Document:

Exhibit 10.3

                                                     June 30, 2005

Manhattan Maritime Enterprises, Inc.
645 Fifth Avenue
New York, New York 10022

Ladenburg Thalmann & Co. Inc.
590 Madison Avenue
34th Floor
New York, New York 10022

              Re:    Initial Public Offering
                     -----------------------

Gentlemen:

              The  undersigned  stockholder  and officer of  Manhattan  Maritime
Enterprises, Inc. ("Company"), in consideration of Ladenburg Thalmann & Co. Inc.
("Ladenburg")  entering  into  a  letter  of  intent  ("Letter  of  Intent")  to
underwrite an initial public  offering of the securities of the Company  ("IPO")
and embarking on the IPO process,  hereby agrees as follows (certain capitalized
terms used herein are defined in paragraph 12 hereof):

              1.     If the Company  solicits  approval of its stockholders of a
Business Combination,  the undersigned will vote all Insider Shares owned by him
in  accordance  with the  majority  of the votes cast by the  holders of the IPO
Shares.

              2.     In the  event  that  the  Company  fails  to  consummate  a
Business Combination within 18 months from the effective date ("Effective Date")
of the  registration  statement  relating  to the IPO (or 24  months  under  the
circumstances  described in the prospectus relating to the IPO), the undersigned
will (i)  cause the Trust  Fund (as  defined  in the  Letter  of  Intent)  to be
liquidated  and  distributed  to the  holders  of IPO  Shares  and (ii) take all
reasonable actions within his power to cause the Company to liquidate as soon as
reasonably practicable.  The undersigned hereby waives any and all right, title,
interest  or claim of any kind in or to any  distribution  of the Trust Fund and
any  remaining  net assets of the Company as a result of such  liquidation  with
respect  to his  Insider  Shares  ("Claim")  and  hereby  waives  any  Claim the
undersigned  may have in the  future as a result  of,  or  arising  out of,  any
contracts or agreements with the Company and will not seek recourse  against the
Trust Fund for any reason  whatsoever.  In the event of the  liquidation  of the
Trust Fund, the  undersigned  agrees to indemnify and hold harmless the Company,
severally, and not jointly, along with Xenophon A. Galinas, Vassilios M. Livanos
and Emanuel  Kyprios,  each for  twenty-five  percent (25%) of any total amount,
against  any and all loss,  liability,  claims,  damage and  expense  whatsoever
(including,  but not limited to, any

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Manhattan Maritime Enterprises, Inc.
Ladenburg Thalmann & Co. Inc.
June 30, 2005
Page 2

and all legal or other expenses reasonably incurred in investigating,  preparing
or defending against any litigation, whether pending or threatened, or any claim
whatsoever) which the Company may become subject as a result of any claim by any
vendor or other person who is owed money by the Company for services rendered or
products  sold or  contracted  for, or by any target  business,  but only to the
extent necessary to ensure that such loss,  liability,  claim, damage or expense
does not reduce the amount in the Trust Fund.

              3.     In order to minimize potential  conflicts of interest which
may arise from multiple  affiliations,  the undersigned agrees to present to the
Company for its  consideration,  prior to  presentation  to any other  person or
entity,  any suitable  opportunity to acquire an operating  business,  until the
earlier  of the  consummation  by the  Company of a  Business  Combination,  the
liquidation of the Company or until such time as the undersigned ceases to be an
officer of the Company,  subject to any  pre-existing  fiduciary and contractual
obligations the undersigned might have.

              4.     The  undersigned  acknowledges  and agrees that the Company
will not consummate any Business  Combination  which involves a company which is
affiliated  with any of the Insiders  unless the Company obtains an opinion from
an independent  investment banking firm reasonably  acceptable to Ladenburg that
the business combination is fair to the Company's  stockholders from a financial
perspective.

              5.     Neither  the  undersigned,  any member of the family of the
undersigned,  nor any Affiliate of the  undersigned  will be entitled to receive
and will not accept any compensation for services  rendered to the Company prior
to or in connection with the consummation of the Business Combination;  provided
that commencing on the Effective Date,  Manhattan Group Partners,  LLC ("Related
Party"),  shall be allowed to charge the Company $7,500 per month,  representing
an  allocable  share of  Related  Party's  overhead,  to  compensate  it for the
Company's use of Related Party's offices, utilities and personnel. Related Party
and the undersigned shall also be entitled to reimbursement from the Company for
their   out-of-pocket   expenses   incurred  in  connection   with  seeking  and
consummating a Business Combination.

