Document:

Exhibit 4.12

 

Private & Confidential

 

Dated 20 February 2015

 

 

THIRD SUPPLEMENTAL AGREEMENT

relating to a

loan of (originally) US$40,000,000

 

to

ARTFUL SHIPHOLDING S.A.

and

LONGEVITY MARITIME LIMITED

 

provided by

DVB BANK SE

 

 

    	 

    	 

    

 

Contents

 

	Clause	Page
	 	 	 
	1	Definitions	1
	 	 	 
	2	Agreement of the Bank	3
	 	 	 
	3	Amendments to the Existing Documents	3
	 	 	 
	4	Representations and warranties	6
	 	 	 
	5	Conditions	8
	 	 	 
	6	Relevant Parties’ Confirmation	8
	 	 	 
	7	Expenses	8
	 	 	 
	8	Miscellaneous and notices	9
	 	 	 
	9	Applicable law	10
	 	 	 
	Schedule 1 Documents and evidence required as conditions precedent	11

 

    	 

    	 

    

 

THIS THIRD SUPPLEMENTAL AGREEMENT is
dated on 20 February 2015 and made BETWEEN:

 

		(1)	ARTFUL SHIPHOLDINGS S.A., a corporation incorporated in the Republic of the Marshall Islands
with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960
(the “Artful Borrower”);

 

		(2)	LONGEVITY MARITIME LIMITED, a company incorporated in the Republic of Malta with its registered
office at 18/2 South Street, Valetta, VLT 1102, Republic of Malta (the “Longevity Borrower”; and together with
the Artful Borrower, the “Borrowers”);

 

		(3)	GLOBUS MARITIME LIMITED, a corporation incorporated in the Republic of the Marshall Islands,
with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960
(the “Corporate Guarantor”);

 

		(4)	GLOBUS SHIPMANAGEMENT CORP., a corporation incorporated in the Republic of the Marshall
Islands, with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall
Islands MH96960 (the “Manager”); and

 

		(5)	DVB BANK SE, a banking corporation incorporated and established under the laws of the Federal
Republic of Germany, acting for the purposes of this Agreement through its office at Platz der Republik 6, D-60325 Frankfurt am
Main, Federal Republic of Germany (the “Bank”).

 

WHEREAS:

 

		(A)	this Agreement reflects the terms of an agreement reached in principle between the Bank and the
Borrowers during December 2014;

 

		(B)	this Agreement is supplemental to:

 

		(a)	a facility agreement dated 20 June 2011 (the “Original Agreement”) made between
(1) the Borrowers as joint and several borrowers and (2) the Bank as lender, as amended and supplemented by a supplemental letter
dated 16 November 2011 (the “Supplemental Letter”), a supplemental agreement dated 1 March 2012 (the “First
Supplemental Agreement”) and a supplemental agreement dated 10 April 2013 (the “Second Supplemental Agreement;
and together with the Original Agreement, the Supplemental Letter and the First Supplemental Agreement, the “Principal
Agreement”) whereby the Bank agreed (inter alia) to make available to the Borrowers, upon the terms and conditions therein
contained, a loan of up to $40,000,000; and

 

		(b)	a corporate guarantee dated 20 June 2011 executed by the Corporate Guarantor in favour of the Bank
as amended and supplemented by the First Supplemental Agreement and the Second Supplemental Agreement (together the “Principal
Corporate Guarantee”); and

 

		(C)	this Agreement sets out the terms and conditions upon which the Bank shall, at the request of the
Borrowers and the Corporate Guarantor, provide its consent to certain amendments to the terms and conditions applicable to the
Principal Agreement and/or the Principal Corporate Guarantee.

 

NOW IT IS HEREBY AGREED as follows:

 

		1	 	Definitions

 

		1.1	 	Defined expressions

 

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

 

    	1

    	 

    

 

		1.2	 	Definitions

 

In this Agreement, unless the context
otherwise requires:

 

“Artful Mortgage Amendment”
means a second amendment to the Artful Mortgage executed or (as the context may require) to be executed between the Artful Borrower
and the Bank under the Third Supplemental Agreement in such form as the Bank may require;

 

“Cancellation Date”
means 30 June 2015, or such later date as the Bank may, in its absolute discretion, agree;

 

“Corporate Guarantee”
means the Principal Corporate Guarantee as amended and supplemented by this Agreement;

 

“Effective Date”
means the date, no later than 27 February 2015, on which the Bank has received the documents and evidence specified in clause
5 and Schedule 1 in a form and substance satisfactory to it;

 

“Existing Documents”
means, together, the Principal Agreement and the Principal Corporate Guarantee and “Existing Document” means
either of them;

 

“Government Entity”
means and includes (whether having a distinct legal personality or not) any national or local government authority, board, commission,
department, division, organ, instrumentality, court or agency and any association, organisation or institution of which any of
the foregoing is a member or to whose jurisdiction any of the foregoing is subject or in whose activities any of the foregoing
is a participant;

 

“Indebtedness”
means any obligation for the payment or repayment of money, whether as principal or as surety and whether present or future, actual
or contingent;

 

“Loan Agreement”
means the Principal Agreement as amended and supplemented by this Agreement;

 

“Relevant Documents”
means this Agreement, the Artful Mortgage Amendment and any other document executed by a Relevant Party in connection with this
Agreement; and

 

“Relevant Parties”
means, together, the Borrowers, the Manager and the Corporate Guarantor and “Relevant Party” means each one
of them.

 

		1.3	 	Existing Documents

 

References in:

 

		(i)	the Principal Agreement to “this Agreement”;
and

 

		(ii)	the Principal Corporate Guarantee to “this Guarantee”,

 

shall, with effect
from the Effective Date and unless the context otherwise requires, be references to the Principal Agreement and the Principal Corporate
Guarantee, respectively, as amended by this Agreement and words such as “herein”, “hereof”, “hereunder”,
“hereafter”, “hereby” and “hereto”, where they appear in the Principal Agreement and/or the
Principal Corporate Guarantee shall be construed accordingly.

 

		1.4	 	Headings

 

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

 

    	2

    	 

    

 

		1.5	 	Construction of certain terms

 

In this Agreement, unless the context
otherwise requires:

 

		1.5.1	 	references to clauses and schedules are to be
construed as references to clauses of, and schedules to, this Agreement and references to this Agreement includes its
schedules;

 

		1.5.2	 	references to (or to any specified provision of) this Agreement
or any other document shall be construed as references to this Agreement, that provision or that document as in force for the
time being and as amended in accordance with terms thereof, or, as the case may be, with the agreement of the relevant parties;

 

		1.5.3	 	references to a “regulation” include
any present or future regulation, rule, directive, requirement, request or guideline (whether or not having the force of law)
of any agency, authority, central bank or government department or any self-regulatory or other national or supra-national authority;

 

		1.5.4	 	words importing the plural shall include the singular and
vice versa;

 

		1.5.5	 	references to a time of day are to London time;

 

		1.5.6	 	references to a person shall be construed as references
to an individual, firm, company, corporation, unincorporated body of persons or any Government Entity;

 

		1.5.7	 	references to a “guarantee” include
references to an indemnity or other assurance against financial loss including, without limitation, an obligation to purchase
assets or services as a consequence of a default by any other person to pay any Indebtedness and “guaranteed”
shall be construed accordingly; and

 

		1.5.8	 	references to any enactment shall be deemed to include
references to such enactment as re-enacted, amended or extended.

