Document:

ex_10-22.htm

    TBS
INTERNATIONAL PLC & SUBSIDIARIES                EXHIBIT
10.22

     

    

      JOINDER
AGREEMENT

       

      (CREDIT AGREEMENT, MASTER
GUARANTY, MASTER SECURITY AGREEMENT (GUARANTORS), SECURITIES PLEDGE AGREEMENT,
MASTER EARNINGS ASSIGNMENT AND MASTER INSURANCE ASSIGNMENT)

      

      Dated as
of January 7, 2010

       

      Bank of
America, N.A.,

         as
Administrative Agent

         and
the Lenders referred to below

      100
Federal Street

      Boston,
Massachusetts 02110

       

      Ladies
and Gentlemen:

       

      Reference
is hereby made to the:

       

      
        	
                (i)  

              	
                Amended
      and Restated Credit Agreement, dated as of March 26, 2008 (as amended,
      restated, supplemented or otherwise modified and in effect from time to
      time, the “Credit
      Agreement”), among Albemarle Maritime Corp. and each of the other
      entities identified on the signature pages thereof as Borrowers (the
      “Borrowers”),
      TBS International Limited, as a guarantor (“Holdings”),
      TBS Shipping Services Inc., as Administrative Borrower (the “Administrative
      Borrower”), each of the financial institutions party thereto as
      lenders (the “Lenders”),
      Bank of America, N.A., as Administrative Agent (the “Administrative
      Agent”), Citibank, N.A. and DVB Group Merchant Bank (Asia) Ltd., as
      co-Syndication Agents, TD Banknorth, N.A., as Documentation Agent and Banc
      of America Securities LLC, as Sole Lead Arranger and Sole Book
      Manager;

              

      

       

      
        	
                (ii)  

              	
                Master
      Guaranty, dated as of July 31, 2006 (as amended by the Omnibus Amendment
      and Reaffirmation Agreement (Security Agreements, Guaranties and
      Securities Pledge Agreement), dated as of March 26, 2008 (the “Omnibus
      Amendment”), among the Borrowers, Holdings, the several
      “Guarantors” identified therein and the Administrative Agent and as
      further amended, supplemented or otherwise modified and in effect from
      time to time, the “Guaranty”),
      among the several “Guarantors” identified therein and the Administrative
      Agent;

              

      

       

      
        	
                (iii)  

              	
                Master
      Security Agreement (Guarantors), dated as of July 31, 2006 (as amended by
      the Omnibus Amendment, the Joinder Agreement and Amendment to Master
      Security Agreement (Guarantors), dated as of October 16, 2009, by and
      among the “Additional Guarantor” identified therein, the Administrative
      Borrower and the Administrative Agent, and as further amended,
      supplemented or otherwise modified and in effect from time to time, the
      “Security
      Agreement”), among the several
      “Companies” identified therein and the Administrative
    Agent;

              

      

       

      
        	
                (iv)  

              	
                Securities
      Pledge Agreement, dated as of July 31, 2006 (as amended by the Omnibus
      Amendment and as further amended, supplemented or otherwise modified and
      in effect from time to time, the “Securities
      Pledge Agreement”), among each “Pledgor” identified therein, each
      “Subsidiary” identified therein and the Administrative
    Agent;

              

      

       

      
        	
                (v)  

              	
                Master
      Earnings Assignment (Guarantors), dated as of July 31, 2006 (as amended by
      the Omnibus Vessel Collateral Amendment and Reaffirmation Agreement
      (Preferred Vessel Mortgages, Earnings Assignments, Insurance Assignments,
      Multi Party Agreements, and Philippine Assignments), dated as of March 26,
      2008 (the “Omnibus
      Vessel Collateral Amendment”), among the Borrowers, Holdings, the
      several “Guarantors” identified therein and the Administrative Agent and
      as further amended, supplemented or otherwise modified and in effect from
      time to time, the “Guarantors
      Earnings
      Assignment”), among each “Assignor” identified therein and the
      Administrative Agent; and

              

      

       

      
        	
                (vi)  

              	
                Master
      Insurance Assignment, dated as of July 31, 2006 (as amended by the Omnibus
      Vessel Collateral Amendment and as further amended, supplemented or
      otherwise modified and in effect from time to time, the “Insurance
      Assignment”), among each “Assignor” identified therein, the
      “Philippine Charterers” identified therein and the Administrative
      Agent.  Capitalized terms used herein and not otherwise defined
      herein shall have the meanings ascribed to such terms as in the Credit
      Agreement, Guaranty, Security Agreement, Securities Pledge Agreement,
      Guarantors Earnings Assignment and Insurance Assignment as
      applicable.

              

      

       

      Pursuant
to Section 6.12(a) of the Credit Agreement, the Borrowers agree to cause TBS
International public limited company (“Irish
Holdings”), a newly formed entity, which after giving effect to the
“Redomiciliation” (as defined in the Consent dated as of October 9, 2009 by and
among the Borrowers, Holdings, the Administrative Borrower, the Lenders and the
Administrative Agent) shall be the ultimate parent entity of Holdings and its
Subsidiaries, and TBS do Sul Ltd., a Subsidiary of Holdings (“TBS do
Sul” and, together with Irish Holdings, collectively, the “Additional
Guarantors”; and the Additional Guarantors, together with the
Administrative Borrower, collectively, the “Companies”
and, each individually, a “Company”),
to guaranty the obligations of the Borrowers and to grant security interests and
liens on its assets, all as provided more fully in this Joinder Agreement (the
“Joinder
Agreement”).

       

      1. Credit
Agreement

       

      Irish Holdings is hereby added as a
party to the Credit Agreement and the term “Holdings” as used therein shall mean
and refer to both Irish Holdings and Holdings, collectively.  Irish
Holdings hereby covenants and agrees that upon the effectiveness of this Joinder
Agreement it shall unconditionally assume and will perform and observe all
Obligations, covenants and agreements to be performed by a “Guarantor” or
“Holdings” under the Credit Agreement, and that upon the effectiveness of this
Joinder Agreement, it will be bound in all respects by all of the terms and
conditions of the Credit Agreement and each other Loan Document, as if Irish
Holdings were an original party thereto, without further action required on the
part of any other party thereto.  In addition, upon the effectiveness
of this Joinder Agreement, Irish Holdings assumes all liabilities of “Holdings”
arising out of all representations, documents, instruments and certificates made
or delivered by “Holdings” under or in connection with each Loan
Document.

