Document:

Exhibit 10.12

                                 [AB BANK LOGO]

                                                      ?, Thursday May 19th, 2005

CAPITAL MARITIME & TRADING CORP.
c/o   Capital Ship Management Corp
      3 lasaonos St.
      Piraeus 185 37, Greace

Attn: Mr. ?. Lazarides

Dear Sirs,

We, in our capacity as Agent for the Lenders, are pleased to confirm confirm to
you that the Lenders have approved the advance of senior term loan facility of
up to US-Dollar 177,750,000, subject to the terms and conditions specified
below:

1. Borrower        :   Capital Maritime & Trading Corp. of Marshall Islands,
                       having each of the Guarantors under its direct full
                       ownership and control.

2. Guarantors      :   Jointly and severally, the following ship-owning
                       subsidiary companies of the Borrower:

                       o    Atlantas Shipping Company of Marshall Islands, the
                            owning company of the M/T ARISTIDIS, an Ice-class
                            double-hull product tanker vessel of approximately
                            37,000 dwt, currently under construction at Hyundai
                            Mipo shipyard, S. Korea (the "Builder") with Hull
                            No. 442, expected to be delivered in January 2006 as
                            per the relevant shipbuilding contract (the
                            "ARISTIDIS");

                       o    Adrian Shipholding Inc of Marshall Islands, the
                            owning company of the M/T ALKIVIADIS, an Ice-class
                            double-hull product tanker vessel of approximately
                            37,000 dwt, currently under construction at the
                            Builder with Hull No. 444, expected to be delivered
                            in April ? as per the relevant shipbuilding
                            contract (the "ALKIVIADIS");

                       o    Canvey Shipmanagement Ltd of Marshall Islands, the
                            owning company of the M/T ASSOS, an ice-class
                            double-hull product tanker vessel of approximately
                            47,000 dwt, currently under construction at the
                            Builder with Hull No. 445, expected to be delivered
                            in June 2006 as per the relevant shipbuilding
                            contract (the "ASSOS");

                       o    Centurion Navigation Limited of Marshall Islands,
                            the owning company of the M/T AKTORAS, an ice-class
                            double-hull product tanker vessel of approximately
                            37,000 dwt, currently under construction at the
                            Builder with Hull No. 313, expected to be delivered
                            in August ? as per the relevant shipbuilding
                            contract (the "AKTORAS");

                       o    Splendor Shipholding S.A. of Marshall Islands, the
                            owning company of the M/T ANEMOS, an ice-class
                            double-hull product tanker vessel of approximately
                            47,000 dwt, currently under construction at the
                            Builder with Hull No. 447, expected to be delivered
                            in November 2007 as per the relevant shipbuilding
                            contract (the "ANEMOS"); and

                       o    Loranzo Shipmanagement Inc of Marshall Islands, the
                            owning company of the M/T APOSTOLOS, an ice-class
                            double-hull product tanker vessel of approximately
                            47,000 dwt, currently under construction at the
                            Builder with Hull No. 446, expected to be delivered
                            in November 2007 as per the relevant shipbuilding
                            contract (the "APOSTOLOS" and together with
                            ARISTIDIS, ALKIVIADIS, ASSOS, AKTORAS, ANEMOS and
                            APOSTOLOS, the "Vassels").

3. Joint Arrangers :   HSH Nordbank AG & Aegean Baltic Bank S.A.

                                 Aegean Baltic Bank S.A.

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      26, Diligianni Str., 145 62 Kifissia, Greece, Tel.: +30 210 62 34 ?,
                           Fax: +30 210 62 34 192 - 3
              e-mail: aegean.baltic@nb-bank.com. Swift: AEBA GR AA

                                 [AB BANK LOGO]

4. Lenders         :   HSH Nordbank AG & Aegean Baltic Bank S.A.

5. Agent &         :   Aegean Baltic Bank S.A. (the "Agent")
   Security Trustee

6. Amount, Type    :   A senior secured term loan of up to $177,750,000 (the "Facility"),
   & Purpose           which will be ? onwards by the Borrower to the
                       Guarantors, to assist the Guarantors in partly financing
                       the construction cost as per the relevant shipbuilding
                       contract of each Vessel, spilt in two tranches (the
                       "Tranches") per Vessel as follows:

                       Predelivery Tranche: to finance or refinance up to
                       88.50% of each predelivery instalment payable by the
                       Guarantors to the Builder due on steel cutting, keel
                       laying and launching of each Vessel, and

                       Delivery Tranche: to finance up to 88.50% of each
                       delivery instalment payable by the Guarantors to the
                       Builder due on delivery of each Vessel to the relevant
                       Guarantor.

7. Availability    :   Until December 31st, 2007 (the "Final Availability Date")
   & Drawdown          through multiple drawings, subject to the fulfillment of
                       the Conditions Precedent, as follows:

                       Predelivery Tranche: One advance per predelivery
                       instalment per Vessel (three predelivery instalments per
                       Vessel) on the date the respective instalment is payable
                       by the relevant Guarantor to the Builder per the relevant
                       shipbuilding contract, and

                       Delivery Tranche: One advance per Vessel on the delivery
                       date of each Vessel.

8. Final Maturity  :   Ten (10) years from the earlier of (a) last drawdown
   Date                under the Facility or (b) the Final Availability Date,
                       whichever is earlier.

9. Repayment       :   The aggregate amount drawn under the Facility associated
                       with each Vessel to be repaid in forty (40) equal
                       consecutive quarterly instalments, each being equal to
                       1.5625% of the total amount drawn under the Facility for
                       the relevant Vessel, with the first such instalment
                       falling due three months after the earlier of (a) the
                       drawdown of the Delivery Tranche associated with the
                       relevant Vessel and (b) the Final Availability Date, plus
                       a balloon payment equal to 37.50% of the total amount
                       drawn for the relevant Vessel, falling due together with
                       the last and 40th instalment.

10. Mandatory      :   Prior to the Final Availability Date: in case of (a) sale
    Prepayment         or total loss of any of the Vessels which have been
                       delivered or (b) sale or terminations of the shipbuilding
                       contracts, entire sale or total loss proceeds, net of
                       commissions or collection expenses, to be applied towards
                       full prepayment of any amounts outstanding under the
                       Facility associated with the relevant Vessel and the
                       balance to be released to the relevant Guarantor, subject
                       to no Event of Default being in existence at the
                       relevant time.

                       After the Final Availability Date: in case of sale or
                       total loss of any of the Vessels, the relevant Guarantor
                       shall prepay the higher of:

                       (a)  any amounts outstanding under the Facility
                            associated with the relevant Vessel, and

                       (b)  the amount required for the aggregate Market
                            Valuation of the remaining Vessels to cover the
                            Facility amount outstanding by the higher of:

                            I.   the hull cover ratio, applicable immediately
                                 prior to such sale or total loss, calculated in
                                 accordance with Clause 18 A 2 below, and

                            II.  the Hull Cover Ratio as per Clause 18 A 2
                                 below.

                       Said funds to be applied firstly towards full prepayment
                       of any amounts outstanding under the Facility associated
                       with the relevant Vessel, and secondly towards reduction
                       of the outstanding amounts under the Facility associated
                       with the remaining Vessels on a pro rata basis against
                       the remaining instalments and the Balloon Payments. The
                       balance to be released to the relevant Guarantor

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                                 [AB BANK LOGO]

                       Subject to no Event of Default being in existence at the
                       relevant time.

