Document:

Exhibit 10.13

                                     FORM OF

                               EARNINGS ASSIGNMENT

                                    [VESSEL]
                            Official Number [NUMBER]

            THIS EARNINGS ASSIGNMENT, dated [DATE], is given by [SHIPOWNER], a
[PLACE OF INCORPORATION] corporation (the "Assignor"), in favor of CHRISTIANIA
BANK OG KREDITKASSE ASA, NEW YORK BRANCH ("CBK"), a banking association
organized and existing under the laws of the Kingdom of Norway, not in its
individual capacity, but solely as trustee (together with its successors in
trust and assigns, the "Trustee") pursuant to that certain Master Vessel and
Collateral Trust Agreement dated [CLOSING DATE] (as the same may be amended,
supplemented or otherwise modified from time to time, the "Master Vessel Trust
Agreement") between CHRISTIANIA BANK OG KREDITKASSE ASA, NEW YORK BRANCH, as
Collateral Agent for the Secured Creditors referred to therein, and CHRISTIANIA
BANK OG KREDITKASSE ASA, NEW YORK BRANCH, as Trustee (the "Assignee"). Except as
otherwise defined herein, capitalized terms used herein and defined in the
Credit Agreement (as defined below) shall be used herein as so defined.

                                    RECITALS

            A. The Assignor is the sole owner of the [COUNTRY FLAG] flag vessel
[VESSEL], Official Number [NUMBER], (the "Vessel").

            B. General Maritime Corporation, a Marshall Islands corporation (the
"Borrower") has entered into a Credit Agreement dated as of [DATE] (as the same
may be amended, supplemented or otherwise modified from time to time, the
"Credit Agreement") among CBK, as Administrative Agent, Syndication Agent and
Lead Arranger (the "Agent") and each of the other lenders from time to time
parties thereto (each a "Lender" and collectively the "Lenders"), providing for
loans to the Borrower in the principal amount of up to One Hundred Sixty-Five
Million United States Dollars (US $165,000,000) (as defined in the Credit
Agreement, the "Loan").

            C. The Assignor is an indirectly wholly-owned subsidiary of the
Borrower. The Borrower may at any time and from time to time on and after the
date hereof enter into, or guaranty the obligations of the Assignor or one or
more other or any of their respective subsidiaries under, one or more Interest
Rate Protection Agreements or Other Hedging Agreements with respect to the
Borrower's obligations under the Credit Agreement, with one or more Secured
Creditors; each such Interest Rate Protection Agreement, as amended, modified,
restated and/or supplemented from time to time, is herein called an "Interest
Rate

                                              EARNINGS ASSIGNMENT [VESSEL NAMES]
<Page>

Protection Agreement," and each such Other Hedging Agreement, as amended,
modified, restated and/or supplemented from time to time, is herein called an
"Other Hedging Agreement.")

            D. The Assignor has entered into the Subsidiaries Guaranty and the
Pledge Agreement in favor of the Lenders, pursuant to which the Assignor has
guaranteed and secured, as the case may be, (i) all obligations of the Borrower
under the Credit Agreement and the other Credit Documents to which it is a
party, and (ii) all obligations of the Borrower, the Assignor, the other
Pledgors and their respective subsidiaries under each Interest Rate Protection
Agreement and each Other Hedging Agreement, and the Assignor has granted the
Assignee a First Preferred [COUNTRY FLAG of VESSEL] Mortgage to secure its
obligations under the Subsidiaries Guaranty and the other Credit Documents to
which it is a party.

            E. It is a condition to the obligation of the Lenders to advancing
funds to the Borrower under the Credit Agreement that the Assignor enters into
this Assignment as security for its obligations under the Subsidiaries Guaranty
and the other Credit Documents to which it is a party.

            NOW, THEREFORE, the parties hereto agree as follows:

            SECTION 1. As security for all amounts due and to become due to the
Secured Creditors, the Agent, the Pledgee, the Collateral Agent, the Assignee
and the Mortgagee under the Subsidiaries Guaranty and the other Credit
Documents, including without limitation:

            (i) the full and prompt payment when due (whether at the stated
      maturity, by acceleration or otherwise) of all obligations, liabilities
      and indebtedness (including, without limitation, principal, premium,
      interest, fees and indemnities (including, without limitation, all
      interest that accrues after the commencement of any case, proceeding or
      other action relating to the bankruptcy, insolvency, reorganization or
      similar proceeding of the Assignor at the rate provided for in the
      respective documentation, whether or not a claim for post-petition
      interest is allowed in any such proceeding)) of the Assignor to the Lender
      Creditors (as defined in the Pledge Agreement), whether now existing or
      hereafter incurred under, arising out of, or in connection with, the
      Credit Agreement and the other Credit Documents to which the Assignor is a
      party and the due performance and compliance by the Assignor with all of
      the terms, conditions and agreements contained in the Credit Agreement and
      in such other Credit Documents (all such obligations, liabilities and
      indebtedness under this clause (i), except to the extent consisting of
      obligations, liabilities or indebtedness with respect to Interest Rate
      Protection Agreements or Other Hedging Agreements, being herein
      collectively called the "Credit Document Obligations");

                                       2      EARNINGS ASSIGNMENT [VESSEL NAMES]
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            (ii) the full and prompt payment when due (whether at the stated
      maturity, by acceleration or otherwise) of all obligations, liabilities
      and indebtedness (including, without limitation, all interest that accrues
      after the commencement of any case, proceeding or other action relating to
      the bankruptcy, insolvency, reorganization or similar proceeding of any
      Assignor at the rate provided for in the respective documentation, whether
      or not a claim for post-petition interest is allowed in any such
      proceeding) owing by such Assignor to the Other Creditors (as defined in
      the Pledge Agreement) under, or with respect to (including, in the case of
      each Assignor that is a Subsidiary Guarantor, all such obligations,
      liabilities and indebtedness of such Assignor under the Subsidiaries
      Guaranty), any Interest Rate Protection Agreement or Other Hedging
      Agreement, whether such Interest Rate Protection Agreement or Other
      Hedging Agreement is now in existence or hereafter arising, and the due
      performance and compliance by such Assignor with all of the terms,
      conditions and agreements contained therein (all such obligations,
      liabilities and indebtedness described in this clause (ii) being herein
      collectively called the "Other Obligations");

            (iii) any and all sums advanced by the Assignee in order to preserve
      the Earnings Collateral (as defined below) or preserve its security
      interest in the Earnings Collateral;

            (iv) in the event of any proceeding for the collection or
      enforcement of any indebtedness, obligations or liabilities of such
      Assignor referred to in clauses (i) and (ii) above, after an Event of
      Default shall have occurred and be continuing, the reasonable expenses of
      retaking, holding, preparing for sale or lease, selling or otherwise
      disposing of or realizing on the Earnings Collateral, or of any exercise
      by the Assignee of its rights hereunder, together with reasonable
      attorneys' fees and court costs; and

            (v) all amounts paid by the Assignee as to which the Assignee has
      the right to reimbursement hereunder or under the Mortgage;

all such obligations, liabilities, sums and expenses set forth in clauses (i)
through (v) hereof being herein collectively called the "Obligations," it being
acknowledged and agreed that the "Obligations" shall include extensions of
credit of the types described above, whether outstanding on the date hereof or
extended from time to time after the date hereof,

the Assignor hereby grants, sells, conveys, assigns, transfers, mortgages and
pledges to the Assignee, and unto the Assignee's successors and assigns, all its
right, title, interest, claim and demand in and to, and hereby also grants unto
the Assignee a security interest in and to (the following clauses (i) through
(v), collectively, the "Earnings Collateral") (i) the earnings of the Vessel,
including, but not limited to, all freight, hire and passage moneys, proceeds of
off-hire insurance,

