Document:

Exhibit 4.4.1

Private & Confidential

                             Dated 21 December 2006

                              TOP TANKERS INC.               (1)
                                       and
                         THE ROYAL BANK OF SCOTLAND plc      (2)

                              ____________________

                          FIRST SUPPLEMENTAL AGREEMENT

                              ____________________

                                                                     NORTON ROSE
<PAGE>
                                    Contents

Clause                                                                     Page

1          Definitions..................................................... 1

2          Agreement of the Bank........................................... 2

3          Amendments to Principal Agreement .............................. 2

4          Representations and warranties ................................. 4

5          Conditions ..................................................... 5

6          Security Documents.............................................. 6

Schedule 1 Supplemental Letter (Security Documents).........................9

<PAGE>

     THIS AGREEMENT is dated fRVR,NRT 2006 and made BETWEEN:

     (1)  TOP  TANKERS  INC.  with its  principal  place of  business at 1, Vas.
          Sofias  &  Meg.   Alexandrou  Str.,  151  24  Maroussi,   Greece  (the
          "Borrower");

     (2)  THE ROYAL  BANK OF  SCOTLAND  plc,  acting  for the  purposes  of this
          Agreement  through its office at the Shipping  Business  Centre,  5-10
          Great Tower Street, London, EC3P 3HX, England (the "Bank").

     WHEREAS:

     (A)  this  Agreement  is  supplemental  to a facilities  agreement  dated 1
          November  2005  (the  "Principal  Agreement")  made  between  (1)  the
          Borrower and (2) the Bank  pursuant to which the Bank agreed to make a
          term loan  facility of up to  $195,656,899.82  and a revolving  credit
          facility of up to  $350,000,000  available  to the  Borrower  upon the
          terms and conditions set out in the Principal Agreement;

     (B)  pursuant to clause 2.4.5 of the Principal Agreement a Request has been
          made by the  Borrower to drawdown a part of Facility B for the purpose
          of financing part of the purchase price of four Additional Ships which
          are newbuildings;

     (C)  the Bank has  accepted the  Borrower's  Request and has agreed to make
          available  four Advances  under  Facility B each in the amount of five
          million  eleven  thousand six hundred and fifty  Dollars  ($5,011,650)
          (being 70% of the first instalment payable under each of the Contracts
          relating to the Additional  Ships which are  newbuildings)  subject to
          the terms of the Principal  Agreement  including,  without limitation,
          the satisfaction of all relevant conditions precedent;

     (D)  the Bank and the Borrower  confirm and agree that Facility B is in the
          current amount of  $158,000,000  of which sum  $96,000,000 has already
          been drawn down; and

     (E)  the Borrower has requested  that the terms of the Principal  Agreement
          be revised and this Agreement  sets out the terms and conditions  upon
          which the Bank shall,  at the request of the  Borrower,  agree to such
          revision.

     NOW  IT IS HEREBY AGREED as follows:

     1    Definitions

     1.1  Defined expressions

          Words and expressions  defined in the Principal Agreement shall unless
          the context  otherwise  requires or unless  otherwise  defined herein,
          have the same meanings when used in this Agreement.

     1.2  Definitions

          In this Agreement, unless the context otherwise requires:

          "Effective  Date" means the date,  no later than 22 December  2006, on
          which the Bank  notifies  the  Borrower  in writing  that the Bank has
          received the  documents  and evidence  specified in clause 5 in a form
          and substance satisfactory to it; and

          "Supplemental  Letters" means the letters supplemental to the Security
          Documents  executed or (as the context may  require) to be executed by
          the Security  Parties who are not party to this Agreement in favour of
          the Bank in the form set out in Schedule 1.

          References in the Principal  Agreement to "this Agreement" shall, with
          effect  from the  Effective  Date and  unless  the  context  otherwise
          requires,  be references to the Principal Agreement as amended by this
          Agreement   and  words  such  as  "herein",   "hereof',   "hereunder",
          "hereafter", "hereby" and "hereto", where they appear in the Principal
          Agreement, shall be construed accordingly.

     1.4  Headings

          Clause headings and the table of contents are inserted for convenience
          of reference only and shall be ignored in the  interpretation  of this
          Agreement.

     1.5  Construction of certain terms

          Clause 1.4 of the Principal  Agreement  shall apply to this  agreement
          mutatis mutandis as if set out herein and as if references  therein to
          "this Agreement" were references to this Agreement.