11. Voluntary      :   Voluntary Prepayment of the Facility or any part thereof
    Prepayment         is allowed on interest adjustment dates and in multiples
                       of $500,000. Amounts so prepaid are to be applied
                       towards reduction of the Facility amount outstanding in
                       inverse order of maturity.

12. Interest Rate  :   In case the Float Asset Cover Ratio (as this is defined
                       herebelow):

                       a)   exceeds 160%, the applicable Interest Rate for the
                            next 12-month period will be 0.95% p.a. over LIBOR
                            for interest periods of one, three, six, nine or
                            twelve months, at the selection of the Borrower, or
                            any other periods with the prior agreement of the
                            Lenders (subject to availability), calculated on
                            the Facility amount outstanding.

                       b)   stands below 160%, the applicable Interest Rate for
                            the next 12-month period will be 1.05% p.a. over
                            LIBOR for interest periods of one, three, six, nine
                            or twelve months, at the selection of the Borrower,
                            or any other periods with the prior agreement of
                            the Lenders (subject to availability), calculated
                            on the Facility amount outstanding.

                       The Float Asset Cover Ratio is defined as the ratio of
                       the aggregate of A and B over C below. On the first
                       drawdown date of the Facility and on each anniversary
                       thereafter, the Lenders to be provided with:

                       A.   Float Market Valuations. These are defined as
                            the average of valuations issued on
                            charter-free basis by two independent
                            International Sale & Purchase shipbrokers
                            selected by the Borrower from the Agent's
                            approved list (Clarksons, Feamleys, Maersk,
                            SSY, RS ?, Arrow, and Barry Rogliano), at the
                            expense of the Borrower, of all vessels owned
                            by the Borrower and its wholly owned
                            subsidiaries.

                       B.   details and satisfactory evidence of all the
                            pre-delivery payments made for vessels under
                            construction, and

                       C.   details of the Outstanding Bank Debt. This is
                            defined as the aggregate amount of principal due
                            under any bank credit agreements, including
                            predelivery financings for vessels under
                            construction.

                       Interest to be payable at the end of each Interest
                       Period but at least quarterly in arrears. Any overdue
                       payments will be subject to an additional charge of
                       2.00% p.a. (the "Default Interest").

13. Arrangement Fee:   30 bps flat on the total amount committed under the
                       Facility, payable as follows:

                       (a)  $15,000 payable on the date of acceptance of this
                            Commitment Letter;

                       (b)  21 bps flat on the total amount committed under the
                            Facility, (less $15,000 already paid under 15 (a)
                            above), due and payable on the date of execution of
                            the Facility Agreement, but in any event not later
                            than July 31st 2005 and,

                       (c)  9 bps flat on the amount committed under the
                            Facility related to each Vessel due and payable on
                            the first drawdown date related to that Vessel.

                       Arrangement fees already paid as per above are not
                       refundable.

14. Availability   :   o    0.15% p.a. for the period ending 365 days from the
    Fee                     signing of the Loan Agreement. The Availability Fee
                            will start accruing from the date of signing of the
                            Facility Agreement, but in any event not later than
                            July 31st 2005.

                       o    0.20% p.a. for the succeeding 365-day period and

                       o    0.25% p.a. for the next period until the final
                            availability date

15. Cancellation   :   The unused portion of this Commitment may be freely
    of Commitment      cancelled.

16. Securities     :   A. Pre-delivery Period:

                       1.   Corporate Guarantees of the Guarantors
                            supported by the assignment of all Guarantors'
                            rights under the shipbuilding contracts and
                            all accompanying

                                       -3-

                                 [AB BANK LOGO]

                            insurances, including assignment of Builder's refund
                            guarantees issued by KOEXIM Bank guaranteeing the
                            full amount of the pre-delivery payments to the
                            Builder with respect to the Vessels (the "Refund
                            Guarantees"). The Refund Guarantees to be on terms
                            fully acceptable to the Lenders.

                       B. Post Delivery Period:

                       1.   First Priority or First Preferred Ship Mortgages on
                            each of the Vessels in favour of the Lenders, and if
                            appropriate accompanying Deed of Covenants.

                       2.   First Priority Assignment of all insurances of the
                            Vessels, as per Clause 17 below, and Notices of
                            Assignment thereof.

                       3.   First Priority General Assignment of any all
                            earnings of the Vessels.

                       4.   Specific Assignment of any time-charters of the
                            Vessels exceeding 11 months in duration.

                       5.   Charge or pledge over the earnings account(s) of the
                            Borrower or the Guarantors to be maintained with the
                            Agent (the "Account Charges").

                       6.   The Guarantees of the Guarantors.

                       7.   Managers' Undertaking provided by the management
                            company of the Vessels, Capital Ship Management
                            Corp. of Panama (the "Manager").

17. Insurances     :   The Vessels shall be insured at all times; such
                       insurances are to be (a) placed with underwriters, P&I
                       Clubs and brokers and (b) on terms fully acceptable to
                       the Lenders, at the Borrower's expense, and to include as
                       a minimum:

                       1.   Hull and Machinery Insurance (fire, marine and other
                            risks, including Excess Risks, as well as War Risks)
                            in an aggregate amount at least equal to the 120% of
                            the Facility amount outstanding at any time.

                       2.   Protection and Indemnity Insurance at the highest
                            possible standard cover.

                       3.   Mortgagees' interest insurance ("MII") and
                            Mortgagees' Additional Perils Insurance. ("MAPI") on
                            conditions acceptable to the Lenders in an amount
                            not less than 110% respectively of the Facility
                            amount. MII and MAPI to be placed by the Agent at
                            the expense of the Borrower.

18. Covenants      :   To include but be not limited to:

                       A. General Covenants, throughout the tenor of the
                          Facility:

                       1.   All revenues generated through the operation of the
                            Vessels (including, without limitation, hires and
                            freights) to be paid directly to the
                            Borrower's/Guarantors' earnings account(s) with the
                            Agent.

                       2.   For the period starting on the drawdown date of the
                            Delivery Tranche last to occur or the Final
                            Availability Date, whichever is earlier, and until
                            the fifth anniversary thereof, the aggregate Market
                            Valuation of the Vessels to cover the, at any time,
                            amounts outstanding under the Facility by no less
                            than 125% (the "Hull Cover Ratio"). For the
                            remaining period, the Hull Cover Ratio to be not
                            less than 138%.

