Document:

Exhibit 4.5

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                         CREDIT FACILITY PROVIDING FOR A

                            SENIOR SECURED TERM LOAN

                             OF UP TO US$154,000,000

                             TO BE MADE AVAILABLE TO

                                TOP TANKERS INC.,
                                  as Borrower,

                                       BY

                                HSH NORDBANK AG,
                       Acting through its Hamburg Branch,
      as Arranger, Underwriter, Administrative Agent and Security Trustee,

                    and the Banks and Financial Institutions
                      identified on Schedule 1, as Lenders

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                        Date of Closing: November 7, 2005

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CONTENTS

                                                                            PAGE
                                                                            ----

1.    DEFINITIONS..............................................................1
      1.1   Specific Definitions...............................................1
      1.2   Computation of Time Periods; Other Definitional Provisions........14
      1.3   Accounting Terms..................................................14
      1.4   Certain Matters Regarding Materiality.............................14
      1.5   Forms of Documents................................................14
2.    REPRESENTATIONS AND WARRANTIES..........................................15
      2.1   Representations and Warranties....................................15
            (a)   Due Organization and Power..................................15
            (b)   Authorization and Consents..................................15
            (c)   Binding Obligations.........................................15
            (d)   No Violation................................................15
            (e)   Filings; Stamp Taxes........................................15
            (f)   Litigation..................................................16
            (g)   No Default..................................................16
            (h)   Vessels.....................................................16
            (i)   Insurance...................................................16
            (j)   Financial Information.......................................16
            (k)   Tax Returns.................................................16
            (l)   Chief Executive Office......................................17
            (m)   Foreign Trade Control Regulations...........................17
            (n)   Equity Ownership............................................17
            (o)   Environmental Matters and Claims............................17
            (p)   Compliance with ISM Code, the ISPS Code and the MTSA........18
            (q)   No Threatened Withdrawal of DOC, ISSC or SMC................18
            (r)   Liens.......................................................18
            (s)   Financial Indebtedness......................................18
            (t)   No Proceedings to Dissolve..................................18
            (u)   Solvency....................................................18
            (v)   Pari Passu Ranking..........................................18
            (w)   Taxes on Payments...........................................19
            (x)   Jurisdiction/Governing Law..................................19
            (y)   Charters....................................................19
            (z)   Compliance with Laws........................................19
            (aa)  Survival....................................................19
3.    THE ADVANCES............................................................19
      3.1   (a) Purposes......................................................19
            (b)   Making of the Advances......................................19
      3.2   Drawdown Notice...................................................20
      3.3   Effect of Drawdown Notice.........................................20
      3.4   Notation of Advances..............................................20
4.    CONDITIONS..............................................................21
      4.1   Conditions Precedent to the Initial Advance.......................21
            (a)   Corporate Authority.........................................21
            (b)   The Credit Facility Agreement and the Note..................21
            (c)   Guarantor Documents.........................................22
            (d)   Guarantor Solvency..........................................22
            (e)   Approved Manager Documents..................................22
            (f)   Environmental Claims........................................22
            (g)   Fees........................................................22
            (h)   Accounts....................................................22
            (i)   Compliance Certificate......................................22
            (j)   Vessel Appraisal and Inspection.............................22
            (k)   Money Laundering Due Diligence..............................22
            (l)   Legal Opinions..............................................23
      4.2   Conditions Precedent re Delivery Advances.........................23
            (a)   The Vessels.................................................23
            (b)   Vessel Documents............................................23
            (c)   Additional Documents........................................24
            (d)   Vessel Liens................................................24
            (e)   ISM DOC.....................................................24
            (f)   Process Agent...............................................24
            (g)   Legal Opinions..............................................24
      4.3   Further Conditions Precedent......................................25
            (a)   Drawdown Notice.............................................25
            (b)   Representations and Warranties..............................25
            (c)   No Event of Default.........................................25
            (d)   No Change in Laws...........................................25
            (e)   No Material Adverse Effect..................................25
      4.4   Breakfunding Costs................................................25
      4.5   Satisfaction after Drawdown.......................................25
5.    REPAYMENT AND PREPAYMENT................................................25
      5.1   Repayment.........................................................25
      5.2   Voluntary Prepayment; No Re-Borrowing.............................26
      5.3   Mandatory Prepayment..............................................26
      5.4   Interest and Costs with Prepayments/Application of Prepayments....26
6.    INTEREST AND RATE.......................................................26
      6.1   Applicable Rate...................................................26
      6.2   Default Rate......................................................27
      6.3   Interest Periods..................................................27
      6.4   Interest Payments.................................................27
7.    PAYMENTS................................................................27
      7.1   Place of Payments, No Set Off.....................................27
      7.2   Tax Credits.......................................................28
      7.3   Sharing of Setoffs................................................28
      7.4   Computations; Banking Days.  (a)..................................28
8.    EVENTS OF DEFAULT.......................................................28
      8.1   Events of Default.................................................28
            (a)   Non-Payment of Principal....................................28
            (b)   Non-Payment of Interest or Other Amounts....................29
            (c)   Representations.............................................29
            (d)   Impossibility; Illegality...................................29
            (e)   Mortgage....................................................29
            (f)   Covenants...................................................29
            (g)   Debt........................................................29
            (h)   Ownership of Guarantors.....................................29
            (i)   Bankruptcy..................................................29
            (j)   Termination of Operations; Sale of Assets...................30
            (k)   Judgments...................................................30
            (l)   Inability to Pay Debts......................................30
            (m)   Change in Financial Position................................30
            (n)   Change in Control...........................................30
            (o)   Cross-Default...............................................30
      8.2   Indemnification...................................................31
      8.3   Application of Moneys.............................................31
9.    COVENANTS...............................................................31
      9.1   Affirmative Covenants.............................................31
            (a)   Performance of Agreements...................................31
            (b)   Notice of Default, etc......................................32
            (c)   Obtain Consents.............................................32
            (d)   Financial Information.......................................32
            (e)   Vessel Valuations...........................................33
            (f)   Corporate Existence.........................................33
            (g)   Books and Records...........................................33
            (h)   Taxes and Assessments.......................................33
            (i)   Inspection..................................................33
            (j)   Inspection and Survey Reports...............................34
            (k)   Compliance with Statutes, Agreements, etc...................34
            (l)   Environmental Matters.......................................34
            (m)   Vessel Management...........................................34
            (n)   ISM Code, ISPS Code and MTSA Matters........................34
            (o)   Brokerage Commissions, etc..................................34
            (p)   Deposit Accounts; Assignment................................35
            (q)   Insurance...................................................35
            (r)   Interest Rate Agreements....................................35
      9.2   Negative Covenants................................................35
            (a)   Liens.......................................................35
            (b)   Debt........................................................35
            (c)   Change of Flag, Class, Management or Ownership..............36
            (d)   Chartering..................................................36
            (e)   Change in Business..........................................36
            (f)   Sale or Pledge of Shares....................................36
            (g)   Sale of Assets..............................................36
            (h)   Changes in Offices..........................................36
            (i)   Consolidation and Merger....................................36
            (j)   Change Fiscal Year..........................................36
            (k)   Limitations on Ability to Make Distributions................36
            (l)   Use of Corporate Funds......................................36
            (m)   Issuance of Shares..........................................37
            (n)   No Money Laundering.........................................37
            (o)   Accounts....................................................37
            (p)   Use of Proceeds.............................................37
            (q)   Borrowers Chief Executive Officer...........................37
      9.3   Financial Covenants...............................................37
            (a)   Adjusted Net Worth..........................................37
            (b)   EBITDA to Fixed Charges.....................................37
            (c)   Minimum Liquidity...........................................37
      9.4   Asset Maintenance.................................................37
10.   ASSIGNMENT..............................................................38
11.   ILLEGALITY, INCREASED COST, NON-AVAILABILITY, ETC.......................38
      11.1  Illegality........................................................38
      11.2  Increased Costs...................................................38
      11.3  Nonavailability of Funds..........................................39
      11.4  Lender's Certificate Conclusive...................................40
      11.5  Compensation for Losses...........................................40
12.   CURRENCY INDEMNITY......................................................40
      12.1  Currency Conversion...............................................40
      12.2  Change in Exchange Rate...........................................40
      12.3  Additional Debt Due...............................................40
      12.4  Rate of Exchange..................................................40
13.   FEES AND EXPENSES.......................................................40
      13.1  Fees..............................................................40
      13.2  Expenses..........................................................41
14.   APPLICABLE LAW, JURISDICTION AND WAIVER.................................41
      14.1  Applicable Law....................................................41
      14.2  Jurisdiction......................................................41
      14.3  WAIVER OF JURY TRIAL..............................................42
15.   THE AGENTS..............................................................42
      15.1  Appointment of Agents.............................................42
      15.2  Security Trustee as Trustee.......................................42
      15.3  Distribution of Payments..........................................42
      15.4  Holder of Interest in Note........................................42
      15.5  No Duty to Examine, Etc...........................................42
      15.6  Agents as Lenders.................................................43
      15.7  Acts of the Agents................................................43
      15.8  Certain Amendments................................................43
      15.9  Assumption re Event of Default....................................44
      15.10 Limitations of Liability..........................................44
      15.11 Indemnification of the Agents.....................................44
      15.12 Consultation with Counsel.........................................45
      15.13 Resignation.......................................................45
      15.14 Representations of Lenders........................................45
      15.15 Notification of Event of Default..................................45
      15.16 No Agency or Trusteeship if not Syndicated........................45
      15.17 Nature of Duties..................................................45
      15.18 Delegation of Power...............................................46
16.   NOTICES AND DEMANDS.....................................................46
      16.1  Notices...........................................................46
17.   MISCELLANEOUS...........................................................46
      17.1  Time of Essence...................................................46
      17.2  Unenforceable, etc., Provisions-Effect............................46
      17.3  References........................................................47
      17.4  Further Assurances................................................47
      17.5  Prior Agreements, Merger..........................................47
      17.6  Entire Agreement; Amendments......................................47
      17.7  Indemnification...................................................47
      17.8  Headings..........................................................48
      17.9  WAIVER OF IMMUNITY................................................48
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SCHEDULE
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     1    The Lenders and the Initial Commitments
     2    The Guarantors and Vessels
     3    Financial Indebtedness

EXHIBITS

     A    Form of Note
     B    Form of Guaranty
     C-1  Form of Borrower Account Pledge
     C-2  Form of Guarantor Account Pledge
     D    Form of Mortgage
     E    Form of Earnings Assignment
     F    Form of Insurances Assignment
     G    Form of Assignment and Assumption Agreement
     H    Form of Compliance Certificate
     I    Form of Drawdown Notice
     J    Form of Interest Notice
     K    Form of Approved Manager's Undertaking
<PAGE>

                      SENIOR SECURED TERM CREDIT FACILITY
                      -----------------------------------

THIS SENIOR SECURED TERM CREDIT FACILITY AGREEMENT (this "Credit Facility
Agreement") is made as of the 7th day of November, 2005, by and among (1) TOP
TANKERS INC., a corporation organized and existing under the laws of the
Republic of the Marshall Islands (the "Borrower"), (2) the banks and financial
institutions listed on Schedule 1, as lenders (together with any bank or
financial institution which becomes a Lender pursuant to Section 10, the
"Lenders") and (3) HSH NORDBANK AG, acting through its Hamburg Branch ("HSH"),
as administrative agent for the Lenders (in such capacity, the "Administrative
Agent") and as security trustee for the Lenders (in such capacity, the "Security
Trustee").

                                WITNESSETH THAT:
                                ---------------

WHEREAS, at the request of the Borrower, the Administrative Agent has agreed to
serve in such capacity under the terms of this Credit Facility Agreement and the
Lenders have agreed to provide to the Borrower a senior secured credit facility
for a term loan to be made available in two tranches in the lesser amount of US$
154,000,000 or 65% of the Fair Market Value of the Vessels, as defined below, to
assist the Guarantors to partly finance the acquisition of the Vessels for a
purchase price of not more than US$ 236,600,000;

NOW, THEREFORE, in consideration of the premises set forth above, the covenants
and agreements hereinafter set forth, and other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto
agree as set forth below:

1. DEFINITIONS

1.1 Specific Definitions. In this Credit Facility Agreement the words and
expressions specified below shall, except where the context otherwise requires,
have the meanings attributed to them below:

"Acceptable Accounting Firm"   means Ernst & Young, or such other recognized
                               international accounting firm as shall be
                               approved by the Administrative Agent, such
                               approval not to be unreasonably withheld;

"Account Pledge(s)"            means each of the pledge agreements to be
                               executed by the Guarantors in favor of the
                               Security Trustee in respect of the Earnings
                               Accounts and the pledge agreement to be executed
                               by the Borrower in favor of the Security Trustee
                               and the Lenders in respect of the Retention
                               Account, each pursuant to Section 4.1(h), and
                               substantially in the forms set out in Exhibit C-1
                               and Exhibit C-2;

"Accounting Period"            means each consecutive period of three months
                               falling during the period (ending on the last day
                               in March, June, September and December of each
                               year) for which quarterly accounting information
                               is required to be provided to the Administrative
                               Agent hereunder;

"Adjusted Net Worth"           means, measured at the end of an Accounting
                               Period, the amount of Total Assets (as adjusted
                               to include the aggregate Fair Market Value of
                               each of the vessels owned by the Borrower and
                               each of its Subsidiaries) less Consolidated Debt
                               as stated in then most recent accounting
                               information delivered to the Administrative Agent
                               hereunder;

"Administrative Agent"         shall have the meaning ascribed thereto in the
                               preamble;

"Advance(s)"                   means any amount advanced to the Borrower with
                               respect to the Facility or (as the context may
                               require) the aggregate amount of all such
                               Advances for the time being outstanding, such
                               term to include all of the Advances A and
                               Advances B;

"Advance(s) A"                 means each of the four (4) Advances to be made
                               available under Tranche A, each Advance not to
                               exceed 55% of the Fair Market Value of the
                               relevant Vessel;

"Advance(s) B"                 means each of the four (4) Advances to be made
                               available under Tranche B, each Advance not to
                               exceed 10% of the Fair Market Value of the
                               relevant Vessel;

"Affiliate"                    means with respect to any Person, any other
                               Person directly or indirectly controlled by or
                               under common control with such Person. For the
                               purposes of this definition, "control"
                               (including, with correlative meanings, the terms
                               "controlled by" and "under common control with")
                               as applied to any Person means the possession
                               directly or indirectly of the power to direct or
                               cause the direction of the management and
                               policies of that Person whether through ownership
                               of voting securities or by contract or otherwise;

"Agents"                       means each of the Administrative Agent and the
                               Security Trustee;

"Applicable Rate"              means any rate of interest applicable to the
                               Facility from time to time pursuant to Section
                               6.1;

"Approved Manager"             means a direct or indirect wholly-owned
                               subsidiary of the Borrower or any other company
                               approved by the Lenders from time to time as the
                               manager of a Vessel, which approval shall not
                               unreasonably be withheld;

"Approved Manager's
Undertaking(s)"                means each of the undertakings made or to be made
                               by an Approved Manager in favor of the Lenders in
                               respect of a Vessel, substantially in the form
                               set out in Exhibit K;

"Assigned Moneys"              means sums assigned to or received by the Agents
                               pursuant to any Security Document;

"Assignment and Assumption
Agreement(s)"                  means the Assignment and Assumption Agreement(s)
                               executed pursuant to Section 10 substantially in
                               the form set out in Exhibit G;

"Assignment Notices"           means:

                               (i)  notices with respect to the Earnings
                                    Assignments substantially in the form set
                                    out in Exhibit 1 thereto; and

                               (ii) notices with respect to the Insurances
                                    Assignments substantially in the form set
                                    out in Exhibit 3 thereto;

"Assignments"                  means the Earnings Assignments and the Insurances
                               Assignments;

"Banking Day(s)"               means day(s) on which banks are open for the
                               transaction of business in London, England, New
                               York, New York (United States of America),
                               Piraeus, Greece and Hamburg, Germany;

"Borrower"                     shall have the meaning ascribed thereto in the
                               preamble;

"Change of Control"            means (a) any "person" (as such term is used in
                               Sections 13(d) and 14(d) of the Exchange Act),
                               other than a member of the immediate family of
                               Evangelos Pistiolis, becomes the beneficial owner
                               (as defined in Rules 13d-3 and 13d-5 under the
                               Exchange Act), directly or indirectly, of more
                               than 35% of the total voting power or ownership
                               interest of the Borrower or (b) the Board of
                               Directors of the Borrower ceases to consist of a
                               majority of the directors existing on the date
                               hereof or directors nominated by at least
                               two-thirds (2/3) of the then existing directors;

"Charterer(s)"                 shall mean any bareboat charterer or time
                               charterer who has entered into a Charter Party
                               Agreement with any of the Guarantors;

"Charter Party Agreement(s)"   shall mean any bareboat charter agreement or any
                               time charter agreement with any of the
                               Guarantors, having a duration of longer than
                               eleven (11) months;

"Classification Society"       means Lloyd's Register or any other member of the
                               International Association of Classification
                               Societies, as approved by the Administrative
                               Agent, with whom any of the Vessels are entered
                               and who conducted periodic physical surveys
                               and/or inspections of any of the Vessels;

"CLO"                          shall have the meaning ascribed thereto in
                               Section 10;

"Code"                         means the Internal Revenue Code of 1986, as
                               amended, and any successor statute and regulation
                               promulgated thereunder;

"Collateral"                   means all property or other assets, real or
                               personal, tangible or intangible, whether now
                               owned or hereafter acquired in which any Agent or
                               any Lender has been granted a security interest
                               pursuant to a Security Document;

"Commitment(s)"                means in relation to a Lender, the portion of the
                               Facility set out opposite its name in Schedule 1
                               or, as the case may be, as reduced by or set out
                               in any relevant Assignment and Assumption
                               Agreement, as such amount shall be reduced from
                               time to time pursuant to Section 5;

"Commitment Fee"               shall have the meaning ascribed thereto in
                               Section 13.1;

"Commitment Termination
Date"                          shall mean December 31, 2005;

"Compliance Certificate"       means a certificate certifying the compliance by
                               the Borrower and/or each of the Guarantors, as
                               the case may be, with all of its respective
                               covenants contained herein and showing the
                               calculations thereof in reasonable detail,
                               executed and delivered by the chief financial
                               officer of the Borrower to the Administrative
                               Agent from time to time pursuant to Section
                               9.1(d) in the form set out in Exhibit H, or in
                               such other form as the Administrative Agent may
                               agree;

"Consent and Agreement"        means the consent and agreement relating to this
                               Credit Facility Agreement to be executed by each
                               of the Guarantors in the form attached hereto;

"Consolidated Debt"            means, measured at the end of an Accounting
                               Period for the Borrower and its Subsidiaries on a
                               consolidated basis, the aggregate amount of Debt
                               due by the Security Parties as stated in the then
                               most recent accounting information delivered to
                               the Administrative Agent hereunder;

"Consolidated Financial
Indebtedness"                  means, measured at the end of each Accounting
                               Period, the aggregate amount of Financial
                               Indebtedness (including current maturities) of
                               the Borrower and its Subsidiaries on a
                               consolidated basis as stated in the then most
                               recent accounting information delivered to the
                               Administrative Agent hereunder;

"Credit Facility Agreement"    means this agreement, as the same shall be
                               amended, modified or supplemented from time to
                               time;

"Current Assets"               means, measured at the end of each Accounting
                               Period, the aggregate of the cash and marketable
                               securities, trade and other receivables of the
                               Borrower and its Subsidiaries on a consolidated
                               basis from persons which can be realized within
                               one year, inventories and prepaid expenses which
                               are to be charged to income within one year less
                               any doubtful debts and any discounts or
                               allowances given as stated in the then most
                               recent accounting information delivered to the
                               Administrative Agent hereunder;

"Debt"                         means, in relation to the Borrower and its
                               Subsidiaries (the "debtor"): (a) Financial
                               Indebtedness of the debtor; (b) liability for any
                               credit to the debtor from a supplier of goods or
                               services or under any installment purchase or
                               payment plan or similar arrangement; (c)
                               contingent liabilities of the debtor (including
                               without limitation any taxes or other payments
                               under dispute) which have been or, under GAAP,
                               should be recorded in the notes to the accounting
                               information; (d) deferred tax of the debtor; and
                               (e) liability under a guarantee, indemnity or
                               similar obligation entered into by the debtor in
                               respect of a liability of another person who is
                               not a Security Party which would fall within (a)
                               to (d) if the references to the debtor referred
                               to the other Person;

"Default Rate"                 shall have the meaning ascribed thereto in
                               Section 6.2;

"Delivery Advance"             means with respect to each Tranche, the Advance
                               to be made to the Borrower in respect of the
                               delivery of the Vessel to which such Tranche
                               relates;

"Delivery Date"                means with respect to each Vessel the date on
                               which Vessel is delivered to the respective
                               Guarantor;

"DOC"                          means a document of compliance issued to an
                               Operator in accordance with rule 13 of the ISM
                               Code;

"Dollars" and the sign "$"     means the legal currency, at any relevant time
                               hereunder, of the United States of America and,
                               in relation to all payments hereunder, in same
                               day funds settled through the New York Clearing
                               House Interbank Payments System (or such other
                               Dollar funds as may be determined by the
                               Administrative Agent to be customary for the
                               settlement in New York City of banking
                               transactions of the type herein involved);

"Drawdown Date(s)"             means the dates, each being a Banking Day, upon
                               which the Borrower has requested that an Advance
                               be made available to the Borrower, and such
                               Advance is made, as provided in Section 3;
                               provided, that no Drawdown Date shall occur after
                               the Commitment Termination Date;

"Drawdown Notice"              shall have the meaning ascribed thereto in
                               Section 3.2;

"EBITDA"                       means, in respect of an Accounting Period, the
                               aggregate amount of consolidated pre-tax profits
                               of the Borrower and its Subsidiaries before
                               extraordinary or exceptional items, depreciation,
                               interest, rentals under finance leases and
                               similar charges payable as stated in the then
                               most recent accounting information;

"Earnings Account"             shall have the meaning ascribed thereto in
                               Section 4.1(h);

"Earnings Assignment(s)"       Means the assignments in respect of the earnings
                               of each Vessel from any and all sources, to be
                               executed by the relevant Guarantor in favor of
                               the Security Trustee pursuant to Section 4.2(b),
                               substantially in the form set out in Exhibit E;

"Environmental Affiliate(s)"   means any person or entity, the liability of
                               which for Environmental Claims any Security Party
                               or Subsidiary of any Security Party may have
                               assumed by contract or operation of law;

"Environmental Approval(s)"    shall have the meaning ascribed thereto in
                               Section 2.1(o);

"Environmental Claim(s)"       shall have the meaning ascribed thereto in
                               Section 2.1(o);

"Environmental Law(s)"         shall have the meaning ascribed thereto in
                               Section 2.1(o);

"Event(s) of Default"          means any of the events set out in Section 8.1;

"Exchange Act"                 shall mean the Securities and Exchange Act of
                               1934, as amended;

"Facility"                     means the term loan facility to be made available
                               by the Lenders to the Borrower hereunder in two
                               Tranches, each comprised of four (4) Advances,
                               pursuant to Section 3; and being, in the
                               aggregate, no more than the lesser of (i) One
                               Hundred Fifty Four Million Dollars ($154,000,000)
                               or (ii) sixty-five percent (65%) of the Fair
                               Market Value of the Vessels;

"Fair Market Value"            means in relation to a Vessel, her sale value
                               (determined as the average of two valuations
                               prior to the Drawdown Date, and thereafter one
                               valuation with the annual financial statements
                               and one valuation with the interim financial
                               statements, each of them not older than six weeks
                               from any of Simpson, Spence and Young, London,
                               England or Astrup Fearnley A/S, Oslo, Norway or
                               AC Shipping, London, England or R.S. Platou
                               Shipbrokers A/S, Oslo, Norway or Galbraith's
                               Limited, London, England or H. Clarksons & Co.
                               Ltd., London, England) with or without physical
                               inspection (as the Lender may require) in United
                               States Dollars on the basis of the sale of the
                               Vessel (i) for prompt delivery, (ii) for cash,
                               (iii) (A) with or without taking into account
                               charter party for Vessels with charter parties of
                               less than 12 months remaining duration (whichever
                               results in a lower value) or (B) at the value of
                               the relevant Vessel after taking into account the
                               relevant charter party if such charter party has
                               a remaining duration of more than 12 months
                               provided that the charterer is, in the reasonable
                               discretion of the Lender, of acceptable credit
                               quality and (iv) at arm's length on normal
                               commercial terms between a willing seller and a
                               willing buyer. If the two valuations obtained
                               prior to the Drawdown Date differ by a margin of
                               more than fifteen percent (15%) then a third
                               appraiser from the aforementioned firms selected
                               by the Administrative Agent shall make an
                               independent appraisal at the Borrower's expense,
                               and the Fair Market Value of the Vessel shall be
                               considered to be the average of all three
                               valuations obtained;

"Final Tranche A Payment
Date"                          means, that date which is eight years after the
                               Delivery Date of the last Vessel delivered to the
                               Guarantors, but not later than December 31, 2013;

"Final Tranche B Payment
Date"                          means, that date which is four years after the
                               Delivery Date of the last Vessel delivered to the
                               Guarantors, but not later than December 31, 2009;

"Financial Indebtedness"       means, in relation to the Borrower and its
                               Subsidiaries (the "debtor"), a liability of the
                               debtor: (a) for principal, interest or any other
                               sum payable in respect of any moneys borrowed or
                               raised by the debtor; (b) under any loan, stock,
                               bond, note or other security issued by the
                               debtor; (c) under any acceptance credit,
                               guarantee or letter of credit facility made
                               available to the debtor; (d) under a financial
                               lease, a deferred purchase consideration
                               arrangement (in each case, other than in respect
                               of assets or services obtained on normal
                               commercial terms in the ordinary course of
                               business) or any other agreement having the
                               commercial effect of a borrowing or raising of
                               money by the debtor; (e) under any foreign
                               exchange transaction, interest or currency swap
                               or any other kind of derivative transaction
                               entered into by the debtor or, if the agreement
                               under which any such transaction is entered into
                               requires netting of mutual liabilities, the
                               liability of the debtor for the net amount; or
                               (f) under a guarantee, indemnity or similar
                               obligation entered into by the debtor in respect
                               of a liability of another person which would fall
                               within (a) to (e) if the references to the debtor
                               referred to the other person;

"Fixed Charges"                means, measured at the end of an Accounting
                               Period, the aggregate of Interest Expenses and
                               the portion of Consolidated Financial
                               Indebtedness (other than balloon repayments) plus
                               any payments under bareboat charters in respect
                               of the Borrower and its Subsidiaries falling due
                               during that period, as stated in the then most
                               recent accounting information provided to the
                               Administrative Agent hereunder;

"GAAP"                         shall have the meaning ascribed thereto in
                               Section 1.3;

"Guarantors"                   means each of the Borrower's wholly-owned
                               subsidiaries listed on Schedule 2 hereto;

"Guaranty"                     means the unconditional and irrevocable guaranty
                               to be executed by each of the Guarantors in
                               respect of the obligations of the Borrower under
                               and in connection with this Credit Facility
                               Agreement and the Note in favor of the Security
                               Trustee pursuant to Section 4.l(c), substantially
                               in the set out in form of Exhibit B;

"HSH"                          shall have the meaning ascribed thereto in the
                               preamble;

"Hull Cover Ratio"             shall mean the ratio, expressed as a percentage,
                               of the Fair Market Value of the Vessels then
                               mortgaged hereunder divided by the outstanding
                               principal amount under Facility;

"Indemnitee"                   shall have the meaning ascribed thereto in
                               Section 17.7;

"Initial Advance"              means the first Advance to be made under the
                               Facility;

"Initial Payment Date"         means the date which is three (3) months after
                               the last Delivery Date, but no later than March
                               31, 2006;

"Insurances Assignment"        means the assignments in respect of the
                               insurances over each of the Vessels to be
                               executed by the relevant Guarantor in favor of
                               the Security Trustee pursuant to Section 4.2(b),
                               substantially in the form set out in Exhibit F;

"Interest Expense"             means, measured at the end of an Accounting
                               Period, the aggregate on a consolidated basis of
                               all interest incurred by the Borrower and its
                               Subsidiaries and any net amounts payable under
                               interest rate hedge agreements, as stated in the
                               then most recent accounting information provided
                               to the Administrative Agent hereunder;

"Interest Notice"              means a notice from the Borrower to the
                               Administrative Agent specifying the duration of
                               any relevant Interest Period, each substantially
                               in the form set out in Exhibit J;

"Interest Payment Date"        means each date on which accrued interest on the
                               Facility shall be payable pursuant to Section
                               6.4;

