Document:

BARCLAY
                                  Shipping LTD

Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Bangeo-Dong, Dong-Ku,
Ulsan, 682-712
Korea

                                                       Date: 25th February, 2004

                              PERFORMANCE GUARANTEE

Gentlemen,

     In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 16th February 2004 with Apollonas Shipping Company,
of Marshall Islands (hereinafter called the "BUYER") providing for the
construction of one (1) 47,000DWT Product/Chemical Tanker having the BUILDER's
Hull No. 0410 (hereinafter called the "VESSEL"), and providing, among other
things, for payment of the CONTRACT price amounting to United States Dollars
Thirty Five Million Four Hundred and Thirty Three Thousand only (US$35,433,000)
for the VESSEL, prior to, upon and after the delivery of the VESSEL, the
undersigned, as a primary obligor and not as a surety merely, hereby
unconditionally and irrevocably guarantees to you, your successors and assigns,
the due and faithful performance by the BUYER of all its liabilities and
responsibilities under the CONTRACT and any supplements, amendments, changes or
modifications hereinafter made thereto including but not limited to, due and
prompt payment of the contract price (whether on account of principal, interest
or otherwise) by the BUYER to you, your successors and assigns under the
CONTRACT, notwithstanding any obligation of the BUYER being or becoming
unenforceable by defect in or want of its powers, (hereby expressly waiving
notice of any such supplement, amendment, change or modification as may be
agreed to by the BUYER) and confirms that this guarantee shall be fully
applicable to the CONTRACT whether so supplemented, amended, changed or modified
and if it shall be assigned by the BUYER in accordance with the terms of the
CONTRACT. This guarantee will expire on delivery of the VESSEL to the BUYER.

     The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.

                                                                       [GRAPHIC]

     The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.

     This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Morris, 36 Great
Saint Helens, Bishopsgate, London EC3A 6AP, United Kingdom, tel.: 0044 207 3298
615, fax: 0044 207 2366 683, to receive service of proceedings in such courts on
its behalf.

                                        Very truly yours,

                                        For and on behalf of
                                        Barclay Shipping Ltd.

                                        By Evangelos G. Bairactaris       [SEAL]
                                           ----------------------------
                                        Name: Evangelos G. Bairactaris
                                        Title: Attorney in Fact

                                     BARCLAY
                                  Shipping LTD

Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Bangeo-Dong, Dong-Ku,
Ulsan, 682-712
Korea

                                                       Date: 25th February, 2004

                              PERFORMANCE GUARANTEE

Gentlemen,

     In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 16th February 2004 with Iraklitos Shipping Company,
of Marshall Islands (hereinafter called the "BUYER") providing for the
construction of one (1) 47,000DWT Product/Chemical Tanker having the BUILDER'S
Hull No. 0411 (hereinafter called the "VESSEL"), and providing, among other
things, for payment of the CONTRACT price amounting to United States Dollars
Thirty Five Million Four Hundred and Thirty Three Thousand only (US$35,433,000)
for the VESSEL, prior to, upon and after the delivery of the VESSEL, the
undersigned, as a primary obligor and not as a surety merely, hereby
unconditionally and irrevocably guarantees to you, your successors and assigns,
the due and faithful performance by the BUYER of all its liabilities and
responsibilities under the CONTRACT and any supplements, amendments, changes or
modifications hereinafter made thereto including but not limited to, due and
prompt payment of the contract price (whether on account of principal, interest
or otherwise) by the BUYER to you, your successors and assigns under the
CONTRACT, notwithstanding any obligation of the BUYER being or becoming
unenforceable by defect in or want of its powers, (hereby expressly waiving
notice of any such supplement, amendment, change or modification as may be
agreed to by the BUYER) and confirms that this guarantee shall be fully
applicable to the CONTRACT whether so supplemented, amended, changed or modified
and if it shall be assigned by the BUYER in accordance with the terms of the
CONTRACT. This guarantee will expire on delivery of the VESSEL to the BUYER.

     The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.

                                                                       [GRAPHIC]

     The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.

     This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Morris, 36 Great
Saint Helens, Bishopsgate, London EC3A 6AP, United Kingdom, tel.: 0044 207 3298
615, fax: 0044 207 2366 683, to receive service of proceedings in such courts on
its behalf.

                                        Very truly yours,

                                        For and on behalf of
                                        Barclay Shipping Ltd.

                                        By Evangelos G. Bairactaris       [SEAL]
                                           ----------------------------
                                        Name: Evangelos G. Bairactaris
                                        Title: Attorney in Fact

                                     BARCLAY
                                  Shipping LTD

Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Bangeo-Dong, Dong-Ku,
Ulsan, 682-712
Korea