                                       3      EARNINGS ASSIGNMENT [VESSEL NAMES]
<Page>

any other moneys earned and to be earned, due or to become due, or paid or
payable to, or for the account of, the Assignor, of whatsoever nature, arising
out of or as a result of the ownership, use, operation or management by the
Assignor or its agents of the Vessel, (ii) all moneys and claims for moneys due
and to become due to the Assignor under and all claims for damages arising out
of the breach (or payments for variation or termination) of any charter, or
contract relating to or under which is employed the Vessel, any and all other
present and future charter parties, contracts of affreightment, and operations
of every kind whatsoever of the Vessel, and in and to any and all claims and
causes of action for money, loss or damages that may now and hereafter accrue or
belong to the Assignor, its successors or assigns, arising out of or in any way
connected with the present or future ownership, use, operation or management of
the Vessel or arising out of or in any way connected with the Vessel, (iii) all
moneys and claims for moneys due and to become due to the Assignor, and all
claims for damages, in respect of the actual or constructive total loss of or
requisition of use of or title to the Vessel, (iv) all moneys and claims for
moneys due in respect of demurrage or detention and (v) any proceeds of any of
the foregoing.

            SECTION 2. (a) The Assignor covenants that (i) it will have all the
earnings and other moneys hereby assigned paid over promptly to such
Concentration Account as the Collateral Agent may specify in writing from time
to time; (ii) it will promptly notify in writing substantially in the form of
Exhibit B hereto, and deliver a duplicate copy of such notice to the Assignee,
each of the Assignor's agents and representatives into whose hands or control
may come any earnings and moneys hereby assigned, informing each such person of
this Assignment and instructing such addressee to remit promptly to such
Concentration Account all earnings and moneys hereby assigned which may come
into such person's hands or control and to continue to make such remittances
until such time as such person may receive written notice or instructions to the
contrary directly from the Assignee; and (iii) it will instruct each such person
to acknowledge directly to the Assignee receipt of the Assignor's written
notification and the instructions.

            SECTION 3. Anything herein contained to the contrary
notwithstanding, the Assignee, or its respective successors and assigns, shall
have no obligation or liability under any agreement, including any charter or
contract of affreightment by reason of or arising out of this Assignment, or out
of any Charter Assignment (as defined below) made pursuant to Section 6 hereof,
and the Assignee, or its respective successors and assigns, shall not be
required or obligated in any manner to perform or fulfill any obligations of the
Assignor under or pursuant to any agreement, including any charter or contract
of affreightment or to make any payment or to make any inquiry as to the nature
or sufficiency of any payment received by it or to present or file any claim, or
to take any other action to collect or enforce the payment of any amounts which
may have been assigned to it or to which it may be entitled hereunder at any
time or times.

                                       4      EARNINGS ASSIGNMENT [VESSEL NAMES]
<Page>

            SECTION 4. The Assignor hereby constitutes the Assignee, its
successors and assigns, its true and lawful attorney-in-fact, irrevocably, with
full power, in the name of the Assignor or otherwise, upon the occurrence and
continuance of a Default or an Event of Default, to ask, require, demand,
receive, compound and give acquittance for any and all moneys and claims for
moneys due and to become due, property and rights hereby assigned, to endorse
any checks or other instruments or orders in connection therewith and to file
any document or to take any action or institute any proceedings which the
Assignee and its successors and assigns may reasonably deem necessary or
advisable in the premises.

            SECTION 5. The powers and authorities granted to the Assignee and
its successors or assigns herein have been given for valuable consideration and
are hereby declared to be irrevocable.

            SECTION 6. The Assignor hereby agrees that at any time and from time
to time, upon entering into any charter or contract of affreightment or other
agreement for employment of the Vessel of whatsoever nature for a period of
twelve (12) months or longer including permitted extensions and renewals, it
will promptly and duly execute and deliver to and in favor of the Assignee at
the cost and expense of the Assignor a Charter Assignment in respect of such
charter to the Assignee substantially in the form attached as Exhibit A hereto
(the "Charter Assignment") and it will promptly execute and deliver any and all
such further instruments and documents as the Assignee, and its successors or
assigns, may reasonably require in order to obtain the full benefits of this
Assignment, the Charter Assignment and of the rights and powers herein and
therein granted. The Assignor covenants to use its best efforts to obtain the
consent of the charterer under said charter to the Charter Assignment pursuant
to the terms of the Charter Assignment or in other form and substance reasonably
satisfactory to the Assignee.

            SECTION 7. The Assignor warrants and represents that it has not
assigned or pledged the rights, title and interest assigned hereunder to anyone
other than the Assignee. The Assignor hereby covenants that, without the prior
written consent thereto of the Assignee, so long as this Assignment shall remain
in effect, it will not assign or pledge the whole or any part of the rights,
title and interest hereby assigned to anyone other than the Assignee, and it
will not take or omit to take any action, the taking or omission of which might
result in an alteration or impairment of this Assignment, or of any of the
rights created by this Assignment.

            SECTION 8. The Assignor hereby appoints the Assignee as its
attorney-in-fact to execute on the Assignor's behalf and file any financing
statements or continuation statements under the Uniform Commercial Code or
papers of similar purpose or effect in respect of this Assignment.

                                       5      EARNINGS ASSIGNMENT [VESSEL NAMES]
<Page>

            SECTION 9. The Assignor agrees that at any time and from time to
time, upon the written request of the Assignee, the Assignor will promptly and
duly execute and deliver any and all further instruments and documents as the
Assignee may deem desirable in obtaining the full benefits of this Assignment.

            SECTION 10. THIS ASSIGNMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE
LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CONFLICT OF LAWS RULES (OTHER
THAN TITLE 14 OF ARTICLE 5 OF THE GENERAL OBLIGATIONS LAW). This Assignment
shall not be amended and/or varied except by agreement in writing signed by the
parties hereto.

            SECTION 11. Any notice, demand or other communication to be given
under or for the purposes of this Assignment shall be made as provided in
Section 13.03 of the Credit Agreement or Section 4 of Article IV of the
Mortgage.

            SECTION 12. This Assignment may be executed in any number of
counterparts each of which shall be an original, but all such counterparts shall
together constitute one and the same instrument.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                       6      EARNINGS ASSIGNMENT [VESSEL NAMES]
<Page>

            IN WITNESS WHEREOF, the Assignor has duly executed this instrument
as of the day and year first above written.

                                        [SHIPOWNER],
                                        as Assignor,

                                        By _____________________________________
                                             Name:
                                             Title:

                                               EARNINGS ASSIGNMENT [VESSEL NAME]
<Page>

                                                                    Exhibit A to
                                                             EARNINGS ASSIGNMENT

                                    [Form of]

                               CHARTER ASSIGNMENT

                                       No.

                                    [VESSEL]
                            Official Number [NUMBER]

            [SHIPOWNER], a [PLACE OF INCORPORATION] corporation (the
"Assignor"), refers to an Earnings Assignment, dated [DATE] (the "Earnings
Assignment") given by the Assignor in favor of, CHRISTIANIA BANK OG KREDITKASSE
ASA, NEW YORK BRANCH, a banking association organized and existing under the
laws of the Kingdom of Norway (the "Assignee"), not in its individual capacity,
but solely as agent on behalf of the Lenders, pursuant to the Credit Agreement,
wherein the Assignor agreed to enter into a Charter Assignment in the event the
Assignor entered into any charter or contract of affreightment or other
agreement for employment of the Vessel for a period of twelve (12) months or
longer including permitted extensions and renewals.