"Interest Period(s)"           means period(s) of one (1), three (3), six (6) or
                               twelve (12) months as selected by the Borrower,
                               or as otherwise agreed by the Lenders and the
                               Borrower, provided, however, that the Borrower
                               may only select the one (1) month option up to
                               three (3) times per year;

"Interest Rate Agreement"      means any interest rate protection agreement,
                               interest rate future agreement, interest rate
                               option agreement, interest rate swap agreement,
                               interest rate cap agreement, interest rate collar
                               agreement, interest rate hedge agreement or other
                               similar agreement or arrangement entered into
                               between the Borrower with the Swap Provider,
                               which is designed to protect the Borrower against
                               fluctuations in interest rates applicable under
                               this Agreement, to or under which the Borrower,
                               the Guarantors or any of the Borrower's
                               Subsidiaries is a party or a beneficiary on the
                               date of this Agreement or becomes a party or a
                               beneficiary hereafter;

"ISM Code"                     means the International Safety Management Code
                               for the Safe Operating of Ships and for Pollution
                               Prevention constituted pursuant to Resolution
                               A.741(18) of the International Maritime
                               Organization and incorporated into the Safety of
                               Life at Sea Convention and includes any
                               amendments or extensions thereto and any
                               regulation issued pursuant thereto;

"ISPS Code"                    means the International Ship and Port Facility
                               Security Code adopted by the International
                               Maritime Organization (as the same may be amended
                               from time to time);

"ISSC"                         means a valid and current International Ship
                               Security Certificate issued under the ISPS Code;

"Lender(s)"                    shall have the meaning ascribed thereto in the
                               preamble;

"LIBOR"                        means the rate for deposits of Dollars for a
                               period equivalent to the relevant Interest Period
                               at or about 11:00 a.m. (London time) on the
                               second London Banking Day before the first day of
                               such period as displayed on Telerate page 3750
                               (British Bankers' Association Interest Settlement
                               Rates) (or such other page as may replace such
                               page 3750 on such system or on any other system
                               of the information vendor for the time being
                               designated by the British Bankers' Association to
                               calculate the BBA Interest Settlement Rate (as
                               defined in the British Bankers' Association's
                               Recommended Terms and Conditions ("BBAIRS" terms)
                               dated August 1985)), provided that if on such
                               date no such rate is so displayed for the
                               relevant Interest Period, LIBOR for such period
                               shall be the rate quoted to the Administrative
                               Agent by the Reference Bank at the request of the
                               Administrative Agent as the offered rate for
                               deposits of Dollars in an amount approximately
                               equal to the amount in relation to which LIBOR is
                               to be determined for a period equivalent to the
                               relevant Interest Period to prime banks in the
                               London Interbank Market at or about 11:00 a.m.
                               (London time) on the second Banking Day before
                               the first day of such period;

"Liquid Funds"                 means, measured at the end of an Accounting
                               Period: (a) cash in hand or held with banks or
                               other financial institutions of the Borrower
                               and/or any other Security Party in Dollars or
                               another currency freely convertible into Dollars,
                               which is free of any security interest (other
                               than a permitted security interest and other than
                               ordinary bankers' liens which have not been
                               enforced or become capable of being enforced); or
                               (b) any other short-term financial investments
                               which is free of any Security Interest (other
                               than a permitted security interest), as stated in
                               the then most recent accounting information
                               delivered to the Administrative Agent hereunder;

"Loan-to-Value Ratio"          shall mean the ratio of the aggregate Fair Market
                               Value of the Vessels over the drawn amounts of
                               the Facility;

"Majority Lenders"             means, at any time, Lenders holding an aggregate
                               of more than 60% of the Advances then
                               outstanding;

"Mandatory Costs"              means the cost of complying with any applicable
                               regulatory requirements of any relevant
                               regulatory authority;

"Margin"                       shall mean, in respect of:

                               (a)  Tranche A, in the case the Loan-to-Value is:

                                    (1)  equal to or below 60%, the Margin for
                                         the next 6-month period shall be 0.80%
                                         per annum;

                                    (2)  above 60% but equal or below 70%, the
                                         Margin for the next 6-month period
                                         shall be 0.90% per annum; and

                                    (3)  above 70%, the Margin for the next
                                         12-month period shall be 1.10% per
                                         annum;

                               (b)  Tranche B, in case the Loan-to-Value Ratio
                                    is:

                                    (1)  equal to or below 65%, the Margin for
                                         the next 6-month period shall be 1.10%
                                         per annum;

                                    (2)  above 65% but equal or below 75%, the
                                         Margin for the next 6-month period
                                         shall be 1.35% per annum; and

                                    (3)  above 75%, the Margin for the next
                                         12-month period shall be 1.60% per
                                         annum;

"Material Adverse Effect"      shall mean a material adverse effect on (i) the
                               ability of the Borrower to repay the Advances or
                               perform any of its obligations hereunder or under
                               the Note, (ii) the ability of any Security Party
                               to perform its obligations under any Security
                               Documents or (iii) the business, property,
                               assets, liabilities, operations, condition
                               (financial or otherwise) or prospects of the
                               Security Parties taken as a whole;

"Minimum Liquidity Amount"     means Five Million Dollars ($5,000,000.00);

"Mortgage(s)"                  means each of the first preferred
                               cross-collateralized ship mortgages on each of
                               the Vessels, to be executed under the laws of a
                               Permitted Jurisdiction by the respective
                               Guarantors as listed in Schedule 2 in favor of
                               the Security Trustee (as trustee for the Lenders)
                               pursuant to Section 4.2(b), substantially in the
                               form set out in Exhibit D;

"MTSA"                         means the Maritime and Transportation Security
                               Act, 2002, as amended, inter alia, by Public Law
                               107-295;

"Note"                         means the promissory note to be executed by the
                               Borrower to the order of the Administrative Agent
                               pursuant to Section 4.1(b), to evidence the
                               Facility, substantially in the form set out in
                               Exhibit A;

"Operator"                     means, in respect of any Vessel, the Person who
                               is concerned with the operation of such Vessel
                               and falls within the definition of "Company" set
                               out in rule 1.1.2 of the ISM Code;

"Payment Dates"                means the Initial Payment Date and the dates
                               falling at three month intervals thereafter, the
                               last of which is the Final Payment Date;

"Permitted Jurisdiction"       means the Republic of the Marshall Islands or
                               such other jurisdiction as may be approved in
                               writing by the Majority Lenders;

"Person"                       means any individual, sole proprietorship,
                               corporation, partnership (general or limited),
                               limited liability company, business trust, bank,
                               trust company, joint venture, association, joint
                               stock company, trust or other unincorporated
                               organization, whether or not a legal entity, or
                               any government or agency or political subdivision
                               thereof;

"Proceeding"                   shall have the meaning ascribed thereto in
                               Section 8.1(i);

"Reference Bank"               means HSH;

"Regulation T"                 means Regulation T of the Board of Governors of
                               the Federal Reserve System, as in effect from
                               time to time;

"Regulation U"                 means Regulation U of the Board of Governors of
                               the Federal Reserve System, as in effect from
                               time to time;

"Regulation X"                 means Regulation X of the Board of Governors of
                               the Federal Reserve System, as in effect from
                               time to time;

"Required Percentage"          means, until the repayment of Tranche B, one
                               hundred and forty percent (140%), and thereafter,
                               one hundred and thirty percent (130%) of the
                               amount of the outstanding Facility and the
                               notional cost or actual cost (if any) as
                               determined by the Lender of terminating any
                               interest rate swap entered into by the Borrower;

"Retention Account"            shall have the meaning ascribed thereto in
                               Section 4.1(h);

"Retention Amount"             shall mean an amount equal to one third (1/3) of
                               the next quarterly principal payment due in
                               accordance with Section 5 hereof and the relevant
                               fraction of interest accruing on the Facility
                               during the next month in accordance with Section
                               6 hereof;

"Retention Date"               shall mean the date one month after the
                               respective Drawdown Date and at monthly intervals
                               thereafter;

"Security Document(s)"         means the Pledge Agreement, the Guaranty, the
                               Mortgages, the Assignments and any other
                               documents that may be executed as security for
                               the Facility and the Borrower's obligations in
                               connection therewith;

"Security Party(ies)"          means the Borrower and each of the Guarantors;

"Security Trustee"             shall have the meaning ascribed thereto in the
                               preamble;

"SMC"                          means the safety management certificate issued in
                               respect of each Vessel in accordance with rule 13
                               of the ISM code;

"Subsidiary(ies)"              means, with respect to any Person, any business
                               entity of which more than 50% of the outstanding
                               voting stock or other equity interest is owned
                               directly or indirectly by such Person and/or one
                               or more other Subsidiaries of such Person;

"Swap Provider"                shall mean HSH;

"Tangible Fixed Assets"        means, measured at the end of an Accounting
                               Period, the value (less depreciation computed in
                               accordance with GAAP) on a consolidated basis of
                               all tangible fixed assets of the Security Parties
                               as stated in the then most recent accounting
                               information delivered to the Administrative Agent
                               hereunder;

"Taxes"                        means any present or future income or other
                               taxes, levies, duties, charges, fees, deductions
                               or withholdings of any nature now or hereafter
                               imposed, levied, collected, withheld or assessed
                               by any taxing authority whatsoever, except for
                               taxes on or measured by the overall net income of
                               each Lender imposed by its jurisdiction of
                               incorporation or applicable lending office, the
                               United States of America, the State or City of
                               New York or any governmental subdivision or
                               taxing authority of any thereof or by any other
                               taxing authority having jurisdiction over such
                               Lender (unless such jurisdiction is asserted by
                               reason of the activities of any of the Security
                               Parties);

"Total Assets"                 means, measured at the end of an Accounting
                               Period, the aggregate of Current Assets and
                               Tangible Fixed Assets as stated in the then most
                               recent financial information delivered to the
                               Administrative Agent hereunder;

"Total Loss"                   shall have the meaning ascribed thereto in the
                               Mortgages;

"Tranche(s)"                   means any, all or any combination, as the context
                               requires, of Tranche A and Tranche B;

"Tranche A"                    means the lesser of One Hundred Thirty Million
                               Dollars ($130,000,000) and fifty-five percent
                               (55%) of the Fair Market Value of the Vessels, to
                               be made available to the Borrower in four (4)
                               Advances A, one per Vessel;

"Tranche B"                    means the lesser of Twenty Four Million Dollars
                               ($24,000,000) and ten percent (10%) of the Fair
                               Market Value of the Vessels, to be made available
                               to the Borrower in four (4) Advances B, one per
                               Vessel; and

"Vessel(s)"                    each of the Vessels listed in Schedule 2,
                               registered or to be registered in the name of the
                               relevant Guarantor as set forth in such Schedule,
                               but excluding any Vessel for which a mandatory
                               prepayment is made pursuant to Section 5.3.

1.2 Computation of Time Periods; Other Definitional Provisions. In this Credit
Facility Agreement, the Note and the Security Documents, in the computation of
periods of time from a specified date to a later specified date, the word "from"
means "from and including" and the words "to" and "until" each mean "to but
excluding"; words importing either gender include the other gender; references
to "writing" include printing, typing, lithography and other means of
reproducing words in a tangible visible form; the words "including," "includes"
and "include" shall be deemed to be followed by the words "without limitation";
references to articles, sections (or subdivisions of sections), exhibits,
annexes or schedules are to this Credit Facility Agreement, the Note or such
Security Document, as applicable; references to agreements and other contractual
instruments (including this Credit Facility Agreement, the Note and the Security
Documents) shall be deemed to include all subsequent amendments, amendments and
restatements, supplements, extensions, replacements and other modifications to
such instruments (without, however, limiting any prohibition on any such
amendments, extensions and other modifications by the terms of this Credit
Facility Agreement, the Note or any Security Document); references to any matter
that is "approved" or requires "approval" of a party shall mean approval given
in the sole and absolute discretion of such party unless otherwise specified.

1.3 Accounting Terms. Unless otherwise specified herein, all accounting terms
used in this Credit Facility Agreement, the Note and in the Security Documents
shall be interpreted, and all financial statements and certificates and reports
as to financial matters required to be delivered to the Administrative Agent or
to the Lenders under this Credit Facility Agreement shall be prepared, in
accordance with generally accepted accounting principles for the United States
("GAAP") as from time to time in effect.

1.4 Certain Matters Regarding Materiality. To the extent that any
representation, warranty, covenant or other undertaking of the Borrower or any
of the Guarantors in this Credit Facility Agreement is qualified by reference to
those which are not reasonably expected to result in a "Material Adverse Effect"
or language of similar import, no inference shall be drawn therefrom that any
Agent or Lender has knowledge or approves of any noncompliance by the Borrower
or any of the Guarantors with any governmental rule.

1.5 Forms of Documents. Except as otherwise expressly provided in this Credit
Facility Agreement, references to documents or certificates "substantially in
the form" of Exhibits to another document shall mean that such documents or
certificates are duly completed in the form of the related Exhibits with
substantive changes subject to the provisions of Section 17.6 of this Credit
Facility Agreement, as the case may be, or the correlative provisions of the
Security Documents.

2. REPRESENTATIONS AND WARRANTIES

2.1 Representations and Warranties. In order to induce the Agents and the
Lenders to enter into this Credit Facility Agreement and to induce the Lenders
to make the Facility available, the Borrower (and each of the Guarantors by
their execution of the Consent and Agreement annexed hereto) hereby represents
and warrants to the Agents and the Lenders (which representations and warranties
shall survive the execution and delivery of this Credit Facility Agreement and
the Note and the drawdown of each Advance hereunder) that:

          (a) Due Organization and Power. each Security Party is duly formed and
is validly existing in good standing under the laws of its jurisdiction of
incorporation or formation, has full power to carry on its business as now being
conducted and to enter into and perform its obligations under this Credit
Facility Agreement, the Note and the Security Documents to which it is a party,
and has complied with all statutory, regulatory and other requirements relative
to such business and such agreements;

          (b) Authorization and Consents. all necessary corporate action has
been taken to authorize, and all necessary consents and authorities have been
obtained and remain in full force and effect to permit, each Security Party to
enter into and perform its obligations under this Credit Facility Agreement, the
Note and the Security Documents, to which it is a party, and, in the case of the
Borrower, to borrow, service and repay the Advances and, as of the date of this
Credit Facility Agreement, no further consents or authorities are necessary for
the service and repayment of the Advances or any part thereof;

          (c) Binding Obligations. this Credit Facility Agreement, the Note and
the Security Documents constitute or will, when executed and delivered,
constitute the legal, valid and binding obligations of each Security Party as is
a party thereto enforceable against such Security Party in accordance with their
respective terms, except to the extent that such enforcement may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting generally the enforcement of creditors' rights;

          (d) No Violation. the execution and delivery of, and the performance
of the provisions of, this Credit Facility Agreement, the Note and those of the
Security Documents to which it is to be a party by each Security Party do not
contravene any applicable law or regulation existing at any date this
representation is given or any contractual restriction binding on such Security
Party or the certificate of incorporation or by-laws (or equivalent instruments)
thereof and that the proceeds of the Advances shall be used by the Borrower
exclusively for its own account or for the account of a Subsidiary or Affiliate
of the Borrower;

          (e) Filings; Stamp Taxes. other than the recording of the Mortgages
with the appropriate authorities for the United States, and the filing of UCC
Financing Statements in the District of Columbia in respect of the Assignments,
and the payment and filing or recording fees consequent thereto, it is not
necessary for the legality, validity, enforceability or admissibility into
evidence of this Credit Facility Agreement, the Note or the Security Documents
that any of them or any document relating thereto be registered, filed, recorded
or enrolled with any court or authority in any relevant jurisdiction or that any
stamp, registration or similar Taxes be paid on or in relation to this
Agreement, the Note or any of the Security Documents;

          (f) Litigation. except as has been publicly disclosed by the Borrower,
no action, suit or proceeding is pending or threatened against the Borrower or
any Subsidiary before any court, board of arbitration or administrative agency
which is reasonably likely to result in a Material Adverse Effect;

          (g) No Default. neither the Borrower, the Guarantors nor any of their
Subsidiaries is in default under any material agreement by which it is bound, or
is in default in respect of any financial commitment or obligation;

          (h) Vessels. upon the date of the making of each Advance, each of the
Vessels :

               (i)  will be in the sole and absolute ownership of the respective
                    Guarantor as set forth in Schedule 2 and duly registered in
                    such Guarantor's name under the flag of a Permitted
                    Jurisdiction, unencumbered, save and except for the Mortgage
                    recorded against it and as permitted thereby;

               (ii) will be classed in the highest classification and rating for
                    vessels of the same age and type with the respective
                    Classification Society as set forth in Schedule 2 without
                    any outstanding recommendations affecting class and without
                    any qualifications;

              (iii) will be operationally seaworthy and in every way fit for
                    its intended service; and

               (iv) will be insured in accordance with the provisions of the
                    Mortgage recorded against it and the requirements thereof in
                    respect of such insurances will have been complied with;

          (i) Insurance. each of the Security Parties has insured its properties
and assets against such risks and in such amounts as are customary for companies
engaged in similar businesses;

          (j) Financial Information. on or prior to the date hereof, all
financial statements, information and other data furnished by the Borrower to
the Administrative Agent are complete and correct, such financial statements
have been prepared in accordance with GAAP and accurately and fairly present the
financial condition of the parties covered thereby as of the respective dates
thereof and the results of the operations thereof for the period or respective
periods covered by such financial statements, and, since the date of the
Borrower's financial statements most recently delivered to the Administrative
Agent, there has been no Material Adverse Effect as to any of such parties and
none thereof has any contingent obligations, liabilities for taxes or other
outstanding financial obligations, except as disclosed in such statements,
information and data;

          (k) Tax Returns. the Borrower and each of its Subsidiaries have filed
all tax returns required to be filed by them and have paid all taxes payable by
them which have become due, other than those not yet delinquent and except for
those taxes being contested in good faith and by appropriate proceedings or
other acts and for which adequate reserves shall have been set aside on its
books;

          (l) Chief Executive Office. the Borrower's chief executive office and
chief place of business and the office in which the records relating to the
earnings and other receivables of each Subsidiary are kept is located at 109-111
Messogion Avenue, Politia Center, Athens GR 115 26, Greece;

          (m) Foreign Trade Control Regulations. none of the transactions
contemplated herein will violate the provisions of any statute or regulation
enacted to prohibit or limit economic transactions with foreign Persons
including, without limitation, the Foreign Assets Control Regulations of the
United States of America (Title 31, Code of Federal Regulations, Chapter V, Part
500, as amended), any of the provisions of the Cuban Assets Control Regulations
of the United States of America (Title 31, Code of Federal Regulations, Chapter
V, Part 515, as amended), any of the provisions of the Iranian Transaction
Regulations of the United States of America (Title 31, Code of Federal
Regulations, Chapter V, Part 560, as amended), any of the provisions of the
Iraqi Sanctions Regulations (Title 31, Code of Federal Regulations, Chapter V,
Part 575, as amended) or any of the provisions of the Regulations of the United
States of America Governing Transactions in Foreign Shipping of Merchandise
(Title 31, Code of Federal Regulations, Chapter V, Part 505, as amended);

          (n) Equity Ownership. each of the Guarantors is a wholly owned
subsidiary of the Borrower;

          (o) Environmental Matters and Claims. (a) except as heretofore
disclosed in writing to the Administrative Agent and the Lenders (i) the
Borrower, each of its Subsidiaries and their Affiliates will be in compliance
with all applicable United States federal and state, local, foreign and
international laws, regulations, conventions and agreements relating to
pollution prevention or protection of human health or the environment
(including, without limitation, ambient air, surface water, ground water,
navigable waters, waters of the contiguous zone, ocean waters and international
waters), including, without limitation, laws, regulations, conventions and
agreements relating to (1) emissions, discharges, releases or threatened
releases of chemicals, pollutants, contaminants, wastes, toxic substances,
hazardous materials, oil, hazardous substances, petroleum and petroleum products
and by-products ("Materials of Environmental Concern"), or (2) the manufacture,
processing, distribution, use, treatment, storage, disposal, transport or
handling of Materials of Environmental Concern ("Environmental Laws"); (ii) the
Borrower, each of its Subsidiaries and their Affiliates will have all permits,
licenses, approvals, rulings, variances, exemptions, clearances, consents or
other authorizations required under applicable Environmental Laws
("Environmental Approvals") and will, when required, be in compliance with all
Environmental Approvals required to operate their business as then being
conducted; (iii) none of the Borrower, any Subsidiary (including, for the
avoidance of doubt, the Guarantors) nor any Affiliate thereof has received any
notice of any claim, action, cause of action, investigation or demand by any
person, entity, enterprise or government, or any political subdivision,
intergovernmental body or agency, department or instrumentality thereof,
alleging potential liability for, or a requirement to incur, material
investigator costs, cleanup costs, response and/or remedial costs (whether
incurred by a governmental entity or otherwise), natural resources damages,
property damages, personal injuries, attorneys' fees and expenses, or fines or
penalties, in each case arising out of, based on or resulting from (1) the
presence, or release or threat of release into the environment, of any Materials
of Environmental Concern at any location, whether or not owned by such person,
or (2) circumstances forming the basis of any violation, or alleged violation,
of any Environmental Law or Environmental Approval ("Environmental Claim")
(other than Environmental Claims that have been fully and finally adjudicated or
otherwise determined and all fines, penalties and other costs, if any, payable
by the Security Parties in respect thereof have been paid in full or which are
fully covered by insurance (including permitted deductibles)); and (iv) there
are no circumstances that may prevent or interfere with such full compliance in
the future; and (b) except as heretofore disclosed in writing to the
Administrative Agent there is no Environmental Claim pending or threatened
against the Borrower, any Subsidiary or any Affiliate thereof and there are no
past or present actions, activities, circumstances, conditions, events or
incidents, including, without limitation, the release, emission, discharge or
disposal of any Materials of Environmental Concern, that could form the basis of
any Environmental Claim against such persons the adverse disposition of which
may result in a Material Adverse Effect;

          (p) Compliance with ISM Code, the ISPS Code and the MTSA. each Vessel
complies and each Operator complies with the requirements of the ISM Code, the
ISPS Code and the MTSA including (but not limited to) the maintenance and
renewal of valid certificates pursuant thereto;

          (q) No Threatened Withdrawal of DOC, ISSC or SMC. there is no actual
or, to the best of the Borrower's knowledge, threatened withdrawal of any
Operator's DOC or any Vessel's ISSC or SMC or other certification or
documentation related to the ISM Code or otherwise required for the operation of
such vessels in respect of any of the Vessels;

          (r) Liens. other than as permitted hereby, there are no liens of any
kind on any property owned by the Borrower or any Subsidiary of the Borrower
other than liens occurring in the ordinary course of business and paid in a
timely manner;

          (s) Financial Indebtedness. , neither the Borrower nor any Guarantor
has, on the date hereof, Financial Indebtedness other than as set out on
Schedule 3 hereto;

          (t) No Proceedings to Dissolve. there are no proceedings or actions
pending or contemplated by any Security Party, or, contemplated by any third
party, to dissolve or terminate any Security Party;

          (u) Solvency. in the case of each of the Security Parties, (a) the sum
of its assets, at a fair valuation, does and will exceed its liabilities,
including, to the extent they are reportable as such in accordance with GAAP,
contingent liabilities, (b) the present fair market salable value of its assets
is not and shall not be less than the amount that will be required to pay its
probable liability on its then existing debts, including, to the extent they are
reportable as such in accordance with GAAP, contingent liabilities, as they
mature, (c) it does not and will not have unreasonably small working capital
with which to continue its business and (d) it has not incurred, does not intend
to incur and does not believe it will incur, debts beyond its ability to pay
such debts as they mature;

          (v) Pari Passu Ranking. each of the Security Parties' obligations
under this Credit Facility Agreement, the Note and the Security Documents rank
at least pari passu with all its other present and future unsecured and
unsubordinated payment obligations, except for obligations mandatorily preferred
by law applying to companies generally;

          (w) Taxes on Payments. all amounts payable by each of the Security
Parties to the Administrative Agent under this Facility Agreement and the
Security Documents may be made without any deduction for Taxes;

          (x) Jurisdiction/Governing Law. (a) the Borrower's irrevocable
submission under this Credit Facility Agreement to the jurisdiction of the
courts of the State of New York and the United States District Court for the
Southern District of New York, agreement that this Credit Facility is governed
by New York law, and agreement not to claim any immunity to which it or its
assets may be entitled are legal, valid and binding under the laws of its
jurisdiction of incorporation; and (b) any judgment obtained in the courts of
the State of New York and the United States District Court for the Southern
District of New York England will be recognized and enforceable by the courts of
its jurisdiction of incorporation, subject to any statutory or other conditions
of such jurisdiction;

          (y) Charters. the Borrower has not received prepayments of hire for a
duration of longer than one month;

          (z) Compliance with Laws. each of the Security Parties is in
compliance with all applicable laws except where the failure to comply would not
alone or in the aggregate result in a Material Adverse Effect; and

          (aa) Survival. all representations, covenants and warranties made
herein and in any certificate or other document delivered pursuant hereto or in
connection herewith shall survive the making of the Advances and the issuance of
the Note.

3. THE ADVANCES

3.1 (a) Purposes. The Lenders shall make the Advances available to the Borrower
for the purpose of financing the acquisition of the Vessels.

          (b) Making of the Advances.

               (i) Each of the Lenders, relying upon each of the representations
and warranties set out in Section 2, hereby severally and not jointly agrees
with the Borrower that, subject to and upon the terms of this Credit Facility
Agreement, it will, not later than 11:00 A.M. (New York City time) on the
Drawdown Date of each Advance (except as provided in subsection (ii) of this
Section), make its portion of the relevant Advance, in Federal or other funds
immediately available in New York City, to the Administrative Agent at its
address and to such account as set forth on Schedule 1 or to such account of the
Administrative Agent most recently designated by it for such purpose by notice
to the Lenders. Unless the Administrative Agent determines that any applicable
condition specified in Section 4.1, 4.2, 4.3 or 4.4 has not been satisfied, the
Administrative Agent will make the funds so received from the Lenders available
to the Borrower at the aforesaid address, subject to the receipt of the funds by
the Administrative Agent as provided in the immediately preceding sentence, not
later than 10:00A.M. (New York City time) on the date of such Advance, and in
any event as soon as practicable after receipt. All Advances, subject to the
other terms and conditions hereof, shall be in a minimum amount of One Million
Dollars ($1,000,000) and in multiples of Two Hundred Fifty Thousand Dollars
($250,000). The Facility shall be repayable as provided in Section 5. The
Lenders' obligation to make any Advance hereunder shall terminate if the Vessels
are not delivered to the Guarantors by the Commitment Termination Date.

               (ii) Unless the Administrative Agent shall have received notice
from a Lender prior to the Drawdown Date of any Advance that such Lender will
not make available to the Administrative Agent such Lender's share of such
Advance, the Administrative Agent may assume that such Lender has made such
share available to the Administrative Agent on the date of such Advance in
accordance with this Section 3.1 and the Administrative Agent may, in reliance
upon such assumption, make available to the Borrower on such date a
corresponding amount. If and to the extent that such Lender shall not have so
made such share available to the Administrative Agent, such Lender and the
Borrower (but without duplication and not if such Lender is an affiliate of the
Administrative Agent) severally agree to repay to the Administrative Agent
forthwith on demand such corresponding amount together with interest thereon,
for each day from the date such amount is made available to the Borrower until
the date such amount is repaid to the Administrative Agent, at (i) in the case
of the Borrower, a rate per annum equal to the higher of (y) the LIBOR rate for
overnight or weekend deposits plus the Margin and (z) the interest rate
applicable thereto pursuant to Section 6.1 and (ii) in the case of such Lender,
the LIBOR rate for overnight or weekend deposits. If such Lender shall repay to
the Administrative Agent such corresponding amount, such amount so repaid shall
constitute such Lender's Advance included in such Advance for purposes of this
Credit Facility Agreement as of the date such Advance was made. Nothing in this
subsection (b)(ii) shall be deemed to relieve any Lender of its obligation to
make Advances to the extent provided in this Credit Facility Agreement. In the
event that the Borrower is required to repay an Advance to the Administrative
Agent pursuant to this Section 3.1(b)(ii), as between the Borrower and the
defaulting Lender, the liability for any breakfunding costs as described in
Section 4.5 shall be borne by the defaulting Lender. If the defaulting Lender
has not paid any such breakage costs upon demand by the Administrative Agent
therefor, the Borrower shall pay such breakage costs upon demand by the
Administrative Agent and the Borrower shall be entitled to recover any such
payment for breakfunding costs made by the Borrower from the defaulting Lender.

