Document:

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                                                                    EXHIBIT 10.9

                               DEED OF ASSIGNMENT

                                     between

                              ADVENTURE THREE S.A.
                                  as assignor

                                       and

                           HOLLANDSCHE BANK-UNIE N.V.
                                  as assignee

                      DATED the 29th day of September 2004

                                - relating to -
                               m.v. "FREE ENVOY"

                                 NAUTADUTILH N.V.
                                    ROTTERDAM

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
Clause                                 Heading                            Page
------                                 -------                            ----
<S>            <C>                                                        <C>
 1.            Interpretation..........................................     2
 2.            Representations and warranties..........................     5
 3.            Assignment..............................................     5
 4.            Covenants...............................................     7
 5.            Continuing Security.....................................     9
 6.            Powers of Assignee......................................    10
 7.            Redemption..............................................    12
 8.            Loss payable and notice of cancellation clause..........    12
 9.            Miscellaneous...........................................    12
10.            Power of Attorney.......................................    13
11.            Further assurance.......................................    13
12.            Notices.................................................    13
13.            Law and jurisdiction....................................    14
schedule A1:   FORM OF LOSS PAYABLE AND NOTICE OF CANCELLATION CLAUSE..    15
schedule A2:   FORM OF LOSS PAYABLE AND NOTICE OF CANCELLATION CLAUSE
               (P. & I.)...............................................    17
schedule B:    FORM OF NOTICE OF INSURANCE ASSIGNMENT..................    19
schedule C:    FORM OF LETTER OF UNDERTAKING TO BE DELIVERED BY
               BROKERS AND/OR UNDERWRITERS AND/OR INSURERS.............    20
schedule D:    FORM OF LETTER OF UNDERTAKING TO BE GIVEN...............    25
               BY P & I CLUB...........................................    25
schedule E:    FORM OF NOTICE OF TIME CHARTER PARTY ASSIGNMENT.........    27
</TABLE>

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                                        1

THIS DEED OF ASSIGNMENT is made the 29th day of September 2004

BETWEEN:

1.    ADVENTURE THREE S.A., a company incorporated and existing under the laws
      of the Marshall Islands, having its registered office at Ajeltake Road,
      Ajeltake Island, Majuro, Marshall Islands MH96960 (the "Owner");

and

2.    HOLLANDSCHE BANK-UNIE N.V., a company incorporated and existing under the
      laws of the Netherlands, having its corporate seat at Amsterdam, the
      Netherlands, acting herein through its branch office at Coolsingel
      104,3011 AG Rotterdam, the Netherlands (the "Assignee")

WHEREAS:

(1)   the Owner is the registered owner of the vessel "Free Envoy" (the
      "Vessel") registered in the Marshall Islands' Ships Register under
      official number 2161;

(2)   by, and subject to and upon the terms and conditions of (i) a credit
      agreement signed by the Assignee on the 24th day of June 2004 and signed
      by the Owner on the 8th day of July 2004 and in which One Adventure S.A.
      assumed joint and several liability towards the Assignee for all sums
      which Owner will owe to the Assignee under the credit agreement from time
      to time and (ii) a short-term loan agreement dated the 8th day of July
      2004 and made between the Owner and the Assignee (as the same may be
      amended, supplemented or varied from time to time together with the
      therein referred to HBU General Credit Provisions dated January 1999 the
      "Financial Agreement"), the Assignee agreed to make available to the Owner
      by way of an overdraft facility the amount of USD 6,000,000.00 (six
      million United States Dollars) (the "Loan");

(3)   pursuant to the Financial Agreement the Owner has executed in favour of
      the Assignee a first preferred mortgage (the "Mortgage") on the Vessel
      dated the 29th day of September 2004, which Mortgage has been or will be
      registered against the Vessel as security for the payment to the Assignee
      of the Outstanding Indebtedness (as hereinafter defined);

(4)   by a time charterparty (as the same may from time to time be amended,
      varied or supplemented the "Charterparty") dated the 14th day of April
      2004 and made between (i) the Owner and (ii) Express Sea Transport
      Corporation of

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                                        2

      Panama City, Republic of Panama (the "Charterer"), the Owner agreed to let
      and the Charterer agreed to take on time charter the Vessel for the period
      and upon the terms and conditions therein mentioned;

(5)   it is a condition precedent for the Assignee advancing the Loan to the
      Owner that the Owner inter alia shall execute this Deed together with the
      Assignee;

(6)   this Deed is supplemental to the Financial Agreement, the other Security
      Documents (as hereinafter defined) and the security thereby created.

NOW THIS DEED WITNESSES as follows:

1.    Interpretation

1.1   In this Deed unless the context otherwise requires:

      "Assigned Property" means collectively:

      (i)   the Charterparty Earnings;

      (ii)  the Charterparty Rights;

      (iii) the Earnings;

      (iv)  the Insurances;

      (v)   the Requisition Compensation;

      "Charterer" means Express Sea Transport Corporation of Panama City,
      Republic of Panama;

      "Charterparty" means the time Charterparty dated the 14th day of April
      2004 and made between the Owner and the Charterer pursuant to which the
      Owner has agreed to let and the Charterer has agreed to take, the Vessel
      on time charter for the period and upon the terms and conditions therein
      mentioned;

      "Charterparty Earnings" means all moneys whatsoever from time to time due
      or payable actually or contingently to the Owner under or pursuant to the
      Charterparty including (but without prejudice to the generality of the
      foregoing) all claims for damages in respect of any breach by the
      Charterer of the Charterparty;

      "Charterparty Rights" means all rights and benefits whatsoever accruing to
      the Owner under or arising out of the Charterparty (other than the
      Charterparty Earnings);

      "Earnings" means all moneys whatsoever from time to time due or payable

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                                        3

      actually or contingently to the Owner arising out of the use or operation
      of the Vessel including (but without prejudice to the generality of the
      foregoing) all freight, hire, charter and passage moneys, income arising
      under pooling arrangements, compensation payable to the Owner in the event
      of requisition of the Vessel for hire, remuneration for salvage and towage
      services, demurrage and detention moneys and damages for breach (or
      payments for variation or termination) of any charterparty or other
      contract for employment of the Vessel;

      "Event of Default" means any of the events specified and referred to in
      the Financial Agreement and/or the Mortgage;

      "Insurances" means all policies and contracts of insurance (which
      expression includes all entries of the Vessel in a protection and
      indemnity or war risks association) which are from time to time in place
      or taken out or entered into by or for the benefit of the Owner in respect
      of the Vessel and the Earnings or otherwise howsoever in connection with
      the Vessel and all benefits thereof (including claims of whatsoever nature
      and return of premiums);