            The Assignor represents that it has entered into a charter dated
___________ between the Assignor and __________________ (the "Charterer"), a
true and complete copy of which is attached hereto (the "Charter"), and agrees
that Section 1 of the Earnings Assignment is hereby amended to add to the
description of collateral contained in said Section all of the Assignor's right,
title and interest in and to the Charter, all earnings and freights thereunder,
and all amounts due the Assignor thereunder, and the Assignor does hereby grant,
sell, convey, assign, transfer, mortgage and pledge to the Assignee, and unto
the Assignee's successors and assigns, all its right, title, interest, claim and
demand in and to, and hereby does also grant unto the Assignee, a security
interest in and to, the Charter and all claims for damages arising out of the
breach of and rights to terminate the Charter, and any proceeds of any of the
foregoing.

            The Assignor hereby warrants that the Assignor will promptly give
notice to the Charterer of the Earnings Assignment as provided by Section 6 of
the Earnings Assignment and the Assignor will use its best efforts to obtain the
consent of the Charterer as evidenced by the execution by the Charterer of the
Charterer's Consent and Agreement in the form attached hereto as Annex 1.

            The Assignor reconfirms that the Earnings Assignment including all
of the rights and liabilities, covenants and obligations therein remains in full
force and effect.

                                               EARNINGS ASSIGNMENT [VESSEL NAME]
<Page>

            Terms used herein and not otherwise defined herein are used as
defined in, or by reference in, the Earnings Assignment.

            The Assignor hereby agrees that so long as this Charter Assignment
is in effect it will not terminate said Charter, or amend, modify, supplement,
or waive any material term of said Charter in a manner adverse to the Assignee,
in each case without first obtaining the written consent of the Assignee
therefor. The Assignor hereby agrees to notify the Assignee in writing of any
arbitration.

            No amendment or modification of the Charter, and no consent, waiver
or approval with respect thereto shall be valid unless joined in, in writing, by
the Assignee. No notice, request or demand under the Charter, shall be valid as
against the Assignee unless and until a copy thereof is furnished to the
Assignee.

            IN WITNESS WHEREOF, the Assignor has caused this Charter Assignment
No. ___ to be duly executed this _____ day of __________________.

                                        [SHIPOWNER],
                                        as Assignor

                                        By _____________________________________
                                             Name:
                                             Title:

                                       2      EARNINGS ASSIGNMENT [VESSEL NAMES]
<Page>

                                                                      Annex I to
                                                                    Exhibit A to
                                                             EARNINGS ASSIGNMENT

                                    [Form of]

                        CHARTERER'S CONSENT AND AGREEMENT

                                    No. _____

                                    [VESSEL]
                            Official Number [NUMBER]

            The undersigned, charterer of the [COUNTRY] flag vessel [VESSEL]
pursuant to a time charter-party dated [DATE OF TIME CHARTER PARTY] (the
"Charter"), does hereby acknowledge notice of the assignment by the Assignor of
all the Assignor's right, title and interest in and to the Charter to
CHRISTIANIA BANK OG KREDITKASSE ASA, NEW YORK BRANCH, as agent (the "Assignee"),
pursuant to a Charter Assignment dated [DATE] and an Earnings Assignment dated
[DATE] (as the same may be amended, supplemented or otherwise modified from time
to time, the "Assignment"), consents to such assignment, and agrees that, it
will make payment of all moneys due and to become due under the Charter, without
setoff or deduction for any claim not arising under the Charter, and
notwithstanding the existence of a default or event of default by the Assignor
under the Charter, direct to the Assignee or such account specified by the
Assignee at such address as the Assignee shall request the undersigned in
writing until receipt of written notice from the Assignee that all obligations
of the Assignor to it have been paid in full.

            The undersigned agrees that it shall look solely to the Assignor for
performance of the Charter and that the Assignee shall have no obligation or
liability under or pursuant to the Charter arising out of the Assignment, nor
shall the Assignee be required or obligated in any manner to perform or fulfill
any obligations of the Assignor under or pursuant to the Charter.
Notwithstanding the foregoing, if in the sole opinion of the Assignee an Event
of Default under the Credit Agreement (as defined in or by reference in the
Assignment) shall have occurred and be continuing, the undersigned agrees that
the Assignee shall have the right, but not the obligation, to perform all of the
Assignor's obligations under the Charter as though named therein as owner.

            The undersigned agrees that it shall not seek the recovery of any
payment actually made by it to the Assignee pursuant to this Charterer's Consent
and Agreement once such payment has been made. This provision shall not be
construed to relieve the Assignor of any liability to the Charterer.

                                               EARNINGS ASSIGNMENT [VESSEL NAME]
<Page>

            The undersigned hereby waives the right to assert against the
Assignee, as assignee of the Assignor, any claim, defense, counterclaim or
setoff that it could assert against the Assignor under the Charter.

            The undersigned agrees to execute and deliver, or cause to be
executed and delivered, upon the written request of the Assignee any and all
such further instruments and documents as the Assignee may deem desirable for
the purpose of obtaining the full benefits of this Assignment and of the rights
and power herein granted.

            The undersigned agrees that no amendment, modification or alteration
of the terms or provisions of the Charter shall be made unless the same shall be
consented to in writing by the Assignee.

            The undersigned hereby confirms that the Charter is a legal, valid
and binding obligation, enforceable against it in accordance with its terms.

Dated: _________________

                                        [CHARTERER],
                                        as Charterer

                                        By _____________________________________
                                             Name:
                                             Title:

                                       2      EARNINGS ASSIGNMENT [VESSEL NAMES]
<Page>

                                                                    Exhibit B to
                                                             EARNINGS ASSIGNMENT

                          FORM OF NOTICE OF ASSIGNMENT

            The undersigned, [__________________], the Owner of the [__________]
flag vessel "[___________]", hereby gives you notice that by an Earnings
Assignment dated as of [________________], entered into by us with CHRISTIANIA
BANK OG KREDITKASSE ASA, NEW YORK BRANCH in its capacity as Trustee for certain
Lenders (hereinafter called the "Assignee"), a copy of which is attached hereto,
there has been assigned by us to the Assignee all earnings effected and to be
effected in respect of the said vessel.

                                        [___________________]
                                            Owner,

                                        By: ____________________________________
                                              Name:
                                              Title:

Dated:  _________________

                                               EARNINGS ASSIGNMENT [VESSEL NAME]Exhibit 10.14

                                                                          Page 1

                                                         [CONFORMED AS EXECUTED]
                                                              [Draft: (New York)
                                                                    Exhibt 10.14

                              SUBSIDIARIES GUARANTY

            SUBSIDIARIES GUARANTY, dated as of June 27, 2001 (as amended,
modified, restated and/or supplemented from time to time, this "Guaranty"), made
by each of the undersigned guarantors (each a "Guarantor" and, together with any
other entity that becomes a guarantor hereunder pursuant to Section 26 hereof,
the "Guarantors"). Except as otherwise defined herein, capitalized terms used
herein and defined in the Credit Agreement (as defined below) shall be used
herein as therein defined.

