Document:

Exhibit 4.23

                                   Guarantee

                                                                   15 March 2006

To:  KOMARF HOPE 30 Shipping Company (the "Beneficiary")

1    In  consideration of (i) the  Beneficiary,  which  expression  includes its
     successors  and  assignees),  at our  request,  agreeing  to let  the  m.v.
     "Stopless"  (the "Ship") to VITSI SHIPPING CO. LTD the  "Charterer",  which
     expression  includes its  successors  and  assigns)  pursuant to a "Barecon
     2001" bareboat charter dated 9 March 2006 (as amended and supplemented from
     time to time, the "Charter")  between the Beneficiary and the Charterer and
     (ii)  US$1 and other  good and  valuable  consideration  (the  receipt  and
     adequacy  of which is  hereby  acknowledged)  we,  TOP  TANKERS  INC.  (the
     "Guarantor") irrevocably and unconditionally guarantee the due and punctual
     payment of all sums payable by the  Charterer to the  Beneficiary  under or
     pursuant to the Charter (including,  without  limitation,  all charterhire,
     interest,  fees, costs, charges and expenses) together with interest to the
     date of payment (as well after as before  judgment)  at such rates and upon
     such  terms as may from  time to time be  expressed  to be  payable  by the
     Charterer  and any damages  (whether  liquidated or otherwise for breach of
     the Charter) on a full and  unqualified  indemnity basis and undertake that
     if for any  reason  the  Charterer  shall fail to pay any sums due under or
     pursuant to the Charter on the due date of payment thereunder the Guarantor
     shall, on demand by the  Beneficiary,  unconditionally  pay such sum to the
     Beneficiary.

2    As a separate and independent  stipulation,  the Guarantor  irrevocably and
     unconditionally agrees that if any purported obligation or liability of the
     Charterer  which would have been the subject of this  Guarantee had it been
     valid and  enforceable is not or ceases to be valid or enforceable  against
     the  Charterer  on  any  ground  whatsoever  whether  or not  known  to the
     Beneficiary  (including,  without  limitation,  any  irregular  exercise or
     absence of any  corporate  power or lack of authority of, or breach of duty
     by, any person purporting to act on behalf of the Charterer or any legal or
     other  limitation,  whether under the  Limitation  Acts or otherwise or any
     disability  or  incapacity  or  any  change  in  the  constitution  of  the
     Charterer) the Guarantor shall nevertheless be liable to the Beneficiary in
     respect of that purported obligation or liability as if the same were fully
     valid  and  enforceable  and the  Guarantor  were the  principal  debtor in
     respect thereof.  The Guarantor hereby agrees to keep the Beneficiary fully
     indemnified  on demand  against all  damages,  losses,  costs and  expenses
     arising from any failure of the  Charterer to perform or discharge any such
     purported   obligation   or   liability   or   from   any   invalidity   or
     unenforceability of any of the same against the Charterer.

3    The Guarantors  liability  under this Guarantee  shall not be discharged in
     whole or in part or  otherwise  be affected in any way by reason of (a) the
     Beneficiary  giving the Charterer  time or any other  concession or taking,
     holding,  varying,  realising or not enforcing  any other  security for the
     liabilities of the Charterer under the Charter, (b) any legal limitation or
     incapacity   relating   to   the   Charterer,   (c)   the   invalidity   or
     unenforceability  of the  obligations of the Charterer under the Charter or
     (d) any other act or omission of the Beneficiary or any other circumstances
     which but for this provision  would  discharge the Guarantor and any moneys
     expressed  to be payable by the  Charterer  under the terms of the  Charter
     which may not be  recoverable  from the Charterer for any such reason shall
     be recoverable by the Beneficiary from the Guarantor as principal debtor.

4    This  Guarantee  shall expire upon  termination by effluxion of time of the
     Charter  or  otherwise  in  circumstances  where  all  obligations  of  the
     Charterer  shall have been  irrevocably and  unconditionally  discharged in
     full.

5    The Beneficiary may enforce this Guarantee  without first making demand on,
     or taking any proceeding against, the Charterer.

6    All payments by the Guarantor  hereunder  shall be made without  set-off or
     counterclaim  and,  subject to  paragraph  7 hereof,  free and clear of any
     deductions or  withholdings  in United States Dollars in same day funds (or
     such  other  funds  as  may  then  be  customary  for  the   settlement  of
     international  bank  transactions in the relevant  currency) not later than
     10am (local time in the place of payment) on the due date to the account of
     the Beneficiary notified to the Guarantor by the Beneficiary.