      "Loss Payable Clause" means any of the loss payable clauses set out in the
      schedules A1 and A2 hereto;

      "Outstanding Indebtedness" means (a) the aggregate of all sums of money
      actual or contingent, present or future due by the Security Parties as
      joint and several obligors to the Assignee under or in connection with the
      Security Documents or any of them and (b) all costs and expenses incurred
      in connection with the Security Documents, including any taxes payable by
      the Assignee (other than on net profit), as well as any reasonable costs
      and expenses incurred by the Assignee in connection with the Owner's
      failure to comply with or fulfil any obligation under the Security
      Documents at the time and in the manner required, including collection
      charges, disbursements, fees of legal consultants and other experts and
      costs of proceedings, irrespective against whom brought;

      "Requisition Compensation" means all moneys or other compensation payable
      by reason of requisition for title or other compulsory acquisition of the
      Vessel otherwise than by requisition for hire;

      "Security Documents" means the Financial Agreement, the Mortgage, this
      Deed and any other such documents as may be executed from time to time to
      secure and/or regulate the Outstanding Indebtedness;

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                                        4

      "Security Interest" means a mortgage, charge (whether fixed or floating),
      pledge, lien, hypothecation, assignment or other security interest or
      arrangement of any kind whatsoever;

      "Security Parties" means the Owner and One Adventure S.A., having its
      registered office at Ajeltake Road, Ajeltake Island, Majuro, Marshall
      Islands MH96960;

      "Security Period" means the period commencing on the date of this Deed and
      terminating on the date upon which all moneys payable or to become payable
      from time to time pursuant to the terms of the Financial Agreement, this
      Deed and/or any of the other Security Documents shall have been paid and
      discharged in full.

1.2   In this Deed:

      (a)   clause headings are inserted for convenience of reference only and
            shall be ignored in the interpretation of this Deed;

      (b)   unless the context otherwise requires, words denoting the singular
            number shall include the plural and vice versa;

      (c)   references to clauses and schedules shall be construed as references
            to clauses of and schedules to this Deed;

      (d)   an "entity" shall be construed to include any firm, company,
            association, partnership (whether or not having separate legal
            personality), institution, government (local, national or
            supranational), state, agency or sub division thereof or
            international organisation;

      (e)   reference to any document including this Deed shall be construed as
            reference to such document as amended supplemented or varied from
            time to time;

      (f)   words and expressions defined in the Financial Agreement shall,
            unless it is stated otherwise herein, have the same meaning when
            used in this Deed; and

      (g)   the Assignee, the Owner, the Security Parties and any other entity
            or individual shall include their respective successors in title,
            estates and, in the event of an assignment permitted under this
            Deed, assignees.

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                                        5

1.3   This Deed shall be read together with the Financial Agreement but in case
      of any conflict between the two instruments the provisions of this Deed
      shall prevail.

2.    Representations and warranties

      The Owner hereby represents and warrants to the Assignee that:

      (a)   it is fully entitled to enter into this Deed and further to agree to
            the terms and conditions hereof;

      (b)   the Insurances are in full force and effect and enforceable in
            accordance with their respective terms;

      (c)   the Owner is not in default in respect of any of the Insurances and
            there is no action, suit or proceeding pending or threatened by or
            against the Owner in connection with or arising from any of the
            Insurances;

      (d)   the Owner is exclusively entitled to any and all benefits of the
            Insurances and to exercise any and all rights in respect thereof;

      (e)   the Charterparty (a true copy of which has been delivered by the
            Owner to the Assignee) constitutes the valid and binding obligations
            of the parties thereto and is in full force and effect and there are
            no amendments thereto or defaults thereunder;

      (f)   the Vessel has been delivered to and accepted by the Charterer for
            service under the Charterparty;

      (g)   the Assigned Property is not subject to any Security Interest (save
            as constituted by the Security Documents or otherwise permitted by
            the terms thereof); and

      (h)   the Vessel is not subject to any charter or other contract for her
            employment entered into by the Owner other than the Charterparty.

3.    Assignment

3.1   By way of security for payment of the Outstanding Indebtedness and the
      performance of the obligations under the Security Documents by the
      Security Parties, the Owner with full title guarantee hereby assigns and
      agrees to assign

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                                        6

      absolutely to the Assignee all its rights, title and interest in and to
      the Assigned Property and all the benefits and interest present and future
      therein

      PROVIDED HOWEVER that:

      (a)   the Earnings and the Charterparty Earnings shall be paid to the
            Owner until such time as the Assignee shall direct to the contrary
            whereupon the Owner shall forthwith, and the Assignee may at any
            time thereafter, instruct the entities and the individuals from whom
            the Earnings and the Charterparty Earnings are then receivable or
            payable to pay the same to the Assignee or as it may direct and any
            Earnings and/or the Charterparty Earnings then in the hands of the
            Owner's brokers or other agents shall be deemed to have been
            received by them for the use and on behalf of the Assignee;

      (b)   unless and until an Event of Default shall occur (whereupon all
            insurance recoveries shall be receivable by the Assignee and applied
            in accordance with clause 3.2):

            (i)   any moneys payable under the Insurances shall be payable in
                  accordance with the terms of the relevant Loss Payable Clause
                  and the Assignee will not in the meantime give any
                  notification to the contrary to the insurers as contemplated
                  by the Loss Payable Clause; and

            (ii)  any insurance moneys received by the Assignee in respect of
                  major casualty (that is to say any casualty the claim in
                  respect of which exceeds USD 100,000.00 (one hundred thousand
                  United States Dollars) inclusive of any deductible or
                  franchise shall be paid over to the Owner upon the Owner
                  furnishing evidence satisfactory to the Assignee that all loss
                  and damage resulting from such casualty has been properly made
                  good and repaired, and that all repair accounts and other
                  liabilities whatsoever in connection with the casualty have
                  been fully paid and discharged by the Owner.

3.2   All moneys received by the Assignee in respect of the Assigned Property
      shall be applied in the manner specified in the Financial Agreement.

3.3   In the event that on application in accordance with clause 3.2 the moneys
      so applied are insufficient to pay in full the whole of the Outstanding
      Indebtedness, the Assignee shall be entitled to collect the shortfall from
      the

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      Owner or any other entity or individual liable for the time being
      therefor.