                              W I T N E S S E T H :

            WHEREAS, General Maritime Corporation (the Borrower"), the lenders
from time to time party thereto (the "Lenders"), and Christiania Bank og
Kreditkasse ASA, New York Branch, as Administrative Agent (in such capacity,
together with any successor Administrative Agent, the "Administrative Agent"),
have entered into a Credit Agreement, dated as of June 27, 2001 (as amended,
modified, restated and/or supplemented from time to time, the "Credit
Agreement"), providing for the making of Loans to the Borrower as contemplated
therein (the Lenders, the Collateral Agent and the Administrative Agent are
herein called the "Lender Creditors");

            WHEREAS, the Borrower may at any time and from time to time enter
into one or more Interest Rate Protection Agreements or Other Hedging Agreements
with one or more Lenders or any affiliate thereof (each such Lender or
affiliate, even if the respective Lender subsequently ceases to be a Lender
under the Credit Agreement for any reason, together with such Lender's or
affiliate's successors and assigns, if any, collectively, the "Other Creditors"
and, together with the Lender Creditors, the "Secured Creditors");

            WHEREAS, each Guarantor is a direct or indirect Subsidiary of the
Borrower;

            WHEREAS, it is a condition to the making of Loans to the Borrower
under the Credit Agreement that each Guarantor shall have executed and delivered
this Guaranty; and

            WHEREAS, each Guarantor will obtain benefits from the incurrence of
Loans to the Borrower under the Credit Agreement and the entering into by the
Borrower and/or one or more of its Subsidiaries of Interest Rate Protection
Agreements or Other Hedging Agreements and, accordingly, desires to execute this
Guaranty in order to satisfy the conditions described in the preceding
paragraph;

            NOW, THEREFORE, in consideration of the foregoing and other benefits
accruing to each Guarantor, the receipt and sufficiency of which are hereby
acknowledged, each

<Page>
                                                                          Page 2

Guarantor hereby makes the following representations and warranties to the
Secured Creditors and hereby covenants and agrees with each Secured Creditor as
follows:

            1. Each Guarantor, jointly and severally, irrevocably, absolutely
and unconditionally guarantees: (i) to the Lender Creditors the full and prompt
payment when due (whether at the stated maturity, by acceleration or otherwise)
of (x) the principal of, premium, if any, and interest on the Notes issued by,
and the Loans made to, the Borrower under the Credit Agreement and (y) all other
obligations (including obligations which, but for the automatic stay under
Section 362(a) of the Bankruptcy Code, would become due), liabilities and
indebtedness owing by the Borrower to the Lender Creditors under the Credit
Agreement and each other Credit Document to which the Borrower is a party
(including, without limitation, indemnities, Fees and interest thereon
(including any interest accruing after the commencement of any bankruptcy,
insolvency, receivership or similar proceeding at the rate provided for in the
Credit Agreement, whether or not such interest is an allowed claim in any such
proceeding)), whether now existing or hereafter incurred under, arising out of
or in connection with the Credit Agreement and any such other Credit Document
and the due performance and compliance by the Borrower with all of the terms,
conditions and agreements contained in all such Credit Documents (all such
principal, premium, interest, liabilities, indebtedness and obligations being
herein collectively called the "Credit Document Obligations"); and (ii) to each
Other Creditor the full and prompt payment when due (whether at the stated
maturity, by acceleration or otherwise) of all obligations (including
obligations which, but for the automatic stay under Section 362(a) of the
Bankruptcy Code, would become due), liabilities and indebtedness (including any
interest accruing after the commencement of any bankruptcy, insolvency,
receivership or similar proceeding at the rate provided for in the respective
Interest Rate Protection Agreements or Other Hedging Agreements, whether or not
such interest is an allowed claim in any such proceeding) owing by the Borrower
and/or one or more of its Subsidiaries under any Interest Rate Protection
Agreement or Other Hedging Agreement, whether now in existence or hereafter
arising, and the due performance and compliance by the Borrower and such
Subsidiaries with all of the terms, conditions and agreements contained in each
Interest Rate Protection Agreement and Other Hedging Agreement to which it is a
party (all such obligations, liabilities and indebtedness being herein
collectively called the "Other Obligations" and, together with the Credit
Document Obligations, the "Guaranteed Obligations"). As used herein, the term
"Guaranteed Party" shall mean the Borrower and each Subsidiary thereof party to
any Interest Rate Protection Agreement or Other Hedging Agreement with an Other
Creditor. Each Guarantor understands, agrees and confirms that the Secured
Creditors may enforce this Guaranty up to the full amount of the Guaranteed
Obligations against such Guarantor without proceeding against any other
Guarantor, the Borrower, any other Guaranteed Party, against any security for
the Guaranteed Obligations, or under any other guaranty covering all or a
portion of the Guaranteed Obligations.

            2. Additionally, each Guarantor, jointly and severally,
unconditionally, absolutely and irrevocably, guarantees the payment of any and
all Guaranteed Obligations whether or not due or payable by the Borrower or any
other Guaranteed Party upon the occurrence in respect of the Borrower or any
such other Guaranteed Party of any of the events specified in Section 10.05

<Page>
                                                                          Page 3

of the Credit Agreement, and unconditionally and irrevocably, jointly and
severally, promises to pay such Guaranteed Obligations to the Secured Creditors,
or order, on demand. This Guaranty shall constitute a guaranty of payment, and
not of collection.

            3. The liability of each Guarantor hereunder is primary, absolute,
joint and several, and unconditional and is exclusive and independent of any
security for or other guaranty of the indebtedness of the Borrower or any other
Guaranteed Party whether executed by such Guarantor, any other Guarantor, any
other guarantor or by any other party, and the liability of each Guarantor
hereunder shall not be affected or impaired by any circumstance or occurrence
whatsoever, including, without limitation: (a) any direction as to application
of payment by the Borrower or any other Guaranteed Party or by any other party,
(b) any other continuing or other guaranty, undertaking or maximum liability of
a guarantor or of any other party as to the Guaranteed Obligations, (c) any
payment on or in reduction of any such other guaranty or undertaking, (d) any
dissolution, termination or increase, decrease or change in personnel by the
Borrower or any other Guaranteed Party, (e) to the extent permitted by
applicable law, any payment made to any Secured Creditor on the indebtedness
which any Secured Creditor repays the Borrower or any other Guaranteed Party
pursuant to court order in any bankruptcy, reorganization, arrangement,
moratorium or other debtor relief proceeding, and each Guarantor waives any
right to the deferral or modification of its obligations hereunder by reason of
any such proceeding, (f) any action or inaction by the Secured Creditors as
contemplated in Section 6 hereof or (g) any invalidity, irregularity or
unenforceability of all or any part of the Guaranteed Obligations or of any
security therefor.

            4. The obligations of each Guarantor hereunder are independent of
the obligations of any other Guarantor, any other guarantor, the Borrower or any
other Guaranteed Party, and a separate action or actions may be brought and
prosecuted against each Guarantor whether or not action is brought against any
other Guarantor, any other guarantor, the Borrower or any other Guaranteed Party
and whether or not any other Guarantor, any other guarantor, the Borrower or any
other Guaranteed Party be joined in any such action or actions. Each Guarantor
waives, to the fullest extent permitted by law, the benefits of any statute of
limitations affecting its liability hereunder or the enforcement thereof. Any
payment by the Borrower or any other Guaranteed Party or other circumstance
which operates to toll any statute of limitations as to the Borrower or any
other Guaranteed Party shall operate to toll the statute of limitations as to
each Guarantor.