 

		2	 	Agreement of the Bank

 

The
Bank, relying upon the representations and warranties on the part of the Relevant Parties contained in clause 4 and subject
to the terms and conditions of this Agreement and in particular, but without prejudice to the generality of the foregoing, fulfilment
on or before 27 February 2015 of the conditions contained in clause 5 and Schedule 1,
agrees to the amendments to the Existing Documents on the terms set out in clause 3.

 

		3	 	Amendments to the Existing Documents

 

		3.1	 	Amendments to the Principal Agreement

 

Subject to clause 3.3, the Principal
Agreement shall, with effect on and from the Effective Date, be (and is hereby) amended in accordance with the following provisions
(and the Principal Agreement (as so amended) will continue to be binding upon each of the parties hereto upon such terms as so
amended):

 

		3.1.1	 	by deleting in clause 1.2 of the Principal Agreement the
definitions of “Artful Mortgage”, “LIBOR” and “Security Requirement”
and by inserting in their respective places the following new definitions of “Artful Mortgage”, “LIBOR”
and “Security Requirement”:

 

““Artful Mortgage”
means the first preferred Marshall Islands mortgage of the Artful Ship dated 22 June 2011 executed by the Artful Borrower in favour
of the Bank, as amended by the Artful Mortgage Amendment and the Second Artful Mortgage Amendment;

 

“LIBOR” means,
in relation to any amount and for any period, the offered rate (if any) for deposits of Dollars for such amount and for such period
which is:

 

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		(a)	the London interbank offered rate administered by ICE Benchmark Administration Limited (or if ICE
Benchmark Administration Limited ceases to act in the role of administering and publishing LIBOR rates, the equivalent rate published
by a subsequently appointed administrator of LIBOR) for Dollars for the relevant period displayed on the appropriate page of the
Reuters screen at or about 11:00 a.m. (London time) on the Quotation Date for such period (and if the agreed page is replaced or
service ceases to be available, the Bank may specify another page or service displaying the appropriate rate after consultation
with the Borrower); or

 

		(b)	if on such date no such rate is displayed, the Bank’s 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 such period
to prime banks in the London Interbank Market at or about 11:00 a.m. (London time) on the Quotation Date for such period,

 

and if any of the above rates is
below zero (0), LIBOR will be deemed to be zero (0);

 

“Security Requirement”
means the amount in Dollars (as certified by the Bank whose certificate shall, in the absence of manifest error, be conclusive
and binding on the Borrowers) which is at any relevant time:

 

		(a)	during the period commencing on the day of this Agreement and ending on 30 December 2012, one hundred
and twenty per cent (120%) of the Loan minus any amount standing to the credit of the Minimum Liquidity Accounts up to $1,000,000
in aggregate at that time;

 

		(b)	during the period commencing on 31 December 2012 and ending on 31 March 2014, one hundred and seven
per cent (107%) of the Loan minus any amount standing to the credit of the Operating Accounts or, as the case may be, Minimum Liquidity
Accounts up to $1,000,000 in aggregate at that time;

 

		(c)	at all times during the Security Period (other than the periods set out in paragraphs (a) and (b)
above and the Second Revision Period), one hundred and thirty per cent (130%) of the Loan minus any amount standing to the credit
of the Minimum Liquidity Accounts up to $1,000,000 in aggregate at that time; and

 

		(d)	at all times during the Second Revision Period, one hundred and ten per cent (110%) of the Loan
minus any amount standing to the credit of the Minimum Liquidity Accounts up to $1,000,000 in aggregate at that time;”;

 

		3.1.2	 	by inserting in clause 1.2 of the Principal Agreement the
following new definitions of “Cancellation Date”, “Second Artful Mortgage Amendment”, “Second
Revision Period” and “Third Supplemental Agreement” in the correct alphabetical order:

 

““Cancellation Date”
means 30 June 2015, or such later date as the Bank may, in its absolute discretion, agree;

 

“Second Artful Mortgage
Amendment” means a second amendment to the Artful Mortgage executed or (as the context may require) to be executed between
the Artful Borrower and the Bank under the Third Supplemental Agreement in such form as the Bank may require;

 

“Second Revision Period”
means the period commencing on 31 December 2014 and ending on 30 March 2016 (both dates inclusive);

 

“Third
Supplemental Agreement” means the supplemental agreement dated 20 February 2015 made between the Borrowers, the
Manager, the Corporate Guarantor and the Bank supplemental to this Agreement;”;

 

		3.1.3	 	by amending, in the definitions of “Approved Shipbrokers”
and “Bank” in clause 1.2 of the Principal Agreement, the word “Borrower” to read “Borrowers”;

 

    	4

    	 

    

 

		3.1.4	 	by replacing the words “(as the Borrower may select)”
in clause 4.5.2(a) with the words “(as the Borrowers may select) other than in relation to a prepayment made by the Borrowers
pursuant to clause 8.5, which shall be treated as reducing the repayment instalments of the relevant Advance under clause 4.1
(other than the relevant balloon payment) in direct order of maturity”;

 

		3.1.5	 	by amending in the first line of clause 8.2.2(b) of the
Principal Agreement, the words “the Borrower” to read “a Borrower”;

 

		3.1.6	 	by amending in the third line of clause 8.2.2(c) of the
Principal Agreement, the words “the Borrower” to read “the Borrowers”;

 

		3.1.7	 	by inserting the following new clause 8.5 after clause
8.4 of the Principal Agreement:

 

		“8.5	Prepayment undertaking

 

The Borrowers hereby undertake that
they will, on or prior to the Cancellation Date, prepay (i) an amount of One million seven hundred and sixty thousand dollars ($1,760,000)
in respect of the Artful Advance and (ii) an amount of One million six hundred and sixty five thousand dollars ($1,665,000) in
respect of the Longevity Advance.”; and

 

		3.1.8	 	by deleting the words “or 8.5” in the ninth
line of clause 10.1.2 of the Principal Agreement.

 

		3.2	 	Amendments to the Principal Corporate Guarantee

 

Subject to clause
3.3, the Principal Corporate Guarantee shall with effect on and from the Effective Date, be (and is hereby) amended (and the Principal
Corporate Guarantee (as so amended) will continue to be binding upon each of the parties hereto upon such terms as so amended):

 

		3.2.1	 	by inserting in clause 1.2 of the Principal Corporate Guarantee
the following new definition of “Second Revision Period” in the correct alphabetical order:

 

““Second Revision
Period” means the period commencing on 31 December 2014 and ending on 30 March 2016 (both dates inclusive);”;

 

		3.2.2	 	by deleting clause 5.3.1 of the Principal Corporate Guarantee in its entirety and by inserting
in its place the following new clause 5.3.1:

 

		“5.3.1	Minimum Liquidity

 

the aggregate amount of Cash held
by the Group on a consolidated basis shall:

 

		(a)	at all times during the Security Period (other than the Revision Period and the Second Revision
Period), be not less than the lower of (a) $10,000,000 and (b) $1,000,000 per Fleet Vessel; and

 

		(b)	at all times during the Revision Period and the Second Revision Period, be not less than $5,000,000.”;

 

		3.2.3	 	by deleting clause 5.3.2 of the Principal Corporate Guarantee
in its entirety and by inserting in its place the following new clause 5.3.2:

 

		“5.3.2	Tangible Net Worth

 

the Tangible Net Worth shall:

 

		(a)	at all times during the Security Period (other than the Revision Period and the Second Revision
Period) be not less than $50,000,000; and

 

    	5

    	 

    

 

		(b)	at all times during the Revision Period and the Second Revision Period, be not less than $20,000,000;
and”;

 

		3.2.4	 	by deleting clause 5.3.3 of the Principal Corporate Guarantee
in its entirety and by inserting in its place the following new clause 5.3.3:

 

		“5.3.3	Leverage

 

the ratio of the Market Value Adjusted
Total Assets minus the Total Liabilities to the Market Value Adjusted Total Assets shall:

 

		(a)	at all times during the Security Period (other than the Revision Period and the Second Revision
Period), be not less than 0.35:1.00; and

 

		(b)	at all times during the Revision Period and the Second Revision Period, be not less than 0.15:1.00.”;
and

 

		3.2.5	 	by inserting in paragraph 3 of Schedule 1 of the Principal
Corporate Guarantee the figure “110%” after the figure “130%”.