     2    Agreement of the Bank

          The Bank, relying upon the  representations and warranties on the part
          of the Borrower  contained in clause 4, agrees with the Borrower that,
          subject  to  the  terms  and  conditions  of  this  Agreement  and  in
          particular,  but without prejudice to the generality of the foregoing,
          fulfilment on or before 22 December 2006 of the  conditions  contained
          in  clause  5, the  Bank  agrees  to the  amendment  of the  Principal
          Agreement on the terms set out in clause 3.

     3    Amendments to Principal Agreement

     3.1  Amendments

          The Principal Agreement shall, with effect from the Effective Date, be
          amended in accordance with the following provisions (and the Principal
          Agreement  will continue to be binding upon each of the parties hereto
          upon such terms as so amended):

    3.1.1 by  inserting  the  following  new  definition  in clause  1.2 of the
          Principal  Agreement  in  alphabetical  order:   ""First  Supplemental
          Agreement"  means the agreement  dated Zi Deter 2006  supplemental  to
          this Agreement made between (1) the Borrower and (2) the Bank;";

    3.1.2 by inserting the words "and as supplemented  and amended by the First
          Supplemental Agreement," after the words "means this Agreement" in the
          definition  of  "Security  Documents"  in clause 1.2 of the  Principal
          Agreement;

    3.1.3 by deleting the definition of "Security Requirement" in clause 1.2 of
          the Principal  Agreement and inserting the following new definition in
          its place:

          '"'Security  Requirement"  means,  subject to the provisions of clause
          4.5, the amount in Dollars (as certified by the Bank whose certificate
          shall,  in the absence of manifest error, be conclusive and binding on
          the Borrower  and the Bank) which is at any relevant  time one hundred
          and thirty per cent (130%) (or for the purposes of clause 4.5 only one
          hundred and sixty  seven per cent  (167%)) of (a) the Loan and (b) the
          notional or actual costs as certified by the Bank in its discretion at
          any  relevant   time  of   cancelling,   netting   out,   terminating,
          liquidating,  transferring  or  assigning  the  rights,  benefits  and
          obligations created by any Transaction or the Master Swap Agreement;";

    3.1.4 by deleting the  definition of "Security  Value" in clause 1.2 of the
          Principal  Agreement and inserting the following new definition in its
          place:

          ""Security  Value"  means the amount in Dollars (as  certified  by the
          Bank whose  certificate  shall,  in the absence of manifest  error, be
          conclusive  and binding on the Borrower  and the Bank)  which,  at any
          relevant time, is the aggregate of (a) the  charter-free  market value
          of the Mortgaged Ships as most recently  determined in accordance with
          clause  8.22;  (b)  the  value  of  any  Additional  Ships  which  are
          newbuildings  as most recently  determined  in accordance  with clause
          8.2.2 less any part of the  Contract  Price which has not been paid by
          the Borrower or the relevant  Owner to the relevant  Builder under the
          relevant Contract; and (c) the market value of any additional security
          for the time being  actually  provided to the Bank  pursuant to clause
          8.2;";

    3.1.5 by deleting the definition of "Ship Security Documents" in clause 1.2
          of the Principal  Agreement and inserting the following new definition
          in its place:

          ""Ship Security  Documents" means in respect of each Ship the relevant
          Mortgage, the relevant Deed of Covenant and/or General Assignment, the
          relevant Manager's  Undertakings and in the case of an Additional Ship
          which is a newbuilding the Pre-delivery  Security Assignment and "Ship
          Security Document" means any of them;";

    3.1.6 by deleting clause 2.4.10(a) of the Principal Agreement and inserting
          the following wording in its place:

          "the ratio of the Loan to the Fair Market  Value of all the  Mortgaged
          Ships not  exceeding 75% both prior to and  immediately  following the
          drawdown of the relevant Advance of Facility B; and";

    3.1.7 by adding a new clause 8.1.18 as follows:

          "8.1.18 Newbuilding

          in the  case of an  Additional  Ship  which  is a  newbuilding  and in
          respect of which the Borrower or the relevant  Owner (as  appropriate)
          is not  utilising  the  facilities  made  available  pursuant  to this
          Agreement  to finance all  instalments  of the  Contract  Price or the
          entire  Contract  Price,  pay all instalments of the Contract Price or
          any part of the Contract Price not being financed under this Agreement
          in full and in a timely manner and  otherwise in  accordance  with the
          terms of the relevant  Contract and will not incur any Borrowed  Money
          to assist it to  finance  any part of the  Contract  Price  except for
          Borrowed Money pursuant to the Security Documents.";