            5. Any Secured Creditor may at any time and from time to time
without the consent of, or notice to, any Guarantor, without incurring
responsibility to such Guarantor, without impairing or releasing the obligations
of such Guarantor hereunder, upon or without any terms or conditions and in
whole or in part:

            (a) change the manner, place or terms of payment of, and/or change,
increase or extend the time of payment of, renew or alter, any of the Guaranteed
Obligations (including any increase or decrease in the rate of interest thereon
or the principal amount thereof), any security therefor, or any liability
incurred directly or indirectly in respect thereof, and the guaranty herein

<Page>
                                                                          Page 4

made shall apply to the Guaranteed Obligations as so changed, extended, renewed
or altered;

            (b) take and hold security for the payment of the Guaranteed
Obligations and sell, exchange, release, surrender, impair, realize upon or
otherwise deal with in any manner and in any order any property by whomsoever at
any time pledged or mortgaged to secure, or howsoever securing, the Guaranteed
Obligations or any liabilities (including any of those hereunder) incurred
directly or indirectly in respect thereof or hereof, and/or any offset there
against;

            (c) exercise or refrain from exercising any rights against the
Borrower, any other Guaranteed Party, any other Credit Party, any Subsidiary
thereof or otherwise act or refrain from acting;

            (d) release or substitute any one or more endorsers, Guarantors,
other guarantors, the Borrower, any other Guaranteed Party, or other obligors;

            (e) settle or compromise any of the Guaranteed Obligations, any
security therefor or any liability (including any of those hereunder) incurred
directly or indirectly in respect thereof or hereof, and may subordinate the
payment of all or any part thereof to the payment of any liability (whether due
or not) of the Borrower or any other Guaranteed Party to creditors of the
Borrower or such other Guaranteed Party other than the Secured Creditors;

            (f) apply any sums by whomsoever paid or howsoever realized to any
liability or liabilities of the Borrower or any other Guaranteed Party to the
Secured Creditors regardless of what liabilities of the Borrower or such other
Guaranteed Party remain unpaid;

            (g) consent to or waive any breach of, or any act, omission or
default under, any of the Interest Rate Protection Agreements or Other Hedging
Agreements, the Credit Documents or any of the instruments or agreements
referred to therein, or otherwise amend, modify or supplement (in accordance
with their terms) any of the Interest Rate Protection Agreements or Other
Hedging Agreements, the Credit Documents or any of such other instruments or
agreements;

            (h) act or fail to act in any manner which may deprive such
Guarantor of its right to subrogation against the Borrower or any other
Guaranteed Party to recover full indemnity for any payments made pursuant to
this Guaranty; and/or

            (i) take any other action which would, under otherwise applicable
principles of common law, give rise to a legal or equitable discharge of such
Guarantor from its liabilities under this Guaranty.

            6. This Guaranty is a continuing one and all liabilities to which it
applies or may apply under the terms hereof shall be conclusively presumed to
have been created in reliance hereon. No failure or delay on the part of any
Secured Creditor in exercising any right, power or privilege hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of

<Page>
                                                                          Page 5

any right, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, power or privilege hereunder. The
rights and remedies herein expressly specified are cumulative and not exclusive
of any rights or remedies which any Secured Creditor would otherwise have
hereunder. No notice to or demand on any Guarantor in any case shall entitle
such Guarantor to any other further notice or demand in similar or other
circumstances or constitute a waiver of the rights of any Secured Creditor to
any other or further action in any circumstances without notice or demand. It is
not necessary for any Secured Creditor to inquire into the capacity or powers of
the Borrower or any other Guaranteed Party or the officers, directors, partners
or agents acting or purporting to act on its or their behalf, and any
indebtedness made or created in reliance upon the professed exercise of such
powers shall be guaranteed hereunder.

            7. Any indebtedness of the Borrower or any other Guaranteed Party
now or hereafter held by any Guarantor is hereby subordinated to the
indebtedness of the Borrower or such other Guaranteed Party to the Secured
Creditors, and such indebtedness of the Borrower or such other Guaranteed Party
to any Guarantor, if the Administrative Agent or the Collateral Agent, after the
occurrence and during the continuance of an Event of Default, so requests, shall
be collected, enforced and received by such Guarantor as trustee for the Secured
Creditors and be paid over to the Secured Creditors on account of the
indebtedness of the Borrower or the other Guaranteed Parties to the Secured
Creditors, but without affecting or impairing in any manner the liability of
such Guarantor under the other provisions of this Guaranty. Without limiting the
generality of the foregoing, each Guarantor hereby agrees with the Secured
Creditors that it will not exercise any right of subrogation which it may at any
time otherwise have as a result of this Guaranty (whether contractual, under
Section 509 of the Bankruptcy Code or otherwise) until all Guaranteed
Obligations have been irrevocably paid in full in cash.

            8. (a) Each Guarantor waives any right (except as shall be required
by applicable law and cannot be waived) to require the Secured Creditors to: (i)
proceed against the Borrower, any other Guaranteed Party, any other Guarantor,
any other guarantor of the Guaranteed Obligations or any other party; (ii)
proceed against or exhaust any security held from the Borrower, any other
Guaranteed Party, any other Guarantor, any other guarantor of the Guaranteed
Obligations or any other party; or (iii) pursue any other remedy in the Secured
Creditors' power whatsoever. Each Guarantor waives any defense based on or
arising out of any defense of the Borrower, any other Guaranteed Party, any
other Guarantor, any other guarantor of the Guaranteed Obligations or any other
party other than payment in full of the Guaranteed Obligations, including,
without limitation, any defense based on or arising out of the disability of the
Borrower, any other Guaranteed Party, any other Guarantor, any other guarantor
of the Guaranteed Obligations or any other party, or the unenforceability of the
Guaranteed Obligations or any part thereof from any cause, or the cessation from
any cause of the liability of the Borrower or any other Guaranteed Party other
than payment in full of the Guaranteed Obligations. The Secured Creditors may,
at their election, foreclose on any security held by the Administrative Agent,
the Collateral Agent or the other Secured Creditors by one or more judicial or
nonjudicial sales, whether or not every aspect of any such sale is commercially

<Page>
                                                                          Page 6

reasonable, or exercise any other right or remedy the Secured Creditors may have
against the Borrower, any other Guaranteed Party or any other party, or any
security, without affecting or impairing in any way the liability of any
Guarantor hereunder except to the extent the Guaranteed Obligations have been
paid in full in cash. Each Guarantor waives any defense arising out of any such
election by the Secured Creditors, even though such election operates to impair
or extinguish any right of reimbursement or subrogation or other right or remedy
of such Guarantor against the Borrower, any other Guaranteed Party or any other
party or any security.

            (b) Each Guarantor waives all presentments, promptness, diligence,
demands for performance, protests and notices, including, without limitation,
notices of nonperformance, notices of protest, notices of dishonor, notices of
acceptance of this Guaranty, and notices of the existence, creation or incurring
of new or additional indebtedness. Each Guarantor assumes all responsibility for
being and keeping itself informed of the Borrower's and each other Guaranteed
Party's financial condition and assets, and of all other circumstances bearing
upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope
and extent of the risks which such Guarantor assumes and incurs hereunder, and
agrees that the Secured Creditors shall have no duty to advise any Guarantor of
information known to them regarding such circumstances or risks.

            Each Guarantor warrants and agrees that each of the waivers set
forth above in this Section 9 is made with full knowledge of its significance
and consequences and that if any of such waivers are determined to be contrary
to any applicable law or public policy, such waivers shall be effective only to
the maximum extent permitted by law.

            9. The Secured Creditors agree that this Guaranty may be enforced
only by the action of the Administrative Agent or the Collateral Agent, in each
case acting upon the instructions of the Required Lenders (or, after the date on
which all Credit Document Obligations have been paid in full, the holders of at
least a majority of the outstanding Other Obligations) and that no other Secured
Creditors shall have any right individually to seek to enforce or to enforce
this Guaranty, it being understood and agreed that such rights and remedies may
be exercised by the Administrative Agent or the Collateral Agent or, after all
the Credit Document Obligations have been paid in full, by the holders of at
least a majority of the outstanding Other Obligations, as the case may be, for
the benefit of the Secured Creditors upon the terms of this Guaranty. The
Secured Creditors further agree that this Guaranty may not be enforced against
any director, officer, employee, partner, member or stockholder of any Guarantor
(except to the extent such partner, member or stockholder is also a Guarantor
hereunder).