3.2 Drawdown Notice. The Borrower shall, at least three (3) Banking Days before
a Drawdown Date, serve a notice (a "Drawdown Notice"), substantially in the form
of Exhibit I, on the Administrative Agent, which notice shall (a) be in writing
addressed to the Administrative Agent, (b) be effective on receipt by the
Administrative Agent, (c) specify the amount of such Advance to be drawn, (d)
specify the Banking Day on which such Advance is to be drawn and, subject to the
terms of Section 6.3 hereof, the Interest Period, (e) specify the disbursement
instructions and (f) be irrevocable. The Administrative Agent shall deliver the
Drawdown Notice to Lenders as soon as practicable after its receipt thereof.

3.3 Effect of Drawdown Notice. Such Drawdown Notice shall be deemed to
constitute a warranty by the Borrower (a) that the representations and
warranties stated in Section 2 (updated mutatis mutandis) are true and correct
on and as of the date of such Drawdown Notice and will be true and correct on
and as of the relevant Drawdown Date as if made on such date, and (b) that no
Event of Default nor any event which with the giving of notice or lapse of time
or both would constitute an Event of Default has occurred and is continuing.

3.4 Notation of Advances. Each Advance made by the Lenders to the Borrower may
be evidenced by a notation of the same made by the Administrative Agent on the
grid attached to the Note, which notation, absent manifest error, shall be prima
facie evidence of the amount of the relevant Advance.

4. CONDITIONS

4.1 Conditions Precedent to the Initial Advance. The obligation of the Lenders
to make the Initial Advance available to the Borrower under this Credit Facility
Agreement shall be expressly subject to the following conditions precedent:

          (a) Corporate Authority. the Administrative Agent shall have received
the following documents in form and substance satisfactory to the Administrative
Agent:

               (i)  copies, certified as true and complete by an officer of
                    Borrower, of the resolutions of the board of directors of
                    the Borrower evidencing approval of this Credit Facility
                    Agreement and the Note and authorizing an appropriate
                    officer or officers or attorney-in-fact or attorneys-in-fact
                    to execute the same on its behalf, or other evidence of such
                    approvals and authorizations;

               (ii) copies, certified as true and complete by an officer of each
                    of the Guarantors, of the resolutions of the board of
                    directors evidencing approval of this Credit Facility, the
                    Guaranty and those Security Documents to which it is to be a
                    party and authorizing an appropriate officer or officers or
                    attorney-in-fact or attorneys-in-fact to execute the same on
                    its behalf, or other evidence of such approvals and
                    authorizations;

              (iii) copies, certified as true and complete by an officer of the
                    Borrower, of all documents evidencing any other necessary
                    action (including actions by such parties thereto other than
                    the Borrower as may be required by the Administrative
                    Agent), approvals or consents with respect to this Credit
                    Facility Agreement, the Note and the Security Documents;

               (iv) copies, certified as true and complete by an officer of the
                    respective Security Party, of the certificate of
                    incorporation and by-laws, certificate of formation and
                    operating agreement, or equivalent instruments thereof;

               (v)  certificate of an authorized officer of the Borrower
                    certifying that it legally and beneficially owns, directly
                    or indirectly, all of the issued and outstanding capital
                    stock, or limited liability company membership interests, as
                    the case may be, of each of the Guarantors and that such
                    capital stock or membership interests are free and clear of
                    any liens, claims, pledges or other encumbrances whatsoever
                    and have been paid in full; and

               (vi) certificates of the jurisdiction of incorporation or
                    formation, as the case may be, of each Security Party as to
                    the good standing thereof;

          (b) The Credit Facility Agreement and the Note. the Borrower shall
have duly executed and delivered to the Administrative Agent this Credit
Facility Agreement, the Note and its Account Pledge;

          (c) Guarantor Documents. each of the Guarantors shall have duly
executed and delivered the Guaranty, the Consent and Agreement hereto and its
respective Account Pledge.

          (d) Guarantor Solvency. the Administrative Agent shall have received a
certificate of an officer of each of the Guarantors confirming the
representations and warranties with respect to solvency set forth in the
Guaranty and containing conclusions as to the solvency of such Guarantor;

          (e) Approved Manager Documents. each Approved Manager shall have duly
executed and delivered the Approved Managers' Undertaking relating to the
Vessels to the Administrative Agent;

          (f) Environmental Claims. the Administrative Agent shall be satisfied
that neither the Borrower nor any of its Subsidiaries or their Affiliates is
subject to any Environmental Claim;

          (g) Fees. the Administrative Agent shall have received payment in full
of all fees and expenses then due to the Agents and/or the Lenders under Section
13;

          (h) Accounts. (i) each of the Guarantors shall have established an
earnings account into which the Guarantors shall have agreed (by their Consent
and Agreement hereto) that Assigned Moneys are to be paid (the "Earnings
Account") with the Administrative Agent and each of the Guarantors shall have
pledged its interest in such account to the Security Trustee and the Lenders
pursuant to an Account Pledge, and the Guarantors shall have agreed that all
Assigned Moneys be paid into the Earnings Account(s), and (ii) the Borrower
shall have established (a) a retention account with the Administrative Agent
which, on each Retention Date, amounts equal to the Retention Amount shall be
transferred each month from the Earnings Account or other accounts of the
Borrower (the "Retention Account); the Borrower shall have pledged its interest
in each of the Retention Account to the Security Trustee and the Lenders
pursuant to an Account Pledge;

          (i) Compliance Certificate. the Administrative Agent having received a
Compliance Certificate with respect to the most recently ended fiscal quarter;

          (j) Vessel Appraisal and Inspection. the Administrative Agent having
received (i) two (three if the first two received differ by more than fifteen
percent) recent (not older than six weeks) independently appraised valuations
evidencing the Fair Market Value of the relevant Vessel(s), to be provided at
the expense of the Borrower, and (ii) inspection reports acceptable to the
Administrative Agent by a surveyor appointed by the Administrative Agent at the
Borrower's expense, of the physical inspection of each of the Vessels, provided,
however, that the Administrative Agent may waive this requirement and reserve
the right to have the relevant Vessel(s) inspected after the relevant Advance,
if the Borrower delivers to the Administrative Agent, prior to the relevant
Advance, its in-house survey report of the relevant Vessel(s) in form and
substance satisfactory to the Administrative Agent, however, all surveys must be
done without undue interference with the operation of the Vessel(s);

          (k) Money Laundering Due Diligence. the Administrative Agent having
received such documentation and other evidence as is reasonably requested by the
Administrative Agent in order for each of the Lenders to carry out and be
satisfied with the results of all necessary "know your client" or other checks
which is required to carry out in relation to the transactions contemplated by
this Credit Facility Agreement, the Notes and the Security Documents;

          (l) Legal Opinions. the Administrative Agent, on behalf of the Agents
and the Lenders, shall have received legal opinions addressed to the
Administrative Agent from (i) G.C. Economou & Associates, counsel for the
Security Parties in respect of, inter alia, no material litigation or breach of
contract by the Security Parties and (ii) Seward & Kissel LLP, special United
States, New York and Marshall Islands counsel to the Agents and Lenders in
respect of inter alia, the corporate authority of the Security Parties and the
enforceability of this Agreement, the Notes and the relevant Security Documents,
in each case in such form as the Administrative Agent may require, as well as
such other legal opinions as the Administrative Agent shall have required as to
all or any matters under the laws of the United States of America, the State of
New York, the Republic of Greece and the Republic of the Marshall Islands or any
other relevant Permitted Jurisdiction covering the representations and
conditions which are the subjects of Section 2 and this Section 4.

4.2 Conditions Precedent re Delivery Advances. The obligation of the Lenders to
make each Advance available to the Borrower under this Agreement shall be
expressly and separately subject to the following further conditions precedent
on the relevant Drawdown Date:

          (a) The Vessels. the Administrative Agent shall have received evidence
satisfactory to it that the relevant Vessel:

               (i)  has been delivered to the relevant Guarantor and that the
                    relevant Guarantor has paid its equity portion of the
                    purchase price of the Vessel to the sellers of the Vessel;

               (ii) is in the sole and absolute ownership of the relevant
                    Guarantor and duly registered in such Guarantor's name under
                    the flag of a Permitted Jurisdiction, respectively,
                    unencumbered, save and except for the Mortgage, recorded
                    against it and as otherwise permitted thereby;

              (iii) is classed in the highest classification and rating for
                    vessels of the same age and type with the respective
                    Classification Society as set forth in Schedule 2 without
                    any material outstanding recommendations;

               (iv) is operationally seaworthy and in every way fit for its
                    intended service;

               (v)  is insured in accordance with the provisions of the Mortgage
                    recorded against it and the requirements thereof in respect
                    of such insurance have been complied with;

          (b) Vessel Documents. Upon the delivery of its respective Vessel, each
Guarantor shall have duly executed and delivered to the Administrative Agent:

               (i)  the Mortgage over its Vessel;

               (ii) an Insurances Assignment with respect to its Vessel;

              (iii) an Earnings Assignment with respect to its Vessel;

               (iv) the Assignment Notices with respect to the above-indicated
                    Insurances Assignments and Earnings Assignments;

               (v)  Uniform Commercial Code Financing Statements for filing with
                    the District of Columbia and in such other jurisdictions as
                    the Administrative Agent may reasonably require;

          (c) Additional Documents. Upon the delivery of its respective Vessel,
each Guarantor shall, where applicable, deliver each of the following documents
to the Administrative Agent:

               (i)  a management agreement with an Approved Manager;

               (ii) any Charter Party Agreement entered into in respect of the
                    Vessel;

              (iii) the memorandum of agreement entered into in respect of the
                    Vessel;

               (iv) a copy of the bill of sale for the Vessel;

               (v)  a copy of the protocol of delivery for the Vessel;

               (vi) a transcript of registry and a certificate of ownership and
                    encumbrance indicating the Vessel's registration in the name
                    of such Guarantor free and clear of all registered
                    encumbrances other than the Mortgage thereon;

          (d) Vessel Liens. the Administrative Agent shall have received
evidence satisfactory to it and to its legal advisor that, save for the liens
created by the Mortgage and the Assignments relating to each Vessel, there are
no liens, charges or encumbrances of any kind whatsoever on such Vessel or on
its earnings except as permitted hereby or by any of the Security Documents;

          (e) ISM DOC. the Administrative Agent shall have received a copy of
the DOC for the Vessel to which such Delivery Advance relates;

          (f) Process Agent. the Administrative Agent shall have received
evidence that each of the Security Parties have appointed CT Corporation System,
having an address at 111 Eighth Avenue, New York, NY 10011, as its true and
lawful attorney-in-fact and duly authorized agent for the limited purpose of
accepting service of legal process and that each Security Party has agreed that
service of process upon such party shall constitute personal service of such
process upon such Security Party. Each of the Security Parties shall have agreed
that such appointment shall be maintained for the duration of this Credit
Facility Agreement and that if such agent shall cease to act, the Security
Parties shall immediately designate and appoint another such agent satisfactory
to the Administrative Agent evidence in writing of such other agent's acceptance
of such appointment;

          (g) Legal Opinions. the Administrative Agent, on behalf of the Agents
and the Lenders, shall have received legal opinions addressed to the
Administrative Agent from (i) G.C. Economou & Associates, counsel for the
Security Parties in respect of, inter alia, no material litigation or breach of
contract by the Security Parties, and (ii) Seward & Kissel LLP, special United
States, New York and Marshall Islands counsel to the Agents and Lenders in
respect of, inter alia, the corporate authority of the relevant Guarantor and
the enforceability of the relevant Security Documents, in each case in such form
as the Administrative Agent may require, as well as such other legal opinions as
the Administrative Agent shall have required as to all or any matters under the
laws of the United States of America, the Republic of Greece, the State of New
York and the Republic of the Marshall Islands or any other relevant Permitted
Jurisdiction covering the representations and conditions which are the subjects
of Sections 2 and this Section 4.2.

4.3 Further Conditions Precedent. The obligation of the Lenders to make any
Advance available to the Borrower under this Credit Facility Agreement shall be
expressly and separately subject to the following further conditions precedent
on the relevant Drawdown Date:

          (a) Drawdown Notice. the Administrative Agent having received a
Drawdown Notice in accordance with the terms of Section 3.2;

          (b) Representations and Warranties. the representations stated in
Section 2 (updated mutatis mutandis to such date) being true and correct as if
made on and as of that date;

          (c) No Event of Default. no Event of Default having occurred and being
continuing and no event having occurred and being continuing which, with the
giving of notice or lapse of time, or both, would constitute an Event of
Default;

          (d) No Change in Laws. the Administrative Agent being satisfied that
no change in any applicable laws, regulations, rules or in the interpretation
thereof shall have occurred which make it unlawful for any Security Party to
make any payment as required under the terms of this Credit Facility Agreement,
the Note, the Security Documents or any of them; and

          (e) No Material Adverse Effect. there having been no Material Adverse
Effect since the date hereof.

4.4 Breakfunding Costs. In the event that, on the date specified for the making
of an Advance in any Drawdown Notice, the Lenders shall not be obliged under
this Credit Facility Agreement to make such Advance available, the Borrower
shall indemnify and hold the Lenders fully harmless against any losses which the
Lenders (or any thereof) may sustain as a result of borrowing or agreeing to
borrow funds to meet the drawdown requirement of such Drawdown Notice and the
certificate of the relevant Lender or Lenders shall, absent manifest error, be
conclusive and binding on the Borrower as to the extent of any such losses.

4.5 Satisfaction after Drawdown. Without prejudice to any of the other terms and
conditions of this Credit Facility Agreement, in the event the Lenders, in their
sole discretion, make any Advance prior to the satisfaction of all or any of the
conditions referred to in Sections 4.1, 4.2 or 4.3, the Borrower hereby
covenants and undertakes to satisfy or procure the satisfaction of such
condition or conditions within fourteen (14) days after the relevant Drawdown
Date (or such longer period as the Lenders, in their sole discretion, may
agree).

5. REPAYMENT AND PREPAYMENT

5.1 Repayment. Subject to the provisions of this Section 5 regarding prepayments
and the application thereof, the Borrower shall, on the Payment Dates, repay the
principal amount of that portion of the Facility attributable to:

          (a) Tranche A in thirty-two (32) consecutive installments payable
quarterly in arrears commencing on the date occurring three (3) months after the
last Delivery Date, but no later than March 31, 2006; the amount of each
installment shall be (reduced pro rata in the event less than the maximum amount
of Tranche A is drawn down) Two Million Seven Hundred Fifty Thousand Dollars
($2,750,000), and a balloon installment of Forty Two Million Dollars
($42,000,000) payable together with the thirty-second installment; and

          (b) Tranche B in sixteen (16) consecutive installments payable
quarterly in arrears commencing on the date occurring three (3) months after the
last Delivery Date, but no later than March 31, 2006; the amount of each
installment shall be (reduced pro rata in the event less than the maximum amount
of Tranche B is drawn down) One Million Five Hundred Thousand Dollars
($1,500,000).

5.2 Voluntary Prepayment; No Re-Borrowing. The Borrower may prepay, upon fifteen
(15) Banking Days written notice, any outstanding Advance or any portion
thereof, without penalty, provided that if such prepayment is made on a day
other than the last day of the Interest Period of such Advance such prepayment
shall be made together with the costs and expenses provided for in Section 5.4.
Any prepayment under this Section 5.2 in an amount less than the amount of the
outstanding Facility shall be applied first to Tranche B and then to Tranche A,
pro rata to the repayment installments. Each prepayment shall be in a minimum
amount equal to the next due installment. Prepayments shall be applied to the
remaining payments on a pro-rata basis and will not be available for
re-borrowing.

5.3 Mandatory Prepayment: Sale or Loss of Vessel . On (i) any sale of a Vessel
or (ii) the earlier of (x) one hundred eighty (180) days after the Total Loss of
a Vessel or (y) the date on which the insurance proceeds in respect of such loss
are received by the Guarantors or the Administrative Agent as assignee thereof
or (iii) any of the Guarantors is released from its obligations hereunder, the
Borrower shall prepay the Facility and/or any commitment of the Lenders under
the Facility will be reduced in an amount equal to the amount of the Facility,
multiplied by the Fair Market Value of the Vessel, divided by the aggregate Fair
Market Value of all mortgaged Vessels, together with any amounts necessary to
ensure that the Hull Cover Ratio following the sale or Total Loss of a Vessel be
equal to the higher of (a) 135% until repayment of Tranche B and 130%
thereafter, and (b) the Hull Cover Ratio prior to the sale or Total Loss of such
Vessel, up to but not exceeding 145%. Any prepayment under this Section 5.3
shall be applied first to Tranche B and then to Tranche A, pro rata to the
repayment installments.

5.4 Interest and Costs with Prepayments/Application of Prepayments. Any
prepayment of the Advances made hereunder (including, without limitation, those
made pursuant to Sections 5 and 9.4) shall be subject to the condition that on
the date of prepayment all accrued interest to the date of such prepayment shall
be paid in full with respect to the Advances or portions thereof being prepaid,
together with any and all costs or expenses incurred by any Lender in connection
with any breaking of funding (as certified by such Lender, which certification
shall, absent any manifest error, be conclusive and binding on the Borrower).

6. INTEREST AND RATE

6.1 Applicable Rate. Each Advance shall bear interest at the Applicable Rate,
which shall be defined as the rate per annum which is equal to the aggregate of
(a) LIBOR for the relevant Interest Period, plus (b) Mandatory Costs, plus (c)
the Margin. The Applicable Rate shall be determined by the Administrative Agent
two (2) Banking Days prior to the first (1st) day of the relevant Interest
Period and the Administrative Agent shall promptly notify the Borrower in
writing of the Applicable Rate as and when determined. Each such determination,
absent manifest error, shall be conclusive and binding upon the Borrower.

6.2 Default Rate. Any amounts due under this Credit Facility Agreement, not paid
when due, whether by acceleration or otherwise, shall bear interest thereafter
from the due date thereof until the date of payment at a rate per annum equal to
(i) the Applicable Rate, plus two percent (2%) per annum (the "Default Rate").
In addition, following the occurrence of any Event of Default and until such
Event of Default is cured to the satisfaction of the Majority Lenders, the
Facility shall bear interest at the Default Rate.

6.3 Interest Periods. The Borrower shall give the Administrative Agent an
Interest Notice specifying the Interest Period selected for the next subsequent
Interest Period at least three (3) Banking Days prior to the end of any then
existing Interest Period, which notice the Administrative Agent agrees to
forward on to all Lenders on a same day basis or as soon as practicable. If at
the end of any then existing Interest Period the Borrower fails to give an
Interest Notice, the relevant Interest Period shall be three (3) months. The
Borrower's right to select an Interest Period shall be subject to the
restriction that no selection of an Interest Period shall be effective unless
each Lender is satisfied that the necessary funds will be available to such
Lender for such period and that no Event of Default or event which, with the
giving of notice or lapse of time, or both, would constitute an Event of Default
shall have occurred and be continuing, in which case the Interest Period shall
be determined by the Administrative Agent in its sole discretion. Interest
Periods for each Tranche hereunder shall be consolidated as soon as practicable,
but in no event later than thirty (30) days after the delivery of the Vessel to
which such Tranche relates. The Borrower shall reimburse the Lenders for any and
all costs or expenses incurred by the Lenders in connection with any breaking of
funding (as certified by each Lender, which certification, absent manifest
error, shall be conclusive and binding on the Borrower) as a consequence of such
consolidation.

6.4 Interest Payments. Accrued interest on the Facility shall be payable in
arrears on the last day of each Interest Period, except that if the Borrower
shall select an Interest Period in excess of three (3) months, accrued interest
shall be payable during such Interest Period on each three (3) month anniversary
of the commencement of such Interest Period and upon the end of such Interest
Period.

7. PAYMENTS

7.1 Place of Payments, No Set Off. All payments to be made hereunder by the
Borrower shall be made to the Administrative Agent, not later than 10 a.m. New
York time (any payment received after 10 a.m. New York time shall be deemed to
have been paid on the next Banking Day) on the due date of such payment, at its
office located at Gerhart-Hauptmann-Platz 50, D-20095 Hamburg, Germany, or to
such other office of the Administrative Agent as the Administrative Agent may
direct, without set-off or counterclaim and free from, clear of, and without
deduction or withholding for, any Taxes, provided, however, that if the Borrower
shall at any time be compelled by law to withhold or deduct any Taxes from any
amounts payable to the Lenders hereunder, then the Borrower shall pay such
additional amounts in Dollars as may be necessary in order that the net amounts
received after withholding or deduction shall equal the amounts which would have
been received if such withholding or deduction were not required and, in the
event any withholding or deduction is made, whether for Taxes or otherwise, the
Borrower shall promptly send to the Administrative Agent such documentary
evidence with respect to such withholding or deduction as may be required from
time to time by the Lenders, including evidence that the Borrower has duly paid
the withholding or deductions as required.

7.2 Tax Credits. If any Lender obtains the benefit of a credit against the
liability thereof for federal income taxes imposed by any taxing authority for
all or part of the Taxes as to which the Borrower has paid additional amounts as
aforesaid in Section 7.1, then such Lender shall pay an amount to the Borrower
which that Lender determines will leave it (after such payment) in the same
position as it would have been had the Tax payment not been made by the
Borrower.

7.3 Sharing of Setoffs. Each Lender agrees that if it shall, through the
exercise of a right of banker's lien, setoff or counterclaim or pursuant to a
secured claim under Section 506 of the Federal Bankruptcy Code or other security
or interest arising from, or in lieu of, such secured claim, exercised or
received by such Lender under any applicable bankruptcy, insolvency or other
similar law or otherwise, or by any other means, obtain payment (voluntary or
involuntary) in respect of any Advance or Advances as a result of which its
funded Commitment shall be proportionately less than the funded Commitment of
any other Lender, it shall be deemed simultaneously to have purchased from such
other Lender at face value, and shall promptly pay to such other Lender the
purchase price for, a participation in the funded Commitment of such other
Lender so that the aggregate funded Commitment of each Lender shall be in the
same proportion to the aggregate funded Commitments then outstanding as its
funded Commitment prior to such exercise of banker's lien, setoff or
counterclaim or other event was to the principal amount of all funded
Commitments outstanding prior to such exercise of banker's lien, setoff or
counterclaim or other event; provided, however, that, if any such purchase or
purchases or adjustments shall be made pursuant to this Section 7.3 and the
payment giving rise thereto shall thereafter be recovered, such purchase or
purchases or adjustments shall be rescinded to the extent of such recovery and
the purchase price or prices or adjustment restored without interest. Any Lender
holding a participation in a funded Commitment deemed to have been so purchased
may exercise any and all rights of banker's lien, setoff or counterclaim with
respect to any and all moneys owing to such Lender by reason thereof as fully as
if such Lender had made an Advance in the amount of such participation. The
Borrower expressly consents to the foregoing arrangement.

7.4 Computations; Banking Days. (a) (a) All computations of interest and fees
shall be made by the Administrative Agent or the Lenders, as the case may be, on
the basis of a 360-day year, in each case for the actual number of days
(including the first day but excluding the last day) occurring in the period for
which interest or fees are payable. Each determination by the Administrative
Agent or the Lenders of an interest rate or fee hereunder shall be conclusive
and binding for all purposes, absent manifest error;

          (b) Whenever any payment hereunder or under the Note shall be stated
to be due on a day other than a Banking Day, such payment shall be due and
payable on the next succeeding Banking day unless the next succeeding Banking
Day falls in the following calendar month, in which case it shall be payable on
the immediately preceding Banking Day.

8. EVENTS OF DEFAULT

8.1 Events of Default. The occurrence of any of the following events shall be an
Event of Default:

          (a) Non-Payment of Principal. any payment of principal is not paid
when due; or

          (b) Non-Payment of Interest or Other Amounts. any interest or any
other amount becoming payable to the Administrative Agent or any Lender under
this Credit Facility Agreement, under the Note or under any of the Security
Documents is not paid within three (3) Banking Days of the due date or date of
demand (as the case may be); or

          (c) Representations. any representation, warranty or other statement
made by the Borrower in this Credit Facility Agreement or by any Security Party
in any of the Security Documents or in any other instrument, document or other
agreement delivered in connection herewith or therewith proves to have been
untrue or misleading in any material respect as at the date as of which made or
confirmed; or

          (d) Impossibility; Illegality. it becomes impossible or unlawful for
the Borrower or any of the Guarantors to fulfill any of its covenants or
obligations hereunder, under the Note or under any of the Security Documents or
for any of the Lenders to exercise any of the rights vested in any of them
hereunder, under the Note or under any of the Security Documents; or

          (e) Mortgage. there is an event of default under any Mortgage; or

          (f) Covenants. any Security Party (i) defaults in the due and punctual
observance or performance of Sections 9.1(c), 9.1(h), 9.1(j), 9.1(k), 9.1(m),
9.1(n), 9.2(h) or 9.2(k) and such default continued unremedied for a period of
sixty (60) days or (ii) defaults under any other term, covenant or agreement
contained in this Credit Facility Agreement, in the Note, in any of the Security
Documents or in any other instrument, document or other agreement delivered in
connection herewith or therewith, or there occurs any other event which
constitutes a default under this Credit Facility Agreement, under the Note or
under any of the Security Documents, in each case other than an Event of Default
referred to elsewhere in this Section 8.1; or

          (g) Debt. any Security Party shall default in the payment when due of
any Debt or of any other debt, in either case, in the outstanding principal
amount equal to or exceeding Five Hundred Thousand Dollars ($500,000) or such
debt or debt is, or by reason of such default is subject to being, accelerated
or any party becomes entitled to enforce the security for any such Debt or debt
and such party shall take steps to enforce the same, unless such default or
enforcement is being contested in good faith and by appropriate proceedings or
other acts and the Security Party, Subsidiary or Affiliate of the Borrower, as
the case may be, shall set aside on its books adequate reserves with respect
thereto; or

          (h) Ownership of Guarantors. the Borrower shall cease to own directly
or indirectly, one hundred percent (100%) of any of the Guarantors; or

          (i) Bankruptcy. the Borrower, any Security Party, any Subsidiary or
any Affiliate of the Borrower commences any proceeding under any reorganization,
arrangement or readjustment of debt, dissolution, winding up, adjustment,
composition, bankruptcy or liquidation law or statute of any jurisdiction,
whether now or hereafter in effect (a "Proceeding"), or there is commenced
against any thereof any Proceeding and such Proceeding remains undismissed or
unstayed for a period of thirty (30) days or any receiver, trustee, liquidator
or sequestrator of, or for, any thereof or any substantial portion of the
property of any thereof is appointed and is not discharged within a period of
thirty (30) days or any thereof by any act indicates consent to or approval of
or acquiescence in any Proceeding or the appointment of any receiver, trustee,
liquidator or sequestrator of, or for, itself or of, or for, any substantial
portion of its property; or

          (j) Termination of Operations; Sale of Assets. except as expressly
permitted under this Credit Facility Agreement, any Security Party ceases its
operations or sells or otherwise disposes of all or substantially all of its
assets or all or substantially all of the assets of any Security Party are
seized or otherwise appropriated; or

          (k) Judgments. any judgment or order is made, the effect whereof would
be to render ineffective or invalid this Credit Facility Agreement, the Note or
any of the Security Documents or any material provision thereof, or the Borrower
or any Security Party asserts that any such agreement or provision thereof is
invalid; or

          (l) Inability to Pay Debts. the Borrower, any Security Party, any
Subsidiary or any Affiliate of the Borrower is unable to pay or admits its
inability to pay its debts as they fall due or a moratorium shall be declared in
respect of any material indebtedness of the Borrower or any Affiliate of the
Borrower; or

          (m) Change in Financial Position. any change in the financial position
of the Borrower or any Affiliate of the Borrower which, in the opinion of the
Majority Lenders, shall have a Material Adverse Effect; or

          (n) Change in Control. a Change of Control shall occur with respect to
the Borrower; or

          (o) Cross-Default. the Borrower, any Security Party, any Subsidiary or
any Affiliate of the Borrower defaults under any material contract or material
agreement to which it is a party or by which it is bound.

Upon and during the continuance of any Event of Default, the Lenders' obligation
to make any Advance available shall cease and the Administrative Agent may, and
on the instructions of the Majority Lenders shall, by notice to the Borrower,
declare the entire unpaid balance of the then outstanding Advances, accrued
interest and any other sums payable by the Borrower hereunder or under the Note
due and payable, whereupon the same shall forthwith be due and payable without
presentment, demand, protest or notice of any kind, all of which are hereby
expressly waived; provided that upon the happening of an event specified in
subsections (i) or (l) of this Section 8.1 with respect to the Borrower, the
Note shall be immediately due and payable without declaration or other notice to
the Borrower. In such event, the Lenders may proceed to protect and enforce
their rights by action at law, suit in equity or in admiralty or other
appropriate proceeding, whether for specific performance of any covenant
contained in this Credit Facility Agreement, in the Note or in any Security
Document, or in aid of the exercise of any power granted herein or therein, or
the Lenders may proceed to enforce the payment of the Note or to enforce any
other legal or equitable right of the Lenders, or proceed to take any action
authorized or permitted under the terms of any Security Document or by
applicable law for the collection of all sums due, or so declared due, on the
Note. Without limiting the foregoing, the Borrower agrees that during the
continuance of any Event of Default each of the Lenders shall have the right to
appropriate and hold or apply (directly, by way of set-off or otherwise) to the
payment of the obligations of the Borrower to the Lenders hereunder and/or under
the Note (whether or not then due) all moneys and other amounts of the Borrower
then or thereafter in possession of any Lender, the balance of any deposit
account (demand or time, mature or unmatured) of the Borrower then or thereafter
with any Lender and every other claim of the Borrower then or thereafter against
any of the Lenders.