    3.1.8 by deleting clause 10.1.31 and replacing it with the following:

          "10.1.31 Non-Delivery of Ship:

          a Ship  is  not  delivered  to and  accepted  by the  Borrower  or the
          relevant Owner under a Contract either:

          (a)  on or before the Termination Date (or such later date as the Bank
               in its absolute discretion may agree in writing); and/or

          (b)  on the date that it is obliged to take  Delivery of the  relevant
               Ship in accordance with any relevant  Contract and its failure to
               take such Delivery will  constitute a breach of the provisions of
               the relevant Contract; or";

     3.1.9 by adding a new clause 10.1.39 as follows:

          "10.1.39 Newbuilding:

          the Borrower or the relevant Owner as the case may be fails to pay all
          instalments  of the Contract  Price or any part of the Contract  Price
          not being financed under this Agreement in full and in a timely manner
          and  otherwise in accordance  with the terms of the relevant  Contract
          for an Additional  Ship which is a newbuilding or the Bank  determines
          in its reasonable opinion that the Borrower or the relevant Owner will
          not be in a position to pay all such instalments of the Contract Price
          or any part of the  Contract  Price  not  being  financed  under  this
          Agreement as aforesaid; and";

   3.1.10 by adding a new clause 10.1.40 reading as follows:

          "10.1.40 Failure to create a Mortgage:

          The  Borrower or the  relevant  Owner fails to execute and register at
          the Registry a valid and effective  Mortgage over any Additional  Ship
          which  is  a  newbuilding   immediately  following  Delivery  of  such
          Additional  Ship  pursuant  to  the  relevant  Contract  or  the  Bank
          determines in its reasonable opinion that the Borrower or the relevant
          Owner will not (or is unlikely  to) be able and/or  willing to execute
          and register at the Registry such Mortgage  immediately  upon Delivery
          of such Additional Ship.";

    3.1.11 by deleting  clause  16.1.3(a) and replacing it with the  following:

               "(a) to the  Borrower  and any Owner at:

                    c/o Top  Tankers  Inc.
                    1, Vas. Sofias & Meg. Alexandrou Str.
                    151 24 Maroussi
                    Greece

                    Fax no:     +30 210 699 5361
                    Attention:  Mrs Eirini Alexandropoulou";

    3.1.12 by inserting the words "(including without limitation in the case of
          an Additional  Ship which is a newbuilding the  Pre-delivery  Security
          Assignment)"  after  the  words  "the  Ship  Security   Documents"  in
          paragraph (I), Part 3 of Schedule 3 to the Principal Agreement;

    3.1.13 by  inserting  the words  "other  than with  respect  to any  Refund
          Guarantee  which the Borrower  and/or the relevant Owner shall provide
          in original  form and which  Refund  Guarantee  shall be in a form and
          substance  acceptable to the Bank" at the end of paragraph (e), Part 3
          of Schedule 3 to the Principal Agreement; and

    3.1.14 by  deleting  the words  "clause  9.2" in the  heading  of Part 4 of
          Schedule 3 to the  Principal  Agreement  and  replacing  them with the
          words "clause 9.4".

     4    Representations and warranties

     4.1  Primary representations and warranties

          The Borrower represents and warrants to the Bank that:

    4.1.1 Existing  representations  and  warranties  the  representations  and
          warranties  set out in clause 7 of the Principal  Agreement  were true
          and correct on the date of the  Principal  Agreement  and are true and
          correct,  including  to the extent that they may have been or shall be
          amended by this  Agreement,  as if made at the date of this  Agreement
          with reference to the facts and circumstances existing at such date;

    4.1.2 Corporate power

          the Borrower has power to execute, deliver and perform its obligations
          under this  Agreement and all documents  and other  instruments  to be
          executed by it in accordance  with this Agreement to which it is or is
          to be a party  and all  necessary  corporate,  shareholder  and  other
          action has been taken by the  Borrower  to  authorise  the  execution,
          delivery and performance of this Agreement and all documents and other
          instruments to which it is or is to be a party;

    4.1.3 Binding obligations

          this Agreement  constitutes  valid and legally binding  obligations of
          the Borrower enforceable in accordance with its terms;