            10. In order to induce the Lenders to make Loans to the Borrower
pursuant to the Credit Agreement, and in order to induce the Other Creditors to
execute, deliver and perform the Interest Rate Protection Agreements and Other
Hedging Agreements, each Guarantor represents, warrants and covenants that:

            (a) Such Guarantor (i) is a duly organized and validly existing
corporation, limited partnership or limited liability company, as the case may
be, in good standing under the

<Page>
                                                                          Page 7

laws of the jurisdiction of its incorporation or formation, (ii) has the
corporate or other applicable power and authority, as the case may be, to own
its property and assets and to transact the business in which it is currently
engaged and presently proposes to engage and (iii) is duly qualified and is
authorized to do business and is in good standing in each jurisdiction where the
conduct of its business as currently conducted requires such qualification,
except for failures to be so qualified which, individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Effect.

            (b) Such Guarantor has the corporate or other applicable power and
authority to execute, deliver and perform the terms and provisions of this
Guaranty and each other Credit Document to which it is a party and has taken all
necessary corporate or other applicable action to authorize the execution,
delivery and performance by it of this Guaranty and each such other Credit
Document. Such Guarantor has duly executed and delivered this Guaranty and each
other Credit Document to which it is a party, and this Guaranty and each such
other Credit Document constitutes the legal, valid and binding obligation of
such Guarantor enforceable against such Guarantor in accordance with its terms,
except to the extent that the enforceability hereof or thereof may be limited by
applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other similar laws generally affecting creditors' rights and by
equitable principles (regardless of whether enforcement is sought in equity or
at law).

            (c) Neither the execution, delivery or performance by such Guarantor
of this Guaranty or any other Credit Document to which it is a party, nor
compliance by it with the terms and provisions hereof and thereof, will (i)
contravene any provision of any applicable law, statute, rule or regulation or
any applicable order, writ, injunction or decree of any court or governmental
instrumentality, (ii) conflict with or result in any breach of any of the terms,
covenants, conditions or provisions of, or constitute a default under, or result
in the creation or imposition of (or the obligation to create or impose) any
Lien (except pursuant to the Security Documents) upon any of the material
properties or assets of such Guarantor or any of its Subsidiaries pursuant to
the terms of any indenture, mortgage, deed of trust, loan agreement or credit
agreement, or any other material agreement, contract or instrument, to which
such Guarantor or any of its Subsidiaries is a party or by which it or any of
its material property or assets is bound or to which it may be subject or (iii)
violate any provision of the Certificate of Incorporation or By-Laws (or
equivalent organizational documents) of such Guarantor or any of its
Subsidiaries.

            (d) No order, consent, approval, license, authorization or
validation of, or filing, recording or registration with (except as have been
obtained or made or, in the case of any filings or recordings of the Security
Documents (other than the Vessel Mortgages) executed on or before the Initial
Borrowing Date, will be made within 10 days of the Initial Borrowing Date), or
exemption by, any governmental or public body or authority, or any subdivision
thereof, is required to authorize, or is required in connection with, (i) the
execution, delivery and performance of this Guaranty by such Guarantor or any
other Credit Document to which such Guarantor is a party or (ii) the legality,
validity, binding effect or enforceability of this Guaranty

<Page>
                                                                          Page 8

or any other Credit Document to which such Guarantor is a party.

            (e) There are no actions, suits or proceedings pending or, to such
Guarantor's knowledge, threatened (i) with respect to this Guaranty or any other
Credit Document to which such Guarantor is a party or (ii) with respect to such
Guarantor or any of its Subsidiaries that, either individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect.

            11. Each Guarantor covenants and agrees that on and after the
Effective Date and until the termination of the Total Commitment and all
Interest Rate Protection Agreements and Other Hedging Agreements and until such
time as no Note remains outstanding and all Guaranteed Obligations have been
paid in full, such Guarantor will comply, and will cause each of its
Subsidiaries to comply, with all of the applicable provisions, covenants and
agreements contained in Sections 8 and 9 of the Credit Agreement, and will take,
or will refrain from taking, as the case may be, all actions that are necessary
to be taken or not taken so that it is not in violation of any provision,
covenant or agreement contained in Section 8 or 9 of the Credit Agreement, and
so that no Default or Event of Default is caused by the actions of such
Guarantor or any of its Subsidiaries.

            12. The Guarantors hereby jointly and severally agree to pay all
reasonable out-of-pocket costs and expenses of (i) each Secured Creditor in
connection with the enforcement of this Guaranty (including, without limitation,
the reasonable fees and disbursements of counsel employed by each Secured
Creditor) and (ii) the Administrative Agent in connection with any amendment,
waiver or consent relating hereto (including, without limitation, the reasonable
fees and disbursements of counsel employed by the Administrative Agent).

            13. This Guaranty shall be binding upon each Guarantor and its
successors and assigns and shall inure to the benefit of the Secured Creditors
and their successors and assigns.

            14. Neither this Guaranty nor any provision hereof may be changed,
waived, discharged or terminated except with the written consent of each
Guarantor directly affected thereby and with the written consent of either (x)
the Required Lenders (or, to the extent required by Section 13.12 of the Credit
Agreement, with the written consent of each Lender) at all times prior to the
time on which all Credit Document Obligations have been paid in full or (y) the
holders of at least a majority of the outstanding Other Obligations at all times
after the time on which all Credit Document Obligations have been paid in full;
provided, that any change, waiver, modification or variance affecting the rights
and benefits of a single Class (as defined below) of Secured Creditors (and not
all Secured Creditors in a like or similar manner) shall also require the
written consent of the Requisite Creditors (as defined below) of such Class of
Secured Creditors (it being understood that the addition or release of any
Guarantor hereunder shall not constitute a change, waiver, discharge or
termination affecting any Guarantor other than the Guarantor so added or
released). For the purpose of this Guaranty, the term "Class" shall mean each
class of Secured Creditors, I.E., whether (x) the Lender Creditors as holders of
the Credit Document Obligations or (y) the Other Creditors as the holders of the
Other Obligations. For the

<Page>
                                                                          Page 9

purpose of this Guaranty, the term "Requisite Creditors" of any Class shall mean
(x) with respect to the Credit Document Obligations, the Required Lenders (or,
to the extent required by Section 13.12 of the Credit Agreement, each Lender)
and (y) with respect to the Other Obligations, the holders of at least a
majority of all obligations outstanding from time to time under the Interest
Rate Protection Agreements and Other Hedging Agreements.

            15. Each Guarantor acknowledges that an executed (or conformed) copy
of each of the Credit Documents and Interest Rate Protection Agreements or Other
Hedging Agreements has been made available to a senior officer of such Guarantor
and such officer is familiar with the contents thereof.

            16. In addition to any rights now or hereafter granted under
applicable law (including, without limitation, Section 151 of the New York
Debtor and Secured Creditor Law) and not by way of limitation of any such
rights, upon the occurrence and during the continuance of an Event of Default
(such term to mean and include any "Event of Default" as defined in the Credit
Agreement and any payment default under any Interest Rate Protection Agreement
or Other Hedging Agreement continuing after any applicable grace period), each
Secured Creditor is hereby authorized, at any time or from time to time, without
notice to any Guarantor or to any other Person, any such notice being expressly
waived, to set off and to appropriate and apply any and all deposits (general or
special) and any other indebtedness at any time held or owing by such Secured
Creditor to or for the credit or the account of such Guarantor, against and on
account of the obligations and liabilities of such Guarantor to such Secured
Creditor under this Guaranty, irrespective of whether or not such Secured
Creditor shall have made any demand hereunder and although said obligations,
liabilities, deposits or claims, or any of them, shall be contingent or
unmatured.