8.2 Indemnification. The Borrower agrees to, and shall, indemnify and hold the
Agents and the Lenders harmless against any loss, as well as against any costs
or expenses (including legal fees and expenses), which any of the Agents or the
Lenders sustains or incurs as a consequence of any default in payment of the
principal amount of the Facility, interest accrued thereon or any other amount
payable hereunder, under the Note or under any Security Documents, including,
but not limited to, all actual losses incurred in liquidating or re-employing
fixed deposits made by third parties or funds acquired to effect or maintain the
Facility or any portion thereof. Any Lenders' certification of such costs and
expenses shall, absent any manifest error, be conclusive and binding on the
Borrower.

8.3 Application of Moneys. Except as otherwise provided in any Security
Document, all moneys received by the Agents or the Lenders under or pursuant to
this Credit Facility Agreement, the Note or any of the Security Documents after
the happening of any Event of Default (unless cured to the satisfaction of the
Majority Lenders) shall be applied by the Administrative Agent in the following
manner:

          (a) first, in or towards the payment or reimbursement of any expenses
or liabilities incurred by the Agents, or the Lenders in connection with the
ascertainment, protection or enforcement of their rights and remedies hereunder,
under the Note and under any of the Security Documents,

          (b) secondly, in or towards payment of any interest owing in respect
of Tranche A,

          (c) thirdly, in or towards repayment of principal of Tranche A,

          (d) fourthly, in or towards payment of any interest owing in respect
of Tranche B,

          (e) fifthly, in or towards repayment of principal of Tranche B,

          (f) sixthly, in or towards payment of all other sums which may be
owing to the Agents, or any of them, or the Lenders under this Credit Facility
Agreement, under the Note or under any of the Security Documents,

          (g) seventhly, in or towards payments of any amounts then owed under
any Interest Rate Agreement, including, but not limited to, any costs associated
with unwinding any Interest Rate Agreement, on a pari passu basis, and

          (h) eighthly, the surplus (if any) shall be paid to the Borrower or to
whosoever else may be entitled thereto.

9. COVENANTS

9.1 Affirmative Covenants. The Borrower hereby covenants and undertakes with the
Lenders that, from the date hereof and so long as any principal, interest or
other moneys are owing in respect of this Credit Facility Agreement, under the
Note or under any of the Security Documents, the Borrower will:

          (a) Performance of Agreements. duly perform and observe, and procure
the observance and performance by all other parties thereto (other than the
Agents and the Lenders) of, the terms of this Credit Facility Agreement, the
Note and the Security Documents;

          (b) Notice of Default, etc. promptly upon, and in any event no later
than three (3) Banking Days after, obtaining knowledge thereof, inform the
Administrative Agent of the occurrence of (a) any Event of Default or of any
event which, with the giving of notice or lapse of time, or both, would
constitute an Event of Default, (b) any litigation or governmental proceeding
pending or threatened against it or against any of its Subsidiaries which could
reasonably be expected to have a Material Adverse Effect, including but not
limited to, in respect of any Environmental Claim, (c) the withdrawal of any
Vessel's rating by its Classification Society or the issuance by the
Classification Society of any material recommendation or notation affecting
class and (d) any other event or condition which is reasonably likely to have a
Material Adverse Effect;

          (c) Obtain Consents. without prejudice to Section 2.1 and this Section
9.1, obtain and maintain every consent and do all other acts and things which
may from time to time be necessary or advisable for the continued due
performance of all its and the other Security Parties' respective obligations
under this Credit Facility Agreement, under the Note and under the Security
Documents;

          (d) Financial Information. deliver to each Lender:

               (i)  as soon as available but not later than one hundred twenty
                    (120) days after the end of each fiscal year of the
                    Borrower, complete copies of the consolidated financial
                    reports of the Borrower and its Subsidiaries (together with
                    a Compliance Certificate and a detailed reconciliation of
                    all of the differences between GAAP as at December 31, 2005
                    and as at the time of delivery), all in reasonable detail,
                    which shall include at least the consolidated balance sheet
                    of the Borrower and its Subsidiaries as of the end of such
                    year and the related consolidated statements of income and
                    sources and uses of funds for such year, which shall be
                    audited reports prepared by an Acceptable Accounting Firm,
                    and the Borrower shall use reasonable efforts to provide to
                    each Lender as soon as available but not later than one
                    hundred eighty (180) days after the end of each fiscal year
                    of each of the Guarantors and any Charterers, complete
                    copies of the consolidated financial reports of each of the
                    Guarantors and any Charterers, if such information is
                    readily obtainable;

               (ii) as soon as available but not later than forty-five (45) days
                    after the end of each of the first three quarters of each
                    fiscal year of the Borrower, a quarterly interim
                    consolidated balance sheet of the Borrower and its
                    Subsidiaries and the related consolidated profit and loss
                    statements and sources and uses of funds (together with a
                    Compliance Certificate and a detailed reconciliation of all
                    of the differences between GAAP as at December 31, 2005 and
                    as at the time of delivery), all in reasonable detail,
                    unaudited, but certified to be true and complete by the
                    chief financial officer of the Borrower;

              (iii) within ten (10) days of the filing thereof at the email
                    addresses set forth in Schedule 1, electronic copies of all
                    registration statements and reports on Forms 10-K, 10-Q and
                    8-K (or their equivalents) and other material filings which
                    the Borrower shall have filed with the Securities and
                    Exchange Commission or any similar governmental authority;

               (iv) promptly upon the mailing thereof to the shareholders of the
                    Borrower, copies of all financial statements, reports, proxy
                    statements and other communications provided to the
                    Borrower's shareholders;

               (v)  within ten (10) days of the Borrower's receipt thereof,
                    copies of all audit letters or other correspondence from any
                    external auditors including material financial information
                    in respect of the Borrower;

               (vi) such other statements (including, without limitation,
                    monthly consolidated statements of operating revenues and
                    expenses), lists of assets and accounts, budgets, forecasts,
                    reports and other financial information with respect to its
                    business as the Administrative Agent may from time to time
                    request, certified to be true and complete by the chief
                    financial officer of each of the Borrower;

          (e) Vessel Valuations. reimburse the Administrative Agent for the cost
of appraisals of the Fair Market Value of the Vessels. The Administrative Agent
shall be entitled to obtain such valuations from one ship broker approved by the
Lenders two times in each calendar year, one appraisal to be delivered
simultaneously with the delivery of the annual financial statements pursuant to
Section 9.1(d)(i), and one appraisal to be delivered simultaneously with the
delivery of the semi-annual financial statements pursuant to Section 9.1(d)(ii),
and upon the occurrence of an Event of Default;

          (f) Corporate Existence. do or cause to be done, and procure that each
Subsidiary of the Borrower shall do or cause to be done, all things necessary to
preserve and keep in full force and effect its corporate existence, or limited
liability company existence, as the case may be, and all licenses, franchises,
permits and assets necessary to the conduct of its business;

          (g) Books and Records. at all times keep, and cause each Subsidiary of
the Borrower to keep, proper books of record and account into which full and
correct entries shall be made in accordance with GAAP;

          (h) Taxes and Assessments. pay and discharge, and cause each
Subsidiary of the Borrower to pay and discharge, all taxes, assessments and
governmental charges or levies imposed upon it or upon its income or property
prior to the date upon which penalties attach thereto; provided, however, that
it shall not be required to pay and discharge, or cause to be paid and
discharged, any such tax, assessment, charge or levy so long as the legality
thereof shall be contested in good faith and by appropriate proceedings or other
acts and it shall set aside on its books adequate reserves with respect thereto;

          (i) Inspection. allow, and cause each Subsidiary to allow, upon ten
(10) Banking Days notice from the Administrative Agent, any representative or
representatives designated by the Administrative Agent, subject to applicable
laws and regulations, to visit and inspect any of its properties, and, on
request, to examine its books of account, records, reports, agreements and other
papers and to discuss its affairs, finances and accounts with its officers, all
at such times and as often as the Administrative Agent requests;

          (j) Inspection and Survey Reports. if the Lenders shall so request,
the Borrower shall permit the Lenders to inspect the Vessels and shall provide
the Lenders with copies of all internally generated inspection or survey reports
on the Vessels, provided, however, that if the Vessels are found in satisfactory
condition, the cost of such inspections shall be borne by the Borrower not more
than once a year;

          (k) Compliance with Statutes, Agreements, etc. do or cause to be done,
and cause each Subsidiary to do and cause to be done, all things necessary to
comply with all contracts or agreements to which it, or any Subsidiary is a
party, and all laws, and the rules and regulations thereunder, applicable to the
Borrower or such Subsidiary, including, without limitation, those laws, rules
and regulations relating to employee benefit plans and environmental matters;

          (l) Environmental Matters. promptly upon the occurrence of any of the
following conditions, provide to the Administrative Agent a certificate of an
executive officer thereof, specifying in detail the nature of such condition and
its proposed response or the response of its Environmental Affiliates: (a) its
receipt or the receipt by any other Security Party or any Environmental
Affiliates of the Borrower or any other Security Party of any written
communication whatsoever that alleges that such person is not in compliance with
any applicable Environmental Law or Environmental Approval, if such
noncompliance could reasonably be expected to have a Material Adverse Effect,
(b) knowledge by it, or by any other Security Party or any Environmental
Affiliates of the Borrower or any other Security Party that there exists any
Environmental Claim pending or threatened against any such person, which could
reasonably be expected to have a Material Adverse Effect, or (c) any release,
emission, discharge or disposal of any material that could form the basis of any
Environmental Claim against it, any other Security Party or against any
Environmental Affiliates of the Borrower or any other Security Party, if such
Environmental Claim could reasonably be expected to have a Material Adverse
Effect. Upon the written request by the Administrative Agent, it will submit to
the Administrative Agent at reasonable intervals, a report providing an update
of the status of any issue or claim identified in any notice or certificate
required pursuant to this subsection;

          (m) Vessel Management. cause each of the Vessels to be managed
commercially by the Top Tanker Management Inc., a wholly-owned subsidiary of the
Borrower, which may subcontract the technical management of the Vessels to V.
Ships or Hanseatic or any other management company acceptable to the Majority
Lenders;

          (n) ISM Code, ISPS Code and MTSA Matters. (i) procure that the
Operator will comply with and ensure each of the Vessels will comply with the
requirements of the ISM Code, ISPS Code and MTSA in accordance with the
implementation schedule thereof, including (but not limited to) the maintenance
and renewal of valid certificates and when required, security plans, pursuant
thereto; and (ii) will procure that the Operator will immediately inform the
Administrative Agent if there is any threatened or actual withdrawal of its DOC,
SMC or the ISSC in respect of any Vessel; and upon the request of the
Administrative Agent (iii) will procure that the Operator will promptly inform
the Administrative Agent upon the issuance to the Borrower or Operator of a DOC
and the issuance to any Vessel of an SMC or ISSC;

          (o) Brokerage Commissions, etc. indemnify and hold each of the Agents
and the Lenders harmless from any claim for any brokerage commission, fee, or
compensation from any broker or third party resulting from the transactions
contemplated hereby;

          (p) Deposit Accounts; Assignment. shall maintain a Retention Account
and (ii) a Minimum Liquidity Account and cause each Guarantor to maintain an
Earnings Account, shall cause the Guarantors to transfer the Retention Amount
each month to the Retention Account and shall procure that the Guarantors
maintain an aggregate amount in the Earnings Account of no less than the Minimum
Liquidity Amount at all times throughout the tenor of this Facility;

          (q) Insurance. maintain, and cause each other Security Party to
maintain, with financially sound and reputable insurance companies satisfactory
to the Administrative Agent, insurance on all their respective properties and
against all such risks and in at least such amounts as are usually insured
against by companies of established reputation engaged in the same or similar
business from time to time, including, but not limited to (i) hull and machinery
insurance (fire, marine and other risks, including excess risks and war risks)
in an amount of not less than 120% of the Facility of the Fair Market Value of
the Vessels, whichever is higher, (ii) protection and indemnity insurance at the
highest possible cover available (as of the date of this Credit Facility
Agreement, $1,000,000,000) and with a P&I club satisfactory to the
Administrative Agent, and (iii) mortgagee's interest insurance ("MII") in an
amount of not less than 120% and mortgagee's additional perils pollution
insurance ("MAP") in an amount of not less than 110% of the Facility; and

          (r) Interest Rate Agreements. The Swap Provider shall be entitled to
provide the Borrower with a quote for any interest rate derivatives product to
be entered into by the Borrower in connection with the Facility and the Borrower
agrees to grant the Swap Provider a right of first refusal in respect thereof.
The Borrower further undertakes with the Swap Provider to hedge at least 55% of
the Facility Amount not later than the Commitment Termination Date for the first
five (5) years of the Facility (the "Hedging"), and the Borrower shall deliver
to the Administrative Agent an interest rate hedging strategy for the Hedging,
with the assistance of the Administrative Agent in the definition of that
strategy.

9.2 Negative Covenants. The Borrower hereby covenants and undertakes with the
Lenders that, from the date hereof and so long as any principal, interest or
other moneys are owing in respect of this Credit Facility Agreement, under the
Note or under any of the Security Documents, the Borrower will not, and will
procure that no Guarantor, to the extent applicable, will, without the prior
written consent of the Majority Lenders (or all of the Lenders if required by
Section 15.8):

          (a) Liens. create, assume or permit to exist, any mortgage, pledge,
lien, charge, encumbrance or any security interest whatsoever upon any
Collateral or other property except:

               (i)  the Mortgages, the Assignments and other liens in favor of
                    the Security Trustee; and

               (ii) liens, charges and encumbrances against their respective
                    Vessels permitted to exist under the terms of the Mortgages;

          (b) Debt. permit (i) any Guarantor to incur any Debt, excluding Debt
to the Agents or any of the Lenders hereunder, other than in the ordinary course
of business, (ii) any Subsidiary to incur any Debt that would cause the Borrower
to be in default under any provision of Section 9.3 or (iii) any Guarantor to
make advances or extend credit to, or become obligated, contingently or
otherwise, in respect of any Debt of, a Subsidiary that is not a Guarantor;

          (c) Change of Flag, Class, Management or Ownership. change the flag of
any Vessel other than a Permitted Jurisdiction, their Classification Society
other than to another member of the International Association of Classification
Societies designated by the Borrower and approved by the Administrative Agent,
the technical management of any Vessel other than to one or more technical
management companies acceptable to the Majority Lenders or the immediate or
ultimate ownership of any Vessel;

          (d) Chartering. enter into any bareboat charter with any party other
than the Borrower or a Subsidiary or an Affiliate thereof, with respect to any
of the Vessels having a duration of, including any options to extend such
charter, more than twelve (12) months without the prior consent of the
Administrative Agent (acting on behalf of the Majority Lenders);

          (e) Change in Business. materially change the nature of its business
or commence any business materially different from its current business;

          (f) Sale or Pledge of Shares. sell, assign, transfer, pledge or
otherwise convey or dispose of any of the shares (including by way of spin-off,
installment sale or otherwise) of the capital stock, or limited liability
company interests, as the case may be, of any Guarantor other than as may be
allowed in accordance with the Pledge Agreement;

          (g) Sale of Assets. sell, or otherwise dispose of, any Vessel (unless
otherwise in accordance with this Credit Facility Agreement) or, with respect to
any Guarantor, any other asset (including by way of spin-off, installment sale
or otherwise) which is substantial in relation to its assets taken as a whole,
other than such sales by the one Guarantor to another;

          (h) Changes in Offices. change the location of the chief executive
office of any Security Party, the office of the chief place of business of any
such parties or the office of the Security Parties in which the records relating
to the earnings or insurances of any Vessel are kept unless the Lenders shall
have received thirty (30) days prior written notice of such change;

          (i) Consolidation and Merger. consolidate with, or merge into, any
corporation or other entity, or merge any corporation or other entity into it;

          (j) Change Fiscal Year. change its fiscal year;

          (k) Limitations on Ability to Make Distributions. create or otherwise
cause or permit to exist or become effective any consensual encumbrance or
restriction on the ability of any Guarantor to (i) pay dividends or make any
other distributions on its capital stock or limited liability company interests,
as the case may be, to the Borrower or any Guarantor or pay any Debt owed to the
Borrower, (ii) make any loans or advances to the Borrower, or (iii) transfer any
of its property or assets to the Borrower;

          (l) Use of Corporate Funds. permit any Guarantor to pay out any funds
to any company or person except (i) in the ordinary course of business in
connection with the management of the business of the Borrower and its
Subsidiaries, including the operation and/or repair of any of the Vessels and
other vessels owned or operated by such parties and (ii) the servicing of the
Debt permitted hereunder;

          (m) Issuance of Shares. permit any Guarantor to issue or dispose of
any shares of its own capital stock or limited liability company interests, as
the case may be, to any person other than the Borrower;

          (n) No Money Laundering. in connection with this Credit Facility
Agreement or any of the Security Documents, contravene or permit any Guarantor
or any other Subsidiary to contravene, any law, official requirement or other
regulatory measure or procedure implemented to combat "money laundering" (as
defined in Article 1 of the Directive (91/308/EEC) of the Council of the
European Communities) and comparable United States Federal and state laws. In
addition, the Borrower confirm that they are the beneficiary (within the meaning
of Section 8 of the German Money Laundering Act (Geldwaschegesetz)) for each
Advance made or to be made available to it. The Borrower will promptly inform
the Lenders (by written notice to the Administrative Agent) if the Borrower are
not or ceases to be the beneficiary and will provide in writing the name and
address of the beneficiary;

          (o) Accounts. will not establish any operating accounts or earnings
accounts in respect of the Assigned Moneys with any Lender or with any other
financial institution other than the Administrative Agent;

          (p) Use of Proceeds. will not use the proceeds of Advances in
violation of Regulation T, U or X; and

          (q) Borrowers Chief Executive Officer. will not appoint a Chief
Executive Officer other than Evangelos Pistiolis, without the Lenders' prior
consent.

9.3 Financial Covenants. The Borrower hereby covenants and undertakes with the
Lenders that, from the date hereof and so long as any principal or interest are
outstanding or other moneys are owing in respect of this Credit Facility
Agreement, under the Note or under any of the Security Documents, the Borrower
will:

          (a) Adjusted Net Worth. maintain at all times an Adjusted Net Worth of
not less than Two Hundred Fifty Million Dollars ($250,000,000) and such Adjusted
Net Worth shall not be less than Thirty Five Percent (35%) of the Total Assets;

          (b) EBITDA to Fixed Charges. ensure that EBITDA shall at all times
exceed 120% of the aggregate amount of Fixed Charges; and

          (c) Minimum Liquidity. at all times maintain Liquid Funds in the
greater of Ten Million Dollars ($10,000,000), or Five Hundred Thousand Dollars
($500,000) per vessel directly or indirectly owned or bareboat chartered-in by
the Borrower.

9.4 Asset Maintenance. If at any time during the term of the Credit Facility
Agreement, the Fair Market Value of Vessels is less than the Required
Percentage, the Borrower shall, within a period of thirty (30) days following
receipt by the Borrower of written notice from the Administrative Agent
notifying the Borrower of such shortfall and specifying the amount thereof
(which amount shall, in the absence of manifest error, be deemed to be
conclusive and binding on the Borrower), either (i) deliver to the Security
Trustee such additional collateral as may be satisfactory to the Lenders in
their sole discretion of sufficient value to make the aggregate Fair Market
Value of said Vessel plus the additional collateral, equal to the Required
Percentage of the outstanding amount of the Tranche relating to that Vessel or
(ii) the Borrower shall prepay such amount of the Facility (together with
interest thereon and any other monies payable in respect of such prepayment
pursuant to Section 5.4) as shall result in the Fair Market Value of that
Vessels being not less than the Required Percentage.

10. ASSIGNMENT

This Credit Facility Agreement shall be binding upon, and inure to the benefit
of, the Borrower and the Lenders, the Agents and their respective successors and
assigns, except that the Borrower may not assign any of its rights or
obligations hereunder. Each Lender shall be entitled to assign its rights and
obligations under this Credit Facility Agreement or grant participation(s) in
the Facility to any subsidiary, holding company or other affiliate of such
Lender, to any subsidiary or other affiliate company of any thereof or to any
other bank or financial institution or collateralized loan obligation trust or
fund (a "CLO") without the consent of the Borrower. Each Lender may transfer all
or any part of its rights, benefits and its obligations under this Credit
Facility Agreement and any of the other Security Documents to any subsidiary or
other affiliate company of any thereof or to any other bank or financial
institution or CLO (the "Transferee") if the Transferee, by delivery of such
undertaking, becomes bound by the terms of this Credit Facility Agreement and
agrees to perform all or, as the case may be, part of such Lender's obligations
under this Credit Facility Agreement. Each Lender may disclose to a prospective
assignee, transferee or to any other person who may propose entering into
contractual relations with such Lender in relation to the Credit Facility
Agreement and such information about each if the Borrower and the Guarantors as
such Lender shall consider appropriate. The Borrower will take all actions
requested by the Agents or any Lender to effect such assignment, including,
without limitation, the execution of a written consent to any Assignment and
Assumption Agreement.

11. ILLEGALITY, INCREASED COST, NON-AVAILABILITY, ETC.

11.1 Illegality. In the event that by reason of any change in any applicable
law, regulation or regulatory requirement or in the interpretation thereof, a
Lender has a basis to conclude that it has become unlawful for any Lender to
maintain or give effect to its obligations as contemplated by this Credit
Facility Agreement, such Lender shall inform the Administrative Agent and the
Borrower to that effect, whereafter the liability of such Lender to make its
Commitment available shall forthwith cease and the Borrower shall be required
either to repay to such Lender that portion of the Facility advanced by such
Lender immediately or, if such Lender so agrees, to repay such portion of the
Facility to such Lender on the last day of any then current Interest Period in
accordance with and subject to the provisions of Section 11.5. In any such
event, but without prejudice to the aforesaid obligations of the Borrower to
repay such portion of the Facility, the Borrower and the relevant Lender shall
negotiate in good faith with a view to agreeing on terms for making such portion
of the Facility available from another jurisdiction or otherwise restructuring
such portion of the Facility on a basis which is not unlawful.

11.2 Increased Costs. If as a result of the implementation of the International
Convergence of Capital Measurement and Capital Standards: A Revised Framework
(Basel II) or any other change in applicable law, regulation or regulatory
requirement (including any applicable law, regulation or regulatory requirement
which relates to capital adequacy or liquidity controls or which affects the
manner in which any Lender allocates capital resources under this Credit
Facility Agreement), or in the interpretation or application thereof by any
governmental or other authority, shall:

               (i)  subject any Lender to any Taxes with respect to its income
                    from the Facility, or any part thereof; or

               (ii) change the basis of taxation to any Lender of payments of
                    principal or interest or any other payment due or to become
                    due pursuant to this Credit Facility Agreement (other than a
                    change in the basis effected by the jurisdiction of
                    organization of such Lender, the jurisdiction of the
                    principal place of business of such Lender, the United
                    States of America, the State or City of New York or any
                    governmental subdivision or other taxing authority having
                    jurisdiction over such Lender (unless such jurisdiction is
                    asserted by reason of the activities of the Borrower or any
                    of the other Security Parties) or such other jurisdiction
                    where the Facility may be payable); or

              (iii) impose, modify or deem applicable any reserve requirements
                    or require the making of any special deposits against or in
                    respect of any assets or liabilities of, deposits with or
                    for the account of, or loans by, a Lender; or

               (iv) impose on any Lender any other condition affecting the
                    Facility or any part thereof;

and the result of the foregoing is either to increase the cost to such Lender of
making available or maintaining its Commitment or any part thereof or to reduce
the amount of any payment received by such Lender, then and, in any such case,
if such increase or reduction, in the opinion of such Lender, materially affects
the interests of such Lender under or in connection with this Credit Facility
Agreement:

     (i)  the Lender shall notify the Administrative Agent and the Borrower of
          the happening of such event, and

     (ii) the Borrower agrees forthwith upon demand to pay to such Lender such
          amount as such Lender certifies to be necessary to compensate such
          Lender for such additional cost or such reduction.

11.3 Nonavailability of Funds. If the Administrative Agent shall determine that,
by reason of circumstances affecting the London Interbank Market generally,
adequate and reasonable means do not or will not exist for ascertaining the
Applicable Rate for the Facility for any Interest Period, the Administrative
Agent shall give notice of such determination to the Borrower. The Majority
Lenders shall then determine the interest rate and/or Interest Period to be
substituted for those which would otherwise have applied under this Credit
Facility Agreement. If the Majority Lenders are unable to agree upon such a
substituted interest rate and/or Interest Period within thirty (30) days of the
giving of such determination notice, the Administrative Agent shall set an
interest rate and Interest Period to take effect from the expiration of the
Interest Period in effect at the date of determination, which rate shall be
equal to the Margin plus the cost to the Lenders (as certified by each Lender)
of funding the Facility. In the event the state of affairs referred to in this
Section 11.3 shall extend beyond the end of the Interest Period, the foregoing
procedure shall continue to apply until circumstances are such that the
Applicable Rate may be determined pursuant to Section 6.

11.4 Lender's Certificate Conclusive. A certificate or determination notice of
any Lender as to any of the matters referred to in this Section 11 shall, absent
manifest error, be conclusive and binding on the Borrower.

11.5 Compensation for Losses. Where the Facility or any portion thereof is to be
repaid by the Borrower pursuant to this Section 11, the Borrower agrees
simultaneously with such repayment to pay to the relevant Lender all accrued
interest to the date of actual payment on the amount repaid and all other sums
then payable by the Borrower to the relevant Lender pursuant to this Credit
Facility Agreement, together with such amounts as may be certified by the
relevant Lender to be necessary to compensate such Lender for any actual loss,
premium or penalties incurred or to be incurred thereby on account of funds
borrowed to make, fund or maintain its Commitment or such portion thereof for
the remainder (if any) of the then current Interest Period or Interest Periods,
if any, but otherwise without penalty or premium.

12. CURRENCY INDEMNITY

12.1 Currency Conversion. If, for the purpose of obtaining or enforcing a
judgment in any court in any country, it becomes necessary to convert into any
other currency (the "judgment currency") an amount due in Dollars under this
Credit Facility Agreement, the Note or any of the Security Documents, then the
conversion shall be made, in the discretion of the Administrative Agent, at the
rate of exchange prevailing either on the date of default or on the day before
the day on which the judgment is given or the order for enforcement is made, as
the case may be (the "conversion date"), provided that the Administrative Agent
shall not be entitled to recover under this section any amount in the judgment
currency which exceeds at the conversion date the amount in Dollars due under
this Credit Facility Agreement, the Note, the Guaranty and/or any of the
Security Documents.

12.2 Change in Exchange Rate. If there is a change in the rate of exchange
prevailing between the conversion date and the date of actual payment of the
amount due, the Borrower shall pay such additional amounts (if any, but, in any
event, not a lesser amount) as may be necessary to ensure that the amount paid
in the judgment currency, when converted at the rate of exchange prevailing on
the date of payment, will produce the amount then due under this Credit Facility
Agreement, the Note and/or any of the Security Documents in Dollars; any excess
over the amount due received or collected by the Lenders shall be remitted to
the Borrower.

12.3 Additional Debt Due. Any amount due from the Borrower under this Section 12
shall be due as a separate debt and shall not be affected by judgment being
obtained for any other sums due under or in respect of this Credit Facility
Agreement, the Note and/or any of the Security Documents.

12.4 Rate of Exchange. The term "rate of exchange" in this Section 12 means the
rate at which the Administrative Agent in accordance with its normal practices
is able on the relevant date to purchase Dollars with the judgment currency and
includes any premium and costs of exchange payable in connection with such
purchase.

13. FEES AND EXPENSES

13.1 Fees. During the period beginning on the date of this Credit Facility
Agreement and ending on the Commitment Termination Date, the Borrower shall pay,
quarterly in arrears, with the final payment to be made on the Commitment
Termination Date, from the date of this Credit Facility Agreement, to the
Administrative Agent (for the account of the Lenders), a commitment fee (the
"Commitment Fee") of twenty-five hundredths of one percent (.25%) per annum
payable on the average undrawn amount of the Facility.