                                                          Date: 20th March, 2004

                              PERFORMANCE GUARANTEE

Gentlemen,

     In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 16th February 2004 with Epicurus Shipping Company,
of Marshall Islands (hereinafter called the "BUYER") providing for the
construction of one (1) 47,000DWT Product/Chemical Tanker having the BUILDER'S
Hull No. 0412 (hereinafter called the "VESSEL"), and providing, among other
things, for payment of the CONTRACT price amounting to United States Dollars
Thirty Five Million Four Hundred and Thirty Three Thousand only (US$ 35,433,000)
for the VESSEL, prior to, upon and after the delivery of the VESSEL, the
undersigned, as a primary obligor and not as a surety merely, hereby
unconditionally and irrevocably guarantees to you, your successors and assigns,
the due and faithful performance by the BUYER of all its liabilities and
responsibilities under the CONTRACT and any supplements, amendments, changes or
modifications hereinafter made thereto including but not limited to, due and
prompt payment of the contract price (whether on account of principal, interest
or otherwise) by the BUYER to you, your successors and assigns under the
CONTRACT, notwithstanding any obligation of the BUYER being or becoming
unenforceable by defect in or want of its powers, (hereby expressly waiving
notice of any such supplement, amendment, change or modification as may be
agreed to by the BUYER) and confirms that this guarantee shall be fully
applicable to the CONTRACT whether so supplemented, amended, changed or modified
and if it shall be assigned by the BUYER in accordance with the terms of the
CONTRACT. This guarantee will expire on delivery of the VESSEL to the BUYER.

     The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.

                                                                       [GRAPHIC]

     The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.

     This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Morris, 36 Great
Saint Helens, Bishopsgate, London EC3A 6AP, United Kingdom, tel.: 0044 207 3298
615, fax: 0044 207 2366 683, to receive service of proceedings in such courts on
its behalf.

                                        Very truly yours,

                                        For and on behalf of
                                        Barclay Shipping Ltd.

                                        By /s/ Evangelos G. Bairactaris   [SEAL]
                                           ----------------------------
                                        Name: Evangelos G. Bairactaris
                                        Title: Attorney in Fact

                                     BARCLAY
                                  Shipping LTD

Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Bangeo-Dong, Dong-Ku,
Ulsan, 682-712
Korea

                                                          Date: 20th March, 2004

                              PERFORMANCE GUARANTEE

Gentlemen,

     In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 16th February 2004 with Laredo Maritime Inc., of
Marshall Islands (hereinafter called the "BUYER") providing for the construction
of one (1) 47,000DWT Product/Chemical Tanker having the BUILDER'S Hull No. 0413
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Five
Million Four Hundred and Thirty Three Thousand only (US$ 35,433,000) for the
VESSEL, prior to, upon and after the delivery of the VESSEL, the undersigned, as
a primary obligor and not as a surety merely, hereby unconditionally and
irrevocably guarantees to you, your successors and assigns, the due and faithful
performance by the BUYER of all its liabilities and responsibilities under the
CONTRACT and any supplements, amendments, changes or modifications hereinafter
made thereto including but not limited to, due and prompt payment of the
contract price (whether on account of principal, interest or otherwise) by the
BUYER to you, your successors and assigns under the CONTRACT, notwithstanding
any obligation of the BUYER being or becoming unenforceable by defect in or want
of its powers, (hereby expressly waiving notice of any such supplement,
amendment, change or modification as may be agreed to by the BUYER) and confirms
that this guarantee shall be fully applicable to the CONTRACT whether so
supplemented, amended, changed or modified and if it shall be assigned by the
BUYER in accordance with the terms of the CONTRACT, This guarantee will expire
on delivery of the VESSEL to the BUYER.

     The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.

                                                                       [GRAPHIC]

     The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.

     This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Morris, 36 Great
Saint Helens, Bishopsgate, London EC3A 6AP, United Kingdom, tel.: 0044 207 3298
615, fax: 0044 207 2366 683, to receive service of proceedings in such courts on
its behalf.

                                        Very truly yours,

                                        For and on behalf of
                                        Barclay Shipping Ltd.

                                        By /s/ Evangelos G. Bairactaris   [SEAL]
                                           ----------------------------
                                        Name: Evangelos G. Bairactaris
                                        Title: Attorney in Fact

Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Bangeo-Dong, Dong-Ku,
Ulsan, 682-712
Korea

                                                           Date: 1st August 2004

                              PERFORMANCE GUARANTEE

Gentlemen,

     In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 15th July 2004 with Canvey Shipmanagement Ltd., of
Marshall Islands (hereinafter called the "BUYER") providing for the construction
of one (1) 47,000 DWT Product/Chemical Tanker having the BUILDER'S Hull No. 0445
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Nine
Million Three Hundred Seventy Seven Thousand only (US$ 39,377,000) for the
VESSEL, prior to, upon and after the delivery of the VESSEL, the undersigned, as
a primary obligor and not as a surety merely, hereby unconditionally and
irrevocably guarantees to you, your successors and assigns, the due and faithful
performance by the BUYER of all its liabilities and responsibilities under the
CONTRACT and any supplements, amendments, changes or modifications hereinafter
made thereto including but not limited to, due and prompt payment of the
contract price (whether on account of principal, interest or otherwise) by the
BUYER to you, your successors and assigns under the CONTRACT, notwithstanding
any obligation of the BUYER being or becoming unenforceable by defect in or want
of its powers, (hereby expressly waiving notice of any such supplement,
amendment, change or modification as may be agreed to by the BUYER) and confirms
that this guarantee shall be fully applicable to the CONTRACT whether so
supplemented, amended, changed or modified and if it shall be assigned by the
BUYER in accordance with the terms of the CONTRACT. This guarantee will expire
on delivery of the VESSEL to the BUYER.

     The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.

     The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after, deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.