       

      For the avoidance of doubt, (i) all
references to “Holdings and its Subsidiaries on a consolidated basis” or like
phrase for purposes of financial covenant compliance calculations and financial
reporting in the Credit Agreement shall mean and refer to Irish Holdings and its
Subsidiaries on a consolidated basis, (ii) all references to a “Responsible
Officer” of “Holdings” in the Credit Agreement shall mean and refer to a
“Responsible Officer” of Irish Holdings, and (iii) any obligation of an officer
of “Holdings” arising under the Credit Agreement with respect the execution and
delivery of a Compliance Certificate, a Section 7.13(b) Compliance Certificate,
a Borrowing Base Certificate or a certificate of Solvency shall be the sole
obligation of an officer of Irish Holdings.

       

      Irish Holdings, as “Holdings” under the
Credit Agreement, hereby further absolutely and unconditionally guarantees, as a
guaranty of payment and performance and not merely as a guaranty of collection,
jointly and severally with all other Guarantors, prompt payment when due,
whether at stated maturity, by required prepayment, upon acceleration, demand or
otherwise, and at all times thereafter, of any and all of the Obligations,
whether for principal, interest, premiums, fees, indemnities, damages, costs,
expenses or otherwise, of the Borrowers to the Secured Parties, arising under
the Credit Agreement and under the other Loan Documents (including all renewals,
extensions, amendments, refinancings and other modifications thereof and all
costs, attorneys’ fees and expenses incurred by the Secured Parties in
connection with the collection or enforcement thereof).

       

      2. References to Holdings in
the Credit Agreement and other Loan Documents

       

      Effective immediately upon the
execution of this Joinder Agreement, all references to “Holdings” in the Credit
Agreement and each of the other Loan Documents shall mean and refer to both
Irish Holdings and Holdings, collectively, except in certain instances more
specifically set forth in Section 1 above.

       

      3. Guaranty
Agreement.

       

      TBS do
Sul is hereby added as a party to the Guaranty and shall be included within the
term “Guarantor” as used therein.  TBS do Sul hereby agrees to be
bound by all of the terms and conditions of the Guaranty, in all respects as if
it was an original signatory thereto, and unconditionally, and jointly and
severally with the parties thereto, guaranties the full and punctual payment
when due (whether at stated maturity, by required pre-payment, by acceleration
or otherwise) as well as the performance, of all of the Obligations including
all such which would become due but for the operation of the automatic stay
pursuant to §362(a) of the Federal Bankruptcy Code and the operation of §§502(b)
and 506(b) of the Federal Bankruptcy Code.  TBS do Sul covenants and
agrees to execute and deliver to the Administrative Agent a signature page to
the Guaranty to be attached thereto as provided in Section 20 of the
Guaranty.

       

      

       

      4. Security
Agreement.

       

      Each Additional Guarantor is hereby
added as a party to the Security Agreement and shall be included within the term
“Company” as used therein.  Each Additional Guarantor hereby agrees to
be bound by all of the terms and conditions of the Security Agreement, in all
respects as if it were an original signatory thereto, and unconditionally, and
jointly and severally with the parties thereto, grants to the Administrative
Agent, for the benefit of the Secured Parties, to secure the payment and
performance in full of all of the Obligations, a security interest in and to and
lien on and pledges and assigns to the Administrative Agent, for the benefit of
the Secured Parties, all of its right, title and interest in and to the
Collateral, whether now owned or hereafter existing or acquired by
it.  Each Additional Guarantor covenants and agrees to execute and
deliver to the Administrative Agent a signature page to the Security Agreement
to be attached thereto as provided in Section 28 of the Security
Agreement.

       

      5. Securities Pledge
Agreement.

       

      Irish
Holdings is hereby added as a party to the Securities Pledge Agreement and shall
be included within the term “Pledgor” as used therein.  Irish Holdings
hereby agrees (i) to take no actions which would impair or otherwise interfere
with any rights of the Administrative Agent existing under the Securities Pledge
Agreement and (ii) to be bound by all of the terms, covenants and conditions of
the Securities Pledge Agreement to the same extent as if Irish Holdings were an
original “Pledgor” thereunder.

       

      Each of
Holdings, as a subsidiary of Irish Holdings, and TBS do Sul, as a newly formed
Subsidiary of Holdings, is hereby also added to the Securities Pledge Agreement
as a “Subsidiary” as such term is used therein.  Each of Holdings and
TBS do Sul, as a “Subsidiary” under the Securities Pledge Agreement, hereby
agrees to be bound by Sections 4.1, 6 and 7 of the Securities Pledge Agreement
and agrees to cooperate fully and in good faith with the Administrative Agent
and the “Pledgors” identified therein in carrying out such provisions as if it
were an original signatory thereto.

       

      Irish
Holdings covenants and agrees (i) to execute and deliver to the Administrative
Agent a signature page as “Pledgor” to the Securities Pledge Agreement to be
attached thereto as provided in Section 23 of the Securities Pledge Agreement,
(ii) to deliver or cause to be delivered share certificates of Holdings and TBS
do Sul evidencing 100% of the outstanding equity interests of Holdings and TBS
do Sul and (iii) to execute and deliver or cause to be executed and delivered
share transfer powers, executed in blank, in respect of the share certificates
of Holdings and TBS do Sul, respectively.  Each of Holdings and TBS do
Sul further covenants and agrees to execute and deliver to the Administrative
Agent an acknowledgment as “Subsidiary” to the Securities Pledge Agreement to be
attached thereto as provided in Section 23 of the Securities Pledge
Agreement.

       

      The
Administrative Borrower, for itself and on behalf of the other Pledgors to the
Securities Pledge Agreement, hereby represents and warrants that Annex A to Securities
Pledge Agreement attached hereto as Exhibit A and
delivered hereunder pursuant to Section 1.2 of the Credit Agreement accurately
and completely reflects the pledge of equity interests of the Pledgors to the
Securities Pledge Agreement, including, without limitation, the equity interests
in Holdings and TBS do Sul and the equity interests pledged by Irish
Holdings.