 

		3.3	 	Cancellation of Amendments

 

If the Borrowers are in breach
of clause 8.5 of the Loan Agreement, then:

 

		(a)	the amendment in respect of the definition of “Security Requirement” in clause 3.1.1,
the amendment in respect of the definition of “Second Revision Period” in clause 3.1.2 and all the amendments in respect
of the Principal Corporate Guarantee set out in clause 3.2, shall be deemed to have not become effective and the Principal Agreement
and Principal Corporate Guarantee shall, with effect on and from the Cancellation Date, be (and are hereby) amended to read as
if such amendments had not become effective; and

 

		(b)	the Bank shall be entitled to determine, by reference to the terms of the Principal Agreement as
amended pursuant to paragraph (a) above, whether clause 8.2.1 of the Loan Agreement and/or clause 5.3 of the Corporate Guarantee
were satisfied during the period starting on 31 December 2014 and ending on the Cancellation Date on the basis of the wording of
such clauses (and the definition of “Security Requirement”) prior to the Effective Date and, if one or more of these
were not satisfied at any time during such period, to serve a notice to the Borrowers under clause 8.2.1 or, as the case may be,
clause 10.2 of the Loan Agreement at any time after the Cancellation Date.

 

		3.4	 	Continued force and effect

 

Save as amended by this Agreement,
the provisions of each of the Existing Documents and the other Security Documents shall continue in full force and effect and each
of the Existing Documents and this Agreement shall be read and construed as one instrument.

 

		4	 	Representations and warranties

 

		4.1	 	Primary representations and warranties

 

Each of the Relevant Parties represents
and warrants to the Bank that:

 

		4.1.1	 	Existing representations and warranties

 

the representations and warranties
set out in clause 7 of the Original Agreement, clause 4 of the First Supplemental Agreement, clause 4 of the Second Supplemental
Agreement, clause 4 of the Principal Corporate Guarantee and clause 4 of each Manager’s Undertaking were true and correct
on the date of the relevant document and are true and correct, including to the extent that they may have been or shall be amended
by this Agreement, as if made at the date of this Agreement with reference to the facts and circumstances existing at such date;

 

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		4.1.2	 	Corporate power

 

it has power to execute, deliver
and perform its obligations under each Relevant Document to which it is or will become, a party; all necessary corporate, shareholder
and other action has been taken by it to authorise the execution, delivery and performance of each Relevant Document to which it
is or will become, a party;

 

		4.1.3	 	Binding obligations

 

this Agreement and the other Relevant
Documents to which it is, or will become, a party constitute its valid and legally binding obligations enforceable in accordance
with its terms;

 

		4.1.4	 	No conflict with other obligations

 

the execution, delivery and performance
of each Relevant Document to which it is, or will become, a party by such Relevant Party will not (i) contravene any existing law,
statute, rule or regulation or any judgment, decree or permit to which such Relevant Party is subject, (ii) conflict with, or result
in any breach of any of the terms of, or constitute a default under, any agreement or other instrument to which such Relevant Party
is subject or by which it or any of its property is bound or (iii) contravene or conflict with any provision of the constitutional
documents of such Relevant Party or (iv) result in the creation or imposition of or oblige such Relevant Party to create any Encumbrance
on any of its undertakings, assets, rights or revenues;

 

		4.1.5	 	No filings required

 

save for the registration of the
Artful Mortgage Amendment through the relevant Registry, it is not necessary to ensure the legality, validity, enforceability or
admissibility in evidence of each Relevant Document to which it is, or will become, a party that it or any other instrument be
notarised, filed, recorded, registered or enrolled in any court, public office or elsewhere in any Relevant Jurisdiction or that
any stamp, registration or similar tax or charge be paid in any Relevant Jurisdiction on or in relation to such Relevant Document
and each Relevant Document to which it is, or will become, a party is in proper form for its enforcement in the courts of each
Relevant Jurisdiction;

 

		4.1.6	 	Choice of law

 

the choice of English law to govern
the Relevant Documents (other than the Artful Mortgage Amendment), the choice of Marshall Islands law to govern the Artful Mortgage
Amendment and the submission by such Relevant Party to the non-exclusive jurisdiction of the English courts are valid and binding;
and

 

		4.1.7	 	Consents obtained

 

every consent, authorisation, licence
or approval of, or registration or declaration to, governmental or public bodies or authorities or courts required by such Relevant
Party in connection with the execution, delivery, validity, enforceability or admissibility in evidence of each Relevant Document
to which it is, or will become, a party or the performance by such Relevant Party of its obligations under each Relevant Document
to which it is, or will become, a party has been obtained or made and is in full force and effect and there has been no default
in the observance of any conditions or restrictions (if any) imposed in, or in connection with, any of the same.

 

		4.2	 	Repetition of representations and warranties

 

Each of the representations and
warranties contained in clause 4.1 of this Agreement and clause 7 of the Principal Agreement, clause 4 of the First Supplemental
Agreement, clause 4 of the Second Supplemental Agreement, clause 4 of the Principal Corporate Guarantee and clause 4 of each Manager’s
Undertaking shall be deemed to be repeated by each Relevant Party (in respect of each document that each is a party to) on the
Effective Date as if made with reference to the facts and circumstances existing on such day.

 

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		5	 	Conditions

 

		5.1	 	Documents and evidence

 

The agreement of the Bank referred
to in clause 2 shall be subject to the receipt by the Bank or its duly authorised representative of the documents and evidence
specified in schedule 1 in form and substance satisfactory to the Bank.

 

		5.2	 	General conditions precedent

 

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

 

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

 

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

 

		5.3	 	Waiver of conditions precedent

 

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

 

		6	 	Relevant Parties’ Confirmation

 

Each of the Relevant Parties acknowledges
and agrees, for the avoidance of doubt, that:

 

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

 

		6.2	 	with effect from the Effective Date, references to “the
Agreement” or “the Loan Agreement” or “the Corporate Guarantee” in any of the other Security Documents
to which it is a party shall henceforth be references to the Principal Agreement and the Principal Corporate Guarantee as each
is amended and/or supplemented by this Agreement and as from time to time hereafter amended and/or supplemented and shall also
be deemed to include the obligations of the Borrowers hereunder.

 

		7	 	Expenses

 

		7.1	 	Expenses

 

The Borrowers agree to pay to the
Bank on a full indemnity basis on demand all expenses (including legal and out-of-pocket expenses) incurred by the Bank:

 

		7.1.1	 	in connection with the negotiation, preparation, execution
and, where relevant, registration of the Relevant Documents and of any amendment or extension of, or the granting of any waiver
or consent under, any of the Relevant Documents; and

 

		7.1.2	 	in contemplation of, or otherwise in connection with, the
enforcement of, or preservation of any rights under any of the Relevant Documents or otherwise in respect of the monies owing
and obligations incurred under any of the Relevant Documents,

 

together with interest at the rate
referred to in clause 3.4 of the Principal Agreement from the date on which such expenses were incurred to the date of payment
(as well after as before judgement).