              6.     Neither  the  undersigned,  any member of the family of the
undersigned, nor any Affiliate of the undersigned will be entitled to receive or
accept a finder's fee or any other  compensation  in the event the  undersigned,
any member of the family of the  undersigned or any Affiliate of the undersigned
originates a Business Combination.

              7.     The  undersigned  will  escrow his  Insider  Shares for the
three year period  commencing  on the  Effective  Date subject to the terms of a
Stock Escrow  Agreement  which the Company will enter into with the  undersigned
and an escrow agent acceptable to the Company.
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Manhattan Maritime Enterprises, Inc.
Ladenburg Thalmann & Co. Inc.
June 30, 2005
Page 4

              8.     The undersigned agrees to be the Chief Financial Officer of
the Company until the earlier of the  consummation  by the Company of a Business
Combination or the liquidation of the Company.  The  undersigned's  biographical
information  furnished  to the  Company and  Ladenburg  and  attached  hereto as
Exhibit  A is true and  accurate  in all  respects,  does not omit any  material
information with respect to the undersigned's background and contains all of the
information  required to be disclosed  pursuant to Item 401 of  Regulation  S-K,
promulgated  under the Securities Act of 1933. The  undersigned's  Questionnaire
furnished to the Company and  Ladenburg  and annexed as Exhibit B hereto is true
and accurate in all respects. The undersigned represents and warrants that:

       (a)    he is not subject to, or a  respondent  in, any legal  action for,
any  injunction,  cease-and-desist  order or order or  stipulation  to desist or
refrain from any act or practice  relating to the offering of  securities in any
jurisdiction;

       (b)    he has never been  convicted of or pleaded guilty to any crime (i)
involving any fraud or (ii) relating to any financial transaction or handling of
funds of another person,  or (iii)  pertaining to any dealings in any securities
and he is not currently a defendant in any such criminal proceeding; and

       (c)    he has never been  suspended or expelled  from  membership  in any
securities  or  commodities  exchange  or  association  or had a  securities  or
commodities license or registration denied, suspended or revoked.

              9.     The undersigned has full right and power, without violating
any agreement by which he is bound,  to enter into this letter  agreement and to
serve as Chief Financial Officer and a Director of the Company.

              10.    The   undersigned   authorizes   any  employer,   financial
institution, or consumer credit reporting agency to release to Ladenburg and its
legal  representatives  or  agents  (including  any  investigative  search  firm
retained by Ladenburg)  any  information  they may have about the  undersigned's
background and finances ("Information").  Neither Ladenburg nor its agents shall
be violating the undersigned's  right of privacy in any manner in requesting and
obtaining  the  Information  and  the  undersigned  hereby  releases  them  from
liability for any damage whatsoever in that connection.

              11.    This letter  agreement  shall be governed by and  construed
and  enforced  in  accordance  with the laws of the State of New  York,  without
giving  effect  to  conflicts  of  law  principles  that  would  result  in  the
application of the  substantive  laws of another  jurisdiction.  The undersigned
hereby (i) agrees that any action,  proceeding  or claim against him arising out
of or relating in any way to this letter  agreement  (a  "Proceeding")  shall be
brought and enforced in the

<PAGE>

Manhattan Maritime Enterprises, Inc.
Ladenburg Thalmann & Co. Inc.
June 30, 2005
Page 4

courts of the State of New York of the United States of America for the Southern
District  of New York,  and  irrevocably  submits  to such  jurisdiction,  which
jurisdiction  shall be exclusive,  (ii) waives any  objection to such  exclusive
jurisdiction  and that such courts  represent  an  inconvenient  forum and (iii)
irrevocably  agrees to appoint  Zukerman  Gore & Brandeis,  LLP as agent for the
service of process in the State of New York to receive,  for the undersigned and
on his  behalf,  service of process in any  Proceeding.  If for any reason  such
agent is unable to act as such, the undersigned will promptly notify the Company
and Ladenburg and appoint a substitute  agent  acceptable to each of the Company
and Ladenburg within 30 days and nothing in this letter will affect the right of
either party to serve process in any other manner permitted by law.