                            Market Valuation of a Vessel is hereby defined as
                            the average of the valuations obtained at least
                            once per annum, on a "charter-free" basis, by two
                            Independent International Sale & Purchase ?
                            selected by the Borrower from the Agent's approved
                            list (Clarkson, ?, ?, SSY, RS Platou, Arrow and
                            Barry Rogliano), at the expense of the Borrower.

                       3.   The Borrower maintains the ability to pay out its
                            entire Net Income as dividends, PROVIDED THAT:

                            a.   No default has occurred or is continuing, and

                            b.   after giving effect to such payment none of the
                                 Financial Covenants under 18 C below is
                                 breached.

                       4.   The Vessels to be managed at all times and in all
                            respects by the Manager under a management contract
                            acceptable to the Lenders. No change of

                                       -4-

                                 [AB BANK LOGO]

                            manager without the prior written consent of the
                            Lenders.

                       5.   The Manager to remain subject to a Safety Management
                            System ("SMS") which complies with the ISM Code and
                            each Vessel to maintain a valid Safety Management
                            Certificate ("SMC") and the manager's Document of
                            Compliance ("DOC") at all times.

                       6.   The Vessels and the Manager shall comply at all
                            times. With the International Ship and Port Facility
                            Security Code ("ISPS Code") adopted by the
                            International Maritime Organisation.

                       7.   No change of ownership of the Guarantors, the
                            Manager and/or the Vessels without the prior written
                            consent of the Lenders. All capital stock of the
                            Guarantors and the Manager to be owned by the
                            Borrower.

                       8.   No amendment to the shipbuilding contracts or the
                            Refund Guarantees without the prior written consent
                            of the Lenders.

                       9.   The Borrowers and the Guarantors may not assume any
                            further liabilities, debts, commitments, issue
                            guarantees (other than in the ordinary course of
                            business) and the Vessels may not be charged,
                            pledged, mortgaged or otherwise encumbered etc.
                            Without the prior written consent of the Lenders.

                       B. Information Covenants: Throughout the tenor of the
                       Facility, the Borrower and the Guarantors shall provide
                       the Agent with:

                       1.   Annual audited consolidated financial statements
                            prepared in accordance with US GAAP (the
                            "Consolidated Accounts") of the Borrower within 180
                            days from the end of each fiscal year, starting with
                            2004 statements, as well as such other information
                            as the Lenders or the Agent may request from time to
                            time.

                       2.   Un-audited quarterly financial statements of the
                            Borrower prepared in accordance with US GAAP (the
                            "Quarterly Accounts") within 90 days from the end of
                            each fiscal quarter starting with statements for the
                            three-month period ending on March 31st, 2005.

                       C. Financial Covenants: On the basis of the latest
                       Consolidated Accounts and Quarterly Accounts, the
                       following Financial Covenants to apply:

                       1.   Liquid Funds should be greater than 4% of
                            Outstanding Bank Dept.

                       2.   Book Net Worth should be greater than $200,000,000.

                       3.   The ratio of Total Liabilities less Cash & Cash
                            Equivalents to Market Value Adjusted Total Assets
                            shall not exceed 0.70.

                       4.   Interest Cover of not less than 3.00

                       5.   Debt Cover of not more than 9.00.

                       6.   Fleet Asset Cover Ratio to exceed 135% at all times.

                       For the purposes of clause 18 C above:

                       o    Liquid Funds means the aggregate of free of any
                            security interest(a) credit balances (excluding
                            retentions), (b) market value of readily saleable
                            for cash equity securities and (c) market value of
                            publicly traded on major stock exchanges / capital
                            markets Investment grade debt securities.

                       o    Outstanding Bank Debt means the aggregate amount of
                            principal due under any bank credit agreements.

                       o    Market Value Adjusted Total Assets is defined as the
                            aggregate of Total Assets less Cash & Cash
                            Equivalents adjusted to reflect the market value of
                            all vessels owned by the Borrower and its wholly
                            owned subsidiaries per Fleet Market Valuations.

                       o    Fleet Market Valuations are defined as the aggregate
                            of the average of valuations of all vessels owned by
                            the Borrower and its wholly owned

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                                 [AB BANK LOGO]

                            subsidiaries, issued by two independent
                            international Sales & Purchase shipbrokers selected
                            by the Borrower from the Agent's approved 1st
                            (Clarksons, Fearnleys, Maersk, SSY, RS Platou,
                            Arrow, Barry Rogliano and PF Bassoe), at the expense
                            of the Borrower.

                       o    Interest Cover is defined as the ratio of EBITDA to
                            Net Interest Expense.

                       o    EBITDA is defined as the aggregate amount of pre-tax
                            profits before extraordinary or exceptional items
                            (such as profit/loss out of asset sales),
                            depreciation / amortisation, interest and similar
                            charges or income.

                       o    Net Interest Expense is defined as the aggregate of
                            all interest incurred plus any amounts payable under
                            interest hedging agreements minus interest
                            receivable plus any amounts receivable under
                            interest hedging agreements.

                       o    Debt Cover is defined as the ratio of Outstanding
                            Bank Debt to EBITDA.

                       o    Fleet Asset Cover Ratio to be calculated according
                            to the provisions of Clause 12 herein.

19. Events of      :   Usual default and cross-default clauses on the Borrower
    Default            and the Guarantors including material adverse change
                       clauses.

20. Major          :   To include but be not limited to:
    Conditions
    Precedent to       A. GENERAL:
    drawdown
                       1.   Execution of all legal documentation and
                            registration of all Securities and legal assignments
                            in favour of the Lenders (and / or, If appropriate,
                            the Agent) in form and substance acceptable to the
                            Lenders and their legal advisors.

                       2.   The Borrower shall have consummated the initial
                            public offering on the NYSE of its common stock (the
                            "IPO").

                       3.   The Borrower shall have received net cash proceeds
                            of at least $200,000,000 from the IPO.

                       4.   Funds will not be made available to the Borrower if
                            there is any material adverse change in the
                            financial condition of the Borrower and / or the
                            Guarantors.

                       5.   Copies of the ship-building contracts (including
                            Addends if any) with the Builder for each of the
                            Vessels in a form satisfactory to the Lenders.

                       6.   Copies of the full set of the Borrower's audited
                            consolidated financial statements for the fiscal
                            year ended December 31st, 2004. On the basis of
                            these statements, the following should apply:

                            a.   Cash & Cash Equivalents are greater than
                                 $20,000,000;

                            b.   Book Net Worth is greater than $100,000,000;
                                 and

                            c.   The ratio of Total Liabilities to Book Net
                                 Worth is less than 2.50 : 1.00.

                       7.   Unqualified legal opinions on the Securities and the
                            Facility documentation.

                       B. PRIOR TO ANY DRAWDOWN UNDER THE PREDELIVERY TRANCHE:

                       1.   The Lenders to receive from the Vessels'
                            classification society a certified notification of
                            completion of the relevant part of the construction
                            of the relevant Vessel.