4.    Covenants

      The Owner hereby irrevocably and unconditionally covenants to the Assignee
      that:

      (a)   it will not hereafter during the Security Period create or suffer
            the creation of any Security Interest on or in respect of all or any
            part of the Assigned Property to anyone other than the Assignee to
            the effect that the assignment created by this Deed shall constitute
            a first preferred charge in favour of the Assignee;

      (b)   in the event that it receives payment of any moneys hereby assigned
            save as provided in the loss payable and notice of cancellation
            clause hereinafter mentioned it will forthwith pay over the same to
            the Assignee and until paid over such moneys will be held on trust
            for the Assignee by it;

      (c)   it will throughout the Security Period maintain the Insurances in
            full force and effect and not change the identity of the insurers or
            the terms of cover provided by the Insurances without the prior
            written consent of the Assignee;

      (d)   it will do or permit to be done each and every act or thing which
            the Assignee may from time to time require to be done for the
            purpose of enforcing the Assignee's rights under this Deed and will
            allow its name to be used as and when required by the Assignee for
            that purpose;

      (e)   it will from time to time upon the written request of the Assignee
            give written notice (in such form as the Assignee shall reasonably
            require) to the entities and individuals from whom any part of the
            Assigned Property is or may be due, of the assignment herein
            contained and it:

            (i)   will procure that the interest of the Assignee in the
                  Insurances shall be endorsed on the instruments of insurance
                  from time to time in connection with such of the Insurances as
                  are placed with the approved brokers accepted by the Assignee
                  by means of a Notice of Assignment of Insurances signed by the
                  Owner) in the form set out in schedule B; and

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            (ii)  shall execute a notice of the assignment of the Charterparty
                  Earnings to the Charterer in the form set out in schedule E
                  and agrees that the Assignee shall be entitled to deliver such
                  notice to the Charterer upon the occurence of an Event
                  Default;

      (f)   it will pay all expenses and costs at the times and in the manner
            specified in this Deed and/or the Financial Agreement as the case
            may be;

      (g)   it will perform the covenants and undertakings in relation to the
            Insurances set forth in clause 6.1 (a) of the Mortgage and such
            covenants and undertakings shall be deemed to be, mutatis mutandis,
            set out and repeated in full herein;

      (h)   it will not, except with previous consent in writing of the Assignee
            (which consent it shall be entitled in the absolute discretion of
            the Assignee to withhold or to grant upon such terms as it may
            impose):

            (i)   agree to any variation of the Charterparty; or

            (ii)  release the Charterer from any of the Charterer's obligations
                  under the Charterparty or waive any breach of the Charterer's
                  obligations thereunder or consent to any such act or omission
                  of the Charterer as would otherwise constitute such breach;

      (i)   it will duly perform its obligations under the Charterparty and use
            its best endeavours to procure that the Charterer will perform its
            obligations under the Charterparty;

      (j)   the Charterparty shall not in any circumstances be terminated by the
            Owner (or the Vessel withdrawn by the Owner from hire under the
            Charterparty) for any reason whatsoever (including, without
            limitation, by reason of any breach or alleged breach of the
            Charterparty by the Charterer) unless the Assignee shall first have
            given its consent in writing to such termination or withdrawal
            provided that any such termination or withdrawal after such consent
            is given shall (as the Owner hereby acknowledges) be without
            responsibility on the part of the Assignee who shall be under no
            liability whatsoever in the event that such termination or
            withdrawal be thereafter adjudged to have constituted a wrongful
            repudiation of the Charterparty by the Owner;

      (k)   it will not claim or exercise any lien upon sub-freights, which
            might

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                                        9

            otherwise be available to it under the Charterparty;

      (l)   it will supply to the Assignee all information, accounts and records
            that may be necessary or of assistance to enable the Assignee to
            verify the amount of all payments payable under the Charterparty;
            and

      (m)   in the event of any payment of charterhire not being made by the
            Charterer within ten (10) days of the due date it will (if so
            directed by the Assignee) exercise its right to withdraw the Vessel
            from the service of the Charterer pursuant to the Charterparty at
            such time and in such manner as the Assignee shall so direct.

5.    Continuing Security

      It is declared that:

      (a)   the security created by this Deed shall be held by the Assignee as a
            continuing security for the payment of the Outstanding Indebtedness
            and the performance and observance of and compliance with all of the
            covenants, terms and conditions contained in the Financial
            Agreement, this Deed and the other Security Documents, express or
            implied, and that the security so created shall not be satisfied by
            any intermediate payment or satisfaction of any part of the amount
            hereby and thereby secured (or by any settlement of accounts between
            the Owner or any other entity or individual who may be liable to the
            Assignee in respect of the Outstanding Indebtedness or any part
            thereof and the Assignee);

      (b)   the security so created shall be in addition to, and shall not in
            any way prejudice or affect and may be enforced by the Assignee
            without prior recourse to the securities created by the other
            Security Documents or by any other security now or hereafter held by
            the Assignee and shall not in any way be prejudiced or affected
            thereby or by the invalidity or unenforceability thereof, or by the
            Assignee releasing, modifying or refraining from perfecting or
            enforcing any of the same, or granting time or indulgence or
            compounding with any entity or individual liable thereto;

      (c)   all the rights, remedies and powers vested in the Assignee hereunder
            shall be an addition to and not a limitation of any and every other
            right, power or remedy vested in the Assignee under the Financial
            Agreement, this Deed and the other Security Documents, or otherwise
            or at law and that all the powers so vested in the Assignee may be

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                                       10

            exercised from time to time and as often as the Assignee may deem
            expedient;

      (d)   the Assignee shall not be obliged to make any enquiry as to the
            nature or sufficiency of any payment received by it under the
            Mortgage, this Deed, the Financial Agreement and/or the other
            Security Documents or to make any claim or take any action to
            collect any moneys hereby assigned or to enforce any rights or
            benefits hereby assigned to the Assignee or to which the Assignee
            may at any time be entitled under the Mortgage and/or this Deed;

      (e)   the Owner shall remain liable to perform all the obligations assumed
            by it under the Charterparty and in relation to the Assigned
            Property and the Assignee shall be under no obligation of any kind
            whatsoever in respect thereof or be under any liability whatsoever
            in the event of any failure by the Owner to perform its obligations
            in respect thereof; and

      (f)   notwithstanding that this Deed is expressed to be supplemental to
            the Mortgage and to the securities thereby created it shall continue
            in full force and effect after any discharge of the Mortgage.

6.    Powers of Assignee

6.1   The Assignee shall, without prejudice to its other rights, powers and
      remedies hereunder, be entitled (but not bound) at any time, and as often
      as may be necessary, to take any such action as it may in its discretion
      think fit for the purpose of protecting or maintaining the security
      created by this Deed and all expenses attributable thereto shall be
      payable by the Owner on demand.