 

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		7.2	 	Value Added Tax

 

All expenses payable pursuant to
this clause 7 shall be paid together with value added tax or any similar tax (if any) properly chargeable thereon.

 

		7.3	 	Stamp and other duties

 

The Borrowers agree to pay to the
Bank on demand all stamp, documentary, registration or other like duties or taxes (including any duties or taxes payable by the
Bank) imposed on or in connection with any of the Relevant Documents and shall indemnify the Bank against any liability arising
by reason of any delay or omission by the Borrowers to pay such duties or taxes.

 

		8	 	Miscellaneous and notices

 

		8.1	 	Notices

 

Every notice, request, demand or
other communication under this Agreement shall:

 

		8.1.1	 	be in writing, delivered personally or by first-class prepaid
letter (airmail if available) or telefax or other means of telecommunication in permanent written form;

 

		8.1.2	 	be deemed to have been received, in the case of a letter,
when delivered personally or three (3) days after it has been put into the post and, in the case of a facsimile transmission or
other means of telecommunication in permanent written form, at the time of despatch (provided that if the date of despatch is
not a business day in the country of the addressee or, if the time of despatch is after the close of business in the country of
the addressee, it shall be deemed to have been received at the opening of business on the next such business day); and

 

		8.1.3	 	be sent:

 

		(a)	if to the Relevant Parties or any of them:

 

c/o Globus Shipmanagement Corp.

128 Vouliagmenis Avenue

166 74 Glyfada

Greece

 

	Fax No:	+30 210 960 8352
	Attention:	Mr George Karageorgiou

 

		(b)	if to the Bank at:

For credit matters:

 

DVB Bank SE, Frankfurt

Platz der Republik 6

D-60325 Frankfurt am Main

Federal Republic of Germany

 

	Fax No:	+49 69 9750 4526
	Attention:	LAM Frankfurt

 

with a copy to:

 

DVB Bank SE

Representative Office Greece

95 Akti Miaouli

185 38 Piraeus

Greece

 

	Fax No:	+30 210 455 7420
	Attention:	Dry Bulk Group

 

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For Loan Administration Matters:

 

DVB Bank SE

Park House

6th Floor

16-18 Finsbury Circus

London EC2M 7EB

England

 

	Fax No:	+44 207 256 4352
	Attention:	LAM London

 

		8.2	 	Counterparts

 

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

 

		8.3	 	Relevant Parties’ obligations

 

Each of the Relevant Parties being
party to this Agreement agrees and consents to be bound by this Agreement notwithstanding that any other Relevant Party which was
intended to sign or be bound may not do so or be effectually bound and notwithstanding that this Agreement may be invalid or unenforceable
against any of the other Relevant Parties whether or not the deficiency is known to the Bank. The Bank shall be at liberty to release
any of the Relevant Parties from this Agreement and to compound with or otherwise vary the liability or to grant time and indulgence
to make other arrangements with any of the Relevant Parties without prejudicing or affecting the rights and remedies of the Bank
against the other Relevant Parties.

 

		9	 	Applicable law

 

		9.1	 	Law

 

This Agreement and any non-contractual
obligations connected with it are governed by, and shall be construed in accordance with, English law.

 

		9.2	 	Submission to jurisdiction

 

Each of the Relevant Parties agrees,
for the benefit of the Bank, that any legal action or proceedings arising out of or in connection with this Agreement (including
any legal action or proceedings arising out of or in connection with any non-contractual obligations connected with it) against
any of its assets may be brought in the English courts. Each of the Relevant Parties irrevocably and unconditionally submits to
the jurisdiction of such courts and irrevocably designates, appoints and empowers Messrs Saville & Co at present of One Carey
Lane, EC2V 8AE, London, England to receive for it and on its behalf, service of process issued out of the English courts in any
such legal action or proceedings. The submission to such jurisdiction shall not (and shall not be construed so as to) limit the
right of the Bank to take proceedings against any of the Relevant Parties in the courts of any other competent jurisdiction nor
shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction,
whether concurrently or not. Each of the Relevant Parties further agrees that only the courts of England and not those of any other
state shall have jurisdiction to determine any claim which any of the Relevant Parties may have against the Bank arising out of
or in connection with this Agreement and/or any non-contractual obligations connected with it.

 

		9.3	 	Contracts (Rights of Third Parties) Act 1999

 

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

 

IN WITNESS whereof the parties hereto
have caused this Agreement to be duly executed as a deed on the date first above written.

 

    	10

    	 

    

 

Schedule 1

Documents and evidence required as conditions precedent

 

(referred to in clause 5.1)

 

		1	Corporate authorisations

 

In relation to each of the Relevant
Parties:

 

		(a)	Constitutional documents

 

copies certified by an officer of
each of the Relevant Parties, as a true, complete and up to date copies, of all documents which contain or establish or relate
to the constitution of that party or a secretary's certificate confirming that there have been no changes or amendments to the
constitutional documents certified copies of which were previously delivered to the Bank pursuant to the Principal Agreement;

 

		(b)	Resolutions

 

copies of resolutions of each of
its board of directors and, if required following advice by the Bank’s counsel, its shareholders approving this Agreement
and the other Relevant Documents and the terms and conditions hereof and thereof and authorising the signature, delivery and performance
of each such party's obligations thereunder, certified (in a certificate dated no earlier than five (5) Banking Days prior to the
date of this Agreement) by an officer of such Relevant Party as:

 

		(1)	being true and correct;

 

		(2)	being duly passed at meetings of the directors of such Relevant Party and, as the case may be,
of the shareholders of such Relevant Party each duly convened and held;

 

		(3)	not having been amended, modified or revoked; and

 

		(4)	being in full force and effect,

 

together with originals or certified
copies of any powers of attorney issued by any party pursuant to such resolutions; and

 

		(c)	Certificate of incumbency

 

a list of directors and officers
of each Relevant Party specifying the names and positions of such persons, certified (in a certificate dated no earlier than five
(5) Banking Days prior to the date of this Agreement) by an officer of such Relevant Party to be true, complete and up to date;

 

		2	Consents

 

a certificate (dated no earlier
than five (5) Banking Days prior to the date of this Agreement) from an officer of each of the Relevant Parties stating that no
consents, authorisations, licences or approvals are necessary for such Relevant Party to authorise, or are required by each of
the Relevant Parties or any other party (other than the Bank) in connection with, the execution, delivery, and performance of this
Agreement and the other Relevant Documents to which such Relevant Party is or is to be a party;

 

		3	Legal opinions

 

such legal opinions in relation
to the laws of the Republic of Malta and the Republic of the Marshall Islands and any other legal opinions as the Bank shall in
its absolute discretion require;

 

    	11

    	 

    

 

		4	Artful Mortgage Amendment registration

 

evidence that the Artful Mortgage
Amendment has been registered against the Artful Ship through the relevant Registry under the laws and flag of the relevant Flag
State;

 

		5	Process agent

 

a letter from each Relevant Party's
agent for receipt of service of proceedings accepting its appointment under this Agreement as such Relevant Party’s process
agent; and

 

		6	Other matters

 

such other matters or favourable
opinions as the Bank may require.