13.2 Expenses. The Borrower agrees, whether or not the transactions hereby
contemplated are consummated, on demand to pay, or reimburse the Agents for
their payment of, the expenses of the Agents and (after the occurrence and
during the continuance of an Event of Default) the Lenders incident to said
transactions (and in connection with any supplements, amendments, waivers or
consents relating thereto or incurred in connection with the enforcement or
defense of any of the Agents' and the Lenders' rights or remedies with respect
thereto or in the preservation of the Agent's and the Lenders' priorities under
the documentation executed and delivered in connection therewith), including,
without limitation, all costs and expenses of preparation, negotiation,
execution and administration of this Credit Facility Agreement and the documents
referred to herein (including, but not limited to, Value Added Tax imposed on
any Lender related to those expenses), the fees and disbursements of the Agents'
and Lenders' counsel in connection therewith, as well as the fees and expenses
of any independent appraisers, surveyors, engineers, inspectors and other
consultants retained by the Agents in connection with this Agreement and the
transactions contemplated hereby and under the Security Documents, all costs and
expenses, if any, in connection with the enforcement of this Credit Facility
Agreement, the Note and the Security Documents and stamp and other similar
taxes, if any, incident to the execution and delivery of the documents
(including, without limitation, the Note) herein contemplated and to hold the
Agents and the Lenders free and harmless in connection with any liability
arising from the nonpayment of any such stamp or other similar taxes. Such taxes
and, if any, interest and penalties related thereto as may become payable after
the date hereof shall be paid immediately by the Borrower to the Agents or the
Lenders, as the case may be, when liability therefor is no longer contested by
such party or parties or reimbursed immediately by the Borrower to such party or
parties after payment thereof (if the Agents or the Lenders, at their sole
discretion, chooses to make such payment).

14. APPLICABLE LAW, JURISDICTION AND WAIVER

14.1 Applicable Law. This Credit Facility Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York.

14.2 Jurisdiction. The Borrower hereby irrevocably submits to the jurisdiction
of the courts of the State of New York and of the United States District Court
for the Southern District of New York in any action or proceeding brought
against the Borrower by any of the Lenders or the Agents under this Credit
Facility Agreement or under any document delivered hereunder and hereby
irrevocably agrees that valid service of summons or other legal process on it
may be effected by serving a copy of the summons and other legal process in any
such action or proceeding on the Borrower, or its agent as designated in Section
4.2(f), by mailing or delivering the same by hand to the Borrower at the address
indicated for notices in Section 16.1 or to its agent at the address indicated
in Section 4.2(f). The service, as herein provided, of such summons or other
legal process in any such action or proceeding shall be deemed personal service
and accepted by the Borrower as such, and shall be legal and binding upon the
Borrower for all the purposes of any such action or proceeding. Final judgment
(a certified or exemplified copy of which shall be conclusive evidence of the
fact and of the amount of any indebtedness of the Borrower to the Lenders or the
Administrative Agent) against the Borrower in any such legal action or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment. The Borrower will advise the Administrative Agent promptly
of any change of address for the purpose of service of process. Notwithstanding
anything herein to the contrary, the Lenders may bring any legal action or
proceeding in any other appropriate jurisdiction.

14.3 WAIVER OF JURY TRIAL. IT IS MUTUALLY AGREED BY AND AMONG THE BORROWER, THE
OTHER SECURITY PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS THAT EACH OF
THEM HEREBY WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
BROUGHT BY ANY PARTY HERETO AGAINST ANY OTHER PARTY HERETO ON ANY MATTER
WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, THE NOTE
OR THE SECURITY DOCUMENTS.

15. THE AGENTS

15.1 Appointment of Agents. Each of the Lenders irrevocably appoints and
authorizes the Agents severally each to take such action as agent on its behalf
and to exercise such powers under this Credit Facility Agreement, the Note and
the Security Documents as are delegated to such Agent by the terms hereof and
thereof. No Agent nor any of their respective directors, officers, employees or
agents shall be liable for any action taken or omitted to be taken by it or them
under this Credit Facility Agreement, the Note or the Security Documents or in
connection therewith, except for its or their own gross negligence or willful
misconduct.

15.2 Security Trustee as Trustee. Each of the Lenders irrevocably appoints the
Security Trustee as trustee on its behalf with regard to (i) the security,
powers, rights, titles, benefits and interests (both present and future)
constituted by and conferred on the Lenders or any of them or for the benefit
thereof under or pursuant to this Credit Facility Agreement, the Note or any of
the Security Documents (including, without limitation, the benefit of all
covenants, undertakings, representations, warranties and obligations given, made
or undertaken to any Lender in the Agreement, the Note or any Security
Document), (ii) all moneys, property and other assets paid or transferred to or
vested in any Lender or any agent of any Lender or received or recovered by any
Lender or any agent of any Lender pursuant to, or in connection with, this
Credit Facility Agreement, the Note or the Security Documents whether from any
Security Party or any other person and (iii) all money, investments, property
and other assets at any time representing or deriving from any of the foregoing,
including all interest, income and other sums at any time received or receivable
by any Lender or any agent of any Lender in respect of the same (or any part
thereof). The Security Trustee hereby accepts such appointment.

15.3 Distribution of Payments. Whenever any payment is received by the
Administrative Agent from the Borrower or any other Security Party for the
account of the Lenders, or any of them, whether of principal or interest on the
Note, commissions, fees under Section 13 or otherwise, it will thereafter cause
to be distributed on the same day if received before 3 p.m. Hamburg time, or on
the next day if received thereafter, like funds relating to such payment ratably
to the Lenders according to their respective Commitments, in each case to be
applied according to the terms of this Credit Facility Agreement.

15.4 Holder of Interest in Note. The Agents may treat each Lender as the holder
of all of the interest of such Lender in the Note.

15.5 No Duty to Examine, Etc. The Agents shall not be under a duty to examine or
pass upon the validity, enforceability, sufficiency, effectiveness or
genuineness of any of this Credit Facility Agreement, the Note, the Security
Documents or any instrument, document or communication furnished pursuant to
this Credit Facility Agreement or in connection therewith or in connection with
the Note or any Security Document, and the Agents shall be entitled to assume
that the same are valid, effective and genuine, have been signed or sent by the
proper parties and are what they purport to be.

15.6 Agents as Lenders. With respect to that portion of the Facility made
available by it, each Agent shall have the same rights and powers hereunder as
any other Lender and may exercise the same as though it were not an Agent, and
the term "Lender" or "Lenders" shall include each Agent in its capacity as a
Lender. Each Agent and its affiliates may accept deposits from, lend money to
and generally engage in any kind of business with, the Borrower and the other
Security Parties, as if it was not an Agent.

15.7 Acts of the Agents. Each Agent shall have duties and reasonable discretion,
and shall act as follows:

          (a) Obligations of the Agents. The obligations of each Agent under
this Credit Facility Agreement, under the Note and under the Security Documents
are only those expressly set forth herein and therein.

          (b) No Duty to Investigate. No Agent shall at any time be under any
duty to investigate whether an Event of Default, or an event which, with the
giving of notice or lapse of time, or both, would constitute an Event of
Default, has occurred or to investigate the performance of this Credit Facility
Agreement, the Note or any Security Document by any Security Party.

          (c) Discretion of the Agents. Each Agent shall be entitled to use its
discretion with respect to exercising or refraining from exercising any rights
which may be vested in it by, and with respect to taking or refraining from
taking any action or actions which it may be able to take under or in respect
of, this Credit Facility Agreement, the Note and the Security Documents, unless
the Administrative Agent shall have been instructed by the Majority Lenders to
exercise such rights or to take or refrain from taking such action; provided,
however, that no Agent shall be required to take any action which exposes such
Agent to personal liability or which is contrary to this Credit Facility
Agreement or applicable law.

          (d) Instructions of Majority Lenders. Each Agent shall in all cases be
fully protected in acting or refraining from acting under this Credit Facility
Agreement, under the Note, or under any Security Document in accordance with the
instructions of the Majority Lenders, and any action taken, or failure to act
pursuant to such instructions, shall be binding on all of the Lenders.

15.8 Certain Amendments. Neither this Credit Facility Agreement, the Note nor
any of the Security Documents nor any terms hereof or thereof may be amended
unless such amendment is approved by the Borrower and the Majority Lenders,
provided that no such amendment shall, without the written consent of each
Lender affected thereby, (i) reduce the interest rate or extend the time of a
scheduled payment of principal or interest or fees on the Facility, or reduce
the principal amount of the Facility or any fees hereunder, (ii) increase or
decrease the Commitment of any Lender or subject any Lender to any additional
obligation (it being understood that a waiver of any Event of Default, other
than a payment default, or any mandatory repayment of Facility shall not
constitute a change in the terms of any Commitment of any Lender), (iii) amend,
modify or waive any provision of this Section 15.8, (iv) amend the definition of
Majority Lenders or any other definition referred to in this Section 15.8, (v)
consent to the assignment or transfer by the Borrower of any of their rights and
obligations under this Credit Facility Agreement, (vi) accept payment for the
obligations of the Security Parties under this Credit Facility Agreement in any
currency other than Dollars, (vii) waive the requirements regarding the delivery
of audited financial statements under Section 9.1(d), (viii) release any
Security Party from any of its obligations under any Security Document except as
expressly provided herein or in such Security Document or (vii) amend any
provision relating to the maintenance of collateral under Section 9.4; provided,
further, that approval by all Lenders shall be required for any amendment or
waivers with respect to Section 5.3 of this Credit Facility Agreement. All
amendments approved by the Majority Lenders under this Section 15.8 must be in
writing and signed by the Borrower, each of the Lenders comprising the Majority
Lenders and, if applicable, each Lender affected thereby and any such amendment
shall be binding on all the Lenders; provided, however, that any amendments or
waivers with respect to Section 5.3 of this Credit Facility Agreement must be in
writing and signed by the Borrower and all of the Lenders.

15.9 Assumption re Event of Default. Except as otherwise provided in Section
15.15, the Administrative Agent shall be entitled to assume that no Event of
Default, or event which with the giving of notice or lapse of time, or both,
would constitute an Event of Default, has occurred and is continuing, unless the
Administrative Agent has been notified by any Security Party of such fact, or
has been notified by a Lender that such Lender considers that an Event of
Default or such an event (specifying in detail the nature thereof) has occurred
and is continuing. In the event that the Administrative Agent shall have been
notified, in the manner set forth in the preceding sentence, by any Security
Party or any Lender of any Event of Default or of an event which with the giving
of notice or lapse of time, or both, would constitute an Event of Default, the
Administrative Agent shall notify the Lenders and shall take action and assert
such rights under this Credit Facility Agreement, under the Note and under
Security Documents as the Majority Lenders shall request in writing.

15.10 Limitations of Liability. Neither any Agent nor any of the Lenders shall
be under any liability or responsibility whatsoever:

          (a) to any Security Party or any other person or entity as a
consequence of any failure or delay in performance by, or any breach by, any
other Lenders or any other person of any of its or their obligations under this
Credit Facility Agreement or under any Security Document;

          (b) to any Lender or Lenders as a consequence of any failure or delay
in performance by, or any breach by, any Security Party of any of its respective
obligations under this Credit Facility Agreement, under the Note or under the
Security Documents; or

          (c) to any Lender or Lenders for any statements, representations or
warranties contained in this Credit Facility Agreement, in any Security Document
or in any document or instrument delivered in connection with the transaction
hereby contemplated; or for the validity, effectiveness, enforceability or
sufficiency of this Credit Facility Agreement, the Note, any Security Document
or any document or instrument delivered in connection with the transactions
hereby contemplated.

15.11 Indemnification of the Agents. The Lenders agree to indemnify each Agent
(to the extent not reimbursed by the Security Parties or any thereof), pro rata
according to the respective amounts of their Commitments, from and against any
and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature
whatsoever (including legal fees and expenses incurred in investigating claims
and defending itself against such liabilities) which may be imposed on, incurred
by or asserted against, such Agent in any way relating to or arising out of this
Credit Facility Agreement, the Note or any Security Document, any action taken
or omitted by such Agent thereunder or the preparation, administration,
amendment or enforcement of, or waiver of any provision of, this Credit Facility
Agreement, the Note or any Security Document, except that no Lender shall be
liable for any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements resulting
from such Agent's gross negligence or willful misconduct.

15.12 Consultation with Counsel. Each of the Agents may consult with legal
counsel reasonably selected by such Agent and shall not be liable for any action
taken, permitted or omitted by it in good faith in accordance with the advice or
opinion of such counsel.

15.13 Resignation. Any Agent may resign at any time by giving thirty (30) days'
written notice thereof to the other Agents, the Lenders and the Borrower. Upon
any such resignation, the Lenders shall have the right to appoint a successor
Agent. If no successor Agent shall have been so appointed by the Lenders and
shall have accepted such appointment within thirty (30) days after the retiring
Agent's giving notice of resignation, then the retiring Agent may, on behalf of
the Lenders, appoint a successor Agent which shall be a bank or trust company of
recognized standing. Any resignation by an Agent pursuant to this Section 15.13
shall be effective only upon the appointment of a successor Agent. After any
retiring Agent's resignation as Agent hereunder, the provisions of this Section
15 shall continue in effect for its benefit with respect to any actions taken or
omitted by it while acting as Agent.

15.14 Representations of Lenders. Each Lender represents and warrants to each
other Lender and each Agent that:

          (a) in making its decision to enter into this Credit Facility
Agreement and to make its Commitment available hereunder, it has independently
taken whatever steps it considers necessary to evaluate the financial condition
and affairs of the Security Parties, that it has made an independent credit
judgment and that it has not relied upon any statement, representation or
warranty by any other Lender or any Agent; and

          (b) so long as any portion of its Commitment remains outstanding, it
will continue to make its own independent evaluation of the financial condition
and affairs of the Security Parties.

15.15 Notification of Event of Default. The Administrative Agent hereby
undertakes to promptly notify the Lenders, and the Lenders hereby promptly
undertake to notify the Administrative Agent and the other Lenders, of the
existence of any Event of Default, which shall have occurred and be continuing,
of which the Administrative Agent or Lender has actual knowledge which, for
purposes of this Section 15.15, shall mean the actual knowledge of an officer
having responsibility for the transactions contemplated by this Credit Facility
Agreement.

15.16 No Agency or Trusteeship if not Syndicated. Unless and until the Loan is
syndicated or at any other time HSH is the only Lender, all references to the
terms "Agent" and "Security Trustee" shall be deemed to be references to HSH as
Lender and not as agent or security trustee.

15.17 Nature of Duties. The Agents shall have no duties or responsibilities
except those expressly set forth in this Agreement and the Security Documents.
Neither the Agents nor any of their respective officers, directors, agents,
employees or affiliates shall be liable for any action taken or omitted by it or
them hereunder or under any of the Security Documents or in connection herewith
or therewith, unless caused by such Person's gross negligence or willful
misconduct (any such liability limited to the applicable Agent to whom such
Person relates). The duties of each of the Agents shall be mechanical and
administrative in nature; neither of the Agents shall have by reason of this
Credit Facility Agreement or any of the Security Documents, any fiduciary
relationship in respect of any Lender or the holder or any Note; and nothing in
this Credit Facility Agreement or any of the Security Documents, expressed or
implied, is intended to or shall be construed as to impose upon either of the
Agents any obligations in respect of this Credit Facility Agreement or any of
the Security Documents except as expressly set forth herein or therein.

15.18 Delegation of Power. The Agents shall be entitled at any time and as often
as may be expedient to delegate all or any of the powers and discretions vested
in it by this Credit Facility Agreement and each of the Security Documents in
such manner and upon such terms and to such persons as the Agents in their
absolute discretion may deem advisable.

16. NOTICES AND DEMANDS

16.1 Notices. All notices, requests, demands and other communications to any
party hereunder shall be in writing (including prepaid overnight courier,
facsimile transmission or similar writing) and shall be given to the Borrower at
the address or facsimile number set forth below and to the Lenders and the
Agents at their address and facsimile numbers set forth in Schedule 1 or at such
other address or facsimile numbers as such party may hereafter specify for the
purpose by notice to each other party hereto. Each such notice, request or other
communication shall be effective (i) if given by facsimile, within two (2) hours
of the dispatch of notice (provided that if the date of dispatch of notice is
not a Banking Day in the country of the party receiving the notice, or the time
of dispatch of notice is after the close of business in the country of the party
receiving the notice, it shall be effective at the opening of business on the
next business day), or (ii) if given by mail, prepaid overnight courier or any
other means, when received at the address specified in this Section or when
delivery at such address is refused.

If to the Borrower:

               c/o Top Tanker Management Inc.
               109-111 Messogion Avenue
               Polita Centre, Bldg. C1 2nd Floor
               11526 Athens, Greece

17. MISCELLANEOUS

17.1 Time of Essence. Time is of the essence with respect to this Credit
Facility Agreement but no failure or delay on the part of any Lender or any
Agent to exercise any power or right under this Credit Facility Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise by any
Lender or any Agent of any power or right hereunder preclude any other or
further exercise thereof or the exercise of any other power or right. The
remedies provided herein are cumulative and are not exclusive of any remedies
provided by law.

17.2 Unenforceable, etc., Provisions-Effect. In case any one or more of the
provisions contained in this Credit Facility Agreement, the Note or in any
Security Document would, if given effect, be invalid, illegal or unenforceable
in any respect under any law applicable in any relevant jurisdiction, said
provision shall not be enforceable against the relevant Security Party, but the
validity, legality and enforceability of the remaining provisions herein or
therein contained shall not in any way be affected or impaired thereby.

17.3 References. References herein to Sections, Exhibits and Schedules are to be
construed as references to sections of, exhibits to, and schedules to, this
Credit Facility Agreement, unless the context otherwise requires.

17.4 Further Assurances. The Borrower agrees that if this Credit Facility
Agreement or any Security Document shall, in the reasonable opinion of the
Lenders, at any time be deemed by the Lenders for any reason insufficient in
whole or in part to carry out the true intent and spirit hereof or thereof, it
will execute or cause to be executed such other and further assurances and
documents as in the opinion of the Lenders may be required in order to more
effectively accomplish the purposes of this Credit Facility Agreement, the Note
or any Security Document.

17.5 Prior Agreements, Merger. Any and all prior understandings and agreements
heretofore entered into between the Security Parties on the one part, and the
Agents or the Lenders, on the other part, whether written or oral, other than
the Fee Letter, are superseded by and merged into this Credit Facility Agreement
and the other agreements (the forms of which are exhibited hereto) to be
executed and delivered in connection herewith to which the Security Parties, the
Agents and/or the Lenders are parties, which alone fully and completely express
the agreements between the Security Parties, the Agents and the Lenders.

17.6 Entire Agreement; Amendments. This Credit Facility Agreement constitutes
the entire agreement of the parties hereto, including all parties added hereto
pursuant to an Assignment and Assumption Agreement. Subject to Section 15.8, any
provision of this Credit Facility Agreement, the Note or any Security Document
may be amended or waived if, but only if, such amendment or waiver is in writing
and is signed by the Borrower, the Agents and the Majority Lenders. This Credit
Facility Agreement may be executed in any number of counterparts, each of which
shall be deemed an original, but all such counterparts together shall constitute
one and the same instrument.

17.7 Indemnification. The Borrower and, by its execution and delivery of the
Consent and Agreement set forth below, each of the other Security Parties
jointly and severally agree to indemnify each Lender and each Agent, their
respective successors and assigns, and their respective officers, directors,
employees, representatives and agents (each an "Indemnitee") from, and hold each
of them harmless against, any and all losses, liabilities, claims, damages,
expenses, obligations, penalties, actions, judgments, suits, costs or
disbursements of any kind or nature whatsoever (including, without limitation,
the fees and disbursements of counsel for such Indemnitee in connection with any
investigative, administrative or judicial proceeding commenced or threatened,
whether or not such Indemnitee shall be designated a party thereto) that may at
any time (including, without limitation, at any time following the payment of
the obligations of the Borrower hereunder) be imposed on, asserted against or
incurred by, any Indemnitee as a result of, or arising out of or in any way
related to or by reason of, (a) any violation by any Security Party (or any
charterer or other operator of any Vessel) of any applicable Environmental Law,
(b) any Environmental Claim arising out of the management, use, control,
ownership or operation of property or assets by any Security Party (or, after
foreclosure, by any Lender or any Agent or any of their respective successors or
assigns), (c) the breach of any representation, warranty or covenant set forth
in Sections 2.1 (p) or 9.1(l), (d) the Facility (including the use of the
proceeds of the Facility and any claim made for any brokerage commission, fee or
compensation from any Person), or (e) the execution, delivery, performance or
non-performance of this Credit Facility Agreement, the Note, any Security
Document, or any of the documents referred to herein or contemplated hereby
(whether or not the Indemnitee is a party thereto). If and to the extent that
the obligations of the Security Parties under this Section are unenforceable for
any reason, the Borrower and, by its execution and delivery of the Consent and
Agreement set forth below, each of the other Security Parties jointly and
severally agree to make the maximum contribution to the payment and satisfaction
of such obligations which is permissible under applicable law. The obligations
of the Security Parties under this Section 17.7 shall survive the termination of
this Credit Facility Agreement and the repayment to the Lenders of all amounts
owing thereto under or in connection herewith.

17.8 Headings. In this Credit Facility Agreement, section headings are inserted
for convenience of reference only and shall not be taken into account in the
interpretation of this Credit Facility Agreement.

17.9 WAIVER OF IMMUNITY. TO THE EXTENT THAT ANY SECURITY PARTY HAS OR HEREAFTER
MAY ACQUIRE ANY IMMUNITY FROM SUIT, JURISDICTION OF ANY COURT OR ANY LEGAL
PROCESS (WHETHER THROUGH ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF
EXECUTION, EXECUTION OF A JUDGMENT, OR FROM ANY OTHER LEGAL PROCESS OR REMEDY)
WITH RESPECT TO ITSELF OR ITS PROPERTY, SUCH SECURITY PARTY HEREBY IRREVOCABLY
WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS CREDIT FACILITY
AGREEMENT AND THE OTHER SECURITY DOCUMENTS.
<PAGE>

IN WITNESS whereof, the parties hereto have caused this Credit Facility
Agreement to be duly executed by their duly authorized representatives as of the
day and year first above written.

                                        TOP TANKERS INC.

                                        By: /s/ Gary Wolfe
                                            ----------------------------
                                        Name: Gary Wolfe
                                        Title: Attorney-in-Fact

                                        HSH NORDBANK AG
                                        acting through its Hamburg Branch,
                                        as Arranger, Underwriter, Administrative
                                        Agent and Security Trustee

                                        By: /s/ Lawrence Rutkowski
                                            ----------------------------
                                            Name:  Lawrence Rutkowski
                                            Title: Attorney-in-Fact

                                        By: /s/ Kassandra Slangan
                                            ----------------------------
                                            Name:  Kassandra Slangan
                                            Title: Attorney-in-Fact
<PAGE>

                                            The Lenders:

                                            HSH NORDBANK AG
                                            acting through its Hamburg Branch

                                        By: /s/ Lawrence Rutkowski
                                            ----------------------------
                                            Name:  Lawrence Rutkowski
                                            Title: Attorney-in-Fact

                                        By: /s/ Kassandra Slangan
                                            ----------------------------
                                            Name:  Kassandra Slangan
                                            Title: Attorney-in-Fact
<PAGE>

                              CONSENT AND AGREEMENT
                              ---------------------

Each of the undersigned, referred to in the foregoing Credit Facility Agreement
as the "Guarantors", hereby consents and agrees to said Credit Facility
Agreement and to the documents contemplated thereby and to the provisions
contained therein relating to conditions to be fulfilled and obligations to be
performed by the undersigned pursuant to or in connection with said Credit
Facility Agreement and agrees particularly to be bound by the representations,
warranties and covenants relating to the undersigned contained in Sections 2 and
9 of said Credit Facility Agreement to the same extent as if the undersigned
were a party to said Credit Facility Agreement, and expressly agrees to the
grant of a security interest in favor of the Security Trustee pursuant to
Section 9.1(q) of said Credit Facility Agreement.

                         NEDAS SHIPPING COMPANY LIMITED

                         By: /s/ Gary Wolfe
                             ----------------------------
                             Name:  Gary Wolfe
                             Title: Attorney-in-Fact

                         ARDAS SHIPPING COMPANY LIMITED

                         By: /s/ Gary Wolfe
                             ----------------------------
                             Name:  Gary Wolfe
                             Title: Attorney-in-Fact

                         KIFISOS SHIPPING COMPANY LIMITED

                         By: /s/ Gary Wolfe
                             ----------------------------
                             Name:  Gary Wolfe
                             Title: Attorney-in-Fact

                         SPERHIOS SHIPPING COMPANY LIMITED

                         By: /s/ Gary Wolfe
                             ----------------------------
                             Name:  Gary Wolfe
                             Title: Attorney-in-Fact

<PAGE>

Schedule 1

Lenders                                         Commitment

HSH Nordbank AG                                 [$154,000,000]
Hamburg Office
Gerhart-Hauptmann-Platz 50
D-20095 Hamburg, Germany

Attn: Shipping, Greek clients
Fax:  +49 40 3333 34118

Agents

HSH Nordbank AG
Hamburg Office
Gerhart-Hauptmann-Platz 50
D-20095 Hamburg, Germany

Attn: Shipping, Greek clients
Fax:  +49 40 3333 34118

<PAGE>

Schedule 2

The Vessels

                                        Official   Vessel
Name                   Flag     Built   Number     Type       Owner
----                   ----     -----   ------     ----       -----

M/T STORMLESS          Marshal  1993    2475       Suezmax     Nedas Shipping
(ex MINERVA SYMPHONY)  Islands                     Tanker      Company Limited

M/T ERRORLESS          Marshal  1993    2497       Suezmax     Ardas Shipping
(ex KNOCK CLUNE)       Islands                     Tanker      Company Limited

M/T EDGELESS           Marshal  1994    2496       Suezmax     Kifisos Shipping
(ex KNOCK DUN)         Islands                     Tanker      Company Limited

M/T ELLEN P.           Marshal  1996    2495       Suezmax     Sperhios Shipping
(ex KNOCK MUIR)        Islands                     Tanker      Company Limited

16279.0006 #612109v4Exhibit 4.6

                          CONTROLLED EQUITY OFFERING(SM)

                                 SALES AGREEMENT

April 13, 2006

Cantor Fitzgerald & Co.
110 East 59th Street
New York, New York 10022

Dear Sirs/Ladies:

     TOP Tankers Inc., a Marshall Islands corporation (the "Company"), confirms
its agreement (this "Agreement") with Cantor Fitzgerald & Co. ("CF&Co"), as
follows:

1.   Issuance and Sale of Shares. The Company agrees that, from time to time
during the term of this Agreement, on the terms and subject to the conditions
set forth herein, it will issue and sell through CF&Co, acting as agent and/or
principal, such number of shares (the "Shares") of the Company's common stock,
$0.01 par value per share (the "Common Stock") as the Company and CF&Co shall
agree from time to time. The issuance and sale of the Shares through CF&Co will
be effected pursuant to the Registration Statement (as defined below) filed by
the Company and declared effective by the Securities and Exchange Commission
(the "Commission").

2.   Placements. Each time that the Company wishes to issue and sell Shares
hereunder (each, a "Placement"), it will notify CF&Co of the proposed terms of
such Placement. If CF&Co wishes to accept such proposed terms (which it may
decline to do for any reason in its sole discretion) or, following discussions
with the Company, wishes to accept amended terms, CF&Co will issue to the
Company a written notice setting forth the terms that CF&Co is willing to
accept, including, without limitation, the number of Shares ("Placement Shares")
to be issued, the manner(s) in which sales are to be made, the date or dates on
which such sales are anticipated to be made, any minimum price below which sales
may not be made, and the capacity in which CF&Co may act in selling Shares
hereunder (as principal, agent or both) (a "Placement Notice"), the form of
which is attached hereto as Schedule 1. The amount of compensation to be paid by
the Company to CF&Co with respect to each Placement shall be two and one-half
percent percent (2 1/2%) of gross proceeds for each Placement. The terms set
forth in a Placement Notice will not be binding on the Company or CF&Co, as
applicable, unless and until the Company delivers written notice of its
acceptance of all of the terms of such Placement Notice (an "Acceptance");
provided, however, that none of the Company nor CF&Co will be bound by the terms
of a Placement Notice unless the Company delivers to CF&Co an Acceptance with
respect thereto prior to 4:30 p.m. (New York time) on the Business Day (as
defined below) following the Business Day on which such Placement Notice is
delivered to the Company. It is expressly acknowledged and agreed that none of
the Company nor CF&Co, as applicable, will have any obligation whatsoever with
respect to a Placement or any Placement Shares unless and until CF&Co delivers a
Placement Notice to the Company and the Company accepts such Placement Notice by
means of an Acceptance, and then only upon the terms specified therein and
herein. In the event of a conflict between the terms of this Agreement and the
terms of a Placement Notice, the terms of the Placement Notice will control.