    4.1.4 No conflict with other obligations

          the  execution,  delivery  and  performance  of this  Agreement by the
          Borrower will not (a)  contravene any existing law,  statute,  rule or
          regulation or any judgment,  decree or permit to which the Borrower is
          subject,  (b)  conflict  with,  or result in any  breach of any of the
          terms of,  or  constitute  a default  under,  any  agreement  or other
          instrument  to which the Borrower is a party or is subject or by which
          it or any of its property is bound,  (c)  contravene  or conflict with
          any provision of the  constitutional  documents of the Borrower or (d)
          result in the  creation  or  imposition  of or oblige the  Borrower to
          create any Encumbrance (other than a Permitted  Encumbrance) on any of
          the undertaking, assets, rights or revenues of the Borrower;

    4.1.5 No filings required

          it is not necessary to ensure the legality,  validity,  enforceability
          or  admissibility  in evidence of this  Agreement that it or any other
          instrument be notarised,  filed,  recorded,  registered or enrolled in
          any court, public office or elsewhere in any Relevant  Jurisdiction or
          that any stamp,  registration  or similar tax or charge be paid in any
          Relevant  Jurisdiction  on or in relation to this  Agreement  and this
          Agreement is in proper form for its  enforcement in the courts of each
          Relevant Jurisdiction;

    4.1.6 Choice of law

          the choice of English law to govern this  Agreement and the submission
          by the  Borrower  to the  non-exclusive  jurisdiction  of the  English
          courts are valid and binding; and

    4.1.7 Consents obtained

          every consent, authorisation,  licence or approval of, or registration
          or  declaration  to,  governmental  or public bodies or authorities or
          courts  required by the  Borrower in  connection  with the  execution,
          delivery,  validity,  enforceability  or  admissibility in evidence of
          this Agreement or the  performance by the Borrower of its  obligations
          under this  Agreement  has been  obtained or made and is in full force
          and  effect and there has been no  default  in the  observance  of any
          conditions or restrictions (if any) imposed in, or in connection with,
          any of the same.

     4.2  Repetition of representations and warranties

          Each of the representations and warranties  contained in clause 4.1 of
          this Agreement and clause 7 of the Principal Agreement shall be deemed
          to be  repeated  by the  Borrower  on the  date of  execution  of this
          Agreement  as if made with  reference  to the facts and  circumstances
          existing on such day.

     5    Conditions

     5.1  Documents and evidence

          The  agreement of the Bank referred to in clause 2 shall be subject to
          the receipt by the Bank of the  following  conditions  precedent  in a
          form and substance satisfactory to the Bank in its sole discretion:

    5.1.1 the Supplemental Letters duly executed;

    5.1.2 evidence as to the due  authority  of the  person(s)  signing  and/or
          executing this Agreement and the Supplemental Letters hereto;

    5.1.3 evidence  that the Borrower has  properly and validly  executed  this
          Agreement and is binding upon it;

    5.1.4 evidence that each Security Party has properly and validly executed a
          Supplemental  Letter in relation to those Security  Documents to which
          it is a party and is binding upon it;

    5.1.5 evidence that the Borrower and each of the other Security Parties has
          obtained all consents and  authorisations  necessary to enable each of
          them to enter into this  Agreement in the case of the Borrower and the
          Supplemental  Letters  in the  case of the  Security  Parties  and all
          documents  and other  instruments  to be  executed  by each of them in
          connection therewith or pursuant thereto;

    5.1.6 evidence that the Borrower is in good standing  under the laws of the
          Marshall  Islands  and that each Owner is in good  standing  under the
          laws of the Relevant Jurisdiction;

    5.1.7 if so required by the Bank, legal opinions in relation to the laws of
          the  Marshall  Islands  and  Liberia in favour of the Bank  confirming
          (inter alia) the due execution of this Agreement and the  Supplemental
          Letters; and

    5.1.8 an original or  certified  true copy of a letter from the  Borrower's
          agent for receipt of service of proceedings  accepting its appointment
          under this Agreement as the Borrower's process agent.

     5.2  General conditions precedent

          The  agreement  of the Bank  referred  to in clause 2 shall be further
          subject to:

    5.2.1 the representations and warranties in clause 4 being true and correct
          on the  Effective  Date as if each was made with  respect to the facts
          and circumstances existing at such time; and

    5.2.2 no  Default  having  occurred  and  continuing  at  the  time  of the
          Effective Date.