 

    	12

    	 

    

 

	EXECUTED as a DEED	)	 
	by Nikolaos Kalapotharakos	)	/s/ Nikolaos Kalapotharakos
	for and on behalf of	)	 
	ARTFUL SHIPHOLDING S.A.	)	Attorney-in-fact
	in the presence of:	)	 
	 	 	 
	/s/ Emmanouil Chamilothoris	 	 
	Witness	 	 
	Name: Emmanouil Chamilothoris	 	 
	Address:	 	 
	Occupation: Attorney, Norton Rose Fulbright Greece	 	 
	 	 	 
	EXECUTED as a DEED	)	 
	by Nikolaos Kalapotharakos	)	/s/ Nikolaos Kalapotharakos
	for and on behalf of	)	 
	LONGEVITY MARITIME LIMITED	)	Attorney-in-fact
	in the presence of:	)	 
	 	 	 
	/s/ Emmanouil Chamilothoris	 	 
	Witness	 	 
	Name: Emmanouil Chamilothoris	 	 
	Address:	 	 
	Occupation: Attorney, Norton Rose Fulbright Greece	 	 
	 	 	 
	EXECUTED as a DEED	)	 
	by Nikolaos Kalapotharakos	)	/s/ Nikolaos Kalapotharakos
	for and on behalf of	)	 
	GLOBUS MARITIME LIMITED	)	Attorney-in-fact
	in the presence of:	)	 
	 	 	 
	/s/ Emmanouil Chamilothoris	 	 
	Witness	 	 
	Name: Emmanouil Chamilothoris	 	 
	Address:	 	 
	Occupation: Attorney, Norton Rose Fulbright Greece	 	 

 

    	13

    	 

    

 

	EXECUTED as a DEED	)	 
	by Nikolaos Kalapotharakos	)	/s/ Nikolaos Kalapotharakos
	for and on behalf of	)	 
	GLOBUS SHIPMANAGEMENT CORP.	)	Attorney-in-fact
	in the presence of:	)	 
	 	 	 
	/s/ Emmanouil Chamilothoris	 	 
	Witness	 	 
	Name: Emmanouil Chamilothoris	 	 
	Address:	 	 
	Occupation: Attorney, Norton Rose Fulbright Greece	 	 
	 	 	 
	EXECUTED as a DEED	)	 
	by Emmanouil Chamilothoris	)	/s/ Emmanouil Chamilothoris
	for and on behalf of	)	 
	DVB BANK SE	)	Attorney-in-fact
	in the presence of:	)	 
	 	 	 
	/s/ Pinelopi Anna Miliou	 	 
	Witness	 	 
	Name: Pinelopi Anna Miliou	 	 
	Address:	 	 
	Occupation: Solicitor, Norton Rose Fulbright Greece	 	 

 

    	14Exhibit 4.13

 

Private & Confidential

 

	Dated 14 August 2014

 

EIGHTH SUPPLEMENTAL AGREEMENT

relating to

a Reducing Revolving Credit Facility of up
to (originally) US$120,000,000

to

GLOBUS MARITIME LIMITED

 

provided by

CREDIT SUISSE AG

(formerly known as CREDIT SUISSE)

 

 

    	 

    	 

    

 
  

Contents

 

	Clause	Page
	 	 	 
	1	Definitions	2
	 	 	 
	2	Agreement of Bank	3
	 	 	 
	3	Amendments to Principal Agreement	3
	 	 	 
	4	Representations and warranties	5
	 	 	 
	5	Conditions	6
	 	 	 
	6	Relevant Parties’ confirmation	7
	 	 	 
	7	Fees and Expenses	7
	 	 	 
	8	Miscellaneous and notices	8
	 	 	 
	9	Applicable law	8
	 	 	 
	Schedule 1 Documents and evidence required as conditions precedent	10
	 	 
	Schedule 2 Form of Mortgage Addendum	12

 

    	 

    	 

    

 
  

THIS EIGHTH SUPPLEMENTAL AGREEMENT is
dated 14 August 2014 and made BETWEEN:

 

		(1)	GLOBUS MARITIME LIMITED, a company initially incorporated in Jersey and redomiciled to the
Marshall Islands, with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the
Marshall Islands MH96960 (the “Borrower”);

 

		(2)	DEVOCEAN MARITIME LTD. (the “River Globe Owner”), ELYSIUM MARITIME
LIMITED (the “Tiara Globe Owner”), DULAC MARITIME S.A. (the “Star Globe Owner”)
and DOMINA MARITIME LTD. (the “Sky Globe Owner” and, together with the River Globe Owner, the Tiara Globe
Owner and the Star Globe Owner, the “Owners”), each a company incorporated in the Marshall Islands, with its
registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960;

 

		(3)	GLOBUS SHIPMANAGEMENT CORP., a company incorporated in the Marshall Islands, with
its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960
(the “Manager”); and

 

		(4)	CREDIT SUISSE AG (formerly known as CREDIT SUISSE), a company incorporated in Switzerland,
with its registered office at Paradeplatz 8, 8070 Zurich, Switzerland (the “Bank”).

 

WHEREAS:

 

		(A)	this Agreement is made on the basis of an agreement reached between the Bank and the Borrower reflected
in certain written terms sent by the Bank to the Borrower in March 2014;

 

		(B)	this Agreement is supplemental to a facility agreement dated 26 November 2007, made between the
Borrower and the Bank (the “Original Agreement”), as amended by a first supplemental agreement dated 12 March
2009, a second supplemental agreement dated 18 August 2009, a third supplemental agreement dated 17 May 2010, a fourth supplemental
agreement dated 21 May 2010, a fifth supplemental agreement dated 12 November 2010, a sixth supplemental agreement dated 5 May
2011 and a seventh supplemental agreement dated 26 March 2013, each made between (inter alios), the Borrower, certain of the Owners,
the Manager and the Bank (together the “Supplemental Agreements” and, together with the Original Agreement,
the “Principal Agreement”), pursuant to which the Bank agreed to make available to the Borrower a reducing revolving
credit facility of (originally) up to One hundred and twenty million United States Dollars ($120,000,000) (of which the aggregate
principal amount outstanding at the date hereof is Thirty nine million five hundred thousand United States Dollars ($39,500,000))
upon the terms and conditions set out therein;

 

		(C)	the Borrower has requested the Bank to consent to the change of the minimum amount of Consolidated
Cash and Cash Equivalents (as defined in the Principal Agreement) required under clause 8.4.1 (b) of the Principal Agreement.

 

		(D)	this Agreement sets out the terms and conditions upon which the Bank shall provide its agreement
to:

 

		(a)	the proposed amendment set out in recital (C) hereto;

 

		(b)	certain other amendments to the terms of the Principal Agreement; and

 

		(c)	certain other consequential amendments to the Principal Agreement.

 

    	1

    	 

    

 
  

NOW IT IS HEREBY AGREED as follows:

 

		1	Definitions

 

		1.1	Defined expressions

 

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

 

		1.2	Definitions

 

In this Agreement, unless the context
otherwise requires:

 

“Effective Date”
means the date, being no later than 14 August 2014, on which the Bank notifies the Borrower in writing that the Bank has received
the documents and evidence specified in clause 5 and Schedule 1 in a form and substance satisfactory to it;

 

“Facility Agreement”
means the Principal Agreement, as amended by this Agreement;

 

“Mortgage Addendum”
means, in relation to each of m.v. River Globe, m.v. Tiara Globe and m.v. Sky Globe, the third amendment to
the Mortgage over each such Ship, and in relation to the Star Globe, the second amendment to the Mortgage over that Ship,
each made or (as the context may require) to be made between the relevant Owner and the Bank in the form set out in Schedule 2
and “Mortgage Addenda” means any of them;

 

“Relevant Documents”
means, together, this Agreement and the Mortgage Addenda and “Relevant Document” means any of them; and

 

“Relevant Parties”
means the Borrower, the Owners, the Manager or, where the context so requires or permits, means any or all of them.