3.   Sale of Placement Shares by CF&Co. Subject to the terms and conditions of
this Agreement and the applicable Placement Notice, upon the Acceptance of a
Placement Notice, and unless the sale of the Placement Shares described therein
has been suspended or otherwise terminated in accordance with the terms of this
Agreement, CF&Co will use its commercially reasonable efforts consistent with
its normal trading and sales practices to sell on behalf of the Company and as
agent and/or principal, such Placement Shares up to the amount specified, and
otherwise in accordance with the terms of such Placement Notice. CF&Co will
provide written confirmation to the Company no later than the opening of the
Trading Day next following the Trading Day on which they have made sales of
Placement Shares hereunder setting forth the number of Placement Shares sold on
such day, the compensation payable by the Company to CF&Co with respect to such
sales, and the Net Proceeds (as defined below) payable to the Company. CF&Co may
sell Placement Shares by any method permitted by law deemed to be an "at the
market" offering as defined in Rule 415 of the Securities Act of 1933, as
amended (the Securities Act"), including, without limitation sales made directly
on the Nasdaq National Market (the "Nasdaq"), on any other existing trading
market for the Common Stock or to or through a market maker. CF&Co may also sell
Placement Shares in negotiated transactions, for which the amount of
compensation to be paid by the Company to CF&Co shall be shall be four percent
(4%) of the gross proceeds with respect to such negotiated sales.
Notwithstanding anything to the contrary set forth in this Agreement or a
Placement Notice, the Company acknowledges and agrees that (i) there can be no
assurance that CF&Co will be successful in selling any Placement Shares or as to
the price at which any Placement Shares are sold, if at all, and (ii) CF&Co will
incur no liability or obligation to the Company or any other person or entity if
they do not sell Placement Shares for any reason other than a failure by CF&Co
to use its commercially reasonable efforts consistent with its normal trading
and sales practices to sell such Placement Shares as provided under this Section
3. For the purposes hereof, "Trading Day" means any day on which Common Stock is
purchased and sold on the principal market on which the Common Stock is listed
or quoted.

4.   Suspension of Sales. The Company or CF&Co may, upon notice to the other
party in writing or by telephone (confirmed immediately by verifiable facsimile
transmission), suspend any sale of Placement Shares; provided, however, that
such suspension shall not affect or impair either party's obligations with
respect to any Placement Shares sold hereunder prior to the receipt of such
notice. The Company agrees that no such notice shall be effective against CF&Co
unless it is made to one of the individuals named on Schedule 2 hereto, as such
Schedule may be amended from time to time.

5.   Settlement.

     (a)  Settlement of Placement Shares. Unless otherwise specified in the
applicable Placement Notice, settlement for sales of Placement Shares will occur
on the third (3rd) Business Day (or such earlier day as is industry practice for
regular-way trading) following the date on which such sales are made (each a
"Settlement Date"). The amount of proceeds to be delivered to the Company on a
Settlement Date against the receipt of the Placement Shares sold ("Net
Proceeds") will be equal to the aggregate sales price at which such Placement
Shares were sold, after deduction for (i) the commission or other compensation
for such sales payable by the Company to CF&Co, as the case may be, pursuant to
Section 2 or Section 3 hereof, as the case may be, (ii) any other amounts due
and payable by the Company to CF&Co hereunder pursuant to Section 7(h) hereof,
and (iii) any transaction fees imposed by any governmental or self-regulatory
organization in respect of such sales.

     (b)  Delivery of Shares. On each Settlement Date, the Company will, or will
cause its transfer agent to, electronically transfer the Placement Shares being
sold by crediting CF&Co's accounts or its designee's account at The Depository
Trust Company through its Deposit Withdrawal Agent Commission System or by such
other means of delivery as may be mutually agreed upon by the parties hereto
and, upon receipt of such Placement Shares, which in all cases shall be freely
tradeable, transferable, registered shares in good deliverable form, CF&Co will,
on each Settlement Date, deliver the related Net Proceeds in same day funds
delivered to an account designated by the Company prior to the Settlement Date.
If the Company defaults in its obligation to deliver Placement Shares on a
Settlement Date, the Company agrees that in addition to and in no way limiting
the rights and obligations set forth in Section 10 hereto, it will (i) hold
CF&Co harmless against any loss, claim, damage, or expense (including reasonable
legal fees and expenses), as incurred, arising out of or in connection with such
default by the Company and (ii) pay to CF&Co any commission, discount, or other
compensation to which it would otherwise have been entitled absent such default.

6.   Representations and Warranties of the Company. The Company represents and
warrants to, and agrees with, CF&Co that:

     (a)  Registration Statement and Prospectus. The Common Stock is registered
pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), and the Company has filed all reports, schedules, forms,
statements and other documents required to be filed by it with the Commission
(the "Commission Documents") since the Company has been subject to the
requirements of Section 12 of the Exchange Act, and all of such filings have
been made on a timely basis. The Common Stock is currently quoted on Nasdaq
under the trading symbol "TOPT." The Company meets the requirements for use of
Form F-3 under the Securities Act and the rules and regulations thereunder
("Rules and Regulations"), including but not limited to the transactions
requirements for an offering made by the issuer set forth in Instruction I.B.1
to Form F-3. The Company has prepared and filed with the Commission a
registration statement on Form F-3 (Registration Statement No. 333-127086) with
respect to common stock, preferred shares, debt securities, warrants, purchase
contracts and units to be offered and sold by the Company, which was declared
effective by the Commission on August 18, 2005. Such registration statement, as
amended, including any information deemed to be a part thereof at the time of
effectiveness pursuant to Rule 430B under the Securities Act is referred to as
the "Registration Statement." The Registration Statement, including the base
prospectus contained therein (the "Base Prospectus") was prepared by the Company
in conformity with the requirements of the Securities Act and all applicable
Rules and Regulations. One or more prospectus supplements (the "Prospectus
Supplements", and together with the Base Prospectus and any amendment thereto
and all documents incorporated therein by reference, the "Prospectus") will be
prepared by the Company in conformity with the requirements of the Securities
Act and all applicable Rules and Regulations and will be filed with the
Commission in the manner and time frame required by the Securities Act and the
Rules and Regulations. Any amendment or supplement to the Registration Statement
or Prospectus required by this Agreement will be so prepared and filed by the
Company and, as applicable, the Company will use its reasonable best efforts to
cause it to become effective as soon as reasonably practicable. No stop order
suspending the effectiveness of the Registration Statement has been issued, and
no proceeding for that purpose has been instituted or threatened by the
Commission. Copies of all filings made by the Company under the Securities Act
and all Commission Documents that were filed with the Commission have either
been delivered to CF&Co or made available to CF&Co on the Commission's
Electronic Data Gathering, Analysis, and Retrieval system ("EDGAR"). Any
reference herein to the Registration Statement, the Prospectus, or any amendment
or supplement thereto shall be deemed to refer to and include the documents
incorporated (or deemed to be incorporated) by reference therein pursuant to
Item 6 of Form F-3 under the Securities Act, and any reference herein to the
terms "amend," "amendment" or "supplement" with respect to the Registration
Statement or Prospectus shall be deemed to refer to and include the filing after
the execution hereof of any document with the Commission deemed to be
incorporated by reference therein.

     (b)  No Misstatement or Omission. Each part of the Registration Statement,
when such part became or becomes effective, and the Prospectus, on the date of
filing thereof with the Commission and at each Settlement Date, conformed or
will conform in all material respects with the requirements of the Securities
Act and the Rules and Regulations; each part of the Registration Statement, when
such part became or becomes effective, did not or will not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading; and
the Prospectus, on the date of filing thereof with the Commission and at each
Settlement Date, did not or will not include an untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading; except
that the foregoing shall not apply to statements or omissions in any such
document made in reliance on information furnished in writing to the Company by
CF&Co expressly stating that such information is intended for use in the
Registration Statement, the Prospectus, or any amendment or supplement thereto.

     (c)  Conformity with Securities Act and Exchange Act. The documents
incorporated by reference in the Registration Statement or the Prospectus, or
any amendment or supplement thereto, when they became effective under the
Securities Act or were filed with the Commission under the Exchange Act, as the
case may be, conformed in all material respects with the requirements of the
Securities Act or the Exchange Act, as applicable, and the rules and regulations
of the Commission thereunder, and none of such documents contained an untrue
statement of a material fact or omitted to state a material fact required to be
stated therein or necessary to make the statements therein not misleading; and
any further documents so filed and incorporated by reference in the Registration
Statement or the Prospectus or any further amendment or supplement thereto, when
such documents become effective or are filed with the Commission, as the case
may be, will conform to the requirements of the Securities Act or the Exchange
Act, as applicable, and the rules and regulations of the Commission thereunder
and will not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading; except that the foregoing will not apply to statements
or omissions in any such document made in reliance on information furnished in
writing to the Company by CF&Co expressly stating that such information is
intended for use in any such document.

     (d)  Financial Information. The consolidated financial statements and
financial schedules of the Company and the subsidiaries of the Company listed on
Schedule 3 hereto (collectively, the "Subsidiaries", and each, individually, a
"Subsidiary"), together with the related notes set forth or incorporated by
reference in the Registration Statement and Prospectus, have been and will be
prepared in accordance with Regulation S-X under the Securities Act and with
United States generally accepted accounting principles consistently applied at
the times and during the periods involved (except (i) as may be otherwise
indicated in such financial statements or the notes thereto, or (ii) in the case
of unaudited interim statements, to the extent they may exclude footnotes or may
be condensed or summary statements) and fairly present and will fairly present
the financial position of the Company as of the dates thereof and the results of
its operations and cash flows for the periods then ended (subject, in the case
of unaudited statements, to normal year-end adjustments).

     (e)  Organization. (1) The Company has been duly incorporated and is
validly existing as a corporation in good standing under the laws of the
Republic of the Marshall Islands with full corporate power and authority to own,
lease and operate its properties and to conduct its business as described in the
Registration Statement and Prospectus; and the Company is duly qualified as a
foreign entity to transact business and is in good standing in each jurisdiction
in which such qualification is required, whether by reason of the ownership or
leasing of property or the conduct of business, except where the failure,
individually or in the aggregate, to be so qualified and be in good standing
would not have a material adverse effect on (i) the consolidated business,
operations, assets, properties, financial condition, reputation, prospects or
results of operations of the Company and its Subsidiaries taken as a whole, (ii)
the transactions contemplated hereby or (iii) the ability of the Company to
perform its obligations under this Agreement (collectively, a "Material Adverse
Effect").

     (2)  Each Subsidiary of the Company has been duly incorporated and is
validly existing as a corporation in good standing under the laws of the
jurisdiction of its incorporation, has full corporate power and authority to
own, lease and operate its properties and conduct its business as described in
the Registration Statement and Prospectus and is duly qualified as a foreign
corporation to transact business and is in good standing in each jurisdiction in
which such qualification is required, whether by reason of the ownership or
leasing of property or the conduct of business, except where the failure to be
so qualified would not have a Material Adverse Effect.

     (f)  Subsidiaries. Except as described in the Prospectus, all of the
vessels described in the Prospectus as owned by the Company or by a Subsidiary
of the Company are owned directly by Subsidiaries of the Company. The
Subsidiaries listed on Schedule 3 hereto are the only subsidiaries of the
Company and except for the Subsidiaries and as otherwise listed on Schedule 3
hereto, the Company owns no beneficial interest, directly or indirectly, in any
corporation, partnership, joint venture, limited liability company or other
entity.

     (g)  Encumbrances. Each of the Company and its Subsidiaries has (i) good
and marketable title to all of the properties and assets owned by it, free and
clear of all liens, charges, claims, security interests or encumbrances
(collectively, "Encumbrances"), other than Encumbrances that would not have a
Material Adverse Effect, and (ii) possession under all material leases to which
it is party as lessee. All leases and charters to which the Company or any of
its Subsidiaries is a party are valid and binding and no material default has
occurred and is continuing thereunder, and no event or circumstance that with
the passage of time or giving of notice, or both, would constitute such a
material default has occurred and is continuing, and, to the best knowledge of
the Company, no defaults by the counterparties exist under any such leases or
charters.

     (h)  No Improper Practices. (i) Neither the Company nor any of its
Subsidiaries, nor to the knowledge of the Company, any director, officer, agent,
employee or other person associated with or acting on behalf of the Company or
any of its Subsidiaries, has, in the past five years, used any corporate funds
for any unlawful contribution, gift, entertainment or other unlawful expense
relating to political activity; made any direct or indirect unlawful payment to
any foreign or domestic government official or employee from corporate funds,
violated or is in violation of any provision of the Foreign Corrupt Practices
Act of 1977; or made any bribe, rebate, payoff, influence payment, kickback or
other unlawful payment; (ii) no relationship, direct or indirect, exists between
or among the Company or, to the Company's knowledge, any Subsidiary or any
affiliate of any of them, on the one hand, and the directors, officers and
stockholders of the Company or, to the Company's knowledge, any Subsidiary, on
the other hand, that is required by the Securities Act to be described in the
Registration Statement and the Prospectus that is not so described; (iii) no
relationship, direct or indirect, exists between or among the Company or any
Subsidiary or any affiliate of them, on the one hand, and the directors,
officers, stockholders or directors of the Company or, to the Company's
knowledge, any Subsidiary, on the other hand, that is required by the rules of
the National Association of Securities Dealers ("NASD") to be described in the
Registration Statement and the Prospectus that is not so described; and (iv)
except as described in the Prospectus, there are no material outstanding loans
or advances or material guarantees of indebtedness by the Company or, to the
Company's knowledge, any Subsidiary to or for the benefit of any of their
respective officers or directors or any of the members of the families of any of
them.

     (i)  Investment Company Act. Neither the Company nor any of the
Subsidiaries, after giving effect to the offering and sale of the Shares, will
be an "investment company" or an entity "controlled" by an "investment company",
as such terms are defined in the Investment Company Act of 1940, as amended (the
"Investment Company Act").

     (j)  Capitalization. The Company has authorized and outstanding
capitalization as set forth in the Prospectus under the caption "Capitalization"
as of the dates indicated in the Prospectus, and all of the issued shares of
capital stock of the Company have been duly and validly authorized and issued
and are fully paid and non-assessable and have been issued in compliance with
all applicable United States federal and state and all applicable foreign
securities laws; and all of the issued shares of capital stock of each
Subsidiary of the Company have been duly and validly authorized and issued and
are fully paid and non-assessable and the shares of such Subsidiary are owned
directly or indirectly by the Company, are held free and clear of all
Encumbrances

     (k)  The Shares. The Shares have been duly authorized and, when issued,
delivered and paid for pursuant to this Agreement, will be validly issued and
fully paid and non-assessable, free and clear of all Encumbrances and will be
issued in compliance with all applicable United States federal and state and all
applicable foreign securities laws; the capital stock of the Company, including
the Common Stock, conforms in all material respects to the description thereof
contained in the Registration Statement and the Common Stock, including the
Placement Shares, will conform to the description thereof contained in the
Prospectus as amended or supplemented. Neither the stockholders of the Company,
nor any other person or entity have any preemptive rights or rights of first
refusal with respect to the Placement Shares or other rights to purchase or
receive any of the Placement Shares or any other securities or assets of the
Company, and no person has the right, contractual or otherwise, to cause the
Company to issue to it, or register pursuant to the Securities Act, any shares
of capital stock or other securities or assets of the Company upon the issuance
or sale of the Placement Shares.

     (l)  No Material Changes. Neither the Company nor any of its Subsidiaries
has sustained since the date of the latest audited financial statements included
or incorporated by reference in the Registration Statement and the Prospectus
any material loss or interference with the business of the Company and its
Subsidiaries, taken as a whole, including, without limitation, from fire,
explosion, flood or other calamity or damage to any vessel, whether or not
covered by insurance, or from any labor dispute or court or governmental action,
order or decree; subsequent to the respective dates as of which information is
given in the Registration Statement and the Prospectus, (i) there has not been
any change, development, or event that has caused, or could reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect
and (ii) since the date of the latest audited financial statements included or
incorporated by reference in the Registration Statement and the Prospectus there
has not been any material change, on a consolidated basis, in the authorized
capital stock of the Company and its Subsidiaries, any material increase in the
short-term debt or long-term debt of the Company and its Subsidiaries, on a
consolidated basis, or any Material Adverse Effect, or any development
reasonably likely to cause or result in a Material Adverse Effect.

     (m)  Legal Proceedings. (1) Except as set forth in the Prospectus, there is
no legal, governmental, administrative or other claim, proceeding,
investigation, action, suit or inquiry pending, or, to the Company's knowledge,
threatened against or affecting the Company or any of its Subsidiaries or any of
their respective properties or to which the Company or any of its Subsidiaries
is or may be a party or to which any property of the Company or any of its
Subsidiaries is or may be the subject, or against any officer, director or
employee of the Company or any such Subsidiary in connection with such person's
employment therewith that, if determined adversely to the Company or any of its
Subsidiaries or such officer, director or employee, could individually or in the
aggregate have, or reasonably be expected to have, a Material Adverse Effect on
the general affairs, business, prospects, management, consolidated financial
position, stockholders' equity or results of operations of the Company and its
Subsidiaries taken as a whole. Neither the Company nor any of its Subsidiaries
is a party to or subject to the provisions of, any order, writ, injunction,
judgment or decree of any court or government agency or instrumentality which
could have a Material Adverse Effect.

     (2)  There are no legal, governmental or administrative proceedings,
investigations, actions, suits or inquiries or contracts or documents of the
Company or any of its Subsidiaries that are required to be described in or filed
as exhibits to the Commission Documents, Registration Statement or any of the
documents incorporated by reference therein by the Securities Act or the
Exchange Act or by the rules and regulations of the Commission thereunder that
have not been so described or filed as required by the Securities Act and the
Rules and Regulations thereunder.

     (n)  Authorization; Enforceability. (1) All necessary action has been duly
and validly taken by the Company to authorize the execution, delivery and
performance of this Agreement. This Agreement has been duly and validly
authorized, executed and delivered by the Company and constitutes the legal,
valid and binding obligation of the Company, enforceable against the Company in
accordance with its terms, except as rights to indemnification and contribution
hereunder may be limited by applicable law and except as enforcement hereof may
be limited by bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting the enforcement of creditors' rights generally and by
general equitable principles (whether applied in a proceeding in law or equity).

     (2)  Executing and delivering this Agreement and the issuance and sale of
the Shares and the compliance by the Company with all of the provisions of this
Agreement and the consummation of the transactions contemplated herein will not
result in (i) a breach or violation of any of the terms and provisions of, or
constitute a default under, any obligation, agreement, covenant or condition
contained in any indenture, mortgage, deed of trust, loan or credit agreement or
other agreement or instrument to which the Company or any of its Subsidiaries is
a party or by which any of them is bound or to which any of the property of the
Company or any of its Subsidiaries is subject, (ii) a violation of the Company's
articles of incorporation or bylaws, or any statute or any order, rule or
regulation of any court or governmental agency or body having jurisdiction over
the Company or any of its Subsidiaries or any of its properties or (iii) the
creation of any material Encumbrance upon any assets of the Company or of any of
its Subsidiaries or the triggering, solely as a result of the Company's
execution and delivery of this Agreement, of any preemptive or anti-dilution
rights or rights of first refusal or first offer, or any similar rights (whether
pursuant to a "poison pill" provision or otherwise), on the part of holders of
the Company's securities or any other person. Neither the Company nor any of its
Subsidiaries or affiliates, nor any person acting on its or their behalf, has
issued or sold any shares of Common Stock or securities or instruments
convertible into, exchangeable for and/or otherwise entitling the holder thereof
to acquire shares of Common Stock which would be integrated with the offer and
sale of the Shares hereunder.

     (o)  Enforceability of Agreements. To the knowledge of the Company, all
agreements between the Company and third parties expressly referenced in the
Prospectus are legal, valid and binding obligations of the Company enforceable
in accordance with their respective terms, except to the extent that (i)
enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors' rights generally and by general
equitable principles and (ii) the indemnification provisions of certain
agreements may be limited be federal or state securities laws or public policy
considerations in respect thereof and except for any unenforceability that,
individually or in the aggregate, would not unreasonably be expected to have a
Material Adverse Effect.

     (p)  No Violations or Default. Neither the Company nor any of its
Subsidiaries is in violation of any provisions of its articles of incorporation,
bylaws or any other governing document as amended and in effect on and as of the
date hereof or in default (and no event has occurred which, with notice or lapse
of time or both, would constitute a default) under any indenture, mortgage, deed
of trust, loan or credit agreement or any provision of any instrument or
contract to which it is a party or by which it is bound that, individually or in
the aggregate, could have a Material Adverse Effect.

     (q)  Compliance with Laws. The Company and its Subsidiaries have not
violated and are in compliance with all laws, statutes, ordinances, regulations,
rules and orders of each foreign, federal, state or local government and any
other governmental department or agency having jurisdiction over the Company and
any Subsidiary, and any judgment, decision, decree or order of any court or
governmental agency, department or authority having jurisdiction over the
Company and any Subsidiary, except for such violations or noncompliance which,
individually or in the aggregate, would not have a Material Adverse Effect.

     (r)  Consents and Permits. The Company and its Subsidiaries possess all
such licenses, permits, consents, orders, certificates, authorizations,
approvals, franchises and rights issued by and have obtained or made all such
registrations with the appropriate federal, state, foreign or local regulatory
agencies or judicial or governmental bodies that are necessary to conduct their
business as described in the Registration Statement and the Prospectus except
for licenses, permits, consents, orders, certificates, authorizations,
approvals, franchises, rights or registrations, the absence of which,
individually or in the aggregate, would not have a Material Adverse Effect; the
Company and its Subsidiaries have not received any notice of proceedings or
investigations relating to the revocation or modification of any such licenses,
permits, consents, orders, certificates, authorizations, approvals, franchises,
rights or registrations which, singly or in the aggregate, if the subject of an
unfavorable decision, ruling or finding, would have a Material Adverse Effect.
No consent, approval, authorization, permit, or order of, or filing or
registration with, any court or governmental or self regulatory agency or body
is required for the issue and sale of the Shares and the consummation by the
Company of the transactions contemplated by this Agreement, except the filing
with the Commission of the Registration Statement (including the Prospectus) and
amendments and supplements to the Registration Statement and Prospectus related
to the issue and sale of the Shares and such consents, approvals,
authorizations, registrations or qualifications as have already been obtained or
made or as may be required under state securities or Blue Sky laws;

     (s)  Insurance. On the date hereof, and after the date hereof other than as
set forth in the Prospectus, the Company and its Subsidiaries carry, or are
covered by, insurance in such amounts and covering such risks as is prudent,
reasonable and customary for companies engaged in similar businesses in similar
industries; neither the Company nor any of its Subsidiaries has received notice
from any insurer or agent of such insurer that substantial capital improvements
or other expenditures will have to be made in order to continue such insurance;
all such insurance is outstanding and in full force and effect and neither the
Company nor any Subsidiary has received any notice of cancellation or proposed
cancellation relating to such insurance.

     (t)  Environmental Laws. (1) On the date hereof, and after the date hereof
other than as set forth in the Prospectus, the Company and each of its
Subsidiaries have obtained all environmental permits, licenses and other
authorizations required by federal, state, foreign and local law, including any
applicable regulations and standards adopted by the International Maritime
Organization, relating to the protection of human health and safety, the
environment or hazardous or toxic substances or wastes, pollutants or
contaminants ("Environmental Laws"), in order to conduct their businesses as
described in the Prospectus except where the failure to obtain a particular
environmental permit, license, or authorization, has not or could not reasonably
be expected to, either individually or in the aggregate, result in a Material
Adverse Effect; the Company and each of its Subsidiaries are conducting their
businesses in compliance with such permits, licenses and authorizations and with
applicable environmental laws, except where the failure to be in compliance
would not have a Material Adverse Effect; and, except as described in the
Prospectus, the Company is not in violation of any federal, state, foreign or
local law or regulation relating to the storage, handling, disposal, release or
transportation of hazardous or toxic materials except for such violations or
noncompliance which, individually or in the aggregate, would not have a Material
Adverse Effect.

     (2)  In the ordinary course of its business, the Company conducts a
periodic review of the effect of Environmental Laws on the business, operations
and properties of the Company and its Subsidiaries, in the course of which it
identifies and evaluates associated costs and liabilities (including, without
limitation, any capital or operating expenditures required for clean-up or
compliance with Environmental Laws or any permit, license or approval, any
related constraints on operating activities and any potential liabilities to
third parties). On the basis of such review, the Company has reasonably
concluded that such associated costs and liabilities which, individually or in
the aggregate, would not have a Material Adverse Effect.

     (u)  Independent Public Accountant. Ernst & Young, which has audited the
financial statements of the Company and its Subsidiaries included or
incorporated by reference in the Registration Statement and the Prospectus, is a
registered independent public accounting firm as required by the Securities Act,
the Rules and Regulations and the Exchange Act.

     (v)  Forward-Looking Statements. No forward looking statement within the
meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act
contained in the Commission Documents, the Registration Statement or the
Prospectus has been made or reaffirmed without a reasonable basis or has been
disclosed other than in good faith.

     (w)  Intellectual Property. The Company and each of its Subsidiaries own or
possess sufficient legal rights to all patents, trademarks, service marks,
tradenames, copyrights, trade secrets, licenses, information and proprietary
rights and processes necessary for their respective businesses as now conducted
(collectively, the "Company Intellectual Property Rights") without any conflict
with, or infringement of, the rights of others, except where the failure to own
or possess such Company Intellectual Property Rights, individually or in the
aggregate, would not have a Material Adverse Effect. Neither the Company nor any
of its Subsidiaries has received any written communications alleging that the
Company or any of its Subsidiaries has violated or, by conducting its business,
would violate any of the patents, trademarks, service marks, service marks,
tradenames, copyrights, trade secrets or other proprietary rights or processes
of any other person or entity. All Company Intellectual Property Rights are
enforceable and there is no existing infringement by any person of such Company
Intellectual Property Rights. All patent applications that have been filed by
the Company or any of its Subsidiaries with the Patent and Trademark Office have
been duly filed by the Company or such Subsidiary, as applicable, has taken all
actions reasonably necessary to maintain the prosecution of such patent
applications.

     (x)  Taxes. (1) The Company was not, for the immediately preceding taxable
year, treated as, will not, for the current taxable year, be treated as, and
does not anticipate that, for any subsequent taxable year, it will be treated as
a "passive foreign investment company," a "foreign investment company" or a
"foreign personal holding company" for United States federal income tax
purposes.

     (2)  The Company has filed all United States federal and state and all
applicable local and foreign income tax returns which have been required to be
filed, except in any case in which the failure to so file would not have a
Material Adverse Effect.

     (3)  The Company has paid all United States federal, state and local and
foreign taxes required to be paid and any other assessment, fine or penalty
levied against it, to the extent that any of the foregoing would otherwise be
delinquent, except, in all cases, for any such tax, assessment, fine or penalty
that is being contested in good faith and except in any case in which the
failure to so pay would not result in a Material Adverse Effect.

     (4)  No stamp or other issuance or transfer taxes or duties and no capital
gains, income, withholding or other taxes are payable by or on behalf of CF&Co
to Greece or the Marshall Islands or any political subdivision or taxing
authority thereof or therein in connection with the sale and delivery by the
Company of the Shares to or for the account of CF&Co or the sale and delivery by
CF&Co of the Shares to the purchasers thereof.

     (y)  No Reliance. The Company has not relied upon CF&Co or legal counsel
for CF&Co for any legal, tax or accounting advice in connection with the
offering and sale of the Placement Shares.

     (z)  Underwriter Agreements. The Company is not a party to any agreement
with an agent or underwriter for any other "at the market" or continuous equity
transaction or negotiated or underwritten public offering.

     (aa) Disclosure Controls. (1) The Company has established and maintains
disclosure controls and procedures (as such term is defined in Rule 13a-15 under
the Exchange Act), which (i) are designed to ensure that material information
relating to the Company, including its consolidated Subsidiaries, is made known
to the Company's principal executive officer and its principal financial officer
by others within those entities, particularly during the preparation of the
Registration Statement; (ii) have been evaluated for effectiveness as of the
date of the filing of the Registration Statement with the Commission; and (iii)
are effective in all material respects to perform the functions for which they
were established.

     (2)  The Company (i) makes and keeps accurate books and records and (ii)
maintains internal accounting controls which provide reasonable assurance that
(A) transactions are executed in accordance with management's authorization, (B)
transactions are recorded as necessary to permit preparation of its financial
statements and to maintain accountability for its assets, (C) access to its
assets is permitted only in accordance with management's authorization and (D)
the reported accountability for its assets is compared with existing assets at
reasonable intervals.