     This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Morris, 36 Great
Saint Helens, Bishopsgate, London EC3A 6AP, United Kingdom, tel.: 0044 207 3298
615, fax: 0044 207 2366 683, to receive service of proceedings in such courts on
its behalf.

                                        Very truly yours,

                                        For and on behalf of
                                        Barclay Shipping Ltd

                                        By /s/ Evangelos G. Bairactaris   [SEAL]
                                           ----------------------------
                                        Name: Evangelos G. Bairactaris
                                        Title: Attorney in Fact

Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Bangeo-Dong, Dong-Ku,
Ulsan, 682-712
Korea

                                                           Date: 1st August 2004

                              PERFORMANCE GUARANTEE

Gentlemen,

     In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 15th July 2004 with Lorenzo Shipmanagement Inc., of
Marshall Islands (hereinafter called the "BUYER") providing for the construction
of one (1) 47000 DWT Product/Chemical Tanker having the BUILDER'S Hull No. 0446
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Nine
Million One Hundred Seventy Five Thousand only (US$ 39,175,000) for the VESSEL,
prior to, upon and after the delivery of the VESSEL, the undersigned, as a
primary obligor and not as a surety merely, hereby unconditionally and
irrevocably guarantees to you, your successors and assigns, the due and faithful
performance by the BUYER of all its liabilities and responsibilities under the
CONTRACT and any supplements, amendments, changes or modifications hereinafter
made thereto including but not limited to, due and prompt payment of the
contract price (whether on account of principal, interest or otherwise) by the
BUYER to you, your successors and assigns under the CONTRACT, notwithstanding
any obligation of the BUYER being or becoming unenforceable by defect in or want
of its powers, (hereby expressly waiving notice of any such supplement,
amendment, change or modification as may be agreed to by the BUYER) and confirms
that this guarantee shall be fully applicable to the CONTRACT whether so
supplemented, amended, changed or modified and if it shall be assigned by the
BUYER in accordance with the terms of the CONTRACT. This guarantee will expire
on delivery of the VESSEL to the BUYER.

     The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.

     The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.

     This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Morris, 36 Great
Saint Helens, Bishopsgate, London EC3A 6AP, United Kingdom, tel.: 0044 207 3298
615, fax: 0044 207 2366 6S3, to receive service of proceedings in such courts on
its behalf.

                                        Very truly yours,

                                        For and on behalf of
                                        Barclay Shipping Ltd

                                        By /s/ Evangelos G. Bairactaris   [SEAL]
                                           ----------------------------
                                        Name: Evangelos G. Bairactaris
                                        Title: Attorney in Fact

Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Bangeo-Dong, Dong-Ku,
Ulsan, 682-712,
Korea

                                                           Date: 1st August 2004

                              PERFORMANCE GUARANTEE

Gentlemen,

     In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 15th July 2004 with Splendor Shipholding S.A., of
Marshall Island (hereinafter called the "BUYER") providing for the construction
of one (1) 47,000 DWT Product/Chemical Tanker having the BUILDER's Hull No. 0447
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Nine
Million One Hundred Seventy Five Thousand only (US$ 39,175,000) for the VESSEL,
prior to, upon and after the delivery of the VESSEL, the undersigned, as a
primary obligor and not as a surety merely, hereby unconditionally and
irrevocably guarantees to you, your successors and assigns, the due and faithful
performance by the BUYER of all its liabilities and responsibilities under the
CONTRACT and any supplements, amendments, changes or modifications hereinafter
made thereto including but not limited to, due and prompt payment of the
contract price (whether on account of principal, interest or otherwise) by the
BUYER to you, your successors and assigns under the CONTRACT, notwithstanding
any obligation of the BUYER being or becoming unenforceable by defect in or want
of its powers, (hereby expressly waiving notice of any such supplement,
amendment, change or modification as may be agreed to by the BUYER) and confirms
that this guarantee shall be fully applicable to the CONTRACT whether so
supplemented, amended, changed or modified and if it shall be assigned by the
BUYER in accordance with the terms of the CONTRACT. This guarantee will expire
on delivery of the VESSEL to the BUYER.

     The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.

     The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.

     This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Morris, 36 Great
Saint Helens, Bishopsgate, London EC3A 6AP, United Kingdom, tel.: 0044 207 3298
615, fax: 0044 207 2366 683, to receive service of proceedings in such courts on
its behalf.

                                        Very truly yours,

                                        For and on behalf of
                                        Barclay Shipping Ltd.

                                        By /s/ Evangelos G. Bairactaris   [SEAL]
                                           ----------------------------
                                        Name : Evangelos G. Bairactaris
                                        Title : Attorney in Fact

                                     BARCLAY
                                  Shipping LTD

Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Bangeo-Dong, Dong-Ku,
Ulsan, 682-712
Korea