              12.    As used herein, (i) a "Business  Combination" shall mean an
acquisition  by merger,  capital  stock  exchange,  asset or stock  acquisition,
reorganization  or otherwise,  of an operating  business;  (ii) "Insiders" shall
mean all officers,  directors and stockholders of the Company  immediately prior
to the IPO; (iii) "Insider  Shares" shall mean all of the shares of Common Stock
of the Company owned by an Insider prior to the IPO; and (iv) "IPO Shares" shall
mean the shares of Common Stock issued in the Company's IPO.

                                                     Carl Helge Josefsson
                                                     --------------------
                                                     Print Name of Insider

                                                     /s/ Carl Helge Josefsson
                                                     ------------------------
                                                     SignatureExhibit 10.4

                                                     June 30, 2005

Manhattan Maritime Enterprises, Inc.
645 Fifth Avenue
New York, New York 10022

Ladenburg Thalmann & Co. Inc.
590 Madison Avenue
34th Floor
New York, New York 10022

              Re:    Initial Public Offering
                     -----------------------

Gentlemen:

              The undersigned director of Manhattan Maritime  Enterprises,  Inc.
("Company"),  in  consideration of Ladenburg  Thalmann & Co. Inc.  ("Ladenburg")
entering  into a letter of intent  ("Letter of Intent") to underwrite an initial
public  offering of the  securities of the Company  ("IPO") and embarking on the
IPO process, hereby agrees as follows (certain capitalized terms used herein are
defined in paragraph 10 hereof):

              1.     In the  event  that  the  Company  fails  to  consummate  a
Business Combination within 18 months from the effective date ("Effective Date")
of the  registration  statement  relating  to the IPO (or 24  months  under  the
circumstances  described in the prospectus relating to the IPO), the undersigned
will  take all  necessary  actions  within  his power to cause  the  Company  to
liquidate as soon as reasonably practicable.  In the event of the liquidation of
the Trust Fund (as defined in the Letter of Intent),  the undersigned  agrees to
indemnify and hold harmless the Company,  severally, and not jointly, along with
Xenophon A.  Galinas,  Vassilios M. Livanos and Carl Helge  Josefsson,  each for
twenty-five  percent  (25%)  of any  total  amount,  against  any and all  loss,
liability, claims, damage and expense whatsoever (including, but not limited to,
any and all  legal or  other  expenses  reasonably  incurred  in  investigating,
preparing or defending against any litigation, whether pending or threatened, or
any claim  whatsoever)  which the Company may become  subject as a result of any
claim by any  vendor  or other  person  who is owed  money  by the  Company  for
services rendered or products sold or contracted for, or by any target business,
but only to the extent  necessary  to ensure that such loss,  liability,  claim,
damage or expense does not reduce the amount in the Trust Fund.

              2.     In order to minimize potential  conflicts of interest which
may arise from multiple  affiliations,  the undersigned agrees to present to the
Company for its  consideration,  prior to  presentation  to any other  person or
entity,  any suitable  opportunity to acquire an operating

<PAGE>

Manhattan Maritime Enterprises, Inc.
Ladenburg Thalmann & Co. Inc.
June 30, 2005
Page 2

business,  until the  earlier of the  consummation  by the Company of a Business
Combination,  the  liquidation  of  the  Company  or  until  such  time  as  the
undersigned ceases to be a director of the Company,  subject to any pre-existing
fiduciary and contractual obligations the undersigned might have.

              3.     The  undersigned  acknowledges  and agrees that the Company
will not consummate any Business  Combination  which involves a company which is
affiliated  with any of the Insiders  unless the Company obtains an opinion from
an independent  investment banking firm reasonably  acceptable to Ladenburg that
the business combination is fair to the Company's  stockholders from a financial
perspective.

              4.     Neither  the  undersigned,  any member of the family of the
undersigned,  nor any Affiliate of the  undersigned  will be entitled to receive
and will not accept any compensation for services  rendered to the Company prior
to or in connection with the consummation of the Business Combination;  provided
that commencing on the Effective Date,  Manhattan Group Partners,  LLC ("Related
Party"),  shall be allowed to charge the Company $7,500 per month,  representing
an  allocable  share of  Related  Party's  overhead,  to  compensate  it for the
Company's use of Related Party's offices, utilities and personnel. Related Party
and the undersigned shall also be entitled to reimbursement from the Company for
their   out-of-pocket   expenses   incurred  in  connection   with  seeking  and
consummating a Business Combination.

              5.     Neither  the  undersigned,  any member of the family of the
undersigned, nor any Affiliate of the undersigned will be entitled to receive or
accept a finder's fee or any other  compensation  in the event the  undersigned,
any member of the family of the  undersigned or any Affiliate of the undersigned
originates a Business Combination.