       

      6. Guarantors Earnings
Assignment.

       

      Each
Additional Guarantor is hereby added as a party to the Guarantors Earnings
Assignment and shall be included within the term “Assignor” as used
therein.  Each Additional Party agrees to be bound by all of the terms
and conditions of the Guarantors Earnings Assignment, in all respects as if it
were an original signatory thereto, and unconditionally, and jointly and
severally with the parties thereto, grants to the Administrative Agent, for the
benefit of the Secured Parties, to secure the payment and performance in full of
all of the Obligations, a security interest in and to and lien on, all of its
right, title and interest in and to the Contracts and Requisitions (each as
defined therein).  Each Additional Guarantor covenants and agrees to
execute and deliver to the Administrative Agent a signature page to the
Guarantors Earnings Assignment to be attached thereto as provided in Section 12
of the Guarantors Earnings Assignment.

       

      7. Insurance
Assignment.

       

      (a)           Each
Additional Guarantor is hereby added as a party to the Insurance Assignment and
shall be included within the term “Assignor” as used therein.  Each
Additional Guarantor hereby agrees to be bound by all of the terms and
conditions of the Insurance Assignment, in all respects as if it were an
original signatory thereto, and unconditionally, and jointly and severally with
the parties thereto, grants to the Administrative Agent, for the benefit of the
Secured Parties, to secure the payment and performance in full of all of the
Obligations, a security interest in and to and lien on, all of its right, title
and interest in and to the insurances assigned thereby.  Each
Additional Guarantor covenants and agrees to execute and deliver to the
Administrative Agent a signature page to the Insurance Assignment to be attached
thereto as provided in Section 12 of the Insurance Assignment.

       

      8. Notice of Insurance
Assignment.

       

      Each
Additional Guarantor hereby covenants and agrees that it shall execute and
deliver a Notice of Insurance Assignment in the form attached hereto as Exhibit B (the “Notice of
Insurance Assignment”).

       

      9. Representations and
Warranties.

       

      Each
Company hereby acknowledges, and represents and warrants, the
following:

       

      (a) it is a
corporation incorporated on or prior to the date hereof;

       

      (b) no
provision of its charter or by-laws or any agreement to which it is a party
prohibits such Company from making distributions to the Borrowers;

       

      (c) it is
capable of complying with and is in compliance with all of the provisions of the
Credit Agreement and the Loan Documents applicable to it;

       

      (d) each of
the representations and warranties set forth in Article V of the Credit
Agreement is true and correct with respect to such Company as of the date hereof
(except to the extent of changes resulting from transactions contemplated or
permitted by the Credit Agreement and the other Loan Documents and except to the
extent that such representations and warranties relate expressly to an earlier
date); and

       

      (e) it is a
condition precedent to the Lenders' making any additional loans or otherwise
extending credit to the Borrowers under the Credit Agreement that such Company
execute and deliver to the Administrative Agent this Joinder
Agreement.

       

      10. Delivery of
Documents.

       

      Each
Company hereby agrees that the following documents shall be delivered to the
Administrative Agent concurrently with this Joinder Agreement, each in form and
substance satisfactory to the Administrative Agent:

       

      (a) four
fully executed signed original signature pages of TBS do Sul to the
Guaranty;

       

      (b) four
fully executed signed original signature pages of each Additional Guarantor to
the Security Agreement;

       

      (c) four
fully executed signed original signature pages of Irish Holdings as a “Pledgor”
to the Securities Pledge Agreement;

       

      (d) four
fully executed signed original signature pages of each of Holdings and TBS do
Sul as a “Subsidiary” to the Securities Pledge Agreement;

       

      (e) four
fully executed signed original signature pages of each Additional Guarantor to
the Guarantors Earnings Assignment;

       

      (f) four
fully executed signed original signature pages of each Additional Guarantor to
the Insurance Assignment;

       

      (g) four
fully executed signed originals of the Notice of Insurance Assignment by each
Additional Guarantor;

       

      (h) a letter
from Cardillo & Corbett accepting appointment as process agent for each
Additional Guarantor;

       

      (i) the share
certificate of Holdings, evidencing 100% of the equity interests of Holdings as
owned by Irish Holdings;

       

      (j) the share
certificate of TBS do Sul, evidencing 100% of the equity interests of the TBS do
Sul as owned by TBS Holdings Limited;

       

      (k) a share
transfer power, executed in blank, by Irish Holdings in respect of the share
certificate of Holdings;

       

      (l) a share
transfer power, executed in blank, by TBS Holdings Limited in respect of the
share certificate of TBS do Sul;

       

      (m) copies,
certified by a duly authorized officer of each Additional Guarantor to be true
and complete as of the date hereof, of each of (i) the memorandum of association
of such Additional Guarantor as in effect on the date hereof, (ii) the bye-laws
of such Additional Guarantor as in effect on the date hereof, (iii) the
resolutions of the Board of Directors or a committee thereof of such Additional
Guarantor authorizing the execution and delivery, of this Joinder Agreement, the
Credit Agreement, the Guaranty, the Security Agreement, the Securities Pledge
Agreement, the Guarantors Earnings Assignment, the Insurance Assignment and the
other documents executed in connection herewith, as applicable, and such
Additional Guarantor’s performance of all of the transactions contemplated
hereby, and (iv) an incumbency certificate giving the name and bearing a
specimen signature of each individual who shall be authorized to sign, in the
name of such Additional Guarantor and on such Additional Guarantor’s behalf each
of this Joinder Agreement, the Credit Agreement, the Guaranty, the Security
Agreement, the Securities Pledge Agreement, the Guarantors Earnings Assignment,
the Insurance Assignment and the other Loan Documents, as applicable, and to
give notices and to take other action on such Additional Guarantor’s behalf
under the Loan Documents;

       

      (n) a
certificate of a recent date as to each Additional Guarantor’s good standing,
valid existence and tax payment status in (i) the jurisdiction of incorporation
or formation of such Additional Guarantor and (ii) all other jurisdictions in
which such Additional Guarantor is qualified to conduct business;

       

      (o) a
Perfection Certificate of the Additional Guarantors, duly executed by each of
the Additional Guarantors;

       

      (p) UCC-1
financing statements to be filed in all jurisdictions that the Administrative
Agent may deem necessary or desirable in order to perfect the Liens created
under the Security Agreement and covering the Collateral described in the
Security Agreement;

       

      (q) UCC-3
termination statements to terminate all existing recorded liens against each
Additional Guarantor, if any, together with a payoff letter or other evidence
that the secured party authorizes such UCC-3s to be filed on such secured
party’s behalf, if applicable;

       

      (r) a
favorable opinion, addressed to the Administrative Agent and the Lenders, of
Cardillo and Corbett in form and substance satisfactory to the Administrative
Agent, with respect to New York and Marshall Islands law;

       

      (s) a
favorable opinion, addressed to the Administrative Agent and the Lenders, of
Arthur Cox in form and substance satisfactory to the Administrative Agent, with
respect to Irish law; and

       

      (t) such
other documents as the Administrative Agent may reasonably request.