                                                        Date: 12th January, 2004

                             PERFORMANCE GUARANTEE

Gentlemen,

     In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 19th December, 2003 with Gladiator Marine Inc., of
Marshall Islands (hereinafter called the "BUYER") providing for the construction
of one (1) 37,000DWT Product/Chemical Tanker having the BUILDER's Hull No. 0311
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Two
Million One Hundred Thousand only (US$ 32,100,000) for the VESSEL, prior to,
upon and after the delivery of the VESSEL, the undersigned, as a primary obligor
and not as a surety merely, hereby unconditionally and irrevocably guarantees to
you, your successors and assigns, the due and faithful performance by the BUYER
of all its liabilities and responsibilities under the CONTRACT and any
supplements, amendments, changes or modifications hereinafter made thereto
including but not limited to, due and prompt payment of the contract price
(whether on account of principal, interest or otherwise) by the BUYER to you,
your successors and assigns under the CONTRACT, notwithstanding any obligation
of the BUYER being or becoming unenforceable by defect in or want of its powers,
(hereby expressly waiving notice of any such supplement, amendment, change or
modification as may be agreed to by the BUYER) and confirms that this guarantee
shall be fully applicable to the CONTRACT whether so supplemented, amended,
changed or modified and if it shall be assigned by the BUYER in accordance with
the terms of the CONTRACT. This guarantee will expire on delivery of the VESSEL
to the BUYER.

     The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.

                                                                       [GRAPHIC]

     The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.

     This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Morris, 36 Great
Saint Helens, Bishopsgate, London EC3A 6AP, United Kingdom, tel.: 0044 207 3298
615, fax: 0044 207 2366 683, to receive service of proceedings in such courts on
its behalf.

                                        Very truly yours,

                                        For and on behalf of
                                        Barclay Shipping Ltd.

                                        By /s/ Evangelos G. Bairactaris   [SEAL]
                                           ----------------------------
                                        Name : Evangelos G. Bairactaris
                                        Title : Attorney in Fact

                                     0311-2

                                     BARCLAY
                                  Shipping LTD

Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Bangeo-Dong, Dong-Ku,
Ulsan, 682-712
Korea

                                                       Date:  12th January, 2004

                              PERFORMANCE GUARANTEE

Gentlemen,

     In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 19th December, 2003 with Shipping Rider Co., of
Marshall Islands (hereinafter called the "BUYER") providing for the construction
of one (1) 37,000DWT Product/Chemical Tanker having the BUILDER'S Hull No. 0312
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Two
Million One Hundred Thousand only (US$ 32,100,000) for the VESSEL, prior to,
upon and after the delivery of the VESSEL, the undersigned, as a primary obligor
and not as a surety merely, hereby unconditionally and irrevocably guarantees to
you, your successors and assigns, the due and faithful performance by the BUYER
of all its liabilities and responsibilities under the CONTRACT and any
supplements, amendments, changes or modifications hereinafter made thereto
including but not limited to, due and prompt payment of the contract price
(whether on account of principal, interest or otherwise) by the BUYER to you,
your successors and assigns under the CONTRACT, notwithstanding any obligation
of the BUYER being or becoming unenforceable by defect in or want of its powers,
(hereby expressly waiving notice of any such supplement, amendment, change or
modification as may be agreed to by the BUYER) and confirms that this guarantee
shall be fully applicable to the CONTRACT whether so supplemented, amended,
changed or modified and if it shall be assigned by the BUYER in accordance with
the terms of the CONTRACT. This guarantee will expire on delivery of the VESSEL
to the BUYER.

     The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.

                                                                       [GRAPHIC]

     The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.

     This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Morris, 36 Great
Saint Helens, Bishopsgate, London EC3A 6AP, United Kingdom, tel.: 0044 207 3298
615, fax: 0044 207 2366 683, to receive service of proceedings in such courts on
its behalf.

                                        Very truly yours,

                                        For and on behalf of
                                        Barclay Shipping Ltd.

                                        By /s/ Evangelos G. Bairactaris   [SEAL]
                                           ----------------------------
                                        Name: Evangelos G. Bairactaris
                                        Title: Attorney in Fact

                                     0311-2

                                     BARCLAY
                                  Shipping LTD

Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Bangeo-Dong, Dong-Ku,
Ulsan, 682-712
Korea

                                                        Date: 12th January, 2004

                              PERFORMANCE GUARANTEE

Gentlemen,

     In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 19th December, 2003 with Centurion Navigation
Limited, of Marshall Islands (hereinafter called the "BUYER") providing for the
construction of one (1) 37,000DWT Product/Chemical Tanker having the BUILDER'S
Hull No. 0313 (hereinafter called the "VESSEL"), and providing, among other
things, for payment of the CONTRACT price amounting to United States Dollars
Thirty Two Million One Hundred Thousand only (US$ 32,100,000) for the VESSEL,
prior to, upon and after the delivery of the VESSEL, the undersigned, as a
primary obligor and not as a surety merely, hereby unconditionally and
irrevocably guarantees to you, your successors and assigns, the due and faithful
performance by the BUYER of all its liabilities and responsibilities under the
CONTRACT and any supplements, amendments, changes or modifications hereinafter
made thereto including but not limited to, due and prompt payment of the
contract price (whether on account of principal, interest or otherwise) by the
BUYER to you, your successors and assigns under the CONTRACT, notwithstanding
any obligation of the BUYER being or becoming unenforceable by defect in or want
of its powers, (hereby expressly waiving notice of any such supplement,
amendment, change or modification as may be agreed to by the BUYER) and confirms
that this guarantee shall be fully applicable to the CONTRACT whether so
supplemented, amended, changed or modified and if it shall be assigned by the
BUYER in accordance with the terms of the CONTRACT. This guarantee will expire
on delivery of the VESSEL to the BUYER.