 

		1.3	Principal Agreement

 

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

 

		1.4	Headings

 

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

 

		1.5	Construction of certain terms

 

In this Agreement, unless the context
otherwise requires:

 

		1.5.1	references to clauses and schedules are to
be construed as references to clauses of, and schedules to, this Agreement and references to this Agreement include
its schedules;

 

		1.5.2	references to (or to any specified provision of) this Agreement or any other document shall be
construed as references to this Agreement, that provision or that document as in force for the time being and as amended in accordance
with the terms thereof, or, as the case may be, with the agreement of the relevant parties;

 

    	2

    	 

    

 
  

		1.5.3	references to a “regulation” include any present or future regulation, rule,
directive, requirement, request or guideline (whether or not having the force of law) of any agency, authority, central bank or
government department or any self-regulatory or other national or supra-national authority;

 

		1.5.4	words importing the plural shall include the singular and vice versa;

 

		1.5.5	references to a time of day are to London time;

 

		1.5.6	references to a person shall be construed as references to an individual, firm, company, corporation,
unincorporated body of persons or any Government Entity;

 

		1.5.7	references to a “guarantee” include references to an indemnity or other assurance
against financial loss including, without limitation, an obligation to purchase assets or services as a consequence of a default
by any other person to pay any Indebtedness and “guaranteed” shall be construed accordingly; and

 

		1.5.8	references to any enactment shall be deemed to include references to such enactment as re-enacted,
amended or extended.

 

		1.6	Third Party Rights

 

A person who is not a party to
this Agreement has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any terms
of this Agreement.

 

		2	Agreement of Bank

 

The Bank, relying upon the representations
and warranties made by each of the Relevant Parties in clause 4, agrees with the Borrower that, subject to the terms and conditions
of this Agreement and in particular, but without prejudice to the generality of the foregoing, fulfilment, on or before 14 August
2014, of the conditions contained in clause 5 and Schedule 1, the Bank agrees, with effect on and from the Effective
Date to the amendments of the Principal Agreement on the terms set out in clause 3.

 

		3	Amendments to Principal Agreement

 

		3.1	Amendments

 

The Principal Agreement shall,
with effect on and from the Effective Date, be (and it is hereby) amended in accordance with the following provisions and the Principal
Agreement (as so amended) will continue to be binding upon each of the Bank and the Borrower in accordance with its terms as so
amended:

 

		3.1.1	by deleting in clause 1.2 of the Principal Agreement the definition of “Margin”
and by inserting in its place the following new definition of “Margin”:

 

““Margin”
means:

 

		(a)	from the date of this Agreement until 26 February 2009, zero point nine five per cent (0.95%) per
annum;

 

		(b)	from 27 February 2009 until 31 January 2010, one point seven five per cent (1.75%) per annum;

 

		(c)	from 1 February 2010 until 30 September 2010, zero point nine five per cent (0.95%) per annum;

 

		(d)	from 1 October 2010 until 29 June 2011, zero point seven five per cent (0.75%) per annum;

 

		(e)	from 30 June 2011 until 6 July 2011, zero point nine five per cent (0.95%) per annum;

 

    	3

    	 

    

 
  

		(f)	from 7 July 2011 until 27 November 2011, zero point seven five per cent (0.75%) per annum;

 

		(g)	from 28 November 2011 until 27 December 2012, zero point nine five per cent (0.95%) per annum;

 

		(h)	from 28 December 2012 until 31 March 2014, two point one zero per cent (2.10%) per annum; and

 

		(i)	from 1 April 2014 and at all times thereafter, one point two zero per cent (1.20%) per annum;”;

 

		3.1.2	by deleting in clause 1.2 of the Principal Agreement the definition of “Supplemental Agreements”
and by inserting in its place the following new definition of “Supplemental Agreements”:

 

““Supplemental Agreements”
means together the First Supplemental Agreement, the Second Supplemental Agreement, the Third Supplemental Agreement, the Fourth
Supplemental Agreement, the Fifth Supplemental Agreement, the Sixth Supplemental Agreement, the Seventh Supplemental Agreement
and the Eighth Supplemental Agreement;”;

 

		3.1.3	by inserting the words “the Additional Mortgage Addenda,” after the words “the
New Mortgage Addenda,” in the definition of the “Security Documents” in clause 1.2 of the Principal Agreement;

 

		3.1.4	by inserting in the correct alphabetical order in clause 1.2 of the Principal Agreement the following
new definitions of “Additional Mortgage Addenda” and “Eighth Supplemental Agreement”:

 

““Additional Mortgage
Addenda” has the meaning given to “Mortgage Addenda” in the Eighth Supplemental Agreement;”; and

 

““Eighth Supplemental
Agreement” means the agreement dated 14 August 2014, made between (inter alios) (1) the Borrower and (2) the Bank,
supplemental to this Agreement;”;

 

		3.1.5	by deleting clause 8.3.6 of the Principal Agreement in its entirety and by replacing it with the
following new clause 8.3.6:

 

“8.3.6     Share capital and
distribution

 

purchase or otherwise acquire for
value any shares of its capital or distribute any of its present or future assets, undertaking, rights or revenues to any of its
shareholders of common shares or of Series A preferred shares or declare or pay any cash dividends or cash distributions to any
of its shareholders of common shares or of Series A preferred shares, except if:

 

		(a)	no Default shall have occurred at the time of any such
action nor would occur as a result of any such action; and

 

		(b)	(i)	at the time of any such action and during the
90-day period falling immediately thereafter, the Borrower maintains Consolidated Cash and Cash Equivalents in an amount of no
less than $7,000,000 (as the same evidenced by the then most recent Accounting Information or (if not applicable or available
and until it is made available) by certificates of a duly authorised officer of the Borrower with financing responsibility within
the Group submitted by the Borrower to the Bank at any relevant time including upon the Bank’s request), in which case it
may take any such action at that time; or

 

    	4

    	 

    

 
  

		 	(ii)	(in the case of cash dividends and cash distributions
only) at the time of declaration and payments of any cash dividends or distributions to the holders of Series A preferred shares
only, the Borrower maintains Consolidated Cash and Cash Equivalents in an amount of no less than $5,000,000, in which case it
may make cash dividends and distributions to the holders of Series A preferred shares only at that time, but subject to an aggregate
maximum amount of $500,000 per financial year.”;

 

		3.1.6	by deleting paragraph 8.4.1(b) of the
Principal Agreement in its entirety and by replacing it with the following new paragraph 8.4.1(b):

 

		“(b)	Liquidity

 

		(i)	subject to paragraph (ii) below, it maintains at the end of each Accounting Period and at all other
times during the Security Period, Consolidated Cash and Cash Equivalents in an amount which is not less than $5,000,000; and

 

		(ii)	if the Borrower has taken any action pursuant to clause 8.3.6(b)(i) above, it maintains for the
90-day period immediately thereafter Consolidated Cash and Cash Equivalents in an amount of no less than $7,000,000 (in lieu of
the amount of referred to in paragraph (i) above).”; and

 

		3.1.7	by deleting the title in the form of the Drawdown Notice in Schedule 1 of the Principal Agreement
and by inserting the following new title:

 

“US$120,000,000 Reducing
Revolving Credit Facility

 

Facility Agreement dated 26 November
2007, as amended by a first supplemental agreement dated 12 March 2009, a second supplemental agreement dated 18 August 2009, a
third supplemental agreement dated 17 May 2010, a fourth supplemental agreement dated 21 May 2010, a fifth supplemental agreement
dated 12 November 2010, a sixth supplemental agreement dated 5 May 2011, a seventh supplemental agreement dated 26 March 2013 and
an eighth supplemental agreement dated 14 August 2014”.