                       2.   The Lenders to receive Builder's invoice for the
                            relevant instalment.

                       3.   The Lenders to receive the original irrevocable
                            Refund Guarantee (to be in a form satisfactory to
                            the Lenders) corresponding to the relevant payment
                            assigned to the Lenders.

                       4.   The Lenders to receive evidence of payment of the
                            equity portion of the relevant instalment.

                       5.   The Borrower to provide a representation that the
                            construction of the relevant Vessel is proceeding in
                            accordance to the relevant shipbuilding

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                                 [AB BANK LOGO]

                       contract and that no disputes have arisen.

                       C. For any drawdown under the Delivery Tranche:

                       1.   The Lenders to receive Builder's invoice
                            corresponding to the delivery instalment.

                       2.   The Lenders to receive copies of the Bill of Sale,
                            the Builder's Certificate, the Commercial invoice
                            and the Protocol of Delivery and Acceptance plus any
                            other evidence that the relevant Vessel has been
                            delivered into the full ownership of the relevant
                            Guarantor, free of any encumbrances.

                       3.   Market valuation on a "charter-free" basis of each
                            of the Vessel on the date of the actual delivery of
                            each Vessels to the respective Guarantor, issued by
                            two independent international Sales & Purchases
                            shipbrokers selected by the Borrower from the
                            Agent's approved list, at the expenses of the
                            Borrower.

                       4.   The Vessels to be insured with brokers, underwriters
                            and P&I Club and in amounts and terms satisfactory
                            to the Agent, noting the Lenders' interest as First
                            Mortgagees and First Assignees.

                       5.   The Manager to be subject to an SMS which complies
                            with the ISM Code and each of the Vessels to have a
                            valid SMC and Manager's DOC and the Borrower / the
                            Guarantors and the Manager to have appropriate ISP8
                            Code certificates.

21. Increased Costs:   Any increased costs incurred by the Lenders in connection
                       with the compliance to any applicable regulatory
                       requirements of any relevant authority are for the
                       Borrower's account and are due at the end of each
                       Interest Period.

22. Expenses       :   All reasonable legal fees, survey and other expenses
                       incurred by the Agent and the Lenders are for the
                       Borrower's account irrespectively of whether the Facility
                       Agreement is executed or not or the Facility drawn down
                       or not. Expenses so incurred to be due and payable on
                       demand.

23. Law                The Facility Agreement and all Facility Documentation to
                       be governed by English Law, save in the case of the
                       Mortgages, and if appropriate the Deeds of Covenants,
                       which shall be governed by the law of each Vessels's flag
                       and the Account Charges which shall be governed by Greek
                       Law.

24. Documentation  :   Notwithstanding the validity of this binding in principle
                       Facility offer, all Facility Documentation to be drawn up
                       by lawyers appointed by the Agent in form and substance
                       satisfactory to the Lenders, provided that the final
                       terms and conditions are subject to the
                       specifications of a satisfactory legally binding
                       documentation

We are pleased to offer you this term loan facility, If the terms and conditions
summarized above are acceptable to you, please so acknowledge by signing the
Endorsement of Acceptance here below and returning same to the Agent directly
together with this copy of this Commitment Letter. If your undersigned
Endorsement of Acceptance below is not returned to us by Tuesday, May 24th,
2005, the Agent and the Lenders reserve the right to consider this loan offer
withdrawn.

Yours faithfully

For and on behalf of AEGEAN BALTIC BANK S.A.

By: /s/ Theodore A. Afthonides                      By: /s/ Philippos E. Tsamanis
    ------------------------------------            -----------------------------
    Theodore A. Afthonides                          Philippos E. Tsamanis
    Managing Director                               Vice President

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                                 [AB BANK LOGO]

Endorsement of Acceptance

                                                                 Date: 20/5/2005

We acknowledge receipt of the above letter, dated May 18th, 2005, and we hereby
confirm acceptance of all the terms and conditions included in the loan offer
contained therein, and that you may proceed, at our cost, for the preparation of
all necessary documentation.

CAPITAL MARITIME & TRADING CORP.

For itself and on behalf of the Guarantors

By: /s/ Ioannis Lazaridis
    ------------------------------------
    Name: IOANNIS LAZARIDIS
    Title: CFO

                                       -8-Exhibit 10.13

                            [BREMER LANDESBANK LOGO]

                                    TELEFAX

Contact Person: Mr. Gerrit Schmidt          Date: 26 April 2005
                Mr. Kai M. Forster

Department:     Ship and Aircraft Finance   Telephone-no.: +49 (0)4 21-3 32 2139
                                                           +49 (0)4 21-3 32 2209
                                            Telefax-no.    +49 (0)4 21-3 32 2323

                                            gerrit.schmidt@bremerlandesbank.de

--------------------------------------------------------------------------------

Receiver:  Capital Maritime & Trading Corp.
Attention: Mr. Ioannis E. Lazarides
Fax-no.:   +30 210 - 428 4286

Copy:      Law Offices G. E. Bairactaris
Attention: Mr. George E. Bairactaris
Fax-no.:   +30 210 - 428 4619

--------------------------------------------------------------------------------

Number of pages (incl. Cover sheet)   10   Please notify us immediately in case
                                           you have not received all the pages!

                   USD 110,052,800 PRE- AND POST-DELIVERY LOAN

   FINANCING OF TWO (2X) 37,000 DWT AND TWO (2X) 47,000 DWT PRODUCT / CHEMICAL
        TANKERS TO BE BUILT AT HYUNDAI MIPO SHIPYARD, KOREA WITH DELIVERY
                                 10/2006-05/2007

Dear Mr. Lazarides,

After further discussions on Friday and Monday and after having received new
consolidated financial figures for Capital Maritime & Trading Corp., a Holding
company recently incorporated, we herewith send you the updated financing
proposal on the a.m. newbuilding vessels.

Listed as follows are the amendments as compared to offer of last Friday:

o    Inserted as Corporate Guarantor is now Capital Maritime & Trading Corp. as
     new combined Holding entity instead of Capital Ship Management Corp.. This
     change has been made according to our discussions that we will be prepared
     to offer this finance facility irrespective of a successful IPO of the
     Capital Group, but only backed by a strong Corporate Guarantor.

o    The Arrangement Fee will be 0.275% flat on the total Post-Delivery Loan
     amount.

Bremer Landesbank                                                          * * *

<TABLE>

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    Telefon (0421) 332-0 o Telefax (0421) 332-2322 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 o T-Online *?# o Telex 24022-0
                                                                blb d
                    Anschrift ? Briefe: Postfech 26 65, ? Oldenburg o Anschrift ? Pakete: Markt, 26122 Oldenburg
      Telefon (0441) 237-01 o Telefax (0441) 237-1333 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 OLD o T-Online *?# o Telex
                                                            24022-0 blb d
                                Internet: www.bremerlandesbank.de E-Mail: kontakt@bremerlandesbank.de
                                                      Site: ? o ? ?, HRA 22159
</TABLE>

Page 6

to our Telefax dated 26 April 2005 to Capital Maritime & Trading Corp.