       

      11. Covenant
With Respect to Bermuda Legal Opinion.  The Companies hereby
covenant and agree that upon the reasonable request of the Administrative Agent,
the Companies shall cause to be delivered within ten (10) Business Days of such
request, a favorable opinion of Bermuda counsel to TBS International Limited
with respect to the perfection under Bermuda law of the pledge of shares of TBS
International Limited, addressed to the Administrative Agent and the Lenders and
in form and substance satisfactory to the Administrative Agent.

       

      

       

      12. Miscellaneous.

       

      This
Joinder Agreement shall be deemed a “Loan Document” for all purposes under the
Credit Agreement.  This Joinder Agreement shall be construed and
enforced in accordance with the laws of the State of New York, without regard to
choice of laws or conflicts of laws principals (other than Section 5-1401 and
Section 5-1402 of the General Obligations Law of the State of New
York).  This Joinder Agreement may be executed in any number of
counterparts, all of which shall constitute one agreement; a facsimile of an
executed counterpart shall have the same effect as the original executed
counterpart.

       

      [Remainder
of Page Intentionally Left Blank]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                Very
      truly yours,

                 

                EXECUTED
      and DELIVERED as a DEED by a duly authorized attorney of:

                TBS INTERNATIONAL PUBLIC
      LIMITED COMPANY, as Additional Guarantor,

                 

                By:
      /s/ Christophil B.
      Costas      

                Name:
      Christophil B. Costas

                Title:
      Attorney-in-Fact

                 

                In
      the presence of:

                Witness
      Signature: /s/ Lorraine
      Brown      

                Witness
      Name: Lorraine Brown

                Witness
      Address: 29 Broadway, N.Y., N.Y.

              

      

      

       

      
        	
                TBS DO SUL LTD., as
      Additional Guarantor

                 

                By:
      /s/ Christophil B.
      Costas        

                Name:
      Christophil B. Costas

                Title:
      Attorney-in-Fact

              

      

      

       

      
        	
                TBS SHIPPING SERVICES
      INC., as

                Administrative
      Borrower

                 

                By: 
      /s/ Tara
      DeMakes          
      

                Name:
      Tara DeMakes

                Title:
      Secretary

              

      

      

       

      

       

      

       

      Signature Page
to Joinder Agreement

       

      
        
          
             

             

          

           

        

        
           

          
            

          

        

        
           

        

      

      Accepted
and Agreed:

       

      BANK
OF AMERICA, N.A.

      as
Administrative Agent

       

      By: /s/ Judith A.
Huckins                               

      Name:
Judith A. Huckins

      Title:   Vice
President

       

       
 

       

      

       

      

      Signature
Page to Joinder Agreement

      
        
          
             

             

          

           

        

        
           

          
            

          

        

        
           

        

      

      

       

      CERTIFICATE
OF ACKNOWLEDGMENT

       

      STATE OF
NEW
YORK                                     )

      )  ss.

      COUNTY OF
NEW YORK)

       

      Before
me, the undersigned, a Notary Public in and for the county aforesaid, on this
26th   day
of January 2010, personally appeared Christophil B. Costas to me known
personally, and who, being by me duly sworn, deposes and says that he is the
Attorney-in-Fact of TBS INTERNATIONAL PUBLIC LIMITED COMPANY and that said
instrument was signed on behalf of such entity by authority of its Board of
Directors, and said Christophil B. Costas acknowledged said instrument to be the
free act and deed of each such entity.

       

       

      /s/
Tulio R.
Prieto                           

      Notary
Public

      My
commission expires: February 19, 2010

       

      

       

      

       

      Signature Page
to Joinder Agreement

       

      
        
          
             

             

          

           

        

        
           

          
            

          

        

        
           

        

      

      

       

      CERTIFICATE
OF ACKNOWLEDGMENT

       

      STATE OF
NEW
YORK                                           )

      )  ss.

      COUNTY OF
NEW YORK)

       

      Before
me, the undersigned, a Notary Public in and for the county aforesaid, on this
26th  day
of January 2010, personally appeared Christophil B. Costas to me known
personally, and who, being by me duly sworn, deposes and says that he is the
Attorney-in-Fact of TBS do Sul Ltd. and that said instrument was signed on
behalf of such entity by authority of its Board of Directors, and said
Christophil B. Costas acknowledged said instrument to be the free act and deed
of each such entity.

       

       

      
        /s/
Tulio R.
Prieto                           

        Notary
Public

        My
commission expires: February 19, 2010

      

       

      

      Signature
Page to Joinder Agreement

      
        
          
             

             

          

           

        

        
           

          
            

          

        

        
           

        

      

      Exhibit
A

       

      Annex
A to Securities Pledge Agreement

       

      See
attached.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      ANNEX A TO SECURITIES PLEDGE
AGREEMENT

       

       

      None of
the issuers has any authorized, issued or outstanding shares of its capital
stock, membership interests, partnership interests or other equity interests of
any class or any commitments to issue any shares of its capital stock,
membership interests, partnership interests or other equity interests of any
class or any securities convertible into or exchangeable for any shares of its
capital stock, membership interests, partnership interests or other equity
interests of any class except as otherwise stated in this Annex A.

      

      
        	
                Issuer

              	
                Record

                Owner

              	
                Class
      of

                Shares

              	
                Number
      of

                Authorized

                Shares

              	
                Number
      of

                Issued

                Shares

              	
                Number
      of

                Outstanding

                Shares

              	
                Par
      or

                Liquidation

                Value

              
	
                Albemarle
      Maritime Corp.

              	
                Westbrook
      Holdings Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Arden
      Maritime Corp.

              	
                Westbrook
      Holdings Limited

              	
                Common

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Avon
      Maritime Corp.

              	
                Westbrook
      Holdings Limited

              	
                Common

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Azalea
      Shipping & Chartering Inc.

              	
                Compass
      Chartering Corp.