6.2   Without prejudice to the generality of clause 6.1 and the powers and
      remedies vested in the Assignee by virtue of this Deed and the provisions
      of the Mortgage:

      (a)   if the Owner fails to comply with the insurance provisions contained
            in the Mortgage, the Assignee shall become forthwith entitled (but
            not bound) to effect and thereafter maintain all such insurances on
            the Vessel as in its discretion it may think fit in order to procure
            the compliance with such provisions or alternatively, to require the
            Vessel (at the Owner's risk) to remain in, or to proceed to and
            remain in a port designated by the Assignee until such provisions
            are fully complied with;

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      (b)   at any time after the occurrence of an Event of Default the Assignee
            shall become forthwith entitled (but not bound):

            (i)   to require that all policies, contracts, certificates of entry
                  and other records relating to the Insurances (including
                  details of and correspondence concerning outstanding claims)
                  be delivered forthwith to such adjusters and/or brokers and/or
                  other insurers as the Assignee may nominate;

            (ii)  to collect, recover, compromise and give a good discharge for,
                  all claims then outstanding or thereafter arising under or in
                  respect of the Assigned Property or any part thereof, and to
                  take over or institute (if necessary using the name of the
                  Owner) all such proceedings in connection therewith as the
                  Assignee in its absolute discretion thinks fit and, in the
                  case of the Insurances, to permit any brokers through whom
                  collection or recovery is effected to charge the usual
                  brokerage therefor;

            (iii) to discharge, compound, release or compromise claims in
                  respect of the Assigned Property or any part thereof which
                  have given or may give rise to any charge or lien or other
                  claim on the Vessel, the Assigned Property or any part thereof
                  or which are or may be enforceable by proceedings against the
                  Vessel, the Assigned Property or any part thereof;

            (iv)  to recover from the Owner on demand all expenses incurred or
                  paid by the Assignee in connection with the exercise of the
                  powers (or any of them) referred to in this clause 6.2; and

            (v)   to terminate the Charterparty by notice to the Owner and the
                  Charterer, which notice shall operate to terminate the
                  Charterparty forthwith if the Vessel is then in port and free
                  of cargo or otherwise upon completion of the voyage (including
                  discharge of cargo, if any) upon which the Vessel was engaged
                  at the time when the said notice to terminate was given.

6.3   The Owner covenants and undertakes with the Assignee to do or permit to be
      done each and every act or thing which the Assignee may from time to time
      require to be done for the purpose of enforcing the Assignee's rights
      under this Deed and to allow its name to be used as and when required by
      the Assignee for that purpose.

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                                       12

7.    Redemption

      Upon payment and discharge in full to the satisfaction of the Assignee of
      the Outstanding Indebtedness, the Assignee shall, at the request and cost
      of the Owner, re-assign the Assigned Property to the Owner or as it shall
      direct.

8.    Loss payable and notice of cancellation clause

      The Owner shall procure that all policies and entries relating to the
      Insurances shall contain loss payable and notice of cancellation clauses
      substantially in the form of schedules A1 and A2, or otherwise acceptable
      to the Assignee and the Owner shall further, upon written request of the
      Assignee, execute and deliver to the Assignee or procure the execution and
      delivery to the Assignee of such further instruments and documents as the
      Assignee may deem desirable for the purpose of obtaining the full benefit
      of the assignment created by this Deed and of the rights and powers herein
      granted which includes the arrangement of letters of undertaking as shown
      in schedules C and D.

9.    Miscellaneous

9.1   No delay or omission on the part of the Assignee to exercise any right or
      power vested in it under this Deed shall impair such right or power or be
      construed as a waiver thereof, nor shall any single or partial exercise by
      the Assignee of any right or power nor the discontinuance, abandonment or
      adverse determination of any proceedings taken by the Assignee to enforce
      any right or power, preclude any other or further exercise thereof nor
      shall the giving by the Assignee of any consent to any act which by the
      terms of this Deed requires such consent prejudice the right of the
      Assignee to withhold its consent to the doing of any other similar act.

9.2   The Assignee shall be entitled, at any time and as often as may be
      expedient, to delegate all or any of the rights and powers vested in it by
      this Deed (including the power vested in it by virtue of clause 6) in such
      manner, upon such terms and to such entities and individuals as the
      Assignee in its absolute discretion may think fit.

9.3   If any provision of this Deed is prohibited, invalid, illegal or
      unenforceable in any jurisdiction, such prohibition, invalidity,
      illegality or unenforceability shall not affect or impair howsoever the
      remaining provisions thereof or affect the validity, legality or
      enforceability of such provision in any other jurisdiction but where the
      provisions of the laws of such jurisdiction may be waived they

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                                       13

      are hereby waived to the full extent permitted by such laws to the end
      that this Deed shall be valid, binding and enforceable in accordance with
      its terms.

10.   Power of Attorney

10.1  The Owner, by way of security and in order more fully to secure the
      performance of the Owner's obligations under this Deed, hereby irrevocably
      appoints the Assignee as its attorney generally for and in the name and on
      behalf of the Owner to execute, seal and deliver and otherwise perfect and
      do all such deeds, assurances, agreements, instruments, acts and things
      which may be required for the full exercise of all or any of the rights,
      powers or remedies conferred hereby which may be deemed proper in
      connection with all or any of the purposes aforesaid. The power hereby
      conferred shall be a general power of attorney and the Owner ratifies and
      confirms, and agrees to ratify and confirm, any deed, assurance,
      agreement, instrument, act or thing which the Assignee may execute or do
      pursuant thereto PROVIDED ALWAYS that such power shall not be exercisable
      by or on behalf of the Assignee until the Outstanding Indebtedness shall
      have become due and payable on demand to the Assignee in accordance with
      the provisions of the Financial Agreement.

10.2  The exercise of such power by or on behalf of the Assignee shall not
      oblige any entity or individual dealing with the Assignee to make any
      enquiry as to whether the Outstanding Indebtedness has become due and
      payable nor shall such entity or individual be in any way affected by
      notice that the Outstanding Indebtedness has not become so due and payable
      and the exercise by or on behalf of the Assignee shall be conclusive
      evidence of its right to exercise the same.

11.   Further assurance

      The Owner hereby further covenants at its own expense from time to time to
      execute, sign, perfect, do and (if required) register every such further
      assurance, document, act or thing as in the opinion of the Assignee may be
      necessary or desirable for the purpose of more effectually assigning the
      Assigned Property or perfecting the security constituted or intended to be
      constituted by the Security Documents.

12.   Notices

      The provisions of clause 18 of the Mortgage shall apply in relation to
      every notice, request, demand or other communication under this Deed.

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                                       14

13.   Law and jurisdiction

13.1  This Deed shall be governed by and construed in accordance with the laws
      of England.

13.2  Subject to clause 13.3, the courts of Rotterdam, the Netherlands shall
      have exclusive jurisdiction in relation to all matters which may arise out
      of or in connection with this Deed with the exclusion of any other court
      of law.