                            [BREMER LANDESBANK LOGO]

                       that the residual 50% of the Total Loan Amount will be
                       underwritten by Deutsche Schiffsbank AG.

                       The value of each Contracted Vessel has to be confirmed
                       by a surveyor acceptable to the Lender on delivery.

                       The Corporate Guarantor will be prepared to cover a
                       possible finance deficit due to a lower valuation on
                       delivery of a Contracted Vessel with additional
                       contribution of equity.

DRAWDOWN               The Post-Delivery Loan will be drawndown as soon as all
                       conditions precedent are met upon delivery of the
                       Contracted Vessel. Any undrawn portions will
                       automatically be cancelled after 31 December 2007.

TENOR                  10 years + Balloon (based on a 15-year full payout
                       profile).

REPAYMENT              For each 37,000 dwt Contracted Vessel

                       40 quarterly principal installments of USD 428,000 plus

                       1 Balloon installment of USD 8,560,000 to be paid
                       together with the last installment to amortize the part
                       financing of the contract price. The respective building
                       supervision cost financed shall be repaid in 40 equal
                       quarterly principal installments.

                       For each 47,000 dwt Contacted Vessel

                       40 quarterly principal installments of USD 472,440 plus

                       1 Balloon installment of USD 9,448,800 to be paid
                       together with the last installment to amortize the part
                       financing of the contract price. The respective building
                       supervision cost financed shall be repaid in 40 equal
                       quarterly principal installments.

                       The repayment will start 3 months after delivery.

                       No re-borrowings will be allowed.

PREPAYMENT             At the end of any interest period in amounts not less
                       than one installment or a multiple thereof. Prepayments
                       will reduce the Balloon installment accordingly.

                       The Borrower shall pay a penalty of 0.5% flat on the
                       amounts prepaid unless

                       (i)  a period of three years from drawdown has lapsed

                       (ii) the Contracted Vessel is sold to a lessor or
                            third party linked with Capital Maritime & Trading
                            Corp. or any other main shareholder of Capital
                            Maritime & Trading Corp.

Bremer Landesbank                                                          * * *

<TABLE>

                                           Bremer Landesbank ? Oldenburg o Girozentrale o
                                    ? ? Briefe: ? Bremen o Anschrift ? Pakete: ? 26, 28195 Bremen
    Telefon (0421) 332-0 o Telefax (0421) 332-2322 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 o T-Online *?# o Telex 24022-0
                                                                blb d
                    Anschrift ? Briefe: Postfech 26 65, ? Oldenburg o Anschrift ? Pakete: Markt, 26122 Oldenburg
      Telefon (0441) 237-01 o Telefax (0441) 237-1333 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 OLD o T-Online *?# o Telex
                                                            24022-0 blb d
                                Internet: www.bremerlandesbank.de E-Mail: kontakt@bremerlandesbank.de
                                                      Site: ? o ? ?, HRA 22159
</TABLE>

Page 2

to our Telefax dated 26 April 2005 to Capital Maritime & Trading Corp.

                            [BREMER LANDESBANK LOGO]

o    In case the transaction does not materialize, until the 31st of July 2005
     or signing of the Loan documentation - whichever occurs earlier -, the
     Arrangement Fee is reduced to USD 30,000. In this case no Cancellation Fee
     will be calculated.

o    The margin under the Pre-Delivery and the Post-Delivery Loan is reduced to
     0.975% p.a.

o    This margin will be fixed for the whole loan period of ten years after
     delivery. The standard Increased Cost Clause remains.

All other financing parameters remain unchanged.

We will keep you updated on our efforts to win as well Deutsche Schiffsbank as
syndication partner with an underwriting of 50% in this transaction.

Subject to the approval of our credit committee and board and the conclusion of
satisfactory documentation and syndication, our total financing scheme will be
composed of the following:

1)   DEFINITIONS APPLYING TO THE PRE- AND POST-DELIVERY LOAN

CONTRACTED             The following vessels have been firmly contracted with
VESSEL                 Hyundai Mipo Dockyard, Ulsan, South Korea:

                       a)   One (1x) 37,000 dwt Product/Chemical Tanker ICE 1A
                            IMO III Hull-No. 314, tbn MT "AGISILAOS", expected
                            delivery 10/2006

                       b)   One (1x) 37,000 dwt Product/Chemical Tanker ICE 1A
                            IMO III Hull-No. 315, tbn MT "ARIONAS", expected
                            delivery 01/2007

                       c)   One (1x) 47,000 dwt Product/Chemical Tanker ICE 1A
                            IMO III Hull-No. 411, tbn MT "AXIOS", expected
                            delivery 03/2007

                       d)   One (1x) 47,000 dwt Product/Chemical Tanker ICE 1A
                            IMO III Hull-No. 412, tbn MT "ATROTOS", expected
                            delivery 05/2007

                       Germanischer Lloyd or any other classification society
                       acceptable to the Lender shall class the vessel in
                       accordance with classification standards comparable to
                       Germanischer Lloyd standards customary for these
                       vessels.

                       The contract price for each 37,000 dwt Product/Chemical
                       Tanker (i.e. Hulls No. 314 + 315) amounts to USD
                       32,100,000 and shall be paid as follows:

                       10%, upon signing of the building
                          contract                         (the 1st Installment)

                       10%, upon cutting of the first
                          steel plate                      (the 2nd Installment)

                       10% upon keel laying                (the 3rd Installment)

                       10% upon launching                  (the 4th Installment)

                       60% upon delivery                   (the 5th Installment)

                       The contract price for each 47,000 dwt Product/Chemical
                       Tanker (i.e. Hulls

Bremer Landesbank

<TABLE>

                                           Bremer Landesbank ? Oldenburg o Girozentrale o
                                    ? ? Briefe: ? Bremen o Anschrift ? Pakete: ? 26, 28195 Bremen
    Telefon (0421) 332-0 o Telefax (0421) 332-2322 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 o T-Online *?# o Telex 24022-0
                                                                blb d
                    Anschrift ? Briefe: Postfech 26 65, ? Oldenburg o Anschrift ? Pakete: Markt, 26122 Oldenburg
      Telefon (0441) 237-01 o Telefax (0441) 237-1333 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 OLD o T-Online *?# o Telex
                                                            24022-0 blb d
                                Internet: www.bremerlandesbank.de E-Mail: kontakt@bremerlandesbank.de
                                                      Site: ? o ? ?, HRA 22159
</TABLE>

Page 3

to our Telefax dated 26 April 2005 to Capital Maritime & Trading Corp.

                            BREMER LANDESBANK [LOGO]

                       No. 411 + 412)amounts to USD 35,433,000 and shall be paid
                       as follows:

                        5%, upon [event to be detailed] (the 1st Installment)

                        5%, upon [event to be detailed] (the 2nd Installment)

                        5% upon [event to be detailed] (the 3rd Installment)

                       10% upon [event to be detailed] (the 4th Installment)

                        5% upon [event to be detailed] (the 5th Installment)

                       70% upon [event to be detailed] (the 6th Installment)

                       The total contract for all four (4x) vessels amounts to
                       USD 135,066,000.

