management Agreement shall be amended as follows:

            1. The schedule set forth in Clause 21 shall be deleted and replaced
      by the following:

<TABLE>
<CAPTION>
                      "Period                                      Management Fee
<S>                                                                <C>
1  (Effective date stated in Box 4 - November 10, 2005)               $ 5,750
2  (November 11, 2005 - November 10, 2006)                            $ 6,038
3  (November 11, 2006 - November 10, 2007)                            $ 6,339
4  (November 11, 2007 - November 10, 2008)                            $ 6,656
5  (November 11, 2008 - November 10, 2009)                            $ 6,989
Option 1 (November 11, 2009 - November 10, 2010)                      $ 7,339
Option 2 (November 11, 2010 - November 10, 2011)                      $ 7,706
Option 3 (November 11, 2011 - November 10, 2012)                      $ 8,091"
</TABLE>

      This Amendment shall be governed by and construed in accordance with the
laws of England. Except as provided herein, the Ship Management Agreement shall
remain unchanged.

      OWNERS                                MANAGERS

      Compatriot Ltd.                       Northern Marine Management Ltd.

      By: /s/ Arthur L. Regan               By: /s/ Mats Berglund
          -------------------                   -----------------
      Name: Arthur L. Regan                 Name: Mats Berglund
      Title: President and CEO              Title: Director<PAGE>

                                                                  EXHIBIT 10.4.6

                                 AMENDMENT NO. 1
                                       TO
                            SHIP MANAGEMENT AGREEMENT

                                 April 11, 2005

            Reference is hereby made to the Ship Management Agreement, dated
October 20, 2004 (the "Ship Management Agreement"), between Concord Ltd., a
company incorporated in the Islands of Bermuda (the "Owners") and Northern
Marine Management Ltd., a company incorporated in Scotland (the "Managers").
Capitalized terms used but not defined herein shall have the meanings assigned
to them in the Time Charter.

            The Owners and the Managers hereby agree that the provisions of the
Ship Management Agreement shall be amended as follows:

            1. The schedule set forth in Clause 21 shall be deleted and replaced
      by the following:

<TABLE>
<CAPTION>
                      "Period                               Management Fee
<S>                                                         <C>
1  (Effective date stated in Box 4 - November 10, 2005)         $ 5,300
2  (November 11, 2005 - November 10, 2006)                      $ 5,565
3  (November 11, 2006 - November 10, 2007)                      $ 5,843
4  (November 11, 2007 - November 10, 2008)                      $ 6,135
5  (November 11, 2008 - November 10, 2009)                      $ 6,442
Option 1 (November 11, 2009 - November 10, 2010)                $ 6,764
Option 2 (November 11, 2010 - November 10, 2011)                $ 7,103
Option 3 (November 11, 2011 - November 10, 2012)                $ 7,458"
</TABLE>

      This Amendment shall be governed by and construed in accordance with the
laws of England. Except as provided herein, the Ship Management Agreement shall
remain unchanged.

      OWNERS                                   MANAGERS

      Concord Ltd.                             Northern Marine Management Ltd.

      By: /s/ Arthur L. Regan                  By: /s/ Mats Berglund
          -------------------                      -----------------
      Name: Arthur L. Regan                    Name: Mats Berglund
      Title: President and CEO                 Title: Director

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