7    If at any  time  the  Guarantor  is  required  to  make  any  deduction  or
     withholding  in  respect  of any  taxes  (which  for  the  purpose  of this
     Guarantee includes all present and future taxes, levies,  imposts,  duties,
     fees or charges of  whatever  nature  together  with  interest  thereon and
     penalties in respect  thereof)  from any payment due under this  Guarantee,
     the sum due  from  the  Guarantor  in  respect  of such  payment  shall  be
     increased to the extent  necessary to ensure that, after the making of such
     deduction or withholding, the Beneficiary receives on the due date for such
     payment (and retains,  free from any liability in respect of such deduction
     or withholding) a net sum equal to the sum which it would have received had
     no such deduction or withholding been required to be made and the Guarantor
     shall indemnify the Beneficiary  against any losses or costs incurred by it
     by reason of any failure of the  Guarantor  to make any such  deduction  or
     withholding or by reason of any increased payment not being made on the due
     date  for  such  payment.  The  Guarantor  shall  promptly  deliver  to the
     Beneficiary  any  receipts,  certificates  or other  proof  evidencing  the
     amounts (if any) paid or payable in respect of any deduction or withholding
     as aforesaid.

8    If any sum due from the  Guarantor  under  this  Guarantee  or any order or
     judgment  given or made in  relation  hereto has to be  converted  from the
     currency  (the "first  currency")  in which the same is payable  under this
     Guarantee  or under such  order or  judgment  into  another  currency  (the
     "second currency") for the purpose of (i) making or filing a claim or proof
     against the Guarantor,  (ii) obtaining an order or judgment in any court or
     other  tribunal or (iii)  enforcing any order to judgment  given or made in
     relation to this Guarantee, the Guarantor shall indemnify and hold harmless
     the  Beneficiary  from and  against  any loss  suffered  as a result of any
     difference  between  (a) the rate of  exchange  used for  such  purpose  to
     convert  the sum in  question  from the  first  currency  into  the  second
     currency and (b) the rate or rates of exchange at which the Beneficiary may
     in the ordinary  course of business  purchase the first  currency  with the
     second currency upon receipt of a sum paid to it in satisfaction,  in whole
     or in part,  of any such order,  judgment,  claim or proof.  Any amount due
     from the Guarantor  under this clause 8 shall be due as a separate debt and
     shall not be  affected by judgment  being  obtained  for any other sums due
     under or in  respect  of this  Guarantee  and the term  "rate of  exchange"
     includes any premium and costs of exchange  payable in connection  with the
     purchase of the first currency with the second currency.

9    The Guarantor represents and warrants to the Beneficiary that:

     (a)  the  Guarantor  is duly  incorporated  and  validly  existing  in good
          standing under the laws of the Marshall Islands as a limited liability
          corporation  and has power to carry on its business as it is now being
          conducted and to own its property and other assets;

     (b)  the  Guarantor   has  power  to  execute,   deliver  and  perform  its
          obligations  under  this  Guarantee,   and  all  necessary  corporate,
          shareholder   and  other  action  has  been  taken  to  authorise  the
          execution,  delivery and  performance of the same and no limitation on
          the power of the  Guarantor to give  guarantees  will be exceeded as a
          result of this Guarantee;

     (c)  this  Guarantee  constitutes  valid,  legal  and  enforceable  binding
          obligations of the Guarantor;

     (d)  the  execution  and delivery of, the  performance  of its  obligations
          under and  compliance  with the  provisions  of this  Guarantee by the
          Guarantor  will  not  (i)  contravene  any  existing  applicable  law,
          statute, rule or regulation or any judgment, decree or permit to which
          the  Guarantor is subject,  or (ii)  contravene  or conflict  with any
          provision  of the  Guarantors  Articles of  Incorporation,  By-Laws or
          other constitutional documents;

     (e)  it is not necessary to ensure that legality, validity,  enforceability
          or  admissibility  in evidence of this  Guarantee that it or any other
          instrument be notarised,  filed,  recorded,  registered or enrolled in
          any court,  public office or elsewhere in the Marshall Islands or that
          any  stamp,  registration  or  similar  tax or  charge  be paid in the
          Marshall  Islands  on  or in  relation  to  this  Guarantee  and  this
          Guarantee is in proper form for its  enforcement  in the courts of the
          Marshall Islands;

     (f)  the choice by the Guarantor of English law to govern this Guarantee is
          valid and binding; and

     (g)  neither the  Guarantor  nor any of its assets are entitled to immunity
          on the grounds of  sovereignty  or otherwise  from any legal action or
          proceeding (which shall include, without limitation,  suit, attachment
          prior to judgment, execution or other enforcement).

10   No failure or delay on the part of the  Beneficiary  to exercise any right,
     power or remedy under this Guarantee shall operate as a waiver thereof, nor
     shall any  single or partial  exercise  by the  Beneficiary,  of any right,
     power or remedy  preclude  any other or  further  exercise  thereof  or the
     exercise of any other right, power or remedy. The remedies provided in this
     Guarantee are cumulative and are not exclusive of any remedies  provided by
     law.