            17. Except as otherwise expressly provided herein, all notices and
other communications provided for hereunder shall be in writing (including
telexed, telegraphic or telecopier communication) and mailed, telexed,
telecopied or delivered: if to any Guarantor, at c/o General Maritime
Corporation, as agent, 35 West 56th Street, New York, New York, 10019, with
copies to Kramer Levin Naftalis & Frankel LLP, 919 Third Avenue, New York, New
York 10022, Attention Thomas E. Molner, Esq., Telephone No.: (212) 715-9100,
Telecopier No.: (212) 715-8028; if to any Secured Creditor, at its address
specified opposite its name on Schedule II to the Credit Agreement; and if to
the Administrative Agent, at 11 West 42nd Street, 7th Floor, New York, New York
10036, Attention: Hans Chr. Kjelsrud, Telephone No.: (212) 827-4814, Telecopier
No.: (212) 827-4888; or, as to any other Credit Party, at such other address as
shall be designated by such party in a written notice to the other parties
hereto and, as to each Secured Creditor, at such other address as shall be
designated by such Secured Creditor in a written notice to the Borrower and the
Administrative Agent. All such notices and communications shall, (i) when
mailed, be effective three Business Days after being deposited in the mails,
prepaid and properly addressed for delivery, (ii) when sent by overnight
courier, be effective one Business Day after delivery to the overnight courier
prepaid and properly addressed for delivery on such next Business Day, or (iii)
when sent by telex or telecopier, be effective

<Page>
                                                                         Page 10

when sent by telex or telecopier, except that notices and communications to the
Administrative Agent or any Guarantor shall not be effective until received by
the Administrative Agent or such Guarantor, as the case may be.

            18. If claim is ever made upon any Secured Creditor for repayment or
recovery of any amount or amounts received in payment or on account of any of
the Guaranteed Obligations and any of the aforesaid payees repays all or part of
said amount by reason of (i) any judgment, decree or order of any court or
administrative body having jurisdiction over such payee or any of its property
or (ii) any settlement or compromise of any such claim effected by such payee
with any such claimant (including the Borrower or any other Guaranteed Party)
then and in such event each Guarantor agrees that any such judgment, decree,
order, settlement or compromise shall be binding upon such Guarantor,
notwithstanding any revocation hereof or other instrument evidencing any
liability of the Borrower or any other Guaranteed Party, and such Guarantor
shall be and remain liable to the aforesaid payees hereunder for the amount so
repaid or recovered to the same extent as if such amount had never originally
been received by any such payee.

            19. (a) THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL, EXCEPT AS
OTHERWISE PROVIDED IN CERTAIN OF THE VESSEL MORTGAGES, BE CONSTRUED IN
ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT
REGARD TO ITS CONFLICT OF LAWS RULES (OTHER THAN TITLE 14 OF ARTICLE 5 OF THE
GENERAL OBLIGATIONS LAW). Any legal action or proceeding with respect to this
Guaranty or any other Credit Document to which any Guarantor is a party may be
brought in the courts of the State of New York or of the United States of
America for the Southern District of New York in each case which are located in
the City of New York, and, by execution and delivery of this Guaranty, each
Guarantor hereby irrevocably accepts for itself and in respect of its property,
generally and unconditionally, the jurisdiction of the aforesaid courts. Each
Guarantor hereby further irrevocably waives (to the fullest extent permitted by
applicable law) any claim that any such court lacks personal jurisdiction over
such Guarantor, and agrees not to plead or claim in any legal action or
proceeding with respect to this Guaranty or any other Credit Document to which
such Guarantor is a party brought in any of the aforesaid courts that any such
court lacks personal jurisdiction over such Guarantor. Each Guarantor further
irrevocably consents to the service of process out of any of the aforementioned
courts in any such action or proceeding by the mailing of copies thereof by
registered or certified mail, postage prepaid, to such Guarantor at its address
set forth in Section 18 hereof, such service to become effective 30 days after
such mailing. Each Guarantor hereby irrevocably waives (to the fullest extent
permitted by applicable law) any objection to such service of process and
further irrevocably waives and agrees not to plead or claim in any action or
proceeding commenced hereunder or under any other Credit Document to which such
Guarantor is a party that such service of process was in any way invalid or
ineffective. Nothing herein shall affect the right of any of the Secured
Creditors to serve process in any other manner permitted by law or to commence
legal proceedings or otherwise proceed against each Guarantor in any other
jurisdiction.

<Page>
                                                                         Page 11

            (b) Each Guarantor hereby irrevocably waives (to the fullest extent
permitted by applicable law) any objection which it may now or hereafter have to
the laying of venue of any of the aforesaid actions or proceedings arising out
of or in connection with this Guaranty or any other Credit Document to which
such Guarantor is a party brought in the courts referred to in clause (a) above
and hereby further irrevocably waives (to the fullest extent permitted by
applicable law) and agrees not to plead or claim in any such court that such
action or proceeding brought in any such court has been brought in an
inconvenient forum.

            (c) EACH GUARANTOR AND EACH SECURED CREDITOR (BY ITS ACCEPTANCE OF
THE BENEFITS OF THIS GUARANTY) HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO A TRIAL
BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO
THIS GUARANTY, THE OTHER CREDIT DOCUMENTS TO WHICH SUCH GUARANTOR IS A PARTY OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

            20. In the event that all of the capital stock or other equity
interests of one or more Guarantors is sold or otherwise disposed of or
liquidated in compliance with the requirements of Section 9.02 of the Credit
Agreement (or such sale or other disposition has been approved in writing by the
Required Lenders (or all the Lenders if required by Section 13.12 of the Credit
Agreement)) and the proceeds of such sale, disposition or liquidation are
applied in accordance with the provisions of the Credit Agreement, to the extent
applicable, such Guarantor shall upon consummation of such sale or other
disposition (except to the extent that such sale or disposition is to the
Borrower or another Subsidiary thereof) be released from this Guaranty
automatically and without further action and this Guaranty shall, as to each
such Guarantor or Guarantors, terminate, and have no further force or effect (it
being understood and agreed that the sale of one or more Persons that own,
directly or indirectly, all of the capital stock or other equity interests of
any Guarantor shall be deemed to be a sale of such Guarantor for the purposes of
this Section 20).