 

		3.2	Continued force and effect

 

Save as amended by this Agreement,
the provisions of the Principal Agreement shall continue in full force and effect and this Agreement and the Principal Agreement
shall, in each case, be read and construed as one instrument.

 

		4	Representations and warranties

 

		4.1	Primary representations and warranties

 

Each of the Relevant Parties represents
and warrants to the Bank that:

 

		4.1.1	Existing representations and warranties

 

the representations and warranties
set out in clause 7 of the Principal Agreement, clause 4 of each Owner’s Guarantee and clause 3 of each Manager’s
Undertaking were true and correct on the date of the Principal Agreement and are true and correct, including to the extent that
they may have been or shall be amended by this Agreement, as if made at the date of this Agreement with reference to the facts
and circumstances existing at such date;

 

		4.1.2	Corporate power

 

each of the Relevant Parties has
power to execute, deliver and perform its obligations under the Relevant Documents to which it is or is to be a party; all necessary
corporate, shareholder and other action has been taken by each of the Relevant Parties to authorise the execution, delivery and
performance of the Relevant Documents to which it is or is to be a party;

 

    	5

    	 

    

 
  

		4.1.3	Binding obligations

 

the Relevant Documents to which
it is or is to be a party constitute valid and legally binding obligations of each of the Relevant Parties enforceable in accordance
with their terms;

 

		4.1.4	No conflict with other obligations

 

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

 

		4.1.5	No filings required

 

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

 

		4.1.6	Choice of law

 

the choice of English law to govern
this Agreement and the choice of the laws of the Republic of the Marshall Islands to govern the Mortgage Addenda, and the submissions
by the Relevant Parties to the non-exclusive jurisdiction of the English courts, are valid and binding; and

 

		4.1.7	Consents obtained

 

every consent, authorisation, licence
or approval of, or registration or declaration to, governmental or public bodies or authorities or courts required by any of the
Relevant Parties in connection with the execution, delivery, validity, enforceability or admissibility in evidence of the Relevant
Documents to which it is or will become a party or the performance by any of the Relevant Parties of their respective obligations
under such documents has been obtained or made and is in full force and effect and there has been no default in the observance
of any conditions or restrictions (if any) imposed in, or in connection with, any of the same.

 

		4.2	Repetition of representations and warranties

 

Each of the representations and
warranties contained in clause 4.1 of this Agreement, clause 4 of each Owner’s Guarantee, clause 3 of each Manager’s
Undertaking and clause 7 of the Principal Agreement shall be deemed to be repeated by each of the Relevant Parties on the
Effective Date as if made with reference to the facts and circumstances existing on such day.

 

		5	Conditions

 

		5.1	Documents and evidence

 

The agreement of the Bank referred
to in clause 2 shall be subject to the receipt by the Bank or its duly authorised representative of the documents and evidence
specified in Schedule 1 in form and substance satisfactory to the Bank.

 

    	6

    	 

    

 
  

		5.2	General conditions precedent

 

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

 

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

 

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

 

		5.3	Waiver of conditions precedent

 

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

 

		6	Relevant Parties’ confirmation

 

		6.1	Guarantees

 

Each of the Owners hereby confirms
its consent to the amendments of the Principal Agreement and the other arrangements contained in this Agreement and further acknowledges
and agrees that:

 

		6.1.1	the Owner’s Guarantee and any other Security Document to which that Owner is a party and
the obligations of that Owner thereunder, shall remain and continue in full force and effect notwithstanding the said amendments
of the Principal Agreement and the other arrangements contained in this Agreement; and

 

		6.1.2	with effect from the Effective Date, references in the Owner’s Guarantee and any other Security
Document to which that Owner is a party to the “Agreement” or “the Facility Agreement” or
the “Loan Agreement” (or such other equivalent or similar references) shall henceforth be references to the
Principal Agreement as amended and supplemented by this Agreement and as from time to time hereafter amended, and shall also be
deemed to include this Agreement and the obligations of the Borrower hereunder.

 

		6.2	Security Documents

 

Each of the Relevant Parties hereby
confirms its consent to the amendments to the Principal Agreement and the other arrangements contained in this Agreement and further
acknowledges and agrees that:

 

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

 

		6.2.2	with effect from the Effective Date, references to “the Agreement” or “the
Facility Agreement” or the “the Loan Agreement” (or such other equivalent or similar references)
in any of the Security Documents to which it is a party shall henceforth be references to the Principal Agreement, as amended by
this Agreement and as from time to time hereafter amended and shall also be deemed to include the obligations of the Borrower hereunder.

 

		7	Fees and Expenses

 

		7.1	Fees

 

The Borrower shall pay to the Bank
on the date of this Agreement an up-front amendment fee of Fifteen thousand Dollars ($15,000).

 

    	7

    	 

    

 
  

		7.2	Expenses

 

The Borrower
agrees to pay to the Bank on a full indemnity basis on demand all expenses (including legal and out-of-pocket expenses) incurred
by the Bank:

 

		7.2.1	in connection with the negotiation, preparation, execution and, where relevant, registration of
this Agreement and the other Relevant Documents and of any amendment or extension of or the granting of any waiver or consent under
this Agreement or the other Relevant Documents; and

 

		7.2.2	in contemplation of, or otherwise in connection with, the enforcement of, or preservation of any
rights under this Agreement or the other Relevant Documents or otherwise in respect of the monies owing and obligations incurred
under this Agreement and the other Relevant Documents,

 

together with
interest at the rate referred to in clause 3.4 of the Principal Agreement from the date on which such expenses were incurred
to the date of payment (as well after as before judgment).

 

		7.3	Value Added Tax

 

All fees and expenses payable pursuant
to this clause 7 shall be paid together with value added tax or any similar tax (if any) properly chargeable thereon.

 

		7.4	Stamp and other duties

 

The Borrower agrees to pay to the
Bank on demand all stamp, documentary, registration or other like duties or taxes (including any duties or taxes payable by the
Bank) imposed on or in connection with this Agreement and the other Relevant Documents and shall indemnify the Bank against any
liability arising by reason of any delay or omission by the Borrower to pay such duties or taxes.

 

		8	Miscellaneous and notices

 

		8.1	Notices

 

The provisions of clause 15.1
of the Principal Agreement shall extend and apply to the giving or making of notices or demands hereunder as if the same were expressly
stated herein.

 

		8.2	Counterparts

 

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

 

		9	Applicable law

 

		9.1	Law

 

This Agreement and any non-contractual
obligations connected with it are governed by, and shall be construed in accordance with, English law.