                       For the time being, the building supervision cost cannot
                       be foreseen but are assumed to be about USD 4,000,000 in
                       total for all vessels.

                       Capital Ship Management Corp. or any other party
                       acceptable to the Lender shall manage and operate the
                       vessels throughout the full tenor of this financing.

                       The vessels shall be placed under Bahamas-, Cyprus-,
                       Dutch-, German-, Greek-, Isle of Man-, Liberia-, Malta-,
                       Marshall Island-, Panama- or any other Flag acceptable to
                       the Lender throughout the full tenor of this financing.

AGENT                  Bremer Landesbank Kreditanstalt Oldenburg - Girozentrale
                       -

UNDERWRITERS           Bremer Landesbank Kreditanstalt Oldenburg - Girozentrale
                       - and - presumably - Deutsche Schiffsbank AG on a 50:50
                       basis.

LENDER                 A consortium of banks composed of and headed by the Agent
                       consisting of the Underwriters

CORPORATE GUARANTOR    Capital Maritime & Trading Corp. or any other party
                       acceptable to the Lender.

CURRENCY               United States Dollar (USD).

2)   PRE- AND POST-DELIVERY LOAN

2A)  PRE-DELIVERY LOAN

PURPOSE                Part financing of the installments under the shipbuilding
                       contract of the Contracted Vessel.

Bremer Landesbank

<TABLE>

                                           Bremer Landesbank ? Oldenburg o Girozentrale o
                                    ? ? Briefe: ? Bremen o Anschrift ? Pakete: ? 26, 28195 Bremen
    Telefon (0421) 332-0 o Telefax (0421) 332-2322 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 o T-Online *?# o Telex 24022-0
                                                                blb d
                    Anschrift ? Briefe: Postfech 26 65, ? Oldenburg o Anschrift ? Pakete: Markt, 26122 Oldenburg
      Telefon (0441) 237-01 o Telefax (0441) 237-1333 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 OLD o T-Online *?# o Telex
                                                            24022-0 blb d
                                Internet: www.bremerlandesbank.de E-Mail: kontakt@bremerlandesbank.de
                                                      Site: ? o ? ?, HRA 22159
</TABLE>

Page 4

to our Telefax dated 26 April 2005 to Capital Maritime & Trading Corp.

                            [BREMER LANDESBANK LOGO]

BORROWER / PURCHASER   Four (4x) single shipping companies fully controlled and
                       owned by Capital Maritime & Trading Corp. will hold and
                       maintain ownership in each of the four (4x) Contracted
                       Vessel throughout the full tenor of the financing.

                       Each of the four (4x) single shipping companies shall be
                       jointly and severally liable to all obligations under the
                       Pre-Delivery Loan.

                       No change of ownership will be allowed without the
                       Lender's prior written notice save for a transfer of
                       title in the Contracted Vessel to Capital Maritime &
                       Trading Corp. in connection with a successful IPO, if not
                       already accomplished.

LOAN AMOUNT            For each 37,000 dwt Contracted Vessel

                       The total of the Second, Third and Fourth Installment,
                       but in any case not in excess of USD 9,630,000 plus the
                       applicable building supervision cost up to USD 500,000.

                       For each 47,000 dwt Contracted Vessel

                       The total of the Third, Fourth and Fifth Installment, but
                       in any case not in excess of USD 7,086,600 plus the
                       applicable building supervision cost up to USD 500,000.

                       The total loan amount shall be limited to USD 33,433,200
                       building installments plus USD 2,000,000 building
                       supervision cost.

DRAWDOWN               The loan shall be drawdown upon written confirmation from
                       the classification society that the conditions precedent
                       for the respective installment will have been met and the
                       refundment guarantee has been issued.

TENOR                  This pre-delivery loan shall be repaid by financing means
                       offered in the below Post-Delivery Loan upon delivery of
                       each Contracted Vessel.

INTEREST PERIOD        Three months roll over.

INTEREST               Three months USD-LIBOR + 0.975% p.a. Margin for the
                       pre-delivery loan. In case USD-LIBOR is not available,
                       the interest will be refinancing costs of the Lender +
                       0.975% p.a. Margin.

                       Interest will be calculated on the basis of actual number
                       of days elapsed in a year of 360 days.

Bremer Landesbank

<TABLE>

                                           Bremer Landesbank ? Oldenburg o Girozentrale o
                                    ? ? Briefe: ? Bremen o Anschrift ? Pakete: ? 26, 28195 Bremen
    Telefon (0421) 332-0 o Telefax (0421) 332-2322 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 o T-Online *?# o Telex 24022-0
                                                                blb d
                    Anschrift ? Briefe: Postfech 26 65, ? Oldenburg o Anschrift ? Pakete: Markt, 26122 Oldenburg
      Telefon (0441) 237-01 o Telefax (0441) 237-1333 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 OLD o T-Online *?# o Telex
                                                            24022-0 blb d
                                Internet: www.bremerlandesbank.de E-Mail: kontakt@bremerlandesbank.de
                                                      Site: ? o ? ?, HRA 22159
</TABLE>

Page 5

to our Telefax dated 26 April 2005 to Capital Maritime & Trading Corp.

                            [BREMER LANDESBANK LOGO]

SECURITIES             o    Assignment of rights under the shipbuilding
                            contract.

                       o    Assignment of rights under the Refundment Guarantee
                            from Korea Export-Import Bank or any other bank, in
                            form and substance fully acceptable to the Lender.
                            The Refundment Guarantee for each instalment to be
                            made under the Shipbuilding Contract will have to be
                            presented at least ten days before the respective
                            instalment is due.

                       o    Corporate Guarantee from the Corporate Guarantor
                            acceptable to the Lender at amounts to be financed
                            pre-delivery by the Lender.

2B) POST-DELIVERY LOAN

PURPOSE                Part financing of the Contracted Vessel upon delivery.

BORROWER / PURCHASER   Four (4x) single shipping companies fully controlled and
                       owned by Capital Maritime & Trading Corp. will hold and
                       maintain ownership in each of the four (4x) Contracted
                       Vessel throughout the full tenor of the financing.

                       Each of the four (4x) single shipping companies shall be
                       jointly and severally liable to all obligations under the
                       Post-Delivery Loan.

                       No change of ownership will be allowed without the
                       Lender's prior written notice save for a transfer of
                       title in the Contracted Vessel to Capital Maritime &
                       Trading Corp. in connection with a successful IPO, if not
                       already accomplished.

LOAN AMOUNT            For each 37,O00 dwt Contracted Vessel

                       The lesser of USD 25,680,000 and 80% of the contract
                       price plus the applicable building supervision cost up to
                       USD 500,000.

                       For each 47,000 dwt Contracted Vessel

                       The lesser of USD 28,346,400 and 80% of the contract
                       price plus the applicable building supervision cost up to
                       USD 500,000.