     The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.

                                                                       [GRAPHIC]

     The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.

     This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Morris, 36 Great
Saint Helens, Bishopsgate, London EC3A 6AP, United Kingdom, tel.: 0044 207 3298
615, fax: 0044 207 2366 683, to receive service of proceedings in such courts on
its behalf.

                                        Very truly yours,

                                        For and on behalf of
                                        Barclay Shipping Ltd.

                                        By /s/ Evangelos G. Bairactaris   [SEAL]
                                           ----------------------------
                                        Name: Evangelos G. Bairactaris
                                        Title: Attorney in Fact

                                     0311-2

                                     BARCLAY
                                  Shipping LTD

Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Bangeo-Dong, Dong-Ku,
Ulsan, 682-712
Korea

                                                       Date: 12th February, 2004

                              PERFORMANCE GUARANTEE

Gentlemen,

     In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 19th December, 2003 with ourselves on behalf of
Polarwind Maritime S.A., of Marshall Islands (hereinafter called the "BUYER")
providing for the construction of one (1) 37,000DWT Product/Chemical Tanker
having the BUILDER'S Hull No. 0314 (hereinafter called the "VESSEL"), and
providing, among other things, for payment of the CONTRACT price amounting to
United States Dollars Thirty Two Million One Hundred Thousand only (US$
32,100,000) for the VESSEL, prior to, upon and after the delivery of the VESSEL,
the undersigned, as a primary obligor and not as a surety merely, hereby
unconditionally and irrevocably guarantees to you, your successors and assigns,
the due and faithful performance by the BUYER of all its liabilities and
responsibilities under the CONTRACT and any supplements, amendments, changes or
modifications hereinafter made thereto including but not limited to, due and
prompt payment of the contract price (whether on account of principal, interest
or otherwise) by the BUYER to you, your successors and assigns under the
CONTRACT, notwithstanding any obligation of the BUYER being or becoming
unenforceable by defect in or want of its powers, (hereby expressly waiving
notice of any such supplement, amendment, change or modification as may be
agreed to by the BUYER) and confirms that this guarantee shall be fully
applicable to the CONTRACT whether so supplemented, amended, changed or modified
and if it shall be assigned by the BUYER in accordance with the terms of the
CONTRACT. This guarantee will expire on delivery of the VESSEL to the BUYER.

     The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.

                                                                       [GRAPHIC]

     The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.

     This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Morris. 36 Great
Saint Helens, Bishopsgate, London EC3A 6AP, United Kingdom, tel.: 0044 207 3298
615, fax: 0044 207 2366 683, to receive service of proceedings in such courts on
its behalf.

                                        Very truly yours,

                                        For and on behalf of
                                        Barclay Shipping Ltd.

                                        By /s/ Evangelos G. Bairactaris   [SEAL]
                                           ----------------------------
                                        Name: Evangelos G. Bairactaris
                                        Title: Attorney in Fact

                                     BARCLAY
                                  Shipping LTD

Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Bangeo-Dong, Dong-Ku,
Ulsan, 682-712
Korea

                                                       Date: 12th February, 2004

                              PERFORMANCE GUARANTEE

Gentlemen,

     In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 19th December, 2003 with ourselves on behalf of
Carnation Shipping Company, of Marshall Islands (hereinafter called the "BUYER")
providing for the construction of one (1) 37,000DWT Product/Chemical Tanker
having the BUILDER'S Hull No. 0315 (hereinafter called the "VESSEL"), and
providing, among other things, for payment of the CONTRACT price amounting
to United States Dollars Thirty Two Million One Hundred Thousand only (US$
32,100,000) for the VESSEL, prior to, upon and after the delivery of the VESSEL,
the undersigned, as a primary obligor and not as a surety merely, hereby
unconditionally and irrevocably guarantees to you, your successors and assigns,
the due and faithful performance by the BUYER of all its liabilities and
responsibilities under the CONTRACT and any supplements, amendments, changes or
modifications hereinafter made thereto including but not limited to, due and
prompt payment of the contract price (whether on account of principal, interest
or otherwise) by the BUYER to you, your successors and assigns under the
CONTRACT, notwithstanding any obligation of the BUYER being or becoming
unenforceable by defect in or want of its powers, (hereby expressly waiving
notice of any such supplement, amendment, change or modification as may be
agreed to by the BUYER) and confirms that this guarantee shall be fully
applicable to the CONTRACT whether so supplemented, amended, changed or modified
and if it shall be assigned by the BUYER in accordance with the terms of the
CONTRACT. This guarantee will expire on delivery of the VESSEL to the BUYER.

     The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation arid issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.

                                                                       [GRAPHIC]

     The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.

This guarantee shall be governed by and interpreted in accordance with the laws
of England and the undersigned hereby submits to the non-exclusive jurisdiction
of the Courts of England and appoints Field & Morris, 36 Great Saint Helens,
Bishopsgate, London EC3A 6AP, United Kingdom, tel.: 0044 207 3298 615, fax: 0044
207 2366 683, to receive service of proceedings in such courts on its behalf.

                                        Very truly yours,

                                        For and on behalf of
                                        Barclay Shipping Ltd.