11   The  Guarantor may not assign any of its rights or  obligations  hereunder.
     The  Beneficiary  may  assign any of its rights  hereunder  to Fortis  Bank
     (Nederland) N.V. of Coolsingel 93, 3012 AE Rotterdam,  The Netherlands (the
     "Agent")  (acting as security agent and trustee on behalf of a syndicate of
     banks and other  ancillary  parties).  The Guarantor  hereby agrees that it
     will  promptly  execute  an  acknowledgement  in favour of the Agent of any
     notice of assignment delivered to it relating to such assignment.

12   Every claim or notice under this  Guarantee  shall be in writing and may be
     given or made by post or fax to the Guarantor or the  Beneficiary  at their
     respective  addresses  given  above or to another  address  notified by the
     Guarantor  or the  Beneficiary  (or its  assignee)  to the other under this
     Guarantee.  Every notice shall be deemed to have been received, in the case
     of a fax at the time of despatch  (provided that if the date of despatch is
     not a  working  day in the  country  of the  addressee,  it shall be deemed
     received  on the  next  working  day),  and in the case of a  letter,  when
     delivered.

13   (a)  This Guarantee  shall be governed by and construed in accordance  with
          English law.

     (b)  The Guarantor  agrees,  for the benefit of the  Beneficiary,  that any
          legal action or proceedings  arising out of or in connection with this
          Guarantee may be brought in English courts. The Guarantor  irrevocably
          and  unconditionally  submits to the  jurisdiction  of such courts and
          irrevocably designates, appoints and empowers Top Tankers (UK) Limited
          at present of 50 Park Street, W1K 2JJ, London,  England to receive for
          it and on its  behalf,  service or 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 Beneficiary to take proceedings  against the Guarantor in
          any other  court of  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.

14   No term of this Guarantee  shall be  enforceable  pursuant to the Contracts
     (Rights of Third  Parties)  Act 1999 by a person who is not a party to this
     Guarantee.

Yours faithfully

<PAGE>

EXECUTED as a DEED by Stamatis Tsantanis
for and on behalf of
TOP TANKERS INC.
Pursuant to a Power of Attorney
Dated 8 March 2006
in the presence of:

Witness:

Name:        Andreas Louca
Address:     Top Tanker Management Inc.
             109-111 Messogian Av, 15526 Greece
Occupation:  AdvocateExhibit 4.24

MEMORANDUM OF AGREEMENT

Dated: 4 April 2006

Parnasos Shipping Company Limited, c/o Top Tanker Management Inc, 109-111
Messogion Avenue, Athens, 26Greece hereinafter called the Sellers, have agreed
to sell, and Partankers III AS, Dronning Mauds gate 3, 0114 Oslo, Norway
hereinafter called the Buyers, have agreed to buy

Name: "Faultless"

Classification Society/Class: Det norske Veritas

Built: 1992                 By. Hyundai Heavy Industries, Korea

Flag: Liberia               Place of Registration: Monrovia, Liberia

Call Sign: A8GL8            Grt: 79,718, dwt 154,970

IMO Number: 9000572

hereinafter called the Vessel, on the following terms and conditions:

Definitions

"Banking days" are days on which banks are open both in the country of the
currency stipulated for the Purchase Price in Clause 1 and in the place of
closing stipulated in Clause 8.

"In writing" or "written" means a letter handed over from the Sellers to the
Buyers or vice versa, a registered letter, telex, telefax or other modern form
of written communication.

"Classification Society" or "Class" means the Society referred to in line 4.

1.   Purchase Price USD 51,600,000 (US dollars Fifty One Million Six Hundred
     Thousand).

     (subject as stated in Clause 21)

2.   Deposit

3.   Payment

The said Purchase Price shall be paid as more particularly described in Clause
21 and in full free of bank charges to the Sellers' bank, The Royal Bank of
Scotland, Shipping Business Centre, 0-10 Great Tower Street, London EC3P 3HX on
delivery of the Vessel, but not later than 3 banking days after the Vessel is in
every respect physically ready for delivery in accordance with the terms and
conditions of this Agreement and Notice of Readiness has been given in
accordance with Clause 5. (See also Clause 21)

4.   Inspections

a)*  The Buyers have inspected and accepted the Vessel's classification records.
     The Buyers have also inspected the Vessel at Khor Fakkan, the United
     Arab Emirates, on about 9 February 2006 and have accepted the Vessel
     following this inspection and therefore the sale is outright and definite,
     subject only to the terms and conditions of this Agreement.

     4.a) and .4b) are alternatives; delete whichever is not applicable. In the
     absence of deletions, alternative 4a) to apply.