                       The loan shall not exceed 80% of the contract price or
                       the free market value of the Contracted Vessel at
                       delivery, whichever is less, but in any case not exceed
                       USD 108,052,800 in total plus the building supervision
                       cost up to an amount of USD 2,000,000 for all Contracted
                       Vessel (i.e. a maximum of USD 110,052,800; hereinafter
                       called the "Total Loan Amount").

                       For the avoidance of doubt and for the time being, the
                       underwriting of the Agent is limited to 50% of the Total
                       Loan Amount. However, it is foreseen

Bremer Landesbank

<TABLE>

                                           Bremer Landesbank ? Oldenburg o Girozentrale o
                                    ? ? Briefe: ? Bremen o Anschrift ? Pakete: ? 26, 28195 Bremen
    Telefon (0421) 332-0 o Telefax (0421) 332-2322 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 o T-Online *?# o Telex 24022-0
                                                                blb d
                    Anschrift ? Briefe: Postfech 26 65, ? Oldenburg o Anschrift ? Pakete: Markt, 26122 Oldenburg
      Telefon (0441) 237-01 o Telefax (0441) 237-1333 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 OLD o T-Online *?# o Telex
                                                            24022-0 blb d
                                Internet: www.bremerlandesbank.de E-Mail: kontakt@bremerlandesbank.de
                                                      Site: ? o ? ?, HRA 22159
</TABLE>

Page 7

to our Telefax dated 26 April 2005 to Capital Maritime & Trading Corp.

                            [BREMER LANDESBANK LOGO]

                       No penalty shall be calculated any further if in total an
                       amount of USD 55,026,400 for all Contracted Vessels will
                       have been fully prepaid under the Post-Delivery Loan
                       (e.g. if one 37,000 dwt and one 47,000 dwt Contracted
                       Vessel will have been sold).

INTEREST PERIOD        Minimum three months up to one year at Borrower's option,
                       one year to five years by mutual agreement. Interest
                       payable on the last day of an interest period and
                       quarterly in case of longer periods.

INTEREST               USD-LIBOR + 0.975% p.a. Margin,
                       In case USD-LIBOR is not available, the interest will be
                       refinancing costs of the Lender + 0.975% p.a. Margin.

                       The interest will be calculated on the basis of actual
                       number of days elapsed in a year of 360 days.

POST DELIVERY          0.275% flat on the Total Loan Amount, payable 50% at
ARRANGEMENT FEE        signing of the Loan Agreement and 50% at first Drawdown
                       under the Pre-Delivery Loan.

                       This Arrangement Fee is reduced to USD 30,000 flat in
                       case the Borrower/Capital Maritime & Trading Corp.
                       decides to skip this finance before 31st of July 2005 or
                       before signing of the Loan documentation whatever occurs
                       earlier.

                       For the avoidance of doubt, the full fee shall not be
                       refundable if, for reasons that are not in the scope of
                       the Lender, this Post-Delivery Loan does not materialize.

COMMITMENT FEE         0.15% p.a. on the part of the whole loan amount of the
                       Post-Delivery loan not yet disbursed, payable quarterly.
                       The calculation will start upon signing of the loan
                       documentation.

CANCELLATION FEE       0.35% of the unused portion or the whole loan amount(s)
                       which may be cancelled by the Borrower at any time after
                       signing of the loan documentation [until the final
                       availability date] subject to not less than 3 banking
                       days' notice. For the avoidance of doubt, this
                       cancellation fee will be payable in addition to the
                       Arrangement Fee under this loan.

SECURITIES             o    First rank mortgage in the full Post-Delivery Loan
                            Amount in form and substance acceptable to the
                            Lender on the Contracted Vessel.

                       o    Unconditional and irrevocable guarantee from the
                            Corporate Guarantor for the Borrower to cover the
                            repayment obligations and interest obligations in
                            case no Term Employment above break-even

Bremer Landesbank                                                          * * *

<TABLE>

                                           Bremer Landesbank ? Oldenburg o Girozentrale o
                                    ? ? Briefe: ? Bremen o Anschrift ? Pakete: ? 26, 28195 Bremen
    Telefon (0421) 332-0 o Telefax (0421) 332-2322 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 o T-Online *?# o Telex 24022-0
                                                                blb d
                    Anschrift ? Briefe: Postfech 26 65, ? Oldenburg o Anschrift ? Pakete: Markt, 26122 Oldenburg
      Telefon (0441) 237-01 o Telefax (0441) 237-1333 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 OLD o T-Online *?# o Telex
                                                            24022-0 blb d
                                Internet: www.bremerlandesbank.de E-Mail: kontakt@bremerlandesbank.de
                                                      Site: ? o ? ?, HRA 22159
</TABLE>

Page 8

to our Telefax dated 26 April 2005 to Capital Maritime & Trading Corp.

                            [BREMER LANDESBANK LOGO]

                            level could be reached. The Corporate Guarantor will
                            provide the Lender with sufficient financial
                            statements hereto.

                       o    Assignment of all earnings of the Contracted Vessel.

                       o    Assignment of insurances of the Contracted Vessel.

                       o    Pledge of the Borrower's current account
                            (hereinafter called "Operating Account") held with
                            the Lender. This Operating Account has to be opened
                            with the Lender for the payments and income of each
                            Contracted Vessel. Sufficient amounts should always
                            be in this account to cover the debt service for the
                            next three months and the Borrower will take care
                            that additional funds will be available to cover the
                            costs for the next special survey.

                            On a quarterly basis, the Lender will transfer any
                            cash-surplus left on the Operating Account (after
                            satisfaction of the financial obligations under this
                            loan and the OPEX of the respective Contracted
                            Vessel) to another account (hereinafter called
                            "Retention Account") until the Retention Account
                            will have accumulated to one quarterly repayment
                            plus interest for the next roll-over period for this
                            specific Contracted Vessel.

INSURANCES             Each Contracted Vessel to be insured with first class
                       underwriters (in principle international BBB Rating
                       required) in the west European or north American market
                       on

                       (i)  Hull / Machinery

                            Each Contracted Vessel is to be insured for its full
                            value, but in no event for less than 125% of the
                            total current value of the Lender's claims under the
                            loan agreement and of any other prior charges on the
                            Contracted Vessel

                       (ii) War Risks

                       (iii) Protection and Indemnity plus Additional Perils

                       (iv) Mortgagee's Interest (at least 125% of the loan
                            amount outstanding)

                       (v)  Additional Perils at owners costs (at least 125% of
                            the loan amount outstanding)

3)   CONDITIONS APPLYING TO THE PRE- AND POST-DELIVERY LOAN

COVENANTS              Usual and customary for a transaction of this type,
                       including but not limited to:

                       Covenants in respect of each Contractor Vessel

Bremer Landesbank                                                          * * *

<TABLE>

                                           Bremer Landesbank ? Oldenburg o Girozentrale o
                                    ? ? Briefe: ? Bremen o Anschrift ? Pakete: ? 26, 28195 Bremen
    Telefon (0421) 332-0 o Telefax (0421) 332-2322 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 o T-Online *?# o Telex 24022-0
                                                                blb d
                    Anschrift ? Briefe: Postfech 26 65, ? Oldenburg o Anschrift ? Pakete: Markt, 26122 Oldenburg
      Telefon (0441) 237-01 o Telefax (0441) 237-1333 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 OLD o T-Online *?# o Telex
                                                            24022-0 blb d
                                Internet: www.bremerlandesbank.de E-Mail: kontakt@bremerlandesbank.de
                                                      Site: ? o ? ?, HRA 22159
</TABLE>

Page 9

to our Telefax dated 26 April 2005 to Capital Maritime & Trading Corp.