     5.3  Waiver of conditions precedent

          The conditions  specified in this clause 5 are inserted solely for the
          benefit  of the Bank and may be waived by the Bank in whole or in part
          with or without conditions.

     6    Security Documents

          The Borrower  further  acknowledges  and agrees,  for the avoidance of
          doubt, that:

    6.1.1 each of the  Security  Documents  to  which  it is a  party,  and its
          obligations  thereunder,   shall  remain  in  full  force  and  effect
          notwithstanding the amendments made to the Principal Agreement by this
          Agreement; and

    6.1.2 with effect from the Effective Date, references to "the Agreement" or
          "the Loan Agreement" in any of the Security Documents to which it is a
          party shall  henceforth  be  reference to the  Principal  Agreement as
          amended by this Agreement and as from time to time hereafter amended.

     7    Expenses

          The Borrower hereby  undertakes to pay all legal and other expenses or
          disbursements incurred by the Bank in the negotiation, preparation and
          execution of this  Agreement and in connection  with the fulfilment of
          the conditions specified in clause 5.

     8    Miscellaneous and notices

     8.1  Notices

          The provisions of clause 16.1 of the Principal  Agreement shall extend
          and apply to the giving or making of notices or demands  hereunder  as
          if the same were expressly stated herein.

     8.2  Third Party Rights

          No  term  of this  Agreement  shall  be  enforceable  pursuant  to the
          Contracts  (Rights of Third Parties) Act 1999 by a person who is not a
          party to this Agreement.

     8.3  Counterparts

          This  Agreement may be executed in any number of  counterparts  and by
          the different parties on separate counterparts,  each of which when so
          executed and delivered shall be an original but all counterparts shall
          together constitute one and the same instrument.

     9    Law and jurisdiction

          This Agreement shall be governed by, and construed in accordance with,
          English law and the provisions of clause 17 of the Principal Agreement
          shall be deemed  incorporated  herein mutatis  mutandis as if the same
          were expressly stated herein.

IN WITNESS  WHEREOF the parties to this  Agreement have caused this Agreement to
be duly executed on the date first above written.

SIGNED for and on behalf of    )          /s/ Stamotis Tsautauis
TOP TANKERS INC.               )          -----------------------
by Stamotis Tsautouis          )          Attorney-in-fact

SIGNED for and on behalf of    )          /s/ Graham Locker
THE ROYAL BANK OF SCOTLAND plc )          -----------------------
by Graham Locker               )          Authorized SignatureExhibit 4.8

                             MEMORANDUM OF AGREEMENT

                               Dated: 09/03/2006

Kisavos Shipping Company Limited, Marshall Islands hereinafter called the
Sellers, have agreed to sell, and KOMARF HOPE 27 Company, Marshall Islands
hereinafter called the Buyers, have agreed to buy

Name: M/T Priceless

Classification Society/Class: Det Norske Veritas

Built: 1991

By: Hyundai Heavy Industries Co. Ltd., Ulsan, Korea

Flag: Marshall Islands

Place of registration: Marshall Islands

Call Sign: V7DB3

Grt/Nrt: 79718/46569

Official Number: 1598

hereinafter called the Vessel, on the following terms and conditions:

Definition

"Banking  days"  are days on which  banks are open  both in the  country  of the
currency  stipulated  for the  Purchase  Price in  Clause 1 and in the  place of
closing  stipulated in Clause 8. "In writing" or "written" means a letter handed
over from the Sellers to the Buyers or vice versa, a registered  letter,  telex,
telefax or other modern form of written communication.  "Classification Society"
or "Class" means the Society referred to in line 4.

1.   Purchase price (See also Clause 17)

     USD 48,000,000.- cash (United States Dollars Forty Eight Million only).

2.   Deposit

     As security for the correct  fulfillment of this Agreement the Buyers shall
     pay a  deposit  of 2,5%  (two and a half per  cent) of the  Purchase  Price
     within  three (3) banking  days from the date of this  Agreement  signed by
     both parties by fax.  This  deposit  shall be placed with The Royal Bank of
     Scotland,  Shipping Business Centre,  5-10 Great Tower Street,  London EC3P
     3HX,  Sort  Code:   16-01-01,Swift:RBOSGB2L,   Account  Key:   KISHCO-USD1,
     lban:GB44 RBOS 1663 0000 3369 83 Beneficiary: Kisavos Shipping Company Ltd,
     Correspondent  Bank:  American  Express  Bank  Limited,  New  York -  Swift
     AEIBUS33XXX in the name of the Sellers