13.3  For the exclusive benefit of the Assignee, the Assignee reserves the right
      to commence proceedings in relation to any matter which arises out of or
      in connection with this Deed in the courts of any place in the Netherlands
      other than Rotterdam or any country other than the Netherlands and which
      have jurisdiction to that matter.

13.4  In this clause 13 "proceedings" means proceedings of any kind, including
      an application for a provisional or protective measure.

13.5  The Owner hereby agrees that any writ, judgment or other notice of process
      shall be sufficiently and effectively served on it, if served on it at the
      address specified in clause 18.1 of the Mortgage.

IN WITNESS whereof the parties hereto have caused this Assignment to be duly
executed the day and year first herein before written.

Signed as a Deed                      )
BY /s/ George D. Gourdomichalis       )
   ----------------------------

and
BY /s/ Ion Varouxakis                 )
   ------------------

as attorneys-in-fact for              )
ADVENTURE THREE S.A.                  )

Signed as a Deed                      )
BY /s/ Diana Saarloos                 )
   ------------------
as attorney-in-fact for               )
HOLLANDSCHE BANK-UNIE N.V.            )

<PAGE>

                                       15

schedule A1: FORM OF LOSS PAYABLE AND NOTICE OF CANCELLATION CLAUSE

INSURED : ADVENTURE THREE S.A.

VESSEL : "FREE ENVOY"

It is noted that by an Assignment in writing dated the [...] day of September
2004 and made between (i) the Insured and (ii) HOLLANDSCHE BANK-UNIE N.V., a
company incorporated and existing under the laws of the Netherlands, having its
corporate seat at Amsterdam, the Netherlands, acting herein through its branch
office at Coolsingel 104, 3011 A G Rotterdam, the Netherlands (the "Assignee")
the Insured assigned absolutely unto the Assignee this policy and all benefits
thereof including all claims of whatsoever nature (including return of premiums)
thereunder and including the right to negotiate and settle at any time whether
any claim is a claim in respect of a total or constructive or arranged or agreed
or compromised total loss ("Total Loss"); and that

(i)   claims hereunder in respect of a Total Loss shall be paid in full to the
      Assignee or as the Assignee may direct; and

(ii)  all other losses hereunder shall be paid to the Assignee except that
      claims (or the aggregate of claims) in respect of any one accident not
      exceeding USD 100,000.00 (one hundred thousand United States Dollars)
      including any deductible or franchise shall be paid to the Insured, unless
      and until the (Insurer(s)) (Underwriter(s)) receive notice from the
      Assignee to the contrary, whereupon all such insurance proceeds shall be
      paid directly to the Assignee for distribution by it firstly to itself
      and/or to its order.

Notwithstanding anything contained herein to the contrary, however, in cases
where a surety has paid or is liable to pay any claims covered under the
provisions of the collision and/or salvage clauses in the policies on hull and
machinery the proceeds under such provisions shall be payable directly to the
surety to the necessary extent.

It is further noted and expressly undertaken that:

(a)   in the event of non-payment of premiums or calls when due, the
      (Insurer(s)) (Underwriter(s)) will notify the Assignee immediately of such
      non-payment and will not exercise any right of cancellation which they may
      have by reason of such non-payment without giving fourteen (14) days'
      prior written notice of such cancellation to the Assignee and a reasonable
      opportunity of paying any balance of such premiums or calls which may be
      in default; and

<PAGE>

                                       16

(b)   the (Insurer(s)) (Underwriter(s)) will not effect any material alteration
      or termination or expiry of any of the insurances without giving to the
      Assignee fourteen (14) days' prior written notice of such alteration or
      termination or expiry.

___________________________                     ______________________________
Adventure Three S.A.                            Hollandsche Bank-Unie N.V.
(Assignor)                                      (Assignee)
                                                as: attorney-in-fact
by: ________________________

and
by: ________________________

as: attorneys-in-fact

<PAGE>

                                       17

schedule A2: FORM OF LOSS PAYABLE AND NOTICE OF CANCELLATION CLAUSE (P. & I.)

INSURED: ADVENTURE THREE S.A.

VESSEL: "FREE ENVOY"

It is noted that by an Assignment in writing dated the [...] day of September
2004 and made between the Insured at the one side and HOLLANDSCHE BANK-UNIE
N.V., a company incorporated and existing under the laws of the Netherlands,
having its corporate seat at Amsterdam, the Netherlands, acting herein through
its branch office at Coolsingel 104, 3011 AG Rotterdam, the Netherlands (the
"Assignee") at the other side, the Insured assigned absolutely unto the Assignee
this policy and all benefits thereof including all claims of whatsoever nature
(including return of premiums) thereunder; and that until the Assignee notifies
to the contrary claims receivable thereunder shall be paid to:

(i)   the entity or individual to whom was incurred the liability to which such
      sum relates; or

(ii)  the Insured in reimbursement to it of moneys expended in satisfaction of
      such liability.

It is further noted and expressly undertaken that:

(a)   in the event of non-payment of premiums or calls when due, the
      Insurer(s)/Underwriter(s) will notify the Assignee immediately of such
      nonpayment and will not exercise any right of cancellation which they may
      have by reason of such non-payment without giving fourteen (14) days'
      prior written notice of such cancellation to the Assignee and a reasonable
      opportunity of paying any balance of such premiums or calls which may be
      in default; and

<PAGE>

                                       18

(b)   the Insurer(s)/Underwriter(s) will not effect any material alteration or
      termination or expiry of any of the insurances without giving to the
      Assignee fourteen (14) days' prior written notice of such alteration or
      termination or expiry.

______________________________                 _____________________________
Adventure Three S.A.                           Hollandsche Bank-Unie N.V.
(Assignor)                                     (Assignee)
                                               as: attorney-in-fact
by:___________________________

and
by:___________________________

as: attorneys-in-fact

<PAGE>

                                       19

schedule B: FORM OF NOTICE OF INSURANCE ASSIGNMENT

                    (for attachment by way of endorsement to
                    all policies, contracts and cover notes)

TAKE NOTICE:

THAT by a Deed of Assignment in writing bearing even date herewith and made
between us as owner of the Marshall Islands flag m.v. "FREE ENVOY" (the
"Vessel") and HOLLANDSCHE BANK-UNIE N.V., a company incorporated and existing
under the laws of the Netherlands, having its corporate seat at Amsterdam, the
Netherlands, acting herein through its branch office at Coolsingel 104, 3011 AG
Rotterdam, the Netherlands (the "Assignee"), we have assigned to the Assignee
all our rights, title, interest and benefits in and to all insurances effected
or to be effected in respect of the Vessel, including the insurances constituted
by the policy or entry certificate whereon this notice is endorsed.