              	
                Capital
      Stock

              	
                200

              	
                200

              	
                200

              	
                No
      Par

              
	
                Birnam
      Maritime Corp.

              	
                Westbrook
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Beekman
      Shipping Corp.

              	
                Westbrook
      Holdings Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Bristol
      Maritime Corp.

              	
                Westbrook
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Chester
      Shipping Corp.

              	
                Westbrook
      Holdings Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Compass
      Chartering Corp.

              	
                TBS
      Shipping Services Inc.

              	
                Capital
      Stock

              	
                200

              	
                200

              	
                200

              	
                No
      Par

              
	
                Cumberland
      Navigation Corp.

              	
                Westbrook
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Darby
      Navigation Corp.

              	
                Westbrook
      Holdings Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Dover
      Maritime Corp.

              	
                Westbrook
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Elrod
      Shipping Corp.

              	
                Westbrook
      Holdings Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Exeter
      Shipping Corp.

              	
                Westbrook
      Holdings Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Fairfax
      Shipping Corp.

              	
                Westbrook
      Holdings Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Frankfort
      Maritime Corp.

              	
                Westbrook
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Glenwood
      Maritime Corp.

              	
                Westbrook
      Holdings Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Hansen
      Shipping Corp.

              	
                Westbrook
      Holdings Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Hartley
      Navigation Corp.

              	
                Westbrook
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Henley
      Maritime Corp.

              	
                Westbrook
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Hudson
      Maritime Corp.

              	
                Westbrook
      Holdings Limited

              	
                Common

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Jessup
      Maritime Corp.

              	
                Westbrook
      Holdings Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Leaf
      Shipping Corp.

              	
                Westbrook
      Holdings Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Mercury
      Marine Ltd. (f/k/a TBS Logistics Ltd.)

              	
                TBS
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Montrose
      Maritime Corp.

              	
                Westbrook
      Holdings Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Oldcastle
      Shipping Corp.

              	
                Westbrook
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Pacific
      Rim Shipping Corp.

              	
                Westbrook
      Holdings Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Quentin
      Navigation Corp.

              	
                Westbrook
      Holdings Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Rector
      Shipping Corp.

              	
                Westbrook
      Holdings Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Remsen
      Navigation Corp.

              	
                Westbrook
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Roymar
      Ship Management, Inc.

              	
                TBS
      Holdings Limited

              	
                Capital
      Stock

              	
                200

              	
                100

              	
                100

              	
                No
      Par

              
	
                Sheffield
      Maritime Corp.

              	
                Westbrook
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Sherman
      Maritime Corp.

              	
                Westbrook
      Holdings Ltd.

              	
                Common

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Sterling
      Shipping Corp.

              	
                Westbrook
      Holdings Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Stratford
      Shipping Corp.

              	
                Westbrook
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                TBS
      African Ventures Limited

              	
                TBS
      Worldwide Services, Inc.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                TBS
      do Sul Ltd.

              	
                TBS
      Holdings Limited

              	
                Common
      Shares

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                TBS
      Energy Logistics L.P.

              	
                TBS
      Shipping Services Inc.

              	
                LP
      interest

              	
                100%

              	
                100%

              	
                100%

              	
                N/A

              
	
                TBS
      Eurolines, Ltd

              	
                TBS
      Worldwide Services, Inc.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                TBS
      Holdings Limited

              	
                TBS
      International Limited

              	
                Common
      Shares

              	
                10,000

              	
                10,000

              	
                10,000

              	
                $1.00

              
	
                TBS
      International Limited

              	
                TBS
      International Public Limited Company

              	
                A

              	
                75,000,000

              	
                1,200,000

              	
                74,800,000

              	
                US
      $0.01

              
	
                B

              	
                100

              	
                Nil

              	
                100

              	
                US$0.01

              
	
                TBSI
      New Ship Development Corp.

              	
                TBS
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                TBS
      Latin America Liner, Ltd.

              	
                TBS
      Worldwide Services, Inc.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                TBS
      Middle East Carriers, Ltd.

              	
                TBS
      Worldwide Services, Inc.

              	
                Common

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                TBS
      Mining Limited

              	
                TBS
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                TBS
      North America Liner, Ltd.

              	
                TBS
      Worldwide Services, Inc.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                TBS
      Ocean Carriers, Ltd.

              	
                TBS
      Worldwide Services, Inc.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                TBS
      Pacific Liner, Ltd.

              	
                TBS
      Worldwide Services, Inc.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                TBS
      Shipping Services Inc.

              	
                TBS
      Holdings Limited

              	
                Capital
      Stock

              	
                200

              	
                100

              	
                100

              	
                No
      Par

              
	
                TBS
      U.S. Enterprises LLC

              	
                TBS
      Shipping Services Inc.

              	
                Membership
      Interest

              	
                100%

              	
                100%

              	
                100%

              	
                N/A

              
	
                TBS
      Warehouse & Distribution Group Ltd.

              	
                TBS
      Warehouse & Equipment Holdings, Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                TBS
      Warehouse & Equipment Holdings, Ltd.

              	
                TBS
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                TBS
      Logistics Incorporated

              	
                TBS
      Shipping Services Inc.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                TBS
      Worldwide Services Inc.

              	
                TBS
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Transworld
      Cargo Carriers, S.A.

              	
                TBS
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Vedado
      Maritime Corp.

              	
                Westbrook
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Vernon
      Maritime Corp.

              	
                Westbrook
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Westbrook
      Holdings Ltd.

              	
                TBS
      Holdings Limited

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              
	
                Windsor
      Maritime Corp.

              	
                Westbrook
      Holdings, Ltd.

