Document:

Exhibit 10.16

 

Execution Version

 

SUPPLEMENTAL LETTER

 

		(1)	ANGEL CARRIER CO. LTD.

PRETTY CARRIER CO. LTD. 

PROUD SHIPPING CO. LTD. 

SCOPE CARRIER CO. LTD.

c/o C Transport Maritime S.A.M.

Gildo Pastor Center 7

rue du Gabian

MC 98000

Monte Carlo

Monaco

 

as Borrowers

 

		(2)	GOODBULK LTD.

c/o C Transport Maritime S.A.M.

Gildo Pastor Center 7

rue du Gabian

MC 98000

Monte Carlo

Monaco

 

as Parent Guarantor

 

15th May 2018

 

Dear Sirs

 

Re: GoodBulk Ltd. US$85,000,000
facility

 

		1	We refer to a facility agreement dated 22 December 2017 (as amended and supplemented by a supplemental
letter dated 28 March 2018), (the “Facility Agreement”) and made between, amongst others, (i) Angel Carrier
Co. Ltd., Pretty Carrier Co. Ltd., Proud Shipping Co. Ltd. and Scope Carrier Co. Ltd. as joint and several borrowers (together,
the “Borrowers”), (ii) GoodBulk Ltd. as parent guarantor (the “Parent Guarantor”), (iii)
the financial institutions listed in Part B of Schedule 1 thereto as lenders (the “Lenders”), (iv) the financial
institutions listed in Part B of Schedule 1 thereto as hedge counterparties (the “Hedge Counterparties”), (v)
ABN AMRO Bank N.V. as facility agent (the “Facility Agent”) and (vi) ABN AMRO Bank N.V. as security agent (the
“Security Agent”) in relation to a term loan facility of up to US$85,000,000 made available to the Borrowers.

 

		2	Words and expressions defined in the Facility Agreement shall have the same meaning when used in
this letter.

 

		3	The Borrowers have requested the consent of the Lenders to certain changes to the Facility Agreement
as follows:

 

     

     

    

  

		(a)	deletion of the mandatory prepayment event upon a Change of Control as documented in clause 7.2
(Change of control);

 

		(b)	to introduce a mandatory prepayment event upon a change of the commercial or technical management
of a Ship;

 

		(c)	amendment to the dividend restrictions provisions as documented in clause 23.18 (Dividends);
and

 

		(d)	amendment to the minimum liquidity requirements as documented in clause 22.1 (Financial Covenants).

 

		4	We, as Facility Agent for the Lenders, confirm that the Lenders agree to the matters requested
in paragraph 3 and that with effect from the date of receipt by the Facility Agent of a duly executed original of this letter signed
by the Borrowers and the Parent Guarantor, the Facility Agreement shall be amended to as follows:

 

		(a)	the definition of “Approved Commercial Manager” shall be amended to read as follows:

 

“Approved Commercial
Manager” means, in relation to a Ship, C Transport Holding Ltd. of Clarendon House, 2 Church Street, Hamilton, Bermuda,
or any other person approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders as the commercial
manager of that Ship.”

 

		(b)	the definition of “Approved Technical Manager”
shall be amended to read as follows:

 

“Approved Technical
Manager” means, in relation to a Ship, C Transport Maritime S.A.M. of 7 Rue du Gabian, 98000 Monaco or any other person
approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders as the technical manager of that
Ship.”

 

		(c)	the definition of “Change of Control” shall be deleted entirely from clause 1.1 (Definitions);

 

		(d)	the definition of “Permitted Shareholder” shall be deleted entirely from clause 1.1 (Definitions);

 

		(e)	sub-paragraph (a)(iii) of clause 4.2 (Further conditions precedent) shall be deleted entirely and the subsequent sub-paragraphs
re-numbered accordingly;

 

		(f)	clause 7.2 shall be deleted entirely and replaced with the following:

 

		“7.2	Change
                                         of manager

 

If a Ship ceases to be technically
managed by the Approved Technical Manager or commercially managed by the Approved Commercial Manager:

 

		(a)	the Parent Guarantor shall promptly notify the Facility Agent upon becoming aware of that event;
and

 

		(b)	if the Majority Lenders so require, the Facility Agent shall, by not less than 15 days' notice
to the Borrowers, cancel the Facility and declare the Loan, together with accrued interest, and all other amounts accrued under
the Finance Documents immediately due and payable, whereupon the Facility will be cancelled and all such outstanding Loans and
amounts will become immediately due and payable.”;

 

    	 	2	 

     

    

 

		(g)	paragraph (a) of clause 22.1 (Financial Covenants) shall be amended to read as follows:

 

		“(a)	The Parent Guarantor shall at all times maintain on a consolidated basis a minimum Cash in an amount
equal to the greater of (i) USD 15,000,000 and (ii) USD 500,000 per ship owned by a member of the Group.”;

 

		(h)	clause 23.19 shall be amended to read as follows:

 

		“23.19	Dividends

 

No Obligor shall make or pay any
dividend or other distribution (in cash or in kind) in respect of its share capital following the occurrence of an Event of Default
or where the making or payment or such dividend or distribution would result in an Event of Default.”