DATED this [...] day of September 2004.

For and on behalf of
ADVENTURE THREE S.A.

_____________________
by:__________________

and
by:__________________

as: attorneys-in-fact

<PAGE>

                                       20

schedule C: FORM OF LETTER OF UNDERTAKING TO BE DELIVERED BY BROKERS AND/OR
UNDERWRITERS AND/OR INSURERS

To: Hollandsche Bank-Unie N.V.
    Coolsingel 104
    3011 AG ROTTERDAM
    the Netherlands

Dated [...]

Dear Sirs,

Re: "FREE ENVOY" (the "Vessel")

We confirm that we have effected insurances for the account of ADVENTURE THREE
S.A. of Ajeltake Island, Majuro, Marshall Islands (the "Owner") as set out in
Appendix "A" attached.

Pursuant to instructions received from the Owner, and in consideration of your
approving our appointment as [Brokers/Underwriters/Insurers] in connection with
the insurances covered by this letter, we hereby undertake:

[1.   to hold the Insurance Slips or Contracts, the Policies when issued, and
      any renewals of such Policies or new Policies or any Policies substituted
      (with your consent) therefor and the benefit of the insurances thereunder
      to your order in accordance with the terms of the Loss Payable Clause set
      out in Appendix "B" attached; and]

2.    to arrange for the [said] Loss Payable Clause [set out in Appendix "B"
      attached] to be included in and/or endorsed on the Policies when issued;
      and

3.    to have endorsed on each and every Policy as and when the same is issued a
      Notice of Assignment in the form of Appendix "C" hereto dated and signed
      by the Owner and acknowledged by [Underwriters/us] in accordance with
      Market practice; and

4.    to advise you immediately we cease to be the
      [Brokers/Underwriters/Insurers] for the Owner or in the event of any
      material changes which may be made to the terms of the insurances and
      following an application received from you not later than one month before
      expiry of the insurances to notify you within fourteen (14) days of the
      receipt of such application in the event of our not having received notice
      of renewal instructions from the Owner and/or its

<PAGE>

                                       21

      Agents, and in the event of our receiving instructions to renew to advise
      you promptly of the details thereof.

Our above undertakings are given subject to our lien on the Policies for
premiums and subject to our right of cancellation on default in payment of such
premiums but we undertake to advise you immediately if any premiums are not paid
to us by due date and not to exercise such rights of cancellation without giving
you fourteen (14) days' notice in writing, either by letter, telex or cable, and
a reasonable opportunity of paying any premiums outstanding.

Notwithstanding the terms of the said Loss Payable Clause and the said Notice of
Assignment, unless and until we receive notice from you to the contrary, we
shall be empowered to arrange for a collision and/or salvage guarantee to be
given in the event of bail being required in order to prevent the arrest of the
Vessel or to secure the release of the Vessel from arrest following a casualty.
Where a guarantee has been given as aforesaid and the guarantor has paid any sum
under the guarantee in respect of such claim, there shall be payable directly to
the guarantor out of the proceeds of the said Policies a sum equal to the sum so
paid.

*[Finally, it is understood that all claims shall be collected through us, as
Brokers].

Yours faithfully,

* Delete if letter is being given by underwriters and not brokers.

<PAGE>

                                       22

                                                                    Appendix "A"

                    (Insert details of the insurance terms)

<PAGE>

                                       23

                                                                    Appendix "B"

                    (Insert copy of the Loss Payable Clause)

<PAGE>

                                       24

                                                                    Appendix "C"

               (Insert copy of the Notice of Insurance Assignment)

<PAGE>

                                       25

schedule D : FORM OF LETTER OF UNDERTAKING TO BE GIVEN BY P & I CLUB

To: Hollandsche Bank-Unie N.V.
    Coolsingel 104
    3011 AG ROTTERDAM
    the Netherlands ("the Bank")

Dated [...]

Dear Sirs,

Re: m.v. "FREE ENVOY" (the "Vessel")

We note you have taken an assignment of the insurances on the Vessel. So far as
this Association is concerned, the Managers do not consent to such assignment
for the purposes of Rule____, other than to give efficacy to the Loss Payable
Clause set out below and subject always to the Association's rights under
Rule_____.

We do confirm however that the Vessel is entered in this Association for
Protection and Indemnity risk on the terms and conditions set out or to be set
out in the Certificate of Entry. Furthermore, in consideration of your agreeing
to the entry or continuing entry of the ship in this Association, the Managers
agree that:

(a)   the Owner shall not cease to be insured by the Association in respect of
      the Vessel by reason of such assignment (see Rule___); and

(b)   notwithstanding that the Vessel has been mortgaged to you and that no
      undertaking or guarantee has been given to the Association to pay all
      contributions due in respect of the Vessel, the Owner does not cease to be
      insured by reason of the operation of Rule___.

It is further agreed that the following Loss Payable Clause will be included in
the Certificate of Entry:

"Payment of any recovery the Owner is entitled to make out of the funds of the
Association in respect of any liability, costs or expenses incurred by it shall
be made to the Owner or to its order unless and until the Association receives
notice from you that the Owner is in default under the mortgage, in which event
all recoveries shall thereafter be paid to you for distribution by you to
yourselves and/or to your order provided always that no liability whatsoever
shall attach to the Association its Managers or their agents for failure to
comply with the latter obligation until after the

<PAGE>

                                       26

expiry of two clear business days from the receipt of such notice".

The Association undertakes:

(a)   to inform you if the Association gives the Owner notice under Rule that
      its insurances in the Association in respect of such ship is to cease at
      the end of the then current policy year;

(b)   to give 14 days' notice of the Association's intention to cancel the
      insurance of the Owner by reason of his failure to pay when due and
      demanded any sum due from him to the Association; and

(c)   to advise you promptly if the Vessel ceases to be entered in the
      Association.

Yours faithfully,

<PAGE>

                                       27

schedule E : FORM OF NOTICE OF TIME CHARTER PARTY ASSIGNMENT

Date: ______________________________

To: Express Sea Transport Corporation
    c/o 3 Iassonsons Street
    Piraeus 185 37
    Greece

Re: m.v. "FREE ENVOY"

We refer to the time charterparty (the "Charterparty") dated the 14th day of
April 2004, made between us, ADVENTURE THREE S.A., and you, whereby we agreed to
let and you agreed to take on time charter for the period and upon the terms and
conditions therein mentioned the motor vessel "FREE ENVOY" registered in our
name under the Marshall Islands flag having Official Number 2161.