              	
                Capital
      Stock

              	
                500

              	
                500

              	
                500

              	
                No
      Par

              

      

      

       

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Exhibit
B

       

      Notice
of Insurance Assignment

       

      See
attached.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      NOTICE
OF

      INSURANCE
ASSIGNMENTS

       

      

       

      EACH OF TBS INTERNATIONAL PUBLIC LIMITED
COMPANY AND TBS DO SUL LTD. HEREBY GIVES NOTICE that by an assignment,
dated July 31, 2006 (as amended by (i) the Joinder Agreement, dated as of
January 7, 2010, by and among the “Additional Guarantors” identified therein,
TBS Shipping Services Inc., as Administrative Borrower and BANK OF AMERICA, N.A., as
Administrative Agent (the “Administrative
Agent”) under the Amended and Restated Credit Agreement dated as of March
26, 2008 (as amended, supplemented or otherwise modified from time to time, the
“Credit
Agreement”), by and among the Borrowers named therein, the lenders party
thereto, and the Administrative Agent, (ii) the Joinder Agreement (Guaranty,
Security Agreement, Securities Pledge Agreement, Master Earnings Assignment and
Master Insurance Assignment), dated as of October 16, 2009, by and among the
“Additional Guarantor” identified therein, TBS Shipping Services Inc., as
Administrative Borrower and the Administrative Agent, (iii) the Omnibus Vessel
Collateral Amendment and Reaffirmation Agreement dated as of March 26, 2008, by
and among the Grantors and the Administrative Agent and (iv) as may be further
amended, supplemented or otherwise modified from time to time), has assigned to
the Administrative Agent: (a) all insurances in respect of the vessels
identified on Schedule
A hereto (each a “Vessel”, and,
collectively, the “Vessels”), whether
now or hereafter to be effected, and all renewals or replacements for the same;
(b) all claims, returns of premium and other moneys and claims for moneys due
and to become due under said insurances or other insurances heretofore in
effect; (c) all other rights under or in respect of said insurances; and (d) any
proceeds of any of the foregoing.

       

      

      DATED:
January 7, 2010

       

      

      
        	
                ASSIGNORS:

              	
                TBS
      INTERNATIONAL PUBLIC LIMITED
COMPANY

              

      

       

      By: /s/ Christophil B.
Costas               

      Name:
Christophil B. Costas

      Title:
Attorney-in-Fact

       

       

                               TBS DO SUL
LTD.

       

      By:    /s/ Christophil B.
Costas                                                                        

                               Name: Christophil B.
Costas

      Title:
Attorney-in-Fact

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SCHEDULE
A TO

       

      INSURANCE
ASSIGNMENT

       

      The
following vessels are subject to the within Master Insurance Assignment granted
by each Assignor to the Assignee:

       

      
        	
                Vessel
      Name

              	
                Official
      Number

              	
                Gross
      Tons

              	
                Classed

              
	
                Mohawk
      Princess

              	
                31341-06

              	
                23,381.00

              	
                ABS

              
	
                Tayrona
      Princess

              	
                30418-05

              	
                16,950.00

              	
                NK

              
	
                Sioux
      Maiden

              	
                31642-06

              	
                23,270.00

              	
                ABS

              
	
                Tuscarora
      Belle

              	
                31834-06

              	
                24,643.00

              	
                DNV

              
	
                Tamoyo
      Maiden

              	
                31230-06

              	
                10,511.00

              	
                Lloyd’s

              
	
                Nyack
      Princess

              	
                31321-06

              	
                22,135.00

              	
                NK

              
	
                Aztec
      Maiden

              	
                20935-93-CH

              	
                12,286.00

              	
                NK

              
	
                Alabama
      Belle

              	
                32531-07

              	
                24,621.00

              	
                Lloyd’s

              
	
                Shawnee
      Princess

              	
                25945-98-B

              	
                14,103.00

              	
                NK

              
	
                Miami
      Maiden

              	
                31347-06

              	
                23,536.00

              	
                NK

              
	
                Ainu
      Princess

              	
                31340-06

              	
                10,511.00

              	
                ABS

              
	
                Tuckahoe
      Maiden

              	
                30178-04

              	
                14,337.00

              	
                Lloyd’s

              
	
                Chesapeake
      Belle

              	
                31275-06

              	
                24,643.00

              	
                DNV

              
	
                Taino
      Maiden

              	
                30383-05

              	
                14,286.00

              	
                Lloyd’s

              
	
                Siboney
      Belle

              	
                31845-06

              	
                10,511.00

              	
                ABS

              
	
                Maori
      Maiden

              	
                28817-02-A

              	
                22,208.00

              	
                Lloyd’s

              
	
                Manhattan
      Princess

              	
                30399-05

              	
                27,835.00

              	
                DNV

              
	
                Rockaway
      Belle

              	
                17765-88-E

              	
                20,925.00

              	
                NK

              
	
                Biloxi
      Belle

              	
                31161-05

              	
                22,009.00

              	
                ABS

              
	
                Iroquois
      Maiden

              	
                30323-04

              	
                 24,783.00

              	
                Lloyd’s

              
	
                Mohegan
      Princess

              	
                30328-04

              	
                17,126.00

              	
                NK

              
	
                Shinnecock
      Belle

              	
                31209-06

              	
                22,342.00

              	
                NK

              
	
                Yakima
      Princess

              	
                33502-08

              	
                23,515.00

              	
                Lloyd’s

              
	
                Nanticoke
      Belle

              	
                33161-07

              	
                17,590.00

              	
                Lloyd’s

              
	
                Wichita
      Belle

              	
                30454-05

              	
                17,590.00

              	
                NK

              
	
                Houma
      Belle

              	
                37412-PEXT

              	
                24,524.00

              	
                Lloyd’s

              
	
                Canarsie
      Princess

              	
                37129-PEXT

              	
                24,943.00

              	
                Lloyd’s

              
	
                Fox
      Maiden

              	
                37611-PEXT

              	
                25,076.00

              	
                LR

              
	
                Tupi
      Maiden

              	
                34712-09

              	
                22,147.00

              	
                NK

              
	
                Savannah
      Belle

              	
                36312-PEXT

              	
                13,588.00

              	
                BV

              

      

      

      Signature
Page to Master Insurance Assignment

      
        
          
             

             

          

           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      	
               
      

            	
              HOLDINGS:

            	
              EXECUTED
      and DELIVERED as a DEED by a duly authorized attorney
  of:

            

    

     

                 TBS INTERNATIONAL
PUBLIC LIMITED COMPANY

     

    

                                       

                                   By: /s/ Christophil B.
Costas           
 

                 Name: Christophil B.
Costas 

                 Title:
Attorney-in-Fact

     

                 In the presence
of:

    

                 Witness Signature:
/s/ Lorraine
Brown          
 

                 Witness Name:
Lorraine Brown

                 Witness Address: 29
Broadway, N.Y., N.Y.

     

     

     

     

     

     

    Signature
Page to Credit Agreement

     

     

     

     

     

    

    
      
        
          
            
              	
                    

            

            

             

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    IN WITNESS WHEREOF, the
Guarantor has caused this Guaranty to be executed and delivered as of the date
first above written.