 

		5	Save as amended by this letter and such other consequential changes as may be required in order
to give effect to the changes in this letter, the Facility Agreement and the other Finance Documents shall remain in full force
and effect.

 

		6	This letter and any non-contractual obligations arising out of or in connection with it shall be
governed by, and construed in accordance with, English law. The provisions of clause 48 (Governing Law) of the Facility
Agreement shall apply to this letter as if set out in full herein with references to this Agreement construed as references to
this letter.

 

		7	This letter may be executed in any number of counterparts and shall be a Finance Document.

 

		8	Please confirm your agreement to this letter by signing below.

 

	Yours faithfully	 	 	 	 
	 	 	 	 	 
	 	 	/s/ J.A. Maarleveld	 	/s/ A.L. Lockhorst
	For and on behalf of	 	J.A. Maarleveld	 	A.L. Lockhorst
	ABN AMRO BANK N.V	 	Director	 	 
	as Facility Agent for the Lenders	 	 	 	 

 

We hereby acknowledge receipt of the above
letter and confirm our agreement to the terms hereof and confirm that the Finance Documents to which we are a party shall remain
in full force and effect and shall continue to stand as security for our obligations under the Finance Documents.

 

	/s/ L. PULCINI	 	/s/ L. PULCINI	 
	For and on behalf of 	 	For and on behalf of 	 
	ANGEL CARRIER CO. LTD.	 	PRETTY CARRIER CO. LTD.	 
	as Borrower 	 	as Borrower 	 
	15th May 2018	 	15th May 2018	 
	 	 	 	 
	/s/ L. PULCINI	 	/s/ L. PULCINI	 
	For and on behalf of 	 	For and on behalf of 	 
	PROUD SHIPPING CO. LTD.	 	SCOPE CARRIER CO. LTD.	 
	as Borrower	 	as Borrower	 
	15th May 2018	 	15th May 2018	 

 

    	 	3	 

     

    

 

	/s/ J.M.
    RADZIWILL	 	 	 
	For and on behalf of	 	 	 
	GOODBULK LTD.	 		 
	as Parent Guarantor	 		 
	15th May 2018	 		 

 

    	 	4Exhibit 10.17

 

Execution Version

 

SUPPLEMENTAL
LETTER

(amendments
to financial covenants)

 

 

		(1)	AQUAKNIGHT SHIPPING CO. LTD.

c/o C Transport Maritime
S.A.M.

Gildo Pastor Center
7

rue du Gabian

MC 98000

Monte Carlo

Monaco

 

as Borrower

 

		(2)	IRON RANGE SHIPPING CO. LTD.

BELLE
TAINE SHIPPING CO. LTD.

MAKA FRAZ
SHIPPING CO. LTD.

MINNETONKA
SHIPPING CO. LTD.

MINNEHAHA
SHIPPING CO. LTD.

c/o C Transport Maritime
S.A.M.

Gildo Pastor Center
7

rue du Gabian

MC 98000

Monte Carlo

Monaco

 

as Additional
Guarantors

 

		(3)	GOODBULK LTD. 

c/o C Transport Maritime
S.A.M.

Gildo Pastor Center
7

rue du Gabian

MC 98000

Monte Carlo

Monaco

 

as Parent Guarantor

 

 

28 May 2018

 

Dear Sirs

 

Re: GoodBulk Ltd. US$50,000,000 facility

 