3.   Payment (Subject to Clause 17)

     The said  Purchase  Price shall be paid in full free of bank charges to The
     Royal Bank of Scotland,  Shipping Business Centre, 5-10 Great Tower Street,
     London  EC3P  3HX,  Sort  Code:  16-01-01,  Swift:RBOSGB2L,   Account  Key:
     KISHCO-USD1, lban:GB44 RBOS 1663 0000 3369 83 Beneficiary: Kisavos Shipping
     Company Ltd,  Correspondent Bank: American Express Bank Limited, New York -
     Swift AEIBUS33XXX on delivery of vessel in accordance with clause 5.

4.   Inspections

a)*  The Buyers have inspected and accepted the Vessel's classification records.
     The Buyers have also  inspected  the Vessel at Singapore  within  February,
     2006 and have accepted the Vessel following this inspection and the sale is
     outright and  definite,  subject only to the terms and  conditions  of this
     Agreement.

*    4a) and 4b) are  alternatives;  delete whichever is not applicable.  In the
     absence of deletions, alternative 4a) to apply.

5.   Notice, time and place of delivery

a)   When the Vessel is at the place of delivery and in every respect physically
     ready for delivery in  accordance  with this  Agreement,  the Sellers shall
     give the Buyers a written  Notice of  Readiness  for  delivery on or before
     March 15, 2006.

b)   After the receipt of the notice of Readiness for Delivery, the Vessel shall
     be delivered and taken over safely afloat at a safe and accessible berth or
     anchorage or at high sea on March 15, 2006 or, if later, on such other date
     as agreed  between the Sellers  and the Buyers that  reasonably  takes into
     account  the time  needed  for the BBC (as  defined  in Clause  17) and the
     related financing  transactions to take into effect (the procedure of which
     shall be as provided for in Clause 5 of the BBC).

c)   Expected time of delivery: Between 15th March 2006 and 30th March, 2006

     Date of cancelling (see clauses 5c), 6b b)(iii) and 14): 30th April, 2006

     If  the  Sellers  anticipate  that,  notwithstanding  the  exercise  of due
     diligence  by  them,  the  Vessel  will not be ready  for  delivery  by the
     cancelling date they may notify the Buyers in writing stating the date when
     they  anticipate  that the Vessel will be ready for  delivery and propose a
     new cancelling  date.  Upon receipt of such  notification  the Buyers shall
     have the option of either  cancelling  this  Agreement in  accordance  with
     Clause 14 within 2 running  days of receipt  of the notice or of  accepting
     the new date as the new  cancelling  date.  If the Buyers have not declared
     their option within 2 running days of receipt of the Sellers'  notification
     or if the Buyers  accept the new date,  the date  proposed in the  Sellers'
     notification  shall be  deemed to be the new  cancelling  date and shall be
     substituted for the cancelling date stipulated in line 61.

     If this  Agreement is  maintained  with the new  cancelling  date all other
     terms and conditions hereof including those contained in Clauses 5 a) and 5
     c) shall remain  unaltered  and in full force and effect.  Cancellation  or
     failure to cancel  shall be  entirely  without  prejudice  to any claim for
     damages the Buyers may have under  Clause 14 for the Vessel not being ready
     by the original cancelling date.

d)   Should the Vessel become an actual,  constructive or compromised total loss
     before delivery the deposit together with interest earned shall be released
     immediately to the Buyers whereafter this Agreement shall be null and void.

6.   No Drydocking/Divers Inspection Clause to apply.

a)** deleted

b)** deleted

c)   deleted

7.   Spares/bunkers, etc.

The Sellers shall deliver the Vessel to the Buyers with everything  belonging to
her on board and on shore.  All spare parts and spare equipment  including spare
tail-end  shaft(s)  and/or  spare   propeller(s)/propeller   blade(s),  if  any,
belonging  to the Vessel at the time of  inspection  used or unused,  whether on
board or not shall  become the Buyers'  property,  but spares on order are to be
excluded.  Forwarding  charges,  if any, shall be for the Sellers' account.  The
Sellers  are not  required  to replace  spare  parts  including  spare  tail-end
shaft(s) and spare propeller(s)/propeller  blade(s) which are taken out of spare
and used as replacement  prior to delivery,  but the replaced items shall be the
property of the Buyers. The radio installation and navigational  equipment shall
be included in the sale  without  extra  payment if they are the property of the
Sellers. Unused stores and provisions shall be included in the sale and be taken
over by the Buyers without extra payment.