 

    	8

    	 

    

 
  

		9.2	Submission to jurisdiction

 

Each of the Relevant Parties agrees,
for the benefit of the Bank, that any legal action or proceedings arising out of or in connection with this Agreement (including
any non-contractual obligations connected with it) against any of the Relevant Parties or any of its assets may be brought in the
English courts. Each of the Relevant Parties irrevocably and unconditionally submits to the jurisdiction of such courts and irrevocably
designates, appoints and empowers Messrs Saville & Co. at present of One Carey Lane, London EC2V 8AE, England to receive for
it and on its behalf, service of process issued out of the English courts in any such legal action or proceedings. The submission
to such jurisdiction shall not (and shall not be construed so as to) limit the right of the Relevant Parties in the courts of any
other competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings
in any other jurisdiction, whether concurrently or not. The parties further agree that only the Courts of England and not those
of any other State shall have jurisdiction to determine any claim which any of the Relevant Parties may have against the Bank arising
out of or in connection with this Agreement (including any non-contractual obligations connected with it).

 

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

 

    	9

    	 

    

 
  

Schedule 1

Documents and evidence required as conditions precedent

(referred to in clause 5.1)

 

		1	Corporate authorisation

 

In relation to each of the Relevant
Parties:

 

		(a)	Constitutional documents

 

copies certified by an officer of
each of the Relevant Parties as true, complete and up to date copies, of all documents which contain or establish or relate to
the constitution of that party or a secretary's certificate confirming that there have been no changes or amendments to the constitutional
documents, certified copies of which were previously delivered to the Bank pursuant to the Principal Agreement;

 

		(b)	Resolutions

 

copies of resolutions of each of
its board of directors and its shareholders approving such of the Relevant Documents to which it is or is to be a party and the
terms and conditions hereof and thereof and authorising the signature, delivery and performance of each such party's obligations
thereunder, certified (in a certificate dated no earlier than fifteen (15) Banking Days prior to the date of this Agreement) by
an officer of such Relevant Party:

 

		(1)	being true and correct;

 

		(2)	being duly passed at meetings of the directors of such Relevant Party and of the shareholders of
such Relevant Party each duly convened and held;

 

		(3)	not having been amended, modified or revoked; and

 

		(4)	being in full force and effect

 

together with originals or certified
copies of any powers of attorney issued by any party pursuant to such resolutions; and

 

		(c)	Certificate of incumbency

 

a list of directors and officers
of each Relevant Party specifying the names and positions of such persons, certified (in a certificate dated no earlier than fifteen
(15) Banking Days prior to the date of this Agreement) by an officer of such Relevant Party to be true, complete and up to date;

 

		2	Consents

 

a certificate (dated no earlier
than fifteen (15) Banking Days prior to the date of this Agreement) from an officer of each of the Relevant Parties stating that
no consents, authorisations, licences or approvals are necessary for such Relevant Party to authorise, or are required by each
of the Relevant Parties or any other party (other than the Bank) in connection with, the execution, delivery and performance of
the Relevant Documents to which they are or will be a party;

 

		3	Relevant Documents

 

this Agreement and the Mortgage
Addenda, each duly executed by the Relevant Parties;

 

    	10

    	 

    

 
  

		4	Mortgage Addenda Registration

 

evidence that the Mortgage Addenda
have been registered against the Ships under the laws and flag of the relevant Flag States through the relevant Registries;

 

		5	Legal opinion

 

an opinion of Messrs Reeder &
Simpson, special legal advisers on matters of Marshall Islands law to the Bank; and

 

		6	Process agent

 

an original or certified true copy
of a letter from the agent for receipt of service of proceedings of each Relevant Party accepting its appointment under this Agreement
or any other Relevant Document as process agent of each Relevant Party.

 

    	11

    	 

    

 
  

Schedule 2

Form of Mortgage Addendum

 

    	12

    	 

    

 
  

	EXECUTED as a DEED	)	 
	by Nikolaos Kalapotharakos	)	/s/ Nikolaos Kalapotharakos
	for and on behalf of	)	 
	GLOBUS MARITIME LIMITED	)	Attorney-in-fact
	in the presence of:	)	 
	 	 	 
	/s/ Emmanouil Chamilothoris	 	 
	Witness	 	 
	Name: Emmanouil Chamilothoris	 	 
	Address:	 	 
	Occupation: Attorney, Norton Rose Fulbright Greece	 	 
	 	 	 
	EXECUTED as a DEED	)	 
	by Nikolaos Kalapotharakos	)	/s/ Nikolaos Kalapotharakos
	for and on behalf of	)	 
	DEVOCEAN MARITIME LTD.	)	Attorney-in-fact
	in the presence of:	)	 
	 	 	 
	/s/ Emmanouil Chamilothoris	 	 
	Witness	 	 
	Name: Emmanouil Chamilothoris	 	 
	Address:	 	 
	Occupation: Attorney, Norton Rose Fulbright Greece	 	 
	 	 	 
	EXECUTED as a DEED	)	 
	by Nikolaos Kalapotharakos	)	/s/ Nikolaos Kalapotharakos
	for and on behalf of	)	 
	ELYSIUM MARITIME LIMITED	)	Attorney-in-fact
	in the presence of:	)	 
	 	 	 
	/s/ Emmanouil Chamilothoris	 	 
	Witness	 	 
	Name: Emmanouil Chamilothoris	 	 
	Address:	 	 
	Occupation: Attorney, Norton Rose Fulbright Greece	 	 
	 	 	 
	EXECUTED as a DEED	)	 
	by Nikolaos Kalapotharakos	)	/s/ Nikolaos Kalapotharakos
	for and on behalf of	)	 
	DOMINA MARITIME LTD.	)	Attorney-in-fact
	in the presence of:	)	 
	 	 	 
	/s/ Emmanouil Chamilothoris	 	 
	Witness	 	 
	Name: Emmanouil Chamilothoris	 	 
	Address:	 	 
	Occupation: Attorney, Norton Rose Fulbright Greece	 	 

 

    	13

    	 

    

 
  

	EXECUTED as a DEED	)	 
	by Nikolaos Kalapotharakos	)	/s/ Nikolaos Kalapotharakos
	for and on behalf of	)	 
	DULAC MARITIME S.A.	)	Attorney-in-fact
	in the presence of:	)	 
	 	 	 
	/s/ Emmanouil Chamilothoris	 	 
	Witness	 	 
	Name: Emmanouil Chamilothoris	 	 
	Address:	 	 
	Occupation: Attorney, Norton Rose Fulbright Greece	 	 
	 	 	 
	EXECUTED as a DEED	)	 
	by Nikolaos Kalapotharakos	)	/s/ Nikolaos Kalapotharakos
	for and on behalf of	)	 
	GLOBUS SHIPMANAGEMENT CORP.	)	Attorney-in-fact
	in the presence of:	)	 
	 	 	 
	/s/ Emmanouil Chamilothoris	 	 
	Witness	 	 
	Name: Emmanouil Chamilothoris	 	 
	Address:	 	 
	Occupation: Attorney, Norton Rose Fulbright Greece	 	 
	 	 	 
	EXECUTED as a DEED	)	 
	by Emmanouil Chamilothoris	)	/s/ Emmanouil Chamilothoris
	for and on behalf of	)	 
	CREDIT SUISSE AG	)	Attorney-in-fact
	(formerly known as CREDIT SUISSE)	)	 
	in the presence of:	)	 
	 	 	 
	/s/ Olga Lambrianidou	 	 
	Witness	 	 
	Name: Olga Lambrianidou	 	 
	Address:	 	 
	Occupation:	 	 

 

    	14

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