Document:

Exhibit 10.1

                                                     June 30, 2005

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

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

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

Gentlemen:

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

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

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

<PAGE>

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

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

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

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

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

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

              7.     The  undersigned  will  escrow his  Insider  Shares for the
three year period  commencing  on the  Effective  Date subject to the terms of a
Stock Escrow  Agreement  which the Company will enter into with the  undersigned
and an escrow agent acceptable to the Company.

<PAGE>

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

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

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

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

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

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

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

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

<PAGE>

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

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

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

                                        Xenophon A. Galinas
                                        -----------------------
                                        Print Name of Insider

                                        /s/ Xenophon A. Galinas
                                        -----------------------
                                        SignatureExhibit 10.2

                                                     June 30, 2005

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

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

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

Gentlemen:

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

              1.     In the  event  that  the  Company  fails  to  consummate  a
Business Combination within 18 months from the effective date ("Effective Date")
of the  registration  statement  relating  to the IPO (or 24  months  under  the
circumstances  described in the prospectus relating to the IPO), the undersigned
will (i)  cause the Trust  Fund (as  defined  in the  Letter  of  Intent)  to be
liquidated  and  distributed  to the  holders  of IPO  Shares  and (ii) take all
reasonable actions within his power to cause the Company to liquidate as soon as
reasonably practicable.  The undersigned hereby waives any and all right, title,
interest  or claim of any kind in or to any  distribution  of the Trust Fund and
any  remaining  net  assets  of the  Company  as a  result  of such  liquidation
("Claim") and hereby waives any Claim the  undersigned may have in the future as
a result of, or arising out of, any contracts or agreements with the Company and
will not seek recourse against the Trust Fund for any reason whatsoever.  In the
event of the liquidation of the Trust Fund, the undersigned  agrees to indemnify
and hold harmless the Company, severally and not jointly, along with Xenophon A.
Galinas,  Carl Helge Josefsson and Emanuel Kyprios, each for twenty-five percent
(25%) of any total amount,  against any and all loss, liability,  claims, damage
and  expense  whatsoever  (including,  but not  limited to, any and all legal or
other  expenses  reasonably  incurred in  investigating,  preparing or defending
against any litigation,  whether pending or threatened, or any claim whatsoever)
which the Company  may become  subject as a result of any claim by any vendor or
other person who is owed money by the Company for services  rendered or products
sold or contracted for, or by any target business, but only to the

<PAGE>

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

extent necessary to ensure that such loss,  liability,  claim, damage or expense
does not reduce the amount in the Trust Fund.

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

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

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

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

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

<PAGE>

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

The undersigned represents and warrants that:

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

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

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

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

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

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

<PAGE>

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

will  affect  the right of either  party to serve  process  in any other  manner
permitted by law.

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

                                        Vassilios M. Livanos
                                        ------------------------
                                        Print Name of Insider

                                        /s/ Vassilios M. Livanos
                                        ------------------------
                                        Signature

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