The Sellers have the right to take ashore crockery,  plates,  cutlery, linen and
other  articles  bearing the Seller's  flag or name,  provided they replace same
with similar unmarked items.  Library,  forms, etc.,  exclusively for use in the
Sellers'  vessel(s),shall be excluded without compensation.  Captain's Officers'
and Crew's personal belongings  including the slop chest are to be excluded from
the sale, as well as the following additional items (including items on hire):

(See Clause 20)

8.   Documentation. (See also Clause 19)

The place of closing: Athens, Greece

In exchange  for payment of the  Purchase  Price the Sellers  shall  furnish the
Buyers with delivery documents, namely:

a)   Legal Bill of Sale in a form  recordable  in  ____________  (the country in
     which the Buyers are to register the Vessel), warranting that the Vessel is
     free from all encumbrances, mortgages and maritime liens or any other debts
     or claims whatsoever,  duly notarially attested and legalized by the consul
     of such country or other competent authority.

b)   Current Certificate of Ownership issued by the competent authorities of the
     flag state of the Vessel.

c)   Confirmation of Class issued within 72 hours prior to delivery.

d)   Current  Certificate issued by the competent  authorities  stating that the
     Vessel is free from register encumbrances.

e)   Recordation of Bill of Sale evidencing the sale of the Vessel to the Buyers
     issued by the Marshall Islands registry.

f)   Any  such  additional  documents  as  may  reasonably  be  required  by the
     competent  authorities  for the purpose of registering  the Vessel provided
     the Buyers  notify the  Sellers of any such  documents  as soon as possible
     after the date of this Agreement.

In  addition  to the  documents  above  Buyers  will  furnish  Sellers  with the
following documents:

a)   Minutes of the Board of Directors  resolving the Purchase of the Vessel and
     acceptance of delivery of the vessel

b)   Power of Attorney as per the minutes above

c)   Certificate of  Incorporation  dated not earlier than thirty (30) days from
     delivery.

At the time of delivery  the Buyers and  Sellers  shall sign and deliver to each
other a Protocol  of Delivery  and  Acceptance  confirming  the date and time of
delivery of the Vessel from the Sellers to the Buyers.

At the time of delivery the Sellers shall hand to the Buyers the  classification
certificate(s)  as well as all plans etc., which are on board the Vessel.  Other
certificates  which are on board the  Vessel  shall  also be handed  over to the
Buyers  unless the Sellers are required to retain same, in which case the Buyers
to have the right to take copies. Other technical  documentation which may be in
the Sellers'  possession  shall be promptly  forwarded to the Buyers at Sellers'
expense, if they so request. The Sellers may keep the Vessel's log books but the
Buyers to have the right to take copies of same.

9.   Encumbrances

The Sellers warrant that the Vessel,  at the time of delivery,  is free from all
encumbrances,  mortgages and maritime liens or any other debts  whatsoever.  The
Sellers  hereby  undertake to indemnify the Buyers against all  consequences  of
claims made  against the Vessel  which have been  incurred  prior to the time of
delivery.

10.  Taxes,etc.

Any taxes,  fees and expenses in connection  with the purchase and  registration
under the Buyers' flag shall be for the Buyers account, where as similar charges
in  connection  with  the  closing  of the  Sellers'  register  shall be for the
Sellers' account.

11.  Condition on delivery

The  Vessel  shall  be  delivered  and  taken  over  as she  was at the  time of
inspection,  fair wear and tear excepted. However, the Vessel shall be delivered
with her class  maintained  without  condition/recommendation*,  free of average
damage  affecting the Vessel's class, and with her  classification  certificates
and national  certificates,  as well as all other certificates the Vessel had at
the time of inspection,  valid and unextended without  condition/recommendation'
by Class or relevant  authorities at the time of delivery.  "Inspection" in this
Clause 11, shall mean the Buyer's  inspection  according to Clause 4 a) or 4 b),
if applicable,  or the buyers inspection prior to the signing of this Agreement.
If the Vessel is taken over without inspection, the date of this agreement shall
be the relevant date.

*    Notes,  if  any,  in the  surveyor's  reports  which  are  accepted  by the
     Classification Society without condition/recommendation are not to be taken
     account.