                                        By /s/ Evangelos G. Bairactaris   [SEAL]
                                           ----------------------------
                                        Name: Evangelos G. Bairactaris
                                        Title: Attorney in Fact

                                     BARCLAY
                                  Shipping LTD

Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Bangeo-Dong, Dong-Ku,
Ulsan, 682-712
Korea

                                                       Date: 12th February, 2004

                              PERFORMANCE GUARANTEE

Gentlemen,

     In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 19th December, 2003 with ourselves on behalf of
Tempest Maritime Inc., of Marshall Islands (hereinafter called the "BUYER")
providing for the construction of one (1) 37,000DWT Product/Chemical Tanker
having the BUILDER's Hull No. 0316 (hereinafter called the "VESSEL"), and
providing, among other things, for payment of the CONTRACT price amounting to
United States Dollars Thirty Two Million One Hundred Thousand only (US$
32,100,000) for the VESSEL, prior to, upon and after the delivery of the VESSEL,
the undersigned, as a primary obligor and not as a surety merely, hereby
unconditionally and irrevocably guarantees to you, your successors and assigns,
the due and faithful performance by the BUYER of all its liabilities and
responsibilities under the CONTRACT and any supplements, amendments, changes or
modifications hereinafter made thereto including but not limited to, due and
prompt payment of the contract price (whether on account of principal, interest
or otherwise) by the BUYER to you, your successors and assigns under the
CONTRACT, notwithstanding any obligation of the BUYER being or becoming
unenforceable by defect in or want of its powers, (hereby expressly waiving
notice of any such supplement, amendment, change or modification as may be
agreed to by the BUYER) and confirms that this guarantee shall be fully
applicable to the CONTRACT whether so supplemented, amended, changed or modified
and if it shall be assigned by the BUYER in accordance with the terms of the
CONTRACT. This guarantee will expire on delivery of the VESSEL to the BUYER.

     The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.

                                                                       [GRAPHIC]

     The payment by the undersigned under this guarantee shall be" made
forthwith upon receipt by us of written demand from you including a statement
that the BUYER is in default of payment of the amounts (including, but not
limited to, the instalment(s) payable prior to or upon delivery of the VESSEL)
that were due under the CONTRACT, without requesting you to take any or further
procedure or step against the BUYER. In the event that any withholding or
deduction is imposed by any law, the undersigned will pay such additional amount
as may be necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.

     This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Morris, 36 Great
Saint Helens, Bishopsgate, London EC3A 6AP, United Kingdom, tel.: 0044 207 3298
615, fax: 0044 207 2366 683, to receive service of proceedings in such courts on
its behalf.

                                        Very truly yours,

                                        For and on behalf of
                                        Barclay Shipping Ltd.

                                        By /s/ Evangelos G. Bairactaris   [SEAL]
                                           ----------------------------
                                        Name: Evangelos G. Bairactaris
                                        Title: Attorney in Fact

Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Bangeo-Dong, Dong-Ku,
Ulsan, 682-712
Korea

                                                           Date: 1st August 2004

                              PERFORMANCE GUARANTEE

Gentlemen,

     In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 15th July 2004 with Atlantas Shipping Company, of
Marshall Islands (hereinafter called the "BUYER") providing for the construction
of one (1) 37,000 DWT Product/Chemical Tanker having the BUILDER's Hull No. 0442
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Six
Million Two Hundred Forty Six Thousand only (US$ 36,246,000) for the VESSEL,
prior to, upon and after the delivery of the VESSEL, the undersigned, as a
primary obligor and not as a surety merely, hereby unconditionally and
irrevocably guarantees to you, your successors and assigns, the due and faithful
performance by the BUYER of all its liabilities and responsibilities under the
CONTRACT and any supplements, amendments, changes or modifications hereinafter
made thereto including but not limited to, due and prompt payment of the
contract price (whether on account of principal, interest or otherwise) by the
BUYER to you, your successors and assigns under the CONTRACT, notwithstanding
any obligation of the BUYER being or becoming unenforceable by defect in or want
of its powers, (hereby expressly waiving notice of any such supplement,
amendment, change or modification as may be agreed to by the BUYER) and confirms
that this guarantee shall be fully applicable to the CONTRACT whether so
supplemented, amended, changed or modified and if it shall be assigned by the
BUYER in accordance with the terms of the CONTRACT. This guarantee will expire
on delivery of the VESSEL to the BUYER.

     The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.

     The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.

     This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Morris, 36 Great
Saint Helens, Bishopsgate, London EC3A 6AP, United Kingdom, tel.: 0044 207 3298
615, fax: 0044 207 2366 683, to receive service of proceedings in such courts on
its behalf.

                                        Very truly yours,

                                        For and on behalf of
                                        Barclay Shipping Ltd.