		1	We refer to a facility agreement dated 29 August 2017 (as amended,
supplemented and acceded to from time to time, the "Facility Agreement") and
made between, amongst others, (i) Aquaknight Shipping Co. Ltd. as borrower (the "Borrower"),
(ii) Goodbulk Ltd. (the "Parent Guarantor"), (iii) Iron Range Shipping Co. Ltd.,
Belle Taine Shipping Co. Ltd., Maka Franz Shipping Co. Ltd., Minnetonka Shipping Co. Ltd. and Minnehaha Shipping Co. Ltd. as additional
guarantors (the "Additional Guarantors") (iv) Credit Suisse AG as arranger,
(v) the financial institutions listed in Part B of Schedule 1 therein including Credit Suisse AG as lenders (the "Lenders"),
(vi) Credit Suisse AG (the "Facility Agent") as agent for and on behalf of,
inter alia, the Lenders, (vii) Credit Suisse AG (the "Security Agent") acting
as security agent and trustee for and on behalf of, inter alia, the Facility Agent and the Lenders and (vii) the financial institutions
listed in Part B of Schedule 1 therein as hedge counterparties (the "Hedge Counterparties")
pursuant to which the Lenders have made available a loan facility (the "Loan Facility")
of up to US$50,000,000 to assist the Borrower and Additional Guarantors in financing part of the acquisition cost of each Ship
(as defined in the Facility Agreement).

 

    	 	1	 

     

    

 

		2	Words and expressions defined in the Facility Agreement shall
have the same meaning when used in this letter.

 

		3	The Borrower has requested the consent of the Lenders to certain
changes to the Facility Agreement as follows:

 

		(a)	the deletion of the mandatory prepayment event upon a Change of Control as documented in clause
7.2 (Change of control);

 

		(b)	to introduce a mandatory prepayment event in the event that John Michael Radziwil ceases to be
the Chief Executive Officer and Chairman of the Parent Guarantor;

 

		(c)	to introduce a mandatory prepayment in the event that the Parent Guarantor ceases to be listed
on a major US Stock Exchange following its initial public offering;

 

		(d)	to introduce a mandatory prepayment event upon a change of the commercial or technical management
of a Ship;

 

		(e)	a temporary waiver to the dividend restriction provisions as documented in clause 22.19 (Dividends)
to allow for the one time distribution of US$6,500,000 worth of dividends without the Borrower having to repay any outstanding
Deferred Repayment Instalment; and

 

		(f)	amendments to the minimum liquidity requirements as documented in clause 21.2 (Financial Covenants).

 

		4	Subject to this paragraph 4, we as Facility Agent for the Lenders,
confirm the agreement of the Lenders to the Borrower’s request referred to in paragraph 3 above subject to the receipt by
the Facility Agent of the following documents in form and substance satisfactory to the Facility Agent:

 

		(a)	a duly executed original of this Letter signed by all parties hereto; and

 

		(b)	documents of the kind specified in Schedule 2, Part A, Paragraph 1 of the Facility Agreement in
respect of the Borrower, the Parent Guarantor and the Additional Guarantors, updated with appropriate modifications to refer to
this Supplemental Letter;

 

		(c)	evidence that an amendment fee of US$375,000 has been paid or will be paid by no later than 31
May 2018 to the Facility Agent.

 

		5	We, as Facility Agent for the Lenders, confirm and agree that,
with effect from the date (the "Effective Date") on which the conditions set
out in paragraph 4 above are satisfied the Facility Agreement, the Master Agreement and each of the other Finance Documents shall
be amended as follows:

 

    	 	2	 

     

    

 

		(a)	the definition of "CarVal Transaction" shall be deleted entirely from clause 1.1 (Definitions);

 

		(b)	the definition of "Change of Control" shall be deleted entirely from clause 1.1 (Definitions);

 

		(c)	include a new definition of "National Securities Exchange" into clause 1.1 (Definitions)
as follows:

 

""National
Securities Exchange" means a national securities exchange registered with the US Securities and Exchange Commission under
the Securities Exchange Act of 1934 as amended."

 

		(d)	the definition of "Permitted Shareholder" shall be deleted entirely from clause 1.1 (Definitions);

 

		(e)	sub-paragraph (a)(iii) of clause 4.2 (Further conditions precedent) shall be deleted entirely
and the subsequent sub-paragraphs re-numbered accordingly;

 

		(f)	clause 7.2 shall be deleted entirely and replaced with the following:

 

	 	"7.2	Change of manager

 

If a Ship
ceases to be technically managed by the Approved Technical Manager or commercially managed by the Approved Commercial Manager:

 

		(a)	the Parent Guarantor shall promptly notify the Facility Agent upon becoming aware of that event;
and

 

		(b)	if the Majority Lenders so require, the Facility Agent shall, by not less than 15 days' notice
to the Borrowers, cancel the Facility and declare the Loan, together with accrued interest, and all other amounts accrued under
the Finance Documents immediately due and payable, whereupon the Facility will be cancelled and all such outstanding Loans and
amounts will become immediately due and payable.";

 

		(g)	a new clause 7.3 shall be included and subsequent clauses renumbered accordingly:

 

	 	"7.3	Change of CEO and/or Chairman

 

If the chief
executive officer and chairman of the Parent Guarantor ceases to be John Michael Radziwill:

 

		(a)	the Parent Guarantor shall promptly notify the Facility Agent upon becoming aware of that event;
and

 

		(b)	if the Majority Lenders so require, the Facility Agent shall, by not less than 15 days' notice
to the Borrower, cancel the Facility and declare the Loan, together with accrued interest, and all other amounts accrued under
the Finance Documents immediately due and payable, whereupon the Facility will be cancelled and all such outstanding Loans and
amounts will become immediately due and payable.";

 

		(h)	a new clause 7.4 shall be included and subsequent clauses renumbered accordingly:

 

	 	"7.4	Parent Guarantor as a listed company on the National Securities Exchange

 

If the Parent
Guarantor ceases to be listed on a National Securities Exchange following its initial public offering.

 

    	 	3	 

     

    

 

		(a)	the Parent Guarantor shall promptly notify the Facility Agent upon becoming aware of that event;
and

 

		(b)	if the Majority Lenders so require, the Facility Agent shall, by not less than 15 days' notice
to the Borrower, cancel the Facility and declare the Loan, together with accrued interest, and all other amounts accrued under
the Finance Documents immediately due and payable, whereupon the Facility will be cancelled and all such outstanding Loans and
amounts will become immediately due and payable.";

 

		(i)	paragraph (b) of clause 21.2 (Financial Covenants) shall be deleted entirely and the remaining
paragraphs be re-numbered accordingly;

 

		(j)	the renumbered paragraph (c) of clause 21.2 (Financial Covenants) referred to above shall
be amended to read as follows:

 

		"(c)	The Parent Guarantor shall at all times maintain,
on a consolidated basis, cash in a minimum amount equal to the greater of (i) USD 10,000,000 and (ii) USD 500,000 per vessel owned
by any member of the Group subject to Security, out of which an amount of no less than USD 500,000 per Ship shall be maintained
in the Minimum Liquidity Accounts."; and

 

		(k)	paragraph 1.9 of Schedule 2, Part C shall be amended to read as follows:

 

		"1.9	Evidence satisfactory to the Lenders that the
minimum liquidity requirement as set out in paragraph (c) of Clause 21.2 (Financial Covenants) is satisfied on Utilisation
of the Advance."

 

		6	Save as amended by this letter and such other consequential changes
as may be required in order to give effect to the changes in this letter, the Facility Agreement and the other Finance Documents
shall remain in full force and effect.

 

		7	This letter and any non-contractual obligations arising out of
or in connection with it shall be governed by, and construed in accordance with, English law. The provisions of clause 47 (Governing
Law) of the Facility Agreement shall apply to this letter as if set out in full herein with references to this Agreement construed
as references to this letter.

 

		8	This letter may be executed in any number of counterparts and
shall be a Finance Document.

 

		9	Please confirm your agreement to this letter by signing below.

 

Yours faithfully

 

	
         /s/ Charlotte Knight

        Charlotte Knight

        Attorney-in-Fact

        For and on behalf of

        CREDIT SUISSE AG Charlotte Knight

        as Facility Agent for the Lenders
	
        

 

    	 	4	 

     

    

 

We hereby acknowledge receipt of the above
letter and confirm our agreement to the terms hereof and confirm that the Finance Documents to which we are a party shall remain
in full force and effect and shall continue to stand as security for our obligations under the Finance Documents.

 

	
        /s/ S. Faina

        S. Faina

        For and on behalf of

        AQUAKNIGHT SHIPPING CO. LTD.

        as Borrower

        28 May 2018
	
        /s/ S. Faina

        S. Faina

        For and on behalf of

        IRON RANGE SHIPPING CO. LTD.

        as Additional
        Guarantor

        28 May 2018

	 	 
	
        /s/ S. Faina

        S. Faina

        For and on behalf of

        BELLE TAINE SHIPPING CO. LTD.

        as Additional
        Guarantor

        28 May 2018 

         

        /s/ S. Faina

        S. Faina

        For and on behalf of

        MINNETONKA SHIPPING CO. LTD.

        as Additional
        Guarantor

        28 May 2018
	
        /s/ S. Faina

        S. Faina

        For and on behalf of

        MAKA FRANZ SHIPPING CO. LTD.

        as Additional
        Guarantor

        28 May 2018 

         

        /s/ S. Faina

        S. Faina

        For and on behalf of

        MINNEHAHA SHIPPING CO. LTD.

        as Additional
        Guarantor

        28 May 2018

 

/s/ L. Pulcini

L. Pulcini

For and on behalf of

GOODBULK LTD. 

as Parent Guarantor

28 May 2018

 

    	 	5

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