     

    Guarantor:

     

    TBS
DO SUL LTD.

     

                         By: /s/ Christophil B.
Costas          

                            Name:
Christophil B. Costas 

                            Title:
Attorney-in-Fact

     

     

     

     

    Signature
Page to Guaranty

    

    
      
        
          
            
              	
                       

                    

            

            

             

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    IN WITNESS WHEREOF, intending
to be legally bound, each Company has caused this Agreement to be duly executed
as of the date first written above.

     

    EXECUTED
and DELIVERED as a DEED by a duly authorized attorney of:

     

    TBS
INTERNATIONAL PUBLIC LIMITED COMPANY

     

    By:  /s/ Christohil
B. Costas                                

    Name:
Christophil B. Costas 

    Title:
Attorney-in-Fact

     

    In
the presence of:

     

    Witness
Signature: /s/ Lorraine
Brown            

     Witness
Name: Lorraine Brown

    Witness
Address: 29 Broadway, N.Y., N.Y.

     

    TBS
DO SUL LTD.

     

    By: 
/s/ Christophil B.
Costas                  

    Name:
Christophil B. Costas 

    Title:
Attorney-in-Fact

     

     

    
      Signature
Page to Master Security Agreement (Guarantors)

    
      
        
          
            
              	
                    

            

            

             

          

           

        

        
           

          
            

          

        

        
           

          
            
               

            

          

        

      

    

    

    
      CERTIFICATE
OF ACKNOWLEDGMENT

       

      STATE OF NEW
YORK     )SS.

       

                   ) ss. 

    

    COUNTY OF
NEW YORK  )

     

     

    Before
me, the undersigned, a Notary Public in and for the county aforesaid, on this
26th day of January 2010, personally appeared Christophil B. Costas to me known
personally, and who, being by me duly sworn, deposes and says that he is the
Attorney-in-Fact of TBS INTERNATIONAL PUBLIC LIMITED COMPANY and that said
instrument was signed on behalf of such entity by authority of its Board of
Directors, and said Christophil B. Costas acknowledged said instrument to be the
free act and deed of each such entity.

     

    

     

    /s/
Tulio R.
Prieto                   
 

    Notary
Public

    My
commission expires: February 19, 2010

     

     

     

     

    Signature Page to Master Security Agreement
(Guarantors)

    
      
        
          
            
              	
                       

                    

            

            

             

          

           

        

        
           

          
            

          

        

        
           

          
             

             

             

             

          

        

      

    

    

    CERTIFICATE
OF ACKNOWLEDGMENT

     

    STATE OF NEW YORK   
)

                )SS.

    COUNTY OF
NEW YORK)

     

    Before
me, the undersigned, a Notary Public in and for the county aforesaid, on this
26th day of January 2010, personally appeared Christophil B. Costas to me known
personally, and who, being by me duly sworn, deposes and says that he/she is the
Attorney-in-Fact of TBS DO SUL LTD. and that said instrument was signed on
behalf of such entity by authority of its Board of Directors, and said
Christophil B. Costas acknowledged said instrument to be the free act and deed
of each such entity.

     

    

     

    
      /s/
Tulio R.
Prieto                   
 

      Notary
Public

      My
commission expires: February 19, 2010

       

      
         

         

         

        Signature
Page to Securities Pledge Agreement

      

    

    

    
      
        
          
            
              	
                    

            

            

             

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    IN WITNESS WHEREOF, intending
to be legally bound, Pledgor and the Administrative Agent have caused this
Agreement to be executed as of the date first above written.

     

    PLEDGOR:

     

    EXECUTED
and DELIVERED as a DEED by a duly authorized attorney of:

     

    TBS
INTERNATIONAL PUBLIC LIMITED COMPANY

     

    By: 
/s/ Christophil B.
Costas            

    Name:
Christophil B. Costas 

    Title:
Attorney-in-Fact

     

    In
the presence of:

     

    Witness
Signature: /s/ Lorraine
Brown           

    Witness
Name: Lorraine Brown 

    Witness
Address: 29 Broadway, N.Y., N.Y.

     

     

     

    

      Signature
Page to Securities Pledge Agreement

       

       

    

    
      
        
          
            
              	
                    

            

            

             

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    Each
undersigned Subsidiary hereby joins in the above Agreement for the sole purpose
of consenting to and being bound by the provisions of §§4.1, 6 and 7 thereof,
the undersigned hereby agreeing to cooperate fully and in good faith with the
Administrative Agent and Pledgors in carrying out such provisions.

     

    Subsidiary:

     

    TBS
INTERNATIONAL LIMITED

     

     

    By: /s/ Christophil B.
Costas                  

    Name:
Christophil Christophil B. Costas 

    Title:
Attorney-in-Fact

     

    TBS
DO SUL LTD.

     

    By: 
/s/ Christophil B.
Costas                  

    Name:
Christophil B. Costas 

    Title:
Attorney-in-Fact

     

     

    
      Signature
Page to Securities Pledge Agreement

    
      
        
          
            
              	
                    

            

            

             

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    IN WITNESS WHEREOF, each
Assignor has caused this Assignment to be executed and delivered as of the date
first above written.

     

    Assignor:

     

    EXECUTED
and DELIVERED as a DEED by a duly authorized attorney of:

     

    TBS
INTERNATIONAL PUBLIC LIMITED COMPANY

    

                          By: /s/ Christophil B.
Costas                   
                            Name: Christophil B.
Costas 

    Title:
Attorney-in-Fact

     

    In
the presence of:

     

    Witness
Signature: /s/ Lorraine
Brown          

    Witness
Name: Lorraine Brown

    Witness
Address: 29 Broadway, N.Y., N.Y.

     

    TBS
DO SUL LTD.

     

                            By: /s/ Christophil B.
Costas                  

    Name:
Christophil B. Costas 

    Title:
Attorney-in-Fact

     

     

     

     

    
      Signature
Page to Master Earnings Assignment (Guarantors)

    
      
        
          
            
              	
                       

                    

            

            

             

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    IN WITNESS WHEREOF, each
Assignor has caused this Assignment to be executed and delivered as of the date
first above written.