                                        By /s/ Evangelos G. Bairactaris   [SEAL]
                                           ----------------------------
                                        Name: Evangelos G. Bairactaris
                                        Title: Attorney in Fact

Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Bangeo-Dong, Dong-Ku,
Ulsan, 682-712
Korea

                                                           Date: 1st August 2004

                              PERFORMANCE GUARANTEE

Gentlemen,

     In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 15th July 2004 with Belrose Maritime Inc., of
Marshall Islands (hereinafter called the "BUYER") providing for the construction
of one (1) 37,000 DWT Product/Chemical Tanker having the BUILDER's Hull No. 0443
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Six
Million Two Hundred Forty Six Thousand only (US$ 36,246,000) for the VESSEL,
prior to, upon and after the delivery of the VESSEL, the undersigned, as a
primary obligor and not as a surety merely, hereby unconditionally and
irrevocably guarantees to you, your successors and assigns, the due and faithful
performance by the BUYER of all its liabilities and responsibilities under the
CONTRACT and any supplements, amendments, changes or modifications hereinafter
made thereto including but not limited to, due and prompt payment of the
contract price (whether on account of principal, interest or otherwise) by the
BUYER to you, your successors and assigns under the CONTRACT, notwithstanding
any obligation of the BUYER being or becoming unenforceable by defect in or want
of its powers, (hereby expressly waiving notice of any such supplement,
amendment, change or modification as may be agreed to by the BUYER) and confirms
that this guarantee shall be fully applicable to the CONTRACT whether so
supplemented, amended, changed or modified and if it shall be assigned by the
BUYER in accordance with the terms of the CONTRACT. This guarantee will expire
on delivery of the VESSEL to the BUYER.

     The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.

     The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction
is imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.

     This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Morris, 36 Great
Saint Helens, Bishopsgate, London EC3A 6AP, United Kingdom, tel.: 0044 207 3298
615, fax: 0044 207 2366 683, to receive service of proceedings in such courts on
its behalf.

                                        Very truly yours,

                                        For and on behalf of
                                        Barclay Shipping Ltd.

                                        By /s/ Evangelos G. Bairactaris   [SEAL]
                                           ----------------------------
                                        Name: Evangelos G. Bairactaris
                                        Title: Attorney in Fact

Hyundai Mipo Dockyard Co., Ltd. (the "BUILDER")
1381, Bangeo-Dong, Dong-Ku,
Ulsan, 682-712
Korea

                                                           Date: 1st August 2004

                              PERFORMANCE GUARANTEE

Gentlemen,

     In consideration of your executing a shipbuilding contract (hereinafter
called the "CONTRACT") dated 15th July 2004 with Adrian Shipholding Inc., of
Marshall Islands (hereinafter called the "BUYER") providing for the construction
of one (1) 37,000 DWT Product/Chemical Tanker having the BUILDER's Hull No. 0444
(hereinafter called the "VESSEL"), and providing, among other things, for
payment of the CONTRACT price amounting to United States Dollars Thirty Six
Million Two Hundred Forty Six Thousand only (US$ 36,246,000) for the VESSEL,
prior to, upon and after the delivery of the VESSEL, the undersigned, as a
primary obligor and not as a surety merely, hereby unconditionally and
irrevocably guarantees to you, your successors and assigns, the due and faithful
performance by the BUYER of all its liabilities and responsibilities under the
CONTRACT and any supplements, amendments, changes or modifications hereinafter
made thereto including but not limited to, due and prompt payment of the
contract price (whether on account of principal, interest or otherwise) by the
BUYER to you, your successors and assigns under the CONTRACT, notwithstanding
any obligation of the BUYER being or becoming unenforceable by defect in or
want of its powers, (hereby expressly waiving notice of any such supplement,
amendment, change or modification as may be agreed to by the BUYER) and confirms
that this guarantee shall be fully applicable to the CONTRACT whether so
supplemented, amended, changed or modified and if it shall be assigned by the
BUYER in accordance with the terms of the CONTRACT. This guarantee will expire
on delivery of the VESSEL to the BUYER.

     The undersigned hereby certifies, represents and warrants that all acts,
conditions and things required to be done and performed and to have occurred
precedent to the creation and issuance of this guarantee, and to constitute the
guarantee the valid and legally binding obligation of the undersigned
enforceable in accordance with its terms have been done and performed and have
occurred in due and strict compliance with applicable laws.

     The payment by the undersigned under this guarantee shall be made forthwith
upon receipt by us of written demand from you including a statement that the
BUYER is in default of payment of the amounts (including, but not limited to,
the instalment(s) payable prior to or upon delivery of the VESSEL) that were due
under the CONTRACT, without requesting you to take any or further procedure or
step against the BUYER. In the event that any withholding or deduction is
imposed by any law, the undersigned will pay such additional amount as may be
necessary in order that the actual amount received after deduction or
withholding shall equal to the amount that would have been received if such
deduction or withholding were not required.

     This guarantee shall be governed by and interpreted in accordance with the
laws of England and the undersigned hereby submits to the non-exclusive
jurisdiction of the Courts of England and appoints Field & Morris, 36 Great
Saint Helens, Bishopsgate, London EC3A 6AP, United Kingdom, tel.: 0044 207 3298
615, fax: 0044 207 2366 683, to receive service of proceedings in such courts on
its behalf.

                                        Very truly yours,

                                        For and on behalf of
                                        Barclay Shipping Ltd.

                                        By /s/ Evangelos G. Bairactaris   [SEAL]
                                           ----------------------------
                                        Name: Evangelos G. Bairactaris
                                        Title: Attorney in FactMANAGEMENT AGREEMENT

THIS AGREEMENT is made at Piraeus this 18th day of October Two Thousand and Four
(2004).