NOW WE HEREBY GIVE YOU NOTICE

1.    That by an assignment (the "Assignment") dated the______day of September
      2004 made between us and HOLLANDSCHE BANK-UNIE N.V. of Rotterdam, the
      Netherlands (the "Assignee") we have assigned to the Assignee all our
      rights title and interest to and in any moneys whatsoever payable to us
      under the Charterparty including (but without prejudice to the generality
      of the foregoing) all claims for damages in respect of any breach by you
      of the Charterparty.

2.    you are hereby irrevocably authorised and instructed to pay such moneys as
      aforesaid directly to the Assignee or as it may direct.

3.    That the Assignment includes provisions that no variations shall be made
      to the Charterparty (nor shall you be released from your obligations
      thereunder) without the previous written consent of the Assignee and we
      shall remain liable to perform all our obligations under the Charterparty
      and the Assignee shall be under no obligations of any kind whatsoever in
      respect thereof.

The authority and instructions herein contained cannot be revoked or varied by
us without the consent of the Assignee.

Please acknowledge receipt of this notice and confirm your agreement in relation
to the matters stated above by signing the enclosed acknowledgement and return
it

<PAGE>

                                       28

directly to the Assignee at the address shown, with copy to us.

SIGNED for and on behalf of
ADVENTURE THREE S.A.

by:________________________

and

by:________________________

as: attorneys-in-fact

<PAGE>

                                       29

                           ACKNOWLEDGEMENT AND CONSENT

To:   Hollandsche Bank-Unie N.V.
      Coolsingel 104
      3011 AG ROTTERDAM
      the Netherlands

C.c.: Adventure Three S.A.
      c/o Free Ships S.A.
      Akti Miaouli 93
      Piraeus 185 382
      Greece

Date:_________________________

We, EXPRESS SEA TRANSPORT CORPORATION, hereby accept and acknowledge receipt of
the above notice of assignment and we hereby consent thereto and agree to be
bound by the terms of such notice and of such assignment and in particular, but
without limitation to the generality of the other provisions, the method and
place of payment of all moneys payable by us under the charterparty.

We confirm that we have received no notice of any other assignment, charge or
disposal by ADVENTURE THREE S.A. of the charterparty.

SIGNED for and on behalf of
EXPRESS SEA TRANSPORT CORPORATION
by:___________________________________
as:___________________________________<PAGE>

                                                                   EXHIBIT 10.10

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

                       SHORT-TERM LOAN AGREEMENT IN EUROS
                            AND OPTIONAL CURRENCIES

THIS AGREEMENT IS MADE BETWEEN THE UNDERSIGNED:

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

AND

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

WHEREAS:

The Bank has offered by the Credit Agreement dated 24 June 2004 to grant the
Borrower, until further notice, a short-term loan facility, subject to the terms
and conditions mentioned in that Credit Agreement, including the conclusion of a
relevant agreement between the parties.

IT IS HEREBY AGREED AS FOLLOWS:

      ARTICLE 1 LOAN PERIOD AND CURRENCY

1.1   Under the short-term loan facility, the Borrower shall be entitled to draw
      short-term loans at the Bank in euros or optional currencies for periods
      ranging from fourteen days to twelve months, as determined by the
      Borrower. Short-term loans drawn for periods longer than three months
      shall require the Bank's prior consent.

1.2   In this agreement, optional currency shall mean a currency that is freely
      convertible into euros and freely transferable and which in the opinion of
      the Bank is generally and freely dealt in on the London interbank money
      market.

1.3   The Bank shall not be obliged to grant a short-term loan upon the
      occurrence of any event mentioned in 6.1 below.

      ARTICLE 2 LOAN AMOUNT

2.1   Short-term loans shall be a minimum of EUR 500,000 (five hundred thousand
      euros) or the equivalent in the relevant optional currency. In addition,
      short-term loans may only be drawn in a multiple of EUR 100,000 (one
      hundred thousand euros) or the equivalent in the relevant optional
      currency (to be rounded in the manner to be determined by the Bank).

2.2   The equivalent of optional currencies shall be calculated at the Bank's
      spot buying rate for the conversion of euros into the optional currency in
      question at the time when the short-term loan is concluded, two business
      days prior to the drawing of the short-term loan in question. With a view
      to the exchange risk on short-term optional currency loans, the available
      amount under the short-term loan facility shall be reduced by a certain
      percentage of any short-term optional currency loan amount. This
      percentage shall be determined by the Bank for each short-term loan
      individually.

                                       -1-

<PAGE>

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

      ARTICLE 3 FIXING OF INTEREST ON EURO LOANS

3.1   If the Borrower wishes to draw a short-term loan in euros under the
      short-term loan facility, he shall notify the Bank by telephone before
      11.30 a.m. (Central European Time) on the day of the intended drawing and
      at the same time state loan amount, currency and loan period.

3.2   During, or immediately after the telephone call referred to in 3.1 above,
      the Bank shall quote the interest rate at which it is willing to grant the
      short-term loan requested. If the Bank and the Borrower then reach
      agreement upon the interest rate, the Bank shall confirm the short-term
      loan it has granted to the Borrower in writing or by fax or another
      customer datacommunication system of the Bank's choice to which the
      Borrower is linked, stating loan amount, currency, loan period and
      interest rate as well as the account on which the short-term loan shall be
      made available to the Borrower. If the parties shall fail to reach
      agreement, this shall mean a return to the situation prior to the notice
      by telephone referred to in 3.1 above.

      ARTICLE 4 FIXING OF INTEREST ON OPTIONAL CURRENCY LOANS

4.1   If the Borrower wishes to draw a short-term loan in an optional currency
      under the short-term facility, he shall notify the Bank by telephone
      before 3.30 p.m. (Central European Time) two business days prior to the
      day of the intended drawing and at the same time state loan amount,
      currency and loan period. In this section, business day shall mean a day
      on which banking institutions in London, New York and the country where
      the optional currency in question is the national unit, are open for
      business.

4.2   During, or immediately after the telephone call referred to in 4.1 above,
      the Bank shall quote the interest rate at which it is willing to grant the
      short-term loan requested. If the Bank and the Borrower then reach
      agreement upon the interest rate, the Bank shall confirm the short-term
      loan it has granted to the Borrower in writing or by fax or another
      customer datacommunication system of the Bank's choice to which the
      Borrower is linked, stating loan amount, currency, loan period and
      interest rate as well as the account on which the short-term loan shall be
      made available to the Borrower. If the parties shall fail to reach
      agreement, this shall mean a return to the situation prior to the notice
      by telephone referred to in 4.1 above.