              6.     The  undersigned  agrees to be a  Director  of the  Company
until the earlier of the  consummation by the Company of a Business  Combination
or the liquidation of the Company.  The undersigned's  biographical  information
furnished to the Company and Ladenburg and attached  hereto as Exhibit A is true
and  accurate  in all  respects,  does not omit any  material  information  with
respect to the  undersigned's  background  and contains  all of the  information
required to be disclosed  pursuant to Item 401 of  Regulation  S-K,  promulgated
under the Securities Act of 1933. The undersigned's  Questionnaire  furnished to
the Company and  Ladenburg  and annexed as Exhibit B hereto is true and accurate
in all respects. The undersigned represents and warrants that:

       (a)    he is not subject to, or a  respondent  in, any legal  action for,
any  injunction,  cease-and-desist  order or order or  stipulation  to desist or
refrain from any act or practice  relating to the offering of  securities in any
jurisdiction;
<PAGE>

Manhattan Maritime Enterprises, Inc.
Ladenburg Thalmann & Co. Inc.
June 30, 2005
Page 3

       (b)    he has never been  convicted of or pleaded guilty to any crime (i)
involving any fraud or (ii) relating to any financial transaction or handling of
funds of another person,  or (iii)  pertaining to any dealings in any securities
and he is not currently a defendant in any such criminal proceeding; and

       (c)    he has never been  suspended or expelled  from  membership  in any
securities  or  commodities  exchange  or  association  or had a  securities  or
commodities license or registration denied, suspended or revoked.

              7.     The undersigned has full right and power, without violating
any agreement by which he is bound,  to enter into this letter  agreement and to
serve as a Director of the Company.

              8.     The   undersigned   authorizes   any  employer,   financial
institution, or consumer credit reporting agency to release to Ladenburg and its
legal  representatives  or  agents  (including  any  investigative  search  firm
retained by Ladenburg)  any  information  they may have about the  undersigned's
background and finances ("Information").  Neither Ladenburg nor its agents shall
be violating the undersigned's  right of privacy in any manner in requesting and
obtaining  the  Information  and  the  undersigned  hereby  releases  them  from
liability for any damage whatsoever in that connection.

              9.     This letter  agreement  shall be governed by and  construed
and  enforced  in  accordance  with the laws of the State of New  York,  without
giving  effect  to  conflicts  of  law  principles  that  would  result  in  the
application of the  substantive  laws of another  jurisdiction.  The undersigned
hereby (i) agrees that any action,  proceeding  or claim against him arising out
of or relating in any way to this letter  agreement  (a  "Proceeding")  shall be
brought and enforced in the courts of the State of New York of the United States
of America for the Southern  District of New York,  and  irrevocably  submits to
such  jurisdiction,  which  jurisdiction  shall be  exclusive,  (ii)  waives any
objection  to such  exclusive  jurisdiction  and that such courts  represent  an
inconvenient  forum and (iii)  irrevocably  agrees to  appoint  Zukerman  Gore &
Brandeis,  LLP as agent for the  service  of process in the State of New York to
receive,  for the  undersigned  and on his  behalf,  service  of  process in any
Proceeding.  If for  any  reason  such  agent  is  unable  to act as  such,  the
undersigned  will  promptly  notify the  Company  and  Ladenburg  and  appoint a
substitute  agent acceptable to each of the Company and Ladenburg within 30 days
and  nothing  in this  letter  will  affect  the right of either  party to serve
process in any other manner permitted by law.

              10.    As used herein, (i) a "Business  Combination" shall mean an
acquisition  by merger,  capital  stock  exchange,  asset or stock  acquisition,
reorganization  or otherwise,  of an operating  business;  (ii) "Insiders" shall
mean all officers,  directors and stockholders of the Company  immediately prior
to the IPO; (iii) "Insider  Shares" shall mean all of the shares of

<PAGE>

Manhattan Maritime Enterprises, Inc.
Ladenburg Thalmann & Co. Inc.
June 30, 2005
Page 4

Common Stock of the Company  owned by an Insider prior to the IPO; and (iv) "IPO
Shares" shall mean the shares of Common Stock issued in the Company's IPO.

                                                     Emanuel Kyprios
                                                     -------------------

                                                     Print Name of Insider

                                                     /s/ Emanuel Kyprios
                                                     -------------------
                                                     Signature

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