12.  Name/markings

13.  Buyers' default

This  clause  shall  apply only in the event that the  default in this clause is
attributable to the Buyers' gross negligence or wilful misconduct.

Should the deposit not be paid in accordance with Clause 2, the Sellers have the
right to cancel this Agreement, and they shall be entitled to claim compensation
for their losses and for all expenses  incurred  together with interest:  Should
the Purchase Price not be paid in accordance with Clause 3, the Sellers have the
right to cancel the Agreement,  in which case the deposit together with interest
earned  shall be released to the  Sellers.  If the deposit  does not cover their
loss the  Sellers  shall be  entitled to claim  further  compensation  for their
losses and for all expenses incurred together with interest.

14.  Sellers' default

This  clause  shall  apply only in the event that the  default in this clause is
attributable to the Sellers' gross negligence or wilful misconduct.

Should the Sellers fail to give Notice of Readiness in accordance  with Clause 5
a) or fail  to be  ready  to  validly  complete  a legal  transfer  by the  date
stipulated  in line 61 the  Buyers  shall  have the  option of  cancelling  this
Agreement  provided  always  that the  Sellers  shall be  granted a maximum of 3
banking days after Notice of Readiness has been given to make  arrangements  for
the  documentation  set out in Clause 8. If after Notice of  Readiness  has been
given but before  the  Buyers  have  taken  delivery,  the  Vessel  ceases to be
physically  ready for delivery and is not made  physically  ready again in every
respect by the date  stipulated in line 61 and new Notice of Readiness given the
Buyers shall  retain their option to cancel.  In the event that the Buyers elect
to cancel this  Agreement the deposit  together  with  interest  earned shall be
released  to them  immediately.  Should  the  Sellers  fail to  give  Notice  of
Readiness  by the date  stipulated  in line 61 or fail to be  ready  to  validly
complete a legal transfer as aforesaid they shall make due  compensation  to the
Buyers for their  loss and for all  expenses  together  with  interest  if their
failure is due to proven  negligence  and whether or not the Buyers  cancel this
Agreement.

15.  Buyers' representatives

     deleted

16.  Arbitration

a)*  This  Agreement  shall be  governed by and  construed  in  accordance  with
     English law and any dispute arising out of this Agreement shall be referred
     to arbitration in London in accordance with the  Arbitration  Acts 1950 and
     1979 or any statutory  modification  or  re-enactment  thereof for the time
     being in force,  one  arbitrator  being  appointed  by each  party.  On the
     receipt by one party of the  nomination  in  writing  of the other  party's
     arbitrator, that party shall appoint their arbitrator within fourteen days,
     failing which the decision of the single arbitrator  appointed shall apply.
     If two arbitrators properly appointed shall not agree they shall appoint an
     umpire whose decision shall be final.

b)*  deleted

c)*  deleted

*17. Seller's Credit

Notwithstanding anything herein to the contrary (including, Clause 3), Sellers's
credit (in the amount of 10% of the Purchase Price,  "Seller's Credit") shall be
made  in  accordance  with,  and  as  more  fully  described  in,  the  bareboat
charterparty  entered into on the same done  herewith by and between the Sellers
as charterers and the Buyers as owners ("BBC").

18.  Bareboat Charterparty

Under the BBC,  the Vessel shall be chartered to the Sellers for such period and
on such terms and conditions as more particularly described therein. Delivery of
the  Vessel  to  the  Buyers  under  this  Agreement  shall  be  subject  to the
simultaneous delivery to and acceptance by the Sellers (as Charterers) under the
BBC.

19.  deleted

20.  Remaining Stores, etc.

Remaining stores, provisions, bunkers and lubricating oils onboard the Vessel at
the time of delivery hereunder shall remain the property of the Sellers.

21.  The Sellers  shall comply with the Buyers'  requests  which may be made for
     the  Buyers'  compliance  with the loan and  guarantee  facility  agreement
     entered into on, or to be entered into  around,  the even date  herewith by
     and among,  inter alios,  the Buyers as borrower,  Fortis Bank  (Nederland)
     N.V. as agent and arranger and the lenders specified therein.

For and on behalf of                            For and on behalf of
Kisavos Shipping Company Ltd.                   KOMARF HOPE 27 Shipping Company

/s/ Stamatis Tsantanis                          /s/ K.H. Kwan
-----------------------------                   -------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}]]