BETWEEN PALLADIUM SHIPMANAGEMENT INC., a company incorporated under the laws of
the Republic of Marshall Islands, having its registered office at Trust Company
Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands (hereinafter
called "the Owner") of the one part and BARCLAY SHIPPING LIMITED, a limited
liability company incorporated under the laws of the Republic of Liberia having
its registered office at Monrovia (80, Broad Street) Liberia and a branch office
at Piraeus 3, Iassonos street, (hereinafter called "the Manager") of the other
part.

WHEREAS:

A.   The Owner is the prospective owner of the motor vessel "SHAKTI DOOT" to be
     renamed "ASTERIX I" IMO No. 8009248 and registered in the ownership of the
     Owner under the Panamanian flag, of 11584 net tons, (hereinafter called
     "the Vessel").

B.   It has been agreed between the Owner and the Manager that for the period
     and upon and subject to the terms and conditions hereinafter expressed and
     contained the Manager shall be and hereby is appointed to act as Manager to
     manage and operate the Vessel in consideration of the management fee
     hereinafter prescribed.

NOW THEREFORE IT IS HEREBY MUTUALLY AGREED BY AND BETWEEN THE PARTIES HERETO AS
FOLLOWS:

1. The Owner hereby appoints the Manager and the Manager hereby agrees to act as
Manager of the Vessel as of the time of its delivery to the Owner and in that
capacity and subject as hereinafter provided the Manager shall have and be
entrusted with the management of the Vessel and operation worldwide.

2. The Manager is authorised generally to manage conduct and administer all the
Owner's affairs relating to the Vessel in any country of the world as fully and
effectively as a prudent owner would do himself and to have the power to
substitute and appoint any person or persons as attorney or attorneys delegate
or delegates or substitute or substitutes to act in the name of the Owner with
the same or lesser powers. In particular but without prejudice to the generality
of the foregoing the Manager shall have power:

(a) To make and enter into agreements on behalf of the Owner for the employment
of the Vessel;

3. The Manager shall maintain financial records relating to the Owner's business
and to the operation of the Vessel and shall at the end or each financial year
submit accounts for the Vessel to the Owner. The Manager's records and accounts
shall be open to inspection at any time by the Owner or its duly accredited
representatives. The Manager shall prepare all accounts and statements required
by the Bank who is or any other Bank that shall be Mortgagee of the vessel and
shall regularly give the Owner statements of the expenses, payables and
receivable of the Vessel.

4. The appointment of the Manager hereunder shall (notwithstanding the date
hereof) be deemed to have commenced as from the date of deliver and shall
continue of a period of one year from that date and thereafter from year to year
unless or until such appointment is terminated by either party giving to the
other at least three calendar months' notice in writing of intention to
terminate the same.

5. The Manager shall at its own expense provide all necessary offices
administrative personnel clerks and shall pay for all stationery printing
postage telephones telex cables wireless messages to the Vessel and all other
usual office expenses incurred by him as Manager in or about the business of the
management of the Vessel. Legal fees, fees of superintendents or port captains
etc. travelling expenses for the Manager's personnel, superintendents, port
captains and legal advisers directly incurred in the course of the operation
maintenance or repair of the Vessel shall be for the account of the Owner.

6. All monies necessarily expended by the Manager in the fulfilment of any of
its obligations under this Agreement in respect of the maintenance and operation
of the Vessel shall be reimbursed by the Owner.

7. The appointment of the Manager shall be deemed to have commenced as from the
date of delivery.

8. The Manager shall receive as remuneration for his services under this
agreement a monthly fee of U.S.$18,000.00. The Management fee shall be revised
at the expiry of one year from the date of commencement in accordance with the
general increase in costs during the said period.

9. The Owner undertakes at all times to indemnify and hold harmless the Manager
against all actions penalties of claims of whatsoever nature in respect of the
Vessel which may be brought against the Manager whether founded or unfounded.

10. NOTWITHSTANDING anything to the contrary herein contained this Agreement
shall be forthwith terminated in the occurrence of any of the following events:

(a) if an order is made effective or resolution is passed for the winding up of
the Manager;

(b) if a receiver is appointed of the property of the Manager or any part
thereof:

(c) if the Manager shall cease or threatens to cease to carry on his business;
and

(d) if distress of execution is levied or sued out against any property of the
Manager and is not paid or discharged within seven days.

11. This Agreement is governed by Greek Law.

12. Any dispute-arising out of or in relation to this Contract shall be referred
to the arbitration of the Greek Chamber of Shipping in Piraeus.

13. This contract cannot be assigned to any other party without the written
approval of the Owner first having been obtained.

IN WITNESS WHEREOF the parties hereto have executed this Agreement the day and
year first above written.

SIGNED AND DELIVERED BY )               [SEAL]
STYLIANI VRETTOU        )
FOR AND ON BEHALF OF    )
PALLADIUM SHIPMANAGEMENT INC.) /s/ Styliani Vrettou
                               ----------------------------
                               Director

SIGNED AND DELIVERED BY )               [SEAL]
SARANTOS PETROPOULEAS   )
FOR AND ON BEHALF OF    )
BARCLAY SHIPPING LIMITED) /s/ Sarantos Petropouleas
                          ---------------------------------
                          General Manager

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]