     (bb) Accounting Controls. Based on the evaluation of its internal controls
over financial reporting, the Company is not aware of (i) any significant
deficiency or material weakness in the design or operation of internal controls
over financial reporting which are reasonably likely to adversely affect the
Company's ability to record, process, summarize and report financial
information; or (ii) any fraud, whether or not material, that involves
management or other employees who have a significant role in the Company's
internal controls over financial reporting.

     (cc) Certain Market Activities. The Company has not taken, directly or
indirectly, any action designed to, or that might be reasonably expected to,
cause or result in stabilization or manipulation of the price of the Common
Stock.

     (dd) Broker/Dealer Relationships. Neither the Company nor any of the
Subsidiaries or any related entities (i) is required to register as a "broker"
or "dealer" in accordance with the provisions of the Exchange Act or (ii)
directly or indirectly through one or more intermediaries, controls or is a
"person associated with a NASD member" or "associated person of a NASD member"
(within the meaning of Article I of the Bylaws of the NASD).

     (ee) Finder's Fees. Neither the Company nor any of the Subsidiaries has
incurred any liability for any finder's fees or similar payments in connection
with the transactions herein contemplated, except as may otherwise exist with
respect to CF&Co pursuant to this Agreement.

     (ff) No Guarantees. Neither the Company nor any of its Subsidiaries has, or
guarantees any securities accorded a rating by any "nationally recognized
statistical rating organization," as such term is defined in Rule 436(g)(2)
under the Securities Act.

     (gg) Labor Disputes. There are no existing or, to the best knowledge of the
Company, threatened labor disputes with the employees of the Company or any of
its Subsidiaries which are likely to have a material adverse effect on the
financial condition and operations of the Company and its Subsidiaries taken as
a whole.

     (hh) CF&Co Purchases. The Company acknowledges and agrees that CF&Co has
informed the Company that CF&Co may, to the extent permitted under the
Securities Act and the Exchange Act, purchase and sell shares of Common Stock
for its own account while this Agreement is in effect provided that (i) no such
purchase or sales shall take place while a Placement Notice is in effect (except
to the extent CF&Co may engage in sales of Placement Shares purchased or deemed
purchased from the Company as a "riskless principal" or in a similar capacity)
and (ii) the Company shall not be deemed to have authorized or consented to any
such purchases or sales by CF&Co.

7.   Covenants of the Company. The Company covenants and agrees with CF&Co that:

     (a)  Registration Statement Amendments. After the date of this Agreement
and during the period in which a prospectus relating to the Shares is required
to be delivered by CF&Co under the Securities Act (including in circumstances
where such requirement may be satisfied pursuant to Rule 172 under the
Securities Act), the Company will notify CF&Co promptly of the time when any
subsequent amendment to the Registration Statement has been filed with the
Commission and has become effective or any subsequent supplement to the
Prospectus has been filed and of any request by the Commission for any amendment
or supplement to the Registration Statement or Prospectus or for additional
information; it will prepare and file with the Commission, promptly upon CF&Co's
request, any amendments or supplements to the Registration Statement or
Prospectus that, in CF&Co's reasonable opinion, may be necessary or advisable in
connection with the distribution of the Shares by CF&Co (provided, however that
the failure of CF&Co to make such request shall not relieve the Company of any
obligation or liability hereunder, or affect CF&Co's right to rely on the
representations and warranties made by the Company in this Agreement); the
Company will submit to CF&Co a copy of any amendment or supplement to the
Registration Statement or Prospectus relating to the Common Stock of the Company
or a security convertible into the Common Stock of the Company a reasonable
period of time before the filing; and it will furnish to CF&Co at the time of
filing thereof a copy of any document that upon filing is deemed to be
incorporated by reference in the Registration Statement or Prospectus; and the
Company will cause each amendment or supplement to the Prospectus to be filed
with the Commission as required pursuant to the applicable paragraph of Rule
424(b) of the Rules and Regulations or, in the case of any document to be
incorporated therein by reference, to be filed with the Commission as required
pursuant to the Exchange Act, within the time period prescribed.

     (b)  Notice of Commission Stop Orders. The Company will advise CF&Co,
promptly after it receives notice or obtains knowledge thereof, of the issuance
or threatened issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement, of the suspension of the
qualification of the Shares for offering or sale in any jurisdiction, or of the
initiation or threatening of any proceeding for any such purpose; and it will
promptly use its commercially reasonable efforts to prevent the issuance of any
stop order or to obtain its withdrawal if such a stop order should be issued.

     (c)  Delivery of Prospectus; Subsequent Changes. Within the time during
which a prospectus relating to the Shares is required to be delivered by CF&Co
under the Securities Act (including in circumstances where such requirement may
be satisfied pursuant to Rule 172 under the Securities Act), the Company will
comply with all requirements imposed upon it by the Securities Act and by the
Rules and Regulations, as from time to time in force, and will file on or before
their respective due dates all reports required to be filed by the Company with
the Commission pursuant to Sections 13(a), 13(c), 15(d), if applicable, or any
other provision of or under the Exchange Act. If during such period any event
occurs as a result of which the Prospectus as then amended or supplemented would
include an untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances then
existing, not misleading, or if during such period it is necessary to amend or
supplement the Registration Statement or Prospectus to comply with the
Securities Act, the Company will immediately notify CF&Co to suspend the
offering of Shares during such period and the Company will promptly amend or
supplement the Registration Statement or Prospectus (at the expense of the
Company) so as to correct such statement or omission or effect such compliance.

     (d)  Listing of Placement Shares. The Company will use commercially
reasonable efforts to cause the Shares to be quoted on the Nasdaq National
Market and to qualify the Shares for sale under the securities laws of such
jurisdictions as CF&Co designates and to continue such qualifications in effect
so long as required for the distribution of the Shares; provided that the
Company shall not be required in connection therewith to qualify as a foreign
corporation or to file a general consent to service of process in any
jurisdiction.

     (e)  Delivery of Registration Statement and Prospectus. The Company will
furnish to CF&Co and its counsel (at the expense of the Company) copies of the
Registration Statement, the Prospectus (including all documents incorporated by
reference therein) and all amendments and supplements to the Registration
Statement or Prospectus that are filed with the Commission during the period in
which a prospectus relating to the Shares is required to be delivered under the
Securities Act (including all documents filed with the Commission during such
period that are deemed to be incorporated by reference therein), in each case as
soon as reasonably practicable and in such quantities as CF&Co may from time to
time reasonably request and, at CF&Co's request, will also furnish copies of the
Prospectus to each exchange or market on which sales of Shares may be made.

     (f)  Company Information. The Company will furnish to CF&Co for a period of
three (3) years from the date of this Agreement such information as reasonably
requested by CF&Co regarding the Company or its Subsidiaries.

     (g)  Earnings Statement. The Company will make generally available to its
security holders as soon as practicable, but in any event not later than 15
months after the end of the Company's current fiscal quarter, an earnings
statement covering a 12-month period that satisfies the provisions of Section
11(a) of the Securities Act and Rule 158 of the Rules and Regulations.

     (h)  Expenses. The Company, whether or not the transactions contemplated
hereunder are consummated or this Agreement is terminated, will pay all expenses
incident to the performance of its obligations hereunder, including but not
limited to (i) the preparation, printing and filing of the Registration
Statement and each amendment and supplement thereto, of each Prospectus and of
each amendment and supplement thereto and each Issuer Free Writing Prospectus
(as defined in Section 8 of this Agreement), (ii) the preparation, issuance and
delivery of the Shares, (iii) all fees and disbursements of the Company's
counsel, accountants and other advisors, (iv) the qualification of the Shares
under securities laws in accordance with the provisions of Section 7(d) of this
Agreement, including filing fees in connection therewith, (v) the printing and
delivery to CF&Co of copies of the Prospectus and any amendments or supplements
thereto, and of this Agreement, (vi) the fees and expenses incurred in
connection with the listing or qualification of the Shares for trading on the
Exchange, or (vii) filing fees and expenses, if any, of the Commission and the
National Association of Securities Dealers, Inc. Corporate Finance Department or
(viii) the cost of publication of a tombstone ad in The Wall Street Journal.

     (i)  Use of Proceeds. The Company will use the Net Proceeds as described in
the Prospectus.

     (j)  Sales. Without the written consent of CF&Co, the Company will not,
directly or indirectly, offer to sell, sell, contract to sell, grant any option
to sell or otherwise dispose of any shares of Common Stock (other than the
Shares offered pursuant to the provisions of this Agreement) or securities
convertible into or exchangeable for Common Stock, warrants or any rights to
purchase or acquire, Common Stock during the period beginning on the fifth (5th)
Trading Day immediately prior to the date on which any Acceptance of a Placement
Notice is delivered to CF&Co hereunder and ending on the fifth (5th) Trading Day
immediately following the final Settlement Date with respect to Shares sold
pursuant to such Placement Notice; and without the written consent of CF&Co, the
Company will not directly or indirectly in any other "at the market" or
continuous equity transaction offer to sell, sell, contract to sell, grant any
option to sell or otherwise dispose of any shares of Common Stock (other than
the Shares offered pursuant to the provisions of this Agreement) or securities
convertible into or exchangeable for Common Stock, warrants or any rights to
purchase or acquire, Common Stock prior to the later of the termination of this
Agreement and the sixtieth (60th) day immediately following the final Settlement
Date with respect to Shares sold pursuant to such Placement Notice; provided,
however, that such restrictions will not be applicable to the Company's issuance
or sale of (i) Common Stock, options to purchase shares of Common Stock or
Common Stock issuable upon the exercise of options, pursuant to any employee or
director (x) stock option or benefits plan, (y) stock ownership plan or (z)
dividend reinvestment plan (but not shares subject to a waiver to exceed plan
limits in its dividend reinvestment plan) of the Company whether now in effect
or hereafter implemented, and (ii) Common Stock issuable upon conversion of
securities or the exercise of warrants, options or other rights in effect or
outstanding on the date hereof, and disclosed in writing to CF&Co.

     (k)  Change of Circumstances. The Company will, at any time during the term
of this Agreement, as supplemented from time to time, advise CF&Co immediately
after it shall have received notice or obtained knowledge thereof, of any
information or fact that would alter or affect any opinion, certificate, letter
or other document provided to CF&Co pursuant to this Agreement.

     (l)  Due Diligence Cooperation. The Company will cooperate with any due
diligence review conducted by CF&Co or its agents, including, without
limitation, providing information and making available documents and senior
corporate officers, as CF&Co may reasonably request; provided, however, that the
Company shall be required to make available senior corporate officers only (i)
by telephone or at the Company's principal offices and (ii) during the Company's
ordinary business hours.

     (m)  Required Filings Relating to Placement of Placement Shares. The
Company agrees that on such dates as the Securities Act shall require, the
Company will (i) file a prospectus supplement with the Commission under the
applicable paragraph of Rule 424(b) under the Securities Act (each and every
filing under Rule 424(b), a "Filing Date"), which prospectus supplement will set
forth, within the relevant period, the amount of Placement Shares sold through
CF&Co, the Net Proceeds to the Company and the compensation payable by the
Company to CF&Co with respect to such Placement Shares, and (ii) deliver such
number of copies of each such prospectus supplement to each exchange or market
on which such sales were effected as may be required by the rules or regulations
of such exchange or market.

     (n)  Certificates. On the first Settlement Date hereunder, on each Filing
Date and each time that the Registration Statement shall be amended or the
Prospectus supplemented (other than a supplement filed pursuant to Rule 424(b)
under the Securities Act that contains solely the information confirmed to the
Company by CF&Co pursuant to Section 7(m) above), the Company shall furnish or
cause to be furnished to CF&Co forthwith a certificate dated the date of filing
with the Commission of such supplement, or other document, or the date of any
such amendment to the Registration Statement in the form attached hereto as
Exhibit A to the effect that the representations and warranties made by the
Company in this Agreement are true and correct on such date as though made at
and as of such date (except that such statements shall be deemed to relate to
the Registration Statement or the Prospectus as amended and supplemented to such
time) and that the Company has complied with all of the agreements to be
performed by it at or prior to such date.

     (o) Legal Opinions. (1) On such date as CF&Co shall request, including,
without limitation, on the first Settlement Date hereunder, on each Filing Date,
each time that the Registration Statement shall be amended or the Prospectus
supplemented (other than a supplement filed pursuant to Rule 424(b) under the
Securities Act that contains solely the information confirmed to the Company by
CF&Co pursuant to Section 7(m) above) and within five (5) Business days after
the Company files an Annual Report on Form 20-F with the Commission, the Company
shall furnish or cause to be furnished to CF&Co a written opinion of Seward &
Kissel LLP, United States counsel for the Company, or other counsel satisfactory
to CF&Co, in form and substance satisfactory to CF&Co. Such opinion shall be
rendered to CF&Co at the request of the Company and shall state so therein.
Notwithstanding the foregoing, in lieu of such opinion to be delivered within
five (5) Business Days after the Company files an Annual Report on Form 20-F,
counsel may furnish CF&Co with a letter to the effect that CF&Co may rely on a
prior opinion delivered under this Section 7(o)(1) to the same extent as if it
were dated the date of such letter.

     (2) On such date as CF&Co shall request, including, without limitation, on
the first Settlement Date hereunder, on each Filing Date, each time that the
Registration Statement shall be amended or the Prospectus supplemented (other
than a supplement filed pursuant to Rule 424(b) under the Securities Act that
contains solely the information confirmed to the Company by CF&Co pursuant to
Section 7(m) above) and within five (5) Business days after the Company files an
Annual Report on Form 20-F with the Commission, the Company shall furnish or
cause to be furnished to CF&Co a written opinion of Seward & Kissel LLP,
Marshall Islands counsel for the Company, or other counsel satisfactory to
CF&Co, in form and substance satisfactory to CF&Co. Such opinion shall be
rendered to CF&Co at the request of the Company and shall state so therein.
Notwithstanding the foregoing, in lieu of such opinion to be delivered within
five (5) Business Days after the Company files an Annual Report on Form 20-F,
counsel may furnish CF&Co with a letter to the effect that CF&Co may rely on a
prior opinion delivered under this Section 7(o)(2) to the same extent as if it
were dated the date of such letter.

     (3) On such date as CF&Co shall request, including, without limitation, on
the first Settlement Date hereunder, on each Filing Date, each time that the
Registration Statement shall be amended or the Prospectus supplemented (other
than a supplement filed pursuant to Rule 424(b) under the Securities Act that
contains solely the information confirmed to the Company by CF&Co pursuant to
Section 7(m) above) and within five (5) Business days after the Company files an
Annual Report on Form 20-F with the Commission, the Company shall furnish or
cause to be furnished to CF&Co a written opinion of Economou & Associates, Greek
counsel to the Company, or other counsel satisfactory to CF&Co, in form and
substance satisfactory to CF&Co. Such opinion shall be rendered to CF&Co at the
request of the Company and shall state so therein. Notwithstanding the
foregoing, in lieu of such opinion to be delivered within five (5) Business Days
after the Company files an Annual Report on Form 20-F, counsel may furnish CF&Co
with a letter to the effect that CF&Co may rely on a prior opinion delivered
under this Section 7(o)(3) to the same extent as if it were dated the date of
such letter.

     (4) On such date as CF&Co shall request, including, without limitation, on
the first Settlement Date hereunder, on each Filing Date, each time that the
Registration Statement shall be amended or the Prospectus supplemented (other
than a supplement filed pursuant to Rule to 424(b) under the Securities Act that
contains solely the information confirmed to the Company by CF&Co pursuant to
Section 7(m) above) and within five (5) Business days after the Company files an
Annual Report on Form 20-F with the Commission, the Company shall furnish or
cause to be furnished to CF&Co a written opinion of Chrysses Demetriades,
Cypriot counsel to the Company, or other counsel satisfactory to CF&Co, in form
and substance satisfactory to CF&Co. Such opinion shall be rendered to CF&Co at
the request of the Company and shall state so therein. Notwithstanding the
foregoing, in lieu of such opinion to be delivered within five (5) Business Days
after the Company files an Annual Report on Form 20-F, counsel may furnish CF&Co
with a letter to the effect that CF&Co may rely on a prior opinion delivered
under this Section 7(o)(4) to the same extent as if it were dated the date of
such letter.

     (5) On such date as CF&Co shall request, including, without limitation, on
the first Settlement Date hereunder, on each Filing Date, each time that the
Registration Statement shall be amended or the Prospectus supplemented (other
than a supplement filed pursuant to Rule 424(b) under the Securities Act that
contains solely the information confirmed to the Company by CF&Co pursuant to
Section 7(m) above) and within five (5) Business days after the Company files an
Annual Report on Form 20-F with the Commission, the Company shall furnish or
cause to be furnished to CF&Co a written opinion of Seward & Kissel LLP,
Liberian counsel to the Company, or other counsel satisfactory to CF&Co, in form
and substance satisfactory to CF&Co. Such opinion shall be rendered to CF&Co at
the request of the Company and shall state so therein. Notwithstanding the
foregoing, in lieu of such opinion to be delivered within five (5) Business Days
after the Company files an Annual Report on Form 20-F, counsel may furnish CF&Co
with a letter to the effect that CF&Co may rely on a prior opinion delivered
under this Section 7(o)(5) to the same extent as if it were dated the date of
such letter.

     (p)  Comfort Letters. On such date as CF&Co shall request, including,
without limitation, on the first Settlement Date hereunder and each time that
the Registration Statement shall be amended or the Prospectus supplemented to
include additional amended financial information or there is filed with the
Commission any document incorporated by reference into the Registration
Statement or Prospectus which contains additional amended financial information,
the Company shall cause its independent accountants reasonably satisfactory to
CF&Co, to furnish CF&Co letters (the "Comfort Letters"), dated the date of
filing of such amendment to the Registration Statement or Prospectus supplement
or other document with the Commission, as the case may be, in form and substance
satisfactory to CF&Co, (i) confirming that they are registered independent
public accountants within the meaning of the Securities Act and are in
compliance with the applicable requirements relating to the qualification of
accountants under Rule 2-01 of Regulation S-X of the Commission, (ii) stating,
as of such date, the conclusions and findings of such firm with respect to the
financial information and other matters ordinarily covered by accountants'
"comfort letters" to CF&Co in connection with registered public offerings (the
first such letter, the "Initial Comfort Letter") and (iii) updating the Initial
Comfort Letter with any information which would have been included in the
Initial Comfort Letter had it been given on such date and modified as necessary
to relate to the Registration Statement and the Prospectus, as amended and
supplemented to the date of such letter.

     (q)  Market Activities. The Company will not, directly or indirectly, (i)
take any action designed to cause or result in, or that constitutes or might
reasonably be expected to constitute, the stabilization or manipulation of the
price of any security of the Company to facilitate the sale or resale of the
Shares or (ii) sell, bid for, or purchase the Shares, or pay anyone any
compensation for soliciting purchases of the Shares other than CF&Co.

     (r)  Insurance. The Company and its Subsidiaries shall maintain, or cause
to be maintained, insurance in such amounts and covering such risks as is
reasonable and customary for companies engaged in similar businesses in similar
industries.

     (s)  Compliance with Laws. The Company and each of its Subsidiaries shall
maintain, or cause to be maintained, all material environmental permits,
licenses and other authorizations required by federal, state and local law in
order to conduct their businesses as described in the Prospectus, and the
Company and each of its Subsidiaries shall conduct their businesses, or cause
their businesses to be conducted, in substantial compliance with such permits,
licenses and authorizations and with applicable environmental laws, except where
the failure to maintain or be in compliance with such permits, licenses and
authorizations could not reasonably be expected to have a Material Adverse
Effect.

8.   Additional Representations and Covenants of the Company.

     (a)  Issuer Free Writing Prospectuses. (1) The Company represents that it
has not made, and covenants that, unless it obtains the prior written consent of
CF&Co, it will not make any offer relating to the Shares that would constitute a
"free writing prospectus" (as defined in Rule 405 of the Securities Act) (an
"Issuer Free Writing Prospectus") required to be filed by the Company with the
Commission or retained by the Company under Rule 433 of the Securities Act;
except as set forth in a Placement Notice, no use of any Issuer Free Writing
Prospectus has been consented to by CF&Co. The Company agrees that it will
comply with the requirements of Rules 164 and 433 of the Securities Act
applicable to any Issuer Free Writing Prospectus, including timely filing with
the Commission or retention where required and legending.

     (2)  The Company agrees that no Issuer Free Writing Prospectus, if any,
will include any information that conflicts with the information contained in
the Registration Statement, including any document incorporated by reference
therein that has not been superseded or modified, or the Prospectus. In
addition, no Issuer Free Writing Prospectus, if any, will include an untrue
statement of a material fact or omit to state a material fact necessary to make
the statements therein, in light of the circumstances under which they were
made, not misleading; provided however, the foregoing shall not apply to any
statements or omissions in any Issuer Free Writing Prospectus made in reliance
on information furnished in writing to the Company by CF&Co expressly stating
that such information is intended for use therein.

     (3)  The Company agrees that if at any time following issuance of an Issuer
Free Writing Prospectus any event occurred or occurs as a result of which such
Issuer Free Writing Prospectus would conflict with the information in the
Registration Statement, including any document incorporated by reference therein
that has not been superseded or modified, or the Prospectus or would include an
untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in light of the circumstances under which they
were made, not misleading, the Company will give prompt notice thereof to CF&Co
and, if requested by CF&Co, will prepare and furnish without charge to CF&Co an
Issuer Free Writing Prospectus or other document which will correct such
conflict, statement or omission; provided, however, the foregoing shall not
apply to any statements or omissions in any Issuer Free Writing Prospectus made
in reliance on information furnished in writing to the Company by CF&Co
expressly stating that such information is intended for use therein.

     (b)  Non-Issuer Free Writing Prospectus. The Company consents to the use by
CF&Co of a free writing prospectus that (a) is not an "issuer free writing
prospectus" as defined in Rule 433 under the Securities Act, and (b) contains
only (i) information describing the preliminary terms of the Shares or their
offering, or (ii) information permitted under Rule 134 under the Securities Act;
provided that CF&Co covenants with the Company not to take any action that would
result in the Company being required to file with the Commission under Rule
433(d) under the Securities Act a free writing prospectus prepared by or on
behalf of CF&Co that otherwise would not be required to be filed by the Company
thereunder, but for the action of CF&Co.

     (c)  Distribution of Offering Materials. The Company has not distributed
and will not distribute, during the term of this Agreement, any offering
materials in connection with the offering and sale of the Shares other than the
Registration Statement, Prospectus or any Issuer Free Writing Prospectus
reviewed and consented to by CF&Co and included in a Placement Notice (as
described in clause (a)(i) above).

9.   Conditions to CF&Co's Obligations. The obligations of CF&Co hereunder with
respect to a Placement will be subject to the continuing accuracy and
completeness of the representations and warranties made by the Company herein
and in the applicable Placement Notices, to the due performance by the Company
of its obligations hereunder, to the completion by CF&Co of a due diligence
review satisfactory to CF&Co in its reasonable judgment, and to the continuing
satisfaction (or waiver by CF&Co in its sole discretion) of the following
additional conditions:

     (a)  Registration Statement Effective. The Registration Statement shall
have become effective and shall be available for the resale of (i) all Placement
Shares issued pursuant to all prior Placements and not yet sold by CF&Co and
(ii) all Placement Shares contemplated to be issued by the Placement Notice
relating to such Placement.

     (b)  No Material Notices. None of the following events shall have occurred
and be continuing: (i) receipt by the Company of any request for additional
information from the Commission or any other federal or state governmental,
administrative or self regulatory authority during the period of effectiveness
of the Registration Statement, the response to which would require any
amendments or supplements to the Registration Statement or the Prospectus; (ii)
the issuance by the Commission or any other federal or state governmental
authority of any stop order suspending the effectiveness of the Registration
Statement or the initiation of any proceedings for that purpose; (iii) receipt
by the Company of any notification with respect to the suspension of the
qualification or exemption from qualification of any of the Shares for sale in
any jurisdiction or the initiation or threatening of any proceeding for such
purpose; (iv) the occurrence of any event that makes any statement made in the
Registration Statement or the Prospectus or any document incorporated or deemed
to be incorporated therein by reference untrue in any material respect or that
requires the making of any changes in the Registration Statement, related
prospectus or documents so that, in the case of the Registration Statement, it
will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading, and that in the case of the Prospectus, it will not
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading;
and (v) the Company's reasonable determination that a post-effective amendment
to the Registration Statement would be appropriate.

     (c)  No Misstatement or Material Omission. CF&Co shall not have advised the
Company that the Registration Statement or Prospectus, or any amendment or
supplement thereto, contains an untrue statement of fact that in CF&Co's opinion
is material, or omits to state a fact that in CF&Co's opinion is material and is
required to be stated therein or is necessary to make the statements therein not
misleading.

     (d)  Material Changes. Except as contemplated and appropriately disclosed
in the Prospectus, or disclosed in the Company's reports filed with the
Commission, in each case at the time the applicable Placement Notice is
delivered, there shall not have been any material change, on a consolidated
basis, in the authorized capital stock of the Company and its Subsidiaries, or
any Material Adverse Effect, or any development that may reasonably be expected
to cause a Material Adverse Effect, or a downgrading in or withdrawal of the
rating assigned to any of the Company's securities by any rating organization or
a public announcement by any rating organization that it has under surveillance
or review its rating of any of the Company's securities, the effect of which, in
the sole judgment of CF&Co (without relieving the Company of any obligation or
liability it may otherwise have), is so material as to make it impracticable or
inadvisable to proceed with the offering of the Placement Shares on the terms
and in the manner contemplated in the Prospectus.

     (e)  Certificate. CF&Co shall have received the certificate required to be
delivered pursuant to Section 7(n) on or before the date on which delivery of
such certificate is required pursuant to Section 7(n).

     (f)  Legal Opinions CF&Co shall have received the opinions of counsel
required to be delivered pursuant Sections 7(o)(1), 7(o)(2), 7(o)(3), 7(o)(4)
and 7(o)(5) on or before the date on which such delivery of such opinion is
required pursuant to Sections 7(o)(1), 7(o)(2), 7(o)(3), 7(o)(4) and 7(o)(5).

     (g)  Comfort Letters. CF&Co shall have received the Comfort Letter required
to be delivered pursuant Section 7(p) on or before the date on which such
delivery of such letter is required pursuant to Section 7(p).

     (h)  Approval for Listing; No Suspension. The Shares shall have been duly
listed, subject to notice of issuance, on Nasdaq, and trading in the Common
Stock shall not have been suspended on such market.

     (i)  Other Materials. On each date on which the Company is required to
deliver a certificate pursuant to Section 7(n), the Company shall have furnished
to CF&Co such appropriate further information, certificates, opinions and
documents as CF&Co may reasonably request. All such opinions, certificates,
letters and other documents will be in compliance with the provisions hereof.
The Company will furnish CF&Co with such conformed copies of such opinions,
certificates, letters and other documents as CF&Co shall reasonably request.

     (j)  Securities Act Filings Made. All filings with the Commission required
by Rule 424 under the Securities Act to have been filed prior to the issuance of
any Placement Notice hereunder shall have been made within the applicable time
period prescribed for such filing by Rule 424.

     (k)  No Termination Event. There shall not have occurred any event that
would permit CF&Co to terminate this Agreement pursuant to Section 11(a).

10.  Indemnification and Contribution.

     (a)  Company Indemnification. The Company agrees to indemnify and hold
harmless CF&Co, the directors, officers, partners, employees and agents of CF&Co
and each person, if any, who (i) controls CF&Co within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act, or (ii) is controlled
by or is under common control with CF&Co (a "CF&Co Affiliate") from and against
any and all losses, claims, liabilities, expenses and damages (including, but
not limited to, any and all investigative, legal and other expenses reasonably
incurred in connection with, and any and all amounts paid in settlement of, any
action, suit or proceeding between any of the indemnified parties and any
indemnifying parties or between any indemnified party and any third party, or
otherwise, or any claim asserted), as and when incurred, to which any CF&Co, or
any such person, may become subject under the Securities Act, the Exchange Act
or other federal or state statutory law or regulation, at common law or
otherwise, insofar as such losses, claims, liabilities, expenses or damages
arise out of or are based, directly or indirectly, on (i) any untrue statement
or alleged untrue statement of a material fact contained in the Registration
Statement, the Prospectus, or any Issuer Free Writing Prospectus or any "issuer
information" filed or required to be filed pursuant to Rule 433(d) under the
Securities Act, or any amendment or supplement to the Registration Statement or
the Prospectus, or in any application or other document executed by or on behalf
of the Company or based on written information furnished by or on behalf of the
Company filed in any jurisdiction in order to qualify the Shares under the
securities laws thereof or filed with the Commission, (ii) the omission or
alleged omission to state in the Registration Statement, the Prospectus, or any
Issuer Free Writing Prospectus or any "issuer information" filed or required to
be filed pursuant to Rule 433(d) under the Securities Act, or any amendment or
supplement to the Registration Statement or the Prospectus, or in any
application or other document executed by or on behalf of the Company or based
on written information furnished by or on behalf of the Company filed in any
jurisdiction in order to qualify the Shares under the securities laws thereof or
filed with the Commission a material fact required to be stated in it or
necessary to make the statements in it not misleading or (iii) any breach by the
Company of any of its representations, warranties and agreements contained in
this Agreement; provided that this indemnity agreement shall not apply to the
extent that such loss, claim, liability, expense or damage arises from the sale
of the Shares pursuant to this Agreement and is caused directly by an untrue
statement or omission made in reliance on and in conformity with information
relating to CF&Co and furnished in writing to the Company by CF&Co expressly
stating that such information is intended for inclusion in any document
described in clause (a)(i) above. This indemnity agreement will be in addition
to any liability that the Company might otherwise have.