      ARTICLE 5 INTEREST AND PRINCIPAL

      The Borrower shall pay interest on any short-term loan at the rate fixed
      in the way described in 3 and 4 above, together with the repayment of the
      short-term loan in question. Interest shall be calculated on the basis of
      the actual number of days elapsed and a year of 360 days or 365 days,
      dependent on the desired currency. Each short-term loan shall be repaid on
      the last day of the loan period. Premature repayment is not permitted.

      ARTICLE 6 EVENTS OF DEFAULT

6.1   All short-term loans together with accrued interest and any other sum due
      from the Borrower under this agreement will be due to the Bank forthwith
      and in full, without demand notice or any other formality being required:

      a.    if the Borrower defaults on any obligation towards the Bank at the
            time and in the manner required;

                                      -2-

<PAGE>

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

      b.    if the Borrower's legal structure is changed and/or the Borrower
            effects a merger or demerger, ceases to exist, ceases to pursue the
            corporate objects set out in his memorandum and articles of
            association, decides to liquidate his business or loses his legal
            status;

      c.    if the Borrower applies for a moratorium or other judicial
            postponement of payment of debts, presents a bankruptcy or
            winding-up petition, is adjudicated bankrupt or wound-up or proposes
            an extrajudicial arrangement or composition with his creditors;

      d.    if any immovable properties of the Borrower or his consolidated
            subsidiaries are taken in execution or attached by way of security
            and this attachment is not lifted or discharged within thirty days;
            if the whole or, in the opinion of the Bank, a substantial part of
            the movable and/or immovable properties is lost, damaged,
            expropriated or confiscated;

      without prejudice to the Bank's right at any time to take all such
      measures provided by law as it shall deem necessary or appropriate to
      protect its rights or to recover the Borrower's debt to it.

6.2   The Borrower shall forthwith notify the Bank of the occurrence of any
      circumstances mentioned under b, c and d in 6.1 above.

      ARTICLE 7 COMPENSATION

      If the Bank calls in the short-term loan by virtue of the provisions
      contained in 6.1 above, the Borrower shall be due to the Bank lump sum
      compensation of 1.5% (one and a half per cent) of the amount the payment
      of which is demanded by the Bank.

      ARTICLE 8 DEFAULT INTEREST

      Without prejudice to the provisions contained in 6 and 7 above, the
      Borrower shall be liable, in the event of late payment of any sum due
      under this agreement, to pay default interest on the overdue amount as
      from the due date until the date of actual payment in full. The rate of
      such default interest shall be 2 percentage points above the interest rate
      applicable to the short-term loan in question as referred to in 5 above
      and may be further increased by the difference adverse to the Bank between
      the interest rate referred to in 5 above and, in the case of a short-term
      loan in euros, the weighted average of the official offered rate (Euro
      Overnight Index Average) as determined on each day of late payment at 7.00
      p.m. (Central European Time) or, in the case of short-term optional
      currency loans, the debit interest rate charged to the Bank in the country
      where the optional currency in question is the national unit, plus any
      additional costs and expenses. Default interest resulting from this
      article shall be due and calculated as from the due date until the date of
      actual payment.

      ARTICLE 9 PAYMENTS

9.1   The Borrower shall make all payments due under this agreement on the due
      dates at the Bank's branch where the short-term loan is accounted for or
      at any other address for payment the Bank has notified to the Borrower.
      The Bank reserves the right to designate other addresses for payment. The
      Borrower shall make the payments without set-off or counterclaim and
      without any deduction for or on account of any taxes of whatever nature
      now or hereafter imposed or levied by or under the authority of the
      government of any country in which the Borrower shall be resident. This
      shall not apply, however, if any such taxes shall at any time be required
      to be withheld or deducted from any payment to be made by the Borrower, in
      which case the Borrower shall pay such additional amounts as shall be
      necessary to ensure that the net amount received by the Bank equals the
      amount payable under the terms and conditions of this agreement.

                                       -3-

<PAGE>

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

9.2   If a euro amount shall become payable on a day on which banking
      institutions in the Netherlands are closed and which is not a Saturday,
      such payment shall be made on the next succeeding day on which those
      institutions are open for business. If the result of such extension would
      be to carry the payment over into another calendar month, payment shall be
      made on the last day of the relevant month on which those banking
      institutions are open for business.

9.3   If any optional currency amount shall become payable on a day on which
      banking institutions in London, New York and/or the country where the
      currency in question is the national unit, are closed, such payment shall
      be made on the next succeeding day on which those institutions are open
      for business. If the result of such extension would be to carry the
      payment over into another calendar month, payment shall be made on the
      last day of the relevant month on which those banking institutions are
      open for business.

9.4   The Bank shall be entitled but not obliged to debit all amounts that are
      due and payable by the Borrower to the Bank in respect of the short-term
      loans, from the Borrower's current account at the Bank, without prejudice
      to the Borrower's obligation to ensure that such debit would not cause the
      current account to show an unauthorised debit balance.

      ARTICLE 10 APPROPRIATION OF PAYMENTS

      The Bank shall apply all net payments it receives under this agreement
      (i.e. after deduction of all costs and expenses) in reduction or
      settlement of the Borrower's indebtedness as follows: firstly costs and
      expenses incurred, secondly fees and commissions, next compensation and
      default interest, then interest and finally principal.

      ARTICLE 11 EVIDENCE

      The Bank's records shall be conclusive evidence of the Borrower's
      indebtedness to the Bank, unless the Borrower shall be able to furnish
      proof to the contrary. In the case of disagreement on any amount due and
      payable by the Borrower according to the records of the Bank, the Borrower
      shall not be entitled to refuse or postpone payment of the whole or any
      part of such amount but this shall not affect the Bank's obligation to
      refund any amount it should appear to have received in excess.

      ARTICLE 12 AMENDMENTS AND ADDITIONS

      In the case of any amendments or additions to the short-term loan facility
      referred to under 'Whereas' at the beginning of this agreement, or
      replacement by a similar short-term loan facility, the provisions
      contained in this agreement shall continue to apply, without any rider to
      this agreement or a separate agreement being required.

      ARTICLE 13 GENERAL BANKING CONDITIONS

      Except where this agreement expressly provides otherwise, the legal
      relationship between the Borrower and the Bank shall be subject to the
      Bank's General Banking Conditions. The Borrower declares that he has
      received a copy of these General Banking Conditions and to be aware of the
      content thereof.

                                       -4-

<PAGE>

SIGNATURE:

Majuro, 8 July 2004                                Rotterdam,    2004

/s/ Ion Varouxakis                                 HOLLANDSCHE BANK-UNIE N.V.
-----------------------------                      Coolsingel 104
/s/ George D. Gourdomichalis
-----------------------------
Adventure Three S.A.

                                      -5-

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