            21. At any time a payment in respect of the Guaranteed Obligations
is made under this Guaranty, the right of contribution of each Guarantor against
each other Guarantor shall be determined as provided in the immediately
following sentence, with the right of contribution of each Guarantor to be
revised and restated as of each date on which a payment (a "Relevant Payment")
is made on the Guaranteed Obligations under this Guaranty. At any time that a
Relevant Payment is made by a Guarantor that results in the aggregate payments
made by such Guarantor in respect of the Guaranteed Obligations to and including
the date of the Relevant Payment exceeding such Guarantor's Contribution
Percentage (as defined below) of the aggregate payments made by all Guarantors
in respect of the Guaranteed Obligations to and including the date of the
Relevant Payment (such excess, the "Aggregate Excess Amount"), each such
Guarantor shall have a right of contribution against each other Guarantor who
has made payments in respect of the Guaranteed Obligations to and including the
date of the Relevant Payment in an aggregate amount less than such other
Guarantor's Contribution Percentage of the aggregate payments made to and
including the date of the Relevant Payment by all Guarantors in

<Page>
                                                                         Page 12

respect of the Guaranteed Obligations (the aggregate amount of such deficit, the
"Aggregate Deficit Amount") in an amount equal to (x) a fraction the numerator
of which is the Aggregate Excess Amount of such Guarantor and the denominator of
which is the Aggregate Excess Amount of all Guarantors multiplied by (y) the
Aggregate Deficit Amount of such other Guarantor. A Guarantor's right of
contribution pursuant to the preceding sentences shall arise at the time of each
computation, subject to adjustment to the time of each computation; PROVIDED
that no Guarantor may take any action to enforce such right until the Guaranteed
Obligations have been paid in full in cash, it being expressly recognized and
agreed by all parties hereto that any Guarantor's right of contribution arising
pursuant to this Section 21 against any other Guarantor shall be expressly
junior and subordinate to such other Guarantor's obligations and liabilities in
respect of the Guaranteed Obligations and any other obligations owing under this
Guaranty. As used in this Section 21: (i) each Guarantor's "Contribution
Percentage" shall mean the percentage obtained by dividing (x) the Adjusted Net
Worth (as defined below) of such Guarantor by (y) the aggregate Adjusted Net
Worth of all Guarantors; (ii) the "Adjusted Net Worth" of each Guarantor shall
mean the greater of (x) the Net Worth (as defined below) of such Guarantor and
(y) zero; and (iii) the "Net Worth" of each Guarantor shall mean the amount by
which the fair saleable value of such Guarantor's assets on the date of any
Relevant Payment exceeds its existing debts and other liabilities (including
contingent liabilities, but without giving effect to any Guaranteed Obligations
arising under this Guaranty or any guaranteed obligations arising under any
guaranty of the Senior Subordinated Notes) on such date. All parties hereto
recognize and agree that, except for any right of contribution arising pursuant
to this Section 21, each Guarantor who makes any payment in respect of the
Guaranteed Obligations shall have no right of contribution or subrogation
against any other Guarantor in respect of such payment until all of the
Guaranteed Obligations have been irrevocably paid in full in cash. Each of the
Guarantors recognizes and acknowledges that the rights to contribution arising
hereunder shall constitute an asset in favor of the party entitled to such
contribution. In this connection, each Guarantor has the right to waive its
contribution right against any Guarantor to the extent that after giving effect
to such waiver such Guarantor would remain solvent, in the determination of the
Required Lenders.

            22. Each Guarantor and each Secured Creditor (by its acceptance of
the benefits of this Guaranty) hereby confirms that it is its intention that
this Guaranty not constitute a fraudulent transfer or conveyance for purposes of
the Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar Federal or state law. To effectuate the
foregoing intention, each Guarantor and each Secured Creditor (by its acceptance
of the benefits of this Guaranty) hereby irrevocably agrees that the Guaranteed
Obligations guaranteed by such Guarantor shall be limited to such amount as
will, after giving effect to such maximum amount and all other (contingent or
otherwise) liabilities of such Guarantor that are relevant under such laws and
after giving effect to any rights to contribution pursuant to any agreement
providing for an equitable contribution among such Guarantor and the other
Guarantors, result in the Guaranteed Obligations of such Guarantor in respect of
such maximum amount not constituting a fraudulent transfer or conveyance.

<Page>
                                                                         Page 13

            23. This Guaranty may be executed in any number of counterparts and
by the different parties hereto on separate counterparts, each of which when so
executed and delivered shall be an original (including if delivered by facsimile
transmission), but all of which shall together constitute one and the same
instrument. A set of counterparts executed by all the parties hereto shall be
lodged with the Guarantors and the Administrative Agent.

            24. (a) All payments made by any Guarantor hereunder will be made
without setoff, counterclaim or other defense, will be made in the currency or
currencies in which the respective Guaranteed Obligations are then due and
payable and will be made on the same basis as payments are made by the Borrower
under Sections 4.03 and 4.04 of the Credit Agreement.

            (b) The Guarantors' obligations hereunder to make payments in the
respective currency or currencies in which the respective Guaranteed Obligations
are required to be paid (such currency being herein called the "Obligation
Currency") shall not be discharged or satisfied by any tender or recovery
pursuant to any judgment expressed in or converted into any currency other than
the Obligation Currency, except to the extent that such tender or recovery
results in the effective receipt by the Administrative Agent, the Collateral
Agent or the respective other Secured Creditor of the full amount of the
Obligation Currency expressed to be payable to the Administrative Agent, the
Collateral Agent or such other Secured Creditor under this Guaranty or the other
Credit Documents or any Interest Rate Protection Agreement or Other Hedging
Agreement, as applicable. If for the purpose of obtaining or enforcing judgment
against any Guarantor in any court or in any jurisdiction, it becomes necessary
to convert into or from any currency other than the Obligation Currency (such
other currency being hereinafter referred to as the "Judgment Currency") an
amount due in the Obligation Currency, the conversion shall be made, at the rate
of exchange (quoted by the Administrative Agent, determined, in each case, as of
the date immediately preceding the day on which the judgment is given (such
Business Day being hereinafter referred to as the "Judgment Currency Conversion
Date").

            (c) If there is a change in the rate of exchange prevailing between
the Judgment Currency Conversion Date and the date of actual payment of the
amount due, the Guarantors jointly and severally covenant and agree to pay, or
cause to be paid, 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 of the Obligation Currency which could have
been purchased with the amount of Judgment Currency stipulated in the judgment
or judicial award at the rate or exchange prevailing on the Judgment Currency
Conversion Date.

            (d) For purposes of determining the Relevant Currency Equivalent or
any other rate of exchange for this Section 24, such amounts shall include any
premium and costs payable in connection with the purchase of the Obligation
Currency.

            25. It is understood and agreed that any Subsidiary of the Borrower
that is required to execute a counterpart of this Guaranty after the date hereof
pursuant to the Credit Agreement shall automatically become a Guarantor
hereunder by executing a counterpart hereof

<Page>
                                                                         Page 14

and/or a Subsidiary assumption agreement, in each case in form and substance
satisfactory to the Administrative Agent, and delivering the same to the
Administrative Agent.

                                      * * *

<Page>
                                                                         Page 15

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

                                              GENMAR CORPORATION
                                              GENMAR SPIRIT LTD.
                                              GENMAR STAR LTD.
                                              GENMAR TRUST LTD.,
                                                  as Guarantors

                                              By /s/ John P. Tavlarios
                                                 -------------------------------
                                                 Title: President

                                              GENMAR ENDURANCE LTD.
                                              GENMAR LEONIDAS LTD.,
                                                  as Guarantors

                                              By /s/ John P. Tavlarios
                                                 -------------------------------
                                                 Title: Secretary & Treasurer

                                              GENMAR CHALLENGER LTD.
                                              GENMAR TRADER LTD.
                                              GENMAR NESTOR LTD.,
                                                  as Guarantors

                                              By /s/ John P. Tavlarios
                                                 -------------------------------
                                                 Title: Vice President

                                              GENMAR CHAMPION LTD.,
                                                  as a Guarantor

                                              By /s/ James C. Christodoulou
                                                 -------------------------------
                                                 Title: Vice President

<Page>
                                                                         Page 16

Accepted and Agreed to:

CHRISTIANIA BANK OG
KREDITKASSE ASA, NEW YORK BRANCH,
as Administrative Agent

By: /s/ Hans Chr. Kjelsrud
    ----------------------------
    Title: Senior Vice President

By: /s/ Martin Lunder
    ----------------------------
    Title: Senior Vice President

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