     

    Assignors:

     

    EXECUTED
and DELIVERED as a

    DEED
by a duly authorized attorney of: TBS INTERNATIONAL PUBLIC LIMITED
COMPANY

    

                         By: /s/ Christophil B.
Costas                   
                                
Name: Christophil B. Costas

                            Title:
Attorney-in-Fact 

     

     

    In
the presence of:

    
       

      Witness
Signature: /s/ Lorraine
Brown          

      Witness
Name: Lorraine Brown

      Witness
Address: 29 Broadway, N.Y., N.Y.

    

     

     

     

     

                                TBS DO SUL
LTD.

    

                    By: /s/ Christophil B.
Costas                  

                                Name: Christophil B.
Costas

                       Title:
Attorney-in-Fact

     

     

    Signature Page to Master Earnings Assignment
(Guarantors)

    
      
        
           

        

        
           

          
            

          

        

        
           

          
            
               

            

          

        

      

    

     

    CERTIFICATE
OF ACKNOWLEDGMENT

    
       

      STATE OF NEW YORK  )SS.

                  ) ss.

      COUNTY OF
NEW YORK )

    

     

    Before
me, the undersigned, a Notary Public in and for the county aforesaid, on this
26th day of January 2010, personally appeared Christophil B. Costas to me known
personally, and who, being by me duly sworn, deposes and says that he/she is the
Attorney-in-Fact of TBS INTERNATIONAL PUBLIC LIMITED COMPANY and that said
instrument was signed on behalf of such entity by authority of its Board of
Directors, and said Christophil B. Costas acknowledged said instrument to be the
free act and deed of each such entity.

     

    

     

     

      /s/
Tulio R.
Prieto                   
 

      Notary
Public

      My
commission expires: February 19, 2010

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

          
            
               

            

          

        

      

    

    
       

      CERTIFICATE
OF ACKNOWLEDGMENT

       

      STATE OF NEW YORK)

                   )SS.
COUNTY OF
NEW YORK)

    

     

    Before
me, the undersigned, a Notary Public in and for the county aforesaid, on this
26th day of January 2010, personally appeared Christophil B. Costas to me known
personally, and who, being by me duly sworn, deposes and says that he/she is the
Attorney-in-Fact of TBS DO SUL LTD. and that said instrument was signed on
behalf of such entity by authority of its Board of Directors, and said
Christophil B. Costas acknowledged said instrument to be the free act and deed
of each such entity.

     

    

     

     

      /s/
Tulio R.
Prieto                   
 

      Notary
Public

      My
commission expires: February 19, 2010

    

    

     

    Signature Page to Master Insurance
Assignmentex_10-23.htm

    TBS INTERNATIONAL PLC
& SUBSIDIARIES                EXHIBIT
10.23

     

     

    COMMERZBANK 

     

    

     

     

    T E L E F A X  

    

    An/To
Telefax Nr.+1-516-239-0147

    

    Anzahl Seiten / Total number of
Pages 2

    

    
      	 
      	
              An
      / To:

            	 
      	 
      	 
      	
              Von
      / From:

            	 
      
	 
      	
               

              TBS
      International Limited

              Mr.
      Lawrence A Blatte

              Mr.
      Ferdinand V. Lepere

              612
      East Grassy Sprain Road

              Yonkers,
      New York 10710

              United
      States of America

               

               

               

            	 
      	 
      	 
      	
               

              Commerzbank
      AG

              Global
      Shipping

              Martin
      Hugger

               

              Ness
      7 - 9

              20457
      Hamburg

               

              e-mail:
      martin.hugger@commerzbank.com

               

               

            	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      

    

    

    
      	
              Telefax-Nr.:

               

              +49-40-36
      83-4068 / 4123

            	
              Tel.:

               

              +49-40-36
      83 - 4074

            	
              Datum/Date:

               

              28.12.2010

            
	
              If you receive this fax in
      error, illegible  or not all pages please phone: +49-40-3683 -
      4066  or - 4067

            

    

    

    

    Dear Fred
and Larry,

    

    We refer
to the loan facility agreement dated May 28, 2008 made between yourselves as
Borrowers and ourselves as Lenders in which we provide you with a facility of up
to USD 12.5 Mio. (the "Facility
Agreement") to refinance the m.v. “CARIBE MAIDEN”. Words and expressions
defined in the Facility Agreement have the same meaning when used in this
letter.

     

    On
November 19th,
2009, you have asked for our approval of an extension of the current waiver as
documented by letter of March 2, 2009 by another three months.

     

    We are
pleased to inform you about our consent to your request. We hereby approve the
following adjustment in relation to the Facility Agreement, subject to the
following conditions which shall replace those outlined in clause 14.1 and 10.17
respectively of the Facility Agreement up to and including 0000 on April 1,
2010, which means that the existing financial and LtV covenants will be waived
up to and including 0000 hours on April 1, 2010 (“Waiver Period”):

     

    

     

    
      	
              Ø  

            	
              Maintenance
      at all times of Minimum Liquidity (unrestricted cash and cash
      equivalents), tested monthly, of at least USD 25.0
  Mio.

            

    

     

    
      	
              Ø  

            	
              Maintenance
      on a quarterly basis (on a trailing four quarter test) of minimum EBITDA
      to Consolidated Interest Charges for such trailing period (EBITDA
      definition will be amended in a manner to be agreed to address certain
      impairment charges) of 1.75 :1.00:

            

    

     

    
      	
              Ø  

            	
              Margin
      to remain at 3.00% p.a. for the duration of the Waiver
    Period

            

    

     

    
      	
              Ø  

            	
              prepayment
      of one quarterly repayment rate of USD 1 Million on or before January 5,
      2010

            

    

     

    
      	
              Ø  

            	
              Waiver
      fee of 0.25% flat on the remaining outstanding loan amount of USD 3.5
      Million.

            

    

     

    
      	
              Ø  

            	
              equal
      treatment of with the major
creditors

            

    

     

    

     

    Please
confirm your acceptance of the waiver terms and conditions set out in this
letter by duly signing, dating and returning to us the enclosed duplicate. By
your acceptance, this letter shall be deemed to be an integral part of the
Facility Agreement.

     

    

    Looking
forward to hearing from you we remain with best regards

    

    C O M M E R Z B A N K

    Aktiengesellschaft

     

    

    

      
        	
                 /s/ Martin
      Hugger               
      

              	 
      	
                /s/
      Kristin
      Roelver                        
      

              
	
                (Martin
      Hugger)                           

              	 
      	
                (Kristin
      Roelver)

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