     (b)  CF&Co Indemnification. CF&Co agrees to indemnify and hold harmless the
Company and its directors and each officer of the Company who signed the
Registration Statement, and each person, if any, who (i) controls the Company
within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act or (ii) is controlled by or is under common control with the
Company (a "Company Affiliate") against any and all loss, liability, claim,
damage and expense described in the indemnity contained in Section 10(a), as
incurred, but only with respect to untrue statements or omissions, or alleged
untrue statements or omissions, made in the Registration Statement (or any
amendments thereto), the Prospectus (or any amendment or supplement thereto) or
any Issuer Free Writing Prospectus in reliance upon and in conformity with
written information relating to CF&Co furnished to the Company by CF&Co
expressly stating that such information is intended for use in the Registration
Statement (or any amendment thereto), such preliminary prospectus, the
Prospectus (or any amendment or supplement thereto) or Issuer Free Writing
Prospectus.

     (c)  Procedure. Any party that proposes to assert the right to be
indemnified under this Section 10 will, promptly after receipt of notice of
commencement of any action against such party in respect of which a claim is to
be made against an indemnifying party or parties under this Section 10, notify
each such indemnifying party of the commencement of such action, enclosing a
copy of all papers served, but the omission so to notify such indemnifying party
will not relieve the indemnifying party from (i) any liability that it might
have to any indemnified party otherwise than under this Section 10 and (ii) any
liability that it may have to any indemnified party under the foregoing
provision of this Section 10 unless, and only to the extent that, such omission
results in the forfeiture of substantive rights or defenses by the indemnifying
party. If any such action is brought against any indemnified party and it
notifies the indemnifying party of its commencement, the indemnifying party will
be entitled to participate in and, to the extent that it elects by delivering
written notice to the indemnified party promptly after receiving notice of the
commencement of the action from the indemnified party, jointly with any other
indemnifying party similarly notified, to assume the defense of the action, with
counsel reasonably satisfactory to the indemnified party, and after notice from
the indemnifying party to the indemnified party of its election to assume the
defense, the indemnifying party will not be liable to the indemnified party for
any legal or other expenses except as provided below and except for the
reasonable costs of investigation subsequently incurred by the indemnified party
in connection with the defense. The indemnified party will have the right to
employ its own counsel in any such action, but the fees, expenses and other
charges of such counsel will be at the expense of such indemnified party unless
(1) the employment of counsel by the indemnified party has been authorized in
writing by the indemnifying party, (2) the indemnified party has reasonably
concluded (based on advice of counsel) that there may be legal defenses
available to it or other indemnified parties that are different from or in
addition to those available to the indemnifying party, (3) a conflict or
potential conflict exists (based on advice of counsel to the indemnified party)
between the indemnified party and the indemnifying party (in which case the
indemnifying party will not have the right to direct the defense of such action
on behalf of the indemnified party) or (4) the indemnifying party has not in
fact employed counsel to assume the defense of such action within a reasonable
time after receiving notice of the commencement of the action, in each of which
cases the reasonable fees, disbursements and other charges of counsel will be at
the expense of the indemnifying party or parties. It is understood that the
indemnifying party or parties shall not, in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for the reasonable fees,
disbursements and other charges of more than one separate firm admitted to
practice in such jurisdiction at any one time for all such indemnified party or
parties. All such fees, disbursements and other charges will be reimbursed by
the indemnifying party promptly as they are incurred. An indemnifying party will
not, in any event, be liable for any settlement of any action or claim effected
without its written consent. No indemnifying party shall, without the prior
written consent of each indemnified party, settle or compromise or consent to
the entry of any judgment in any pending or threatened claim, action or
proceeding relating to the matters contemplated by this Section 10 (whether or
not any indemnified party is a party thereto), unless such settlement,
compromise or consent includes an unconditional release of each indemnified
party from all liability arising or that may arise out of such claim, action or
proceeding. Notwithstanding any other provision of this Section 10(c), if at any
time an indemnified party shall have properly requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel for which it is
entitled to reimbursement pursuant to this Section 10(c), such indemnifying
party agrees that it shall be liable for any settlement effected without its
written consent if (i) such settlement is entered into more than 45 days after
receipt by such indemnifying party of the aforesaid request, (ii) such
indemnifying party shall have received notice of the terms of such settlement at
least 30 days prior to such settlement being entered into, and (iii) such
indemnifying party shall not have reimbursed such indemnified party in
accordance with such request prior to the date of such settlement; provided that
an indemnifying party shall not be liable for any such settlement effected
without its consent if such indemnifying party, at least five days prior to the
date of such settlement, (1) reimburses such indemnified party in accordance
with such request for the amount of such fees and expenses of counsel as the
indemnifying party believes in good faith to be reasonable and (2) provides
written notice to the indemnified party that the indemnifying party disputes in
good faith the reasonableness of the unpaid balance of such fees and expenses.

     (d)  Contribution. In order to provide for just and equitable contribution
in circumstances in which the indemnification provided for in the foregoing
paragraphs of this Section 10 is applicable in accordance with its terms but for
any reason is held to be unavailable from the Company or CF&Co, the Company and
CF&Co will contribute to the total losses, claims, liabilities, expenses and
damages (including any investigative, legal and other expenses reasonably
incurred in connection with, and any amount paid in settlement of, any action,
suit or proceeding or any claim asserted, but after deducting any contribution
received by the Company from persons other than CF&Co, such as persons who
control the Company within the meaning of the Securities Act, officers of the
Company who signed the Registration Statement and directors of the Company, who
also may be liable for contribution) to which the Company and CF&Co may be
subject in such proportion as shall be appropriate to reflect the relative
benefits received by the Company on the one hand and CF&Co on the other. The
relative benefits received by the Company on the one hand and CF&Co on the other
hand shall be deemed to be in the same proportion as the total net proceeds from
the offering (before deducting expenses) received by the Company bear to the
total compensation (before deducting expenses) received by CF&Co from the sale
of Shares on behalf of the Company. If, but only if, the allocation provided by
the foregoing sentence is not permitted by applicable law, the allocation of
contribution shall be made in such proportion as is appropriate to reflect not
only the relative benefits referred to in the foregoing sentence but also the
relative fault of the Company, on the one hand, and CF&Co, on the other, with
respect to the statements or omission which resulted in such loss, claim,
liability, expense or damage, or action in respect thereof, as well as any other
relevant equitable considerations with respect to such offering. Such relative
fault shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact relates to information supplied by the Company
or CF&Co, the intent of the parties and their relative knowledge, access to
information and opportunity to correct or prevent such statement or omission.
The Company and CF&Co agree that it would not be just and equitable if
contributions pursuant to this Section 10(d) were to be determined by pro rata
allocation or by any other method of allocation which does not take into account
the equitable considerations referred to herein. The amount paid or payable by
an indemnified party as a result of the loss, claim, liability, expense, or
damage, or action in respect thereof, referred to above in this Section 10(d)
shall be deemed to include, for the purpose of this Section 10(d), any legal or
other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim to the extent consistent
with Section 10(c) hereof. Notwithstanding the foregoing provisions of this
Section 10(d), CF&Co shall not be required to contribute any amount in excess of
the commissions received by it under this Agreement and no person found guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) will be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. For purposes of this Section 10(d),
any person who controls a party to this Agreement within the meaning of the
Securities Act, and any officers, directors, partners, employees or agents of
CF&Co, will have the same rights to contribution as that party, and each officer
of the Company who signed the Registration Statement will have the same rights
to contribution as the Company, subject in each case to the provisions hereof.
Any party entitled to contribution, promptly after receipt of notice of
commencement of any action against such party in respect of which a claim for
contribution may be made under this Section 10(d), will notify any such party or
parties from whom contribution may be sought, but the omission to so notify will
not relieve that party or parties from whom contribution may be sought from any
other obligation it or they may have under this Section 10(d) except to the
extent that the failure to so notify such other party materially prejudiced the
defenses of the party from whom contribution is sought. Except for a settlement
entered into pursuant to the last sentence of Section 10(c) hereof, no party
will be liable for contribution with respect to any action or claim settled
without its written consent if such consent is required pursuant to Section
10(c) hereof.

11.  Representations and Agreements to Survive Delivery. All representations and
warranties of the Company herein or in certificates delivered pursuant hereto
shall remain operative and in full force and effect regardless of (i) any
investigation made by or on behalf of CF&Co, any controlling persons, or the
Company (or any of their respective officers, directors or controlling persons),
(ii) delivery and acceptance of the Shares and payment therefor or (iii) any
termination of this Agreement.

12.  Termination.

     (a)  CF&Co shall have the right by giving notice as hereinafter specified
at any time to terminate this Agreement if (i) any Material Adverse Effect has
occurred, or any development that is reasonably expected to cause a Material
Adverse Effect has occurred which, in the reasonable judgment of CF&Co, may
materially impair the investment quality of the Shares, (ii) the Company shall
have failed, refused or been unable, at or prior to any Settlement Date, to
perform any agreement on its part to be performed hereunder, (iii) any other
condition of CF&Co's obligations hereunder is not fulfilled, or (iv) any
suspension or limitation of trading in the Shares on Nasdaq shall have occurred.
Any such termination shall be without liability of any party to any other party
except that the provisions of Section 7(h) (Expenses), Section 10
(Indemnification), Section 11 (Survival of Representations), Section 17
(Applicable Law; Consent to Jurisdiction) and Section 18 (Waiver of Jury Trial)
hereof shall remain in full force and effect notwithstanding such termination.
If CF&Co elects to terminate this Agreement as provided in this Section 12(a),
CF&Co shall provide the required notice as specified in Section 13 (Notices).

     (b)  The Company shall have the right, by giving twenty (20) days' notice
as hereinafter specified to terminate this Agreement in its sole discretion at
any time following the period of six (6) months after the date of this
Agreement. Any such termination shall be without liability of any party to any
other party except that the provisions of Section 7(h), Section 10, Section 11,
Section 17 and Section 18 hereof shall remain in full force and effect
notwithstanding such termination.

     (c)  In addition to, and without limiting CF&Co's rights under Section
11(a), CF&Co shall have the right, by giving twenty (20) days' notice as
hereinafter specified to terminate this Agreement in its sole discretion at any
time following the 30th day after the date of this Agreement. Any such
termination shall be without liability of any party to any other party except
that the provisions of Section 7(h), Section 10, Section 11, Section 17 and
Section 18 hereof shall remain in full force and effect notwithstanding such
termination.

     (d)  This Agreement shall remain in full force and effect unless terminated
pursuant to Sections 11(a), 11(b) or 11(c) above or otherwise by mutual
agreement of the parties; provided that any such termination by mutual agreement
shall in all cases be deemed to provide that Section 7(h), Section 10, Section
11, Section 17 and Section 18 shall remain in full force and effect.

     (e)  Any termination of this Agreement shall be effective on the date
specified in such notice of termination; provided that such termination shall
not be effective until the close of business on the date of receipt of such
notice by CF&Co or the Company, as the case may be. If such termination shall
occur prior to the Settlement Date for any sale of Placement Shares, such
Placement Shares shall settle in accordance with the provisions of this
Agreement.

13.  Notices. All notices or other communications required or permitted to be
given by any party to any other party pursuant to the terms of this Agreement
shall be in writing and if sent to CF&Co, shall be delivered to Cantor
Fitzgerald & Co., 110 East 59th Street, New York, New York 10022 (telefax:
212-829-4972); Attention: Marc Blazer and Anthony Argyropoulos, Managing
Directors, ITD-Investment Banking, and to Philip A. Marber, President and Chief
Executive Officer, Equity Capital Markets, with a copy to Morgan, Lewis &
Bockius LLP, 101 Park Avenue, New York, New York 10178, fax no. (212) 309-6001,
Attention: Stephen P. Farrell, Esq.; or if sent to the Company, shall be
delivered to 109-111 Messogian Avenue Politia Centre, Athens 115 26, Greece
(telefax: 011 30 210 691 3963); Attention: Chief Executive Officer, with a copy
to Seward & Kissel LLP, One Battery Park Plaza, New York, New York 10004, fax
no. (212) 480-8421, Attention: Gary J. Wolfe, Esq. Each party to this Agreement
may change such address for notices by sending to the parties to this Agreement
written notice of a new address for such purpose. Each such notice or other
communication shall be deemed given (i) when delivered personally or by
verifiable facsimile transmission (with an original to follow) on or before 4:30
p.m., eastern time, on a Business Day or, if such day is not a Business Day, on
the next succeeding Business Day, (ii) on the next Business Day after timely
delivery to a nationally-recognized overnight courier and (iii) on the Business
Day actually received if deposited in the U.S. mail (certified or registered
mail, return receipt requested, postage prepaid). For purposes of this
Agreement, "Business Day" shall mean any day on which Nasdaq and commercial
banks in the city of New York are open for business.

14.  Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the Company and CF&Co and their respective successors and the
affiliates, controlling persons, officers and directors referred to in Section
10 hereof. References to any of the parties contained in this Agreement shall be
deemed to include the successors and permitted assigns of such party. Nothing in
this Agreement, express or implied, is intended to confer upon any party other
than the parties hereto or their respective successors and permitted assigns any
rights, remedies, obligations or liabilities under or by reason of this
Agreement, except as expressly provided in this Agreement. Neither party may
assign its rights or obligations under this Agreement without the prior written
consent of the other party, provided, however, that CF&Co may assign its rights
and obligations hereunder to an affiliate of CF&Co without obtaining the
Company's consent.

15.  Adjustments for Stock Splits. The parties acknowledge and agree that all
share related numbers contained in this Agreement shall be adjusted to take into
account any stock split, stock dividend or similar event effected with respect
to the Shares.

16.  Entire Agreement; Amendment; Severability. This Agreement (including all
schedules and exhibits attached hereto and placement notices issued pursuant
hereto) constitutes the entire agreement and supersedes all other prior and
contemporaneous agreements and undertakings, both written and oral, among the
parties hereto with regard to the subject matter hereof. Neither this Agreement
nor any term hereof may be amended except pursuant to a written instrument
executed by the Company and CF&Co. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

17.  Applicable Law; Consent to Jurisdiction. This Agreement shall be governed
by, and construed in accordance with, the internal laws of the State of New York
without regard to the principles of conflicts of laws. Each of the parties
hereto irrevocably (i) agrees that any legal suit, action or proceeding arising
out of or based upon this Agreement or the transactions contemplated hereby may
be instituted in any state or federal court located in the Borough of Manhattan,
The City of New York, New York (each a "New York Court"), (ii) waives, to the
fullest extent it may effectively do so, any objection which it may now or
hereafter have to the laying of venue of any such proceeding and (iii) submits
to the exclusive jurisdiction of such courts in any such suit, action or
proceeding. The Company has appointed Seward & Kissel LLP, New York, New York,
as its authorized agent (the "Authorized Agent") upon whom process may be served
in any such action arising out of or based on this Agreement or the transactions
contemplated hereby which may be instituted in any New York Court by CF&Co or by
any person who controls CF&Co, expressly consents to the jurisdiction of any
such court in respect of any such action, and waives any other requirements of
or objections to personal jurisdiction with respect thereto. Such appointment
shall be irrevocable. The Company represents and warrants that the Authorized
Agent has agreed to act as such agent for service of process and agrees to take
any and all action, including the filing of any and all documents and
instruments that may be necessary to continue such appointment in full force and
effect as aforesaid. Service of process upon the Authorized Agent and written
notice of such service to the Company shall be deemed, in every respect,
effective service of process upon the Company.

18.  Waiver of Jury Trial. The Company and CF&Co hereby irrevocably waive any
right either may have to a trial by jury in respect of any claim based upon or
arising out of this agreement or any transaction contemplated hereby.

19.  Absence of Fiduciary Duties. The parties acknowledge that they are
sophisticated in business and financial matters and that each of them is solely
responsible for making its own independent investigation and analysis of the
transactions contemplated by this Agreement. They further acknowledge that CF&Co
has not been engaged by the Company to provide, and has not provided, financial
advisory services in connection with the terms of the offering and sale of the
Shares nor has CF&Co assumed at any time a fiduciary relationship to the Company
in connection with such offering and sale. The parties also acknowledge that the
provisions of this Agreement fairly allocate the risks of the transactions
contemplated hereby among them in light of their respective knowledge of the
Company and their respective abilities to investigate its affairs and business
in order to assure that full and adequate disclosure has been made in the
Registration Statement and the Prospectus (and any amendments and supplements
thereto). The Company hereby waives, to the fullest extent permitted by law, any
claims it may have against CF&Co for breach of fiduciary duty or alleged breach
of fiduciary duty and agrees CF&Co shall have no liability (whether direct or
indirect) to the Company in respect of such a fiduciary duty claim or to any
person asserting a fiduciary duty claim on behalf of or in right of the Company,
including stockholders, employees or creditors of Company.

20.  Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Delivery of an executed Agreement by one
party to the other may be made by facsimile transmission.

                     [Remainder of Page Intentionally Blank]
<PAGE>

     If the foregoing accurately reflects your understanding and agreement with
respect to the matters described herein please indicate your agreement by
countersigning this Sales Agreement in the space provided below.

                                    Very truly yours,

                                    TOP TANKERS INC.

                                    By:  /s/Stamatios N. Tsantanis
                                         -------------------------------
                                         Name: Stamatios N. Tsantanis
                                         Title: Chief Financial Officer

                                    ACCEPTED as of the date
                                    first-above written:

                                    CANTOR FITZGERALD & CO.

                                    By:
                                         /s/Marc J. Blazer
                                         -------------------------------
                                         Name: Marc J. Blazer
                                         Title: Managing Director

                   [Signature page to the Sales Agreement]
<PAGE>

                                                                      SCHEDULE 1
                                                                      ----------

CANTOR FITZGERALD & CO.
110 East 59th Street
New York, New York 10022

[Date]

Mr. Evangelos J. Pistiolis
President and Chief Executive Officer
TOP Tankers Inc.
109-111 Messogian Avenue
Politia Centre
Athens 115 26 Greece

                            FORM OF PLACEMENT NOTICE
                            ------------------------

Dear Mr. Pistiolis:

This confirms our agreement to sell up to [ ] shares of Common Stock, par value
$0.01 per share (the "Shares" or "Placement Shares"), of TOP Tankers Inc., a
Marshall Islands corporation (the "Company"), pursuant to the CONTROLLED EQUITY
OFFERINGSM SALES AGREEMENT between the Company and Cantor Fitzgerald & Co.
("CF&Co"), dated ____________ (the "Agreement"). Terms used herein but not
defined herein shall have the meanings set forth in the Agreement.

Number of Shares to be Sold:
                                        ----------------------------------------

Price at which Shares shall be Sold:
                                        ----------------------------------------

Settlement Date:
                                        ----------------------------------------

Gross Proceeds:
                                        ----------------------------------------

Placement Fee:
                                        ----------------------------------------

Manner and capacity in which Shares
are to be Sold:
                                        ----------------------------------------

Issuer Free Writing Prospectus(es)
(if any)
                                        ----------------------------------------

By executing this Placement Notice, the parties agree to comply with the
aforementioned agreement, and to execute the transaction as described herein:

Placements. This Placement Notice is entered into pursuant to, and is subject to
all of the terms and conditions of, the Agreement. The terms set forth in this
Placement Notice will be binding on the Company upon its execution of this
Placement Notice. In the event of a conflict between the terms of the Agreement
and the terms of this Placement Notice, the terms of this Placement Notice will
control.

Suspension of Sales. Subject to the terms of the Agreement, the Company or CF&Co
may, upon notice to the other party in writing or by telephone (confirmed
immediately by verifiable facsimile transmission), suspend any sale of Placement
Shares; provided, however, that such suspension shall not affect or impair
either party's obligations with respect to any Placement Shares sold hereunder
prior to the receipt of such notice. The Company agrees that no such notice
shall be effective against CF&Co unless it is made to one of the individuals
named on Schedule 2 to the Agreement, as such Schedule may be amended from time
to time.

Termination. Notwithstanding anything herein contained to the contrary, this
Placement Notice (and the obligations of the CF&Co with respect to the Shares)
may be terminated in the absolute discretion of the CF&Co, by notice given to
the Company, if after the execution and delivery of this Placement Notice and
prior to the Settlement Date (as defined below) (i) trading generally shall have
been suspended or materially limited on or by, as the case may be, any of the
New York Stock Exchange or the American Stock Exchange, the National Association
of Securities Dealers, Inc., the Chicago Board Options Exchange, the Chicago
Mercantile Exchange, the Chicago Board of Trade, or the Nasdaq National Market,
(ii) trading of any securities of or guaranteed by the Company shall have been
suspended on any exchange or in any over-the-counter market, (iii) a material
disruption in securities settlement, payment or clearance services in the United
States shall have occurred, (iv) any moratorium on commercial banking activities
in New York shall have been declared by either Federal or New York State
authorities, or (v) there shall have occurred any change in financial markets or
any calamity or crisis that, in the judgment of the CF&Co, is material and
adverse and which, in the judgment of the CF&Co makes it impracticable or
inadvisable to proceed with the offer, sale, or delivery of the Shares on the
terms and in the manner contemplated in the Placement Notice.

Settlement of Placement Shares. Unless otherwise specified herein, settlement
for sales of Placement Shares will occur on the third (3rd) Business Day (or
such earlier day as is industry practice for regular-way trading) following the
date on which such sales are made (the "Settlement Date"). The amount of
proceeds to be delivered to the Company on the Settlement Date against the
receipt of the Placement Shares sold ("Net Proceeds") will be equal to the
aggregate sales price at which such Placement Shares were sold, after deduction
for (i) CF&Co's commission, discount, or other compensation for such sales
payable by the Company pursuant to Section 2 or Section 3 of the Agreement and
as described herein, (ii) any other amounts due and payable by the Company to
CF&Co pursuant to Section 7(h) of the Agreement, and (iii) any transaction fees
imposed by any governmental or self-regulatory organization in respect of such
sales.

Delivery of Shares. On or before the Settlement Date, the Company will, or will
cause its transfer agent to, electronically transfer the Shares being sold by
crediting CF&Co's or its designee's account at The Depository Trust Company
through its Deposit Withdrawal Agent Commission System or by such other means of
delivery as may be mutually agreed upon by the parties hereto and, upon receipt
of such Shares, which in all cases shall be freely tradeable, transferable,
registered shares in good deliverable form, CF&Co will deliver the related Net
Proceeds in same day funds delivered to an account designated by the Company
prior to the Settlement Date. If the Company defaults in its obligation to
deliver Shares on the Settlement Date, the Company agrees that in addition to
and in no way limiting the rights and obligations set forth in Section 10(a)
(Indemnification) of the Agreement, it will (i) hold CF&Co harmless against any
loss, claim, damage, or expense (including reasonable legal fees and expenses),
as incurred, arising out of or in connection with such default by the Company
and (ii) pay to CF&Co any commission, discount, or other compensation to which
CF&Co would otherwise have been entitled absent such default.

If the foregoing accurately reflects your understanding and agreement with
respect to the matters described herein please indicate your agreement by
countersigning this Placement Notice in the space provided below.

Very truly yours,

CANTOR FITZGERALD & CO.

By:
     ---------------------------------
     Name:
     Title:

                    [Signature page to the Placement Notice]

     By executing this Placement Notice, the undersigned certifies that (i) all
of the representations and warranties contained in the Agreement are true and
correct on the date hereof and will be true and correct on the Settlement Date
as if made on the date hereof and the Settlement Date, respectively, (ii) the
Board of Directors of the undersigned has duly authorized and approved the terms
and conditions of this Placement Notice and the Agreement, (iii) the Company is
in full compliance with its obligations under the Agreement and (iv) all of the
conditions precedent to the consummation of the sales contemplated by this
Placement Notice have been satisfied. The undersigned undertakes to promptly
notify CF&Co in the event that the above certification shall cease to be true
and correct during any period in which sales may be made under this Placement
Notice and prior to the Settlement Date.

     Pursuant to its signature below, the undersigned acknowledges its
acceptance and agreement with the terms and conditions set forth, and the
matters described, in this Placement Notice as of the date first above written.

TOP TANKERS INC.

By:
     ---------------------------------
     Name:
     Title:

                    [Signature page to the Placement Notice]
<PAGE>

                                                                      SCHEDULE 2
                                                                      ----------

CANTOR FITZGERALD & CO.

Philip A. Marber
Marc J. Blazer
Anthony Argyropoulos
Jeff Lumby
Patrice McNicoll
Shlomo Cohen
<PAGE>

                                                                      SCHEDULE 3
                                                                      ----------

Subsidiaries of TOP Tankers
                                                                Portion of
                                        Country of              Ownership
Name of Significant Subsidiary          Incorporation           Interest
------------------------------          -------------           --------

Top Tanker Management Inc.              Marshall Islands        100%
Top Bulker Management Inc.              Marshall Islands        100%
Vermio Shipping Company Limited         Marshall Islands        100%
Rupel Shipping Company Inc.             Marshall Islands        100%
Gramos Shipping Company Inc.            Marshall Islands        100%
Olympos Shipping Company Limited        Marshall Islands        100%
Helidona Shipping Company Limited       Marshall Islands        100%
Kalidromo Shipping Company Limited      Marshall Islands        100%
Mytikas Shipping Company Limited        Marshall Islands        100%
Litochoro Shipping Company Limited      Marshall Islands        100%
Kisavos Shipping Company Limited        Marshall Islands        100%
Parnis Shipping Company Limited         Marshall Islands        100%
Imitos Shipping Company Limited         Marshall Islands        100%
Giona Shipping Company Limited          Marshall Islands        100%
Lefka Shipping Company Limited          Marshall Islands        100%
Agrafa Shipping Company Limited         Marshall Islands        100%
Nedas Shipping Company Limited          Marshall Islands        100%
Ilisos Shipping Company Limited         Marshall Islands        100%
Spherios Shipping Company Limited       Marshall Islands        100%
Ardas Shipping Company Limited          Marshall Islands        100%
Kifisos Shipping Company Limited        Marshall Islands        100%
Agion Oros Shipping Company Limited     Marshall Islands        100%
Falakro Shipping Company Limited        Liberia                 100%
Psiloritis Shipping Company Limited     Liberia                 100%
Pylio Shipping Company Limited          Liberia                 100%
Idi Shipping Company Limited            Liberia                 100%
Taygetus Shipping Company Limited       Liberia                 100%
Vitsi Shipping Company Limited          Liberia                 100%
Parnasos Shipping Company Limited       Liberia                 100%
Pageon Shipping Company Limited         Cyprus                  100%
Vardousia Shipping Company Limited      Cyprus                  100%
Parnon Shipping Company Limited         Cyprus                  100%
Menalo Shipping Company Limited         Cyprus                  100%
Pintos Shipping Company Limited         Cyprus                  100%
Top Tankers (U.K.) Limited              United Kingdom          100%

<PAGE>

                                                                       EXHIBIT A
                                                                       ---------

                              OFFICER'S CERTIFICATE
                              ---------------------

     I, Evangelos J. Pistiolis, the President and Chief Executive Officer of TOP
Tankers Inc. ("Company"), a Marshall Islands corporation, do hereby certify in
such capacity and on behalf of the Company, pursuant to Section 7(n) of the
Controlled Equity Offering SM Sales Agreement dated __________ (the "Sales
Agreement") between the Company and Cantor Fitzgerald & Co., to the best of my
knowledge that:

     (i) The representations and warranties of the Company in Section 6 of the
Sales Agreement are true and correct on and as of the date hereof, with the same
force and effect as if expressly made on and as of the date hereof; and

     (ii) The Company has complied with all agreements and satisfied all
conditions on its part to be performed or satisfied pursuant to the Sales
Agreement at or prior to the date hereof.

                                By:
                                   ---------------------------------------------
                                   Name: Evangelos J. Pistiolis
                                   Title: President and Chief Executive Officer

_________, 200

23116.0001.661319

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