                            [BREMER LANDESBANK LOGO]

                       (i)  The flag of each Contracted Vessel shall be
                            acceptable to the Lender. No change of flag,
                            classification society, intermediate or ultimate
                            ownership and management of the Contracted Vessel
                            without the prior written consent of the Lender.

                       (ii) Each Contracted Vessel to be in class, free of any
                            overdue recommendations.

                       (iii) Satisfactory technical survey of the Contracted
                            Vessel by surveyors appointed by the Lender at the
                            expense of the Borrower. This should take place
                            every fifth's anniversary the Contracted Vessel was
                            financed under the Post-Delivery Loan.

                       Covenants in respect of the Borrower

                       (i)  The Borrower will from the required date at all
                            times during the security period comply with the
                            International Management Code for the Safe Operation
                            of the Ships and for Pollution Prevention adopted by
                            the International Maritime Organization.

                       (ii) The value of each Contracted Vessel has to be
                            minimum 120% of the outstanding Loan Amount at any
                            time. The Borrower is prepared to close any asset
                            value coverage gap by either granting additional
                            securities acceptable to the Lender or reducing the
                            loan accordingly.

                       (iii) The Borrower shall provide the Lender with audited
                            annual accounts within 180 days of the fiscal
                            year-end. Further relevant financial information
                            shall be provided on demand.

                       (iv) Minimum Cash: The unrestricted cash of each Borrower
                            in respect of each Contracted Vessel has to be a
                            minimum of USD 100,000 at all times.

                       Covenants in respect of the Corporate Guarantor and
                       Management

                       (i)  Commercial, technical and/or operational management
                            of the Contracted Vessel to be executed by Capital
                            Ship Management Corp. or any other company
                            acceptable to the Lender (hereinafter called the
                            "Technical Operator")

                       (ii) The value of each Contracted Vessel has to be
                            minimum 120% of the outstanding Loan Amount at any
                            time. The Corporate Guarantor is prepared to close
                            any asset value coverage gap either by granting
                            additional securities acceptable to the Lender or
                            reducing the loan accordingly.

Bremer Landesbank

<TABLE>

                                           Bremer Landesbank ? Oldenburg o Girozentrale o
                                    ? ? Briefe: ? Bremen o Anschrift ? Pakete: ? 26, 28195 Bremen
    Telefon (0421) 332-0 o Telefax (0421) 332-2322 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 o T-Online *?# o Telex 24022-0
                                                                blb d
                    Anschrift ? Briefe: Postfech 26 65, ? Oldenburg o Anschrift ? Pakete: Markt, 26122 Oldenburg
      Telefon (0441) 237-01 o Telefax (0441) 237-1333 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 OLD o T-Online *?# o Telex
                                                            24022-0 blb d
                                Internet: www.bremerlandesbank.de E-Mail: kontakt@bremerlandesbank.de
                                                      Site: ? o ? ?, HRA 22159
</TABLE>

Page 10

to our Telefax dated 26 April 2005 to Capital Maritime & Trading Corp.

                            [BREMER LANDESBANK LOGO]

                       (iii) The "Corporate Guarantor shall provide the Lender
                            with consolidated audited annual accounts within 180
                            days of the fiscal year-end. Further relevant
                            financial information shall be provided on demand.

                       (iv) Interest Coverage: The ratio of EBITDA to Interest
                            Expense shall be no less than 2.5 at all times of
                            the financing.

COSTS AND EXPENSES     All costs and expenses occurring out of the legal
                       activities etc. and other reasonable out-of-pocket
                       expenses to be borne by the Borrower or Corporate
                       Guarantor.

INCREASED COSTS        The Lender will be indemnified for any increased costs
                       (including but not limited to increased costs resulting
                       from the proposed Basle II Accord) due to, inter alia,
                       the imposition of or changes in interpretation or other
                       similar measures effectively imposed or directed by
                       public controlling bodies and/or to the change in any of
                       the Lender's general financial position and/or rating,
                       either by way of additional payments or re-assessment of
                       the a.m. Margin.

MATERIAL ADVERSE       The documentation shall include a Material Adverse Change
CHANGE                 Clause.

LEGAL COUNSEL TO THE   Law Offices G.E. Bairactaris & Partners. Piraeus, Greece.
LENDER

This proposal shall be valid until 30 June 2005.

The details of the terms and conditions of the financing will be agreed in the
Loan Agreement[s], which shall be prepared by Law Offices G.E. Bairactaris &
Partners, Piraeus, Greece.

We hope that our proposal meets your financing requirements. If it suits your
needs, kindly have it signed on behalf of the below listed entities.

Kind regards,

Bremer Landesbank Kreditanstalt Oldenburg
            - Girozentrale -

/s/ Ulrich Kropp              /s/ Gerrit Schmidt           /s/ IOANNIS LAZARIDIS
----------------------        -----------------------      ---------------------
Ulrich Kropp                  Gerrit Schmidt               IOANNIS LAZARIDIS

                                               Accepted and agreed on 26/4/2005:

----------------------------------          ------------------------------------
Capital Ship Management Corp.               Capital Maritime & Trading Corp.
(in its capacity as Technical Operator)     (acting for and on behalf of the
                                            Single Shipping Companies under the
                                            Pre- / Post-Delivery Loan and as
                                            Corporate Guarantor)

<TABLE>

                                           Bremer Landesbank ? Oldenburg o Girozentrale o
                                    ? ? Briefe: ? Bremen o Anschrift ? Pakete: ? 26, 28195 Bremen
    Telefon (0421) 332-0 o Telefax (0421) 332-2322 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 o T-Online *?# o Telex 24022-0
                                                                blb d
                    Anschrift ? Briefe: Postfech 26 65, ? Oldenburg o Anschrift ? Pakete: Markt, 26122 Oldenburg
      Telefon (0441) 237-01 o Telefax (0441) 237-1333 o BLZ 290 500 00 o S.W.I.F.T. Adresse BRLADE22 OLD o T-Online *?# o Telex
                                                            24022-0 blb d
                                Internet: www.bremerlandesbank.de E-Mail: kontakt@bremerlandesbank.de
                                                      Site: ? o ? ?, HRA 22159
</TABLE>

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