5.   Notices, time and place of delivery

a)   The Sellers shall keep the Buyers well informed of the Vessel's itinerary
     and shall provide the Buyers with 7, and 3 days approximate notice of the
     estimated time of arrival the intended place of delivery. When the Vessel
     is at the place of delivery and in every respect physically ready for
     delivery in accordance with this Agreement, the Sellers shall give the
     Buyers a written Notice of Readiness for delivery.

b)   The Vessel shall be delivered and taken over safely afloat at a safe and
     accessible berth or Anchorage, or at high sea by mutual agreement between
     the Buyers and the Sellers. Latest with the 3 days approximate notice of
     delivery Sellers to nominate exact delivery place.

     Expected time of delivery: Between 27th March, 2006 and 1st May, 2006

     Date of cancelling (see Clauses 5c) 6b)(iii) and 14): 2nd May 2006

c)   If the Sellers anticipate that, notwithstanding the exercise of due
     diligence by them, the Vessel will not be ready for delivery by the
     cancelling date they may notify the Buyers in writing stating the date when
     they anticipate that the Vessel will be ready for delivery and propose a
     new cancelling date. Upon receipt of such notification the Buyers shall
     have the option of either cancelling this Agreement in accordance with
     Clause 14 within 2 running days of receipt of the notice or of accepting
     the new date as the new cancelling date. If the Buyers have not declared
     their option within 2 running days of receipt of the Sellers' notification
     or if the Buyers accept the new date, the date proposed in the Sellers'
     notification shall be deemed to be the new cancelling date and shall be
     substituted for the cancelling date stipulated in line 61. --------

     If this Agreement is maintained with the new cancelling date all other
     terms and conditions hereof including those contained in Clauses 5 a) and 5
     c) shall remain unaltered and in full force and effect. Cancellation or
     failure to cancel shall be entirely without prejudice to any claim for
     damages the Buyers may have under Clause 14 for the Vessel not being ready
     by the original cancelling date.

d)   Should the Vessel become an actual, constructive or compromised total loss
     before delivery, whereafter this Agreement shall be null and void.

6.   Drydocking/Divers Inspection

7.   Spares/bunkers, etc.

The Sellers shall deliver the Vessel to the Buyers with everything belonging to
her on board and on shore. All spare parts and spare equipment including spare
tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any,
belonging to the Vessel at the time of inspection used or unused, whether on
board or not shall become the Buyers' property, but spares on order are to be
excluded. Forwarding charges, if any, shall be for the Buyers' account. The
Sellers are not required to replace spare parts including spare tail - end
shaft(s) and spare propeller(s)/propeller blade(s) which are taken out- of spare
-and used as replacement prior to delivery; but the replaced items shall be the
property of the Buyers. The radio installation and navigational equipment shall
be included in the sale without extra payment if they are the property of the
Sellers.

The Sellers have the right to take ashore crockery, plates, cutlery, linen and
other articles bearing the Sellers' flag or name, provided they replace same
with similar unmarked items. Library, forms, etc., exclusively for use in the
Sellers' vessel(s), shall be excluded without compensation. Captain's, Officers'
and Crew's personal belongings including the slop chest are to be excluded from
the sale, as well as the following additional items (including items on hire):

(See Clause 20)

8.   Documentation (See also Clause 19)

The place of closing: Piraeus/New York

At the time of delivery the Buyers and Sellers shall sign and deliver to each
other a Protocol of Delivery and Acceptance confirming the date and time of
delivery of the Vessel from the Sellers to the Buyers.

At the time of delivery the Sellers shall hand to the Buyers the classification
certificate(s) as well as all plans etc., which are on board the Vessel. Other
certificates which are on board the Vessel shall also be handed over to the
Buyers unless the Sellers are required to retain same, in which case the Buyers
to have the right to take copies. Other technical documentation which may be in
the Sellers' possession shall be promptly forwarded to the Buyers at their
Buyers expense, if they so request. The Sellers may keep the Vessel's log books
but the Buyers to have the right to take copies of same.

9.   Encumbrances

The Sellers warrant that the Vessel, at the time of delivery, is free from all
encumbrances, mortgages and maritime liens or any other debts whatsoever. The
Sellers hereby undertake to indemnify the Buyers against all consequences of
claims made against the Vessel which have been incurred prior to the time of
delivery.

10.  Taxes, etc.

Any taxes, fees and expenses in connection with the purchase and registration
under the Buyers' flag shall be for the Buyers' account, whereas similar charges
in connection with the closing of the Sellers' register shall be for the
Sellers' account.

11.  Condition on delivery

The Vessel with everything belonging to her shall be at the Sellers' risk and
expense until she is delivered to the Buyers, but subject to the terms and
conditions of this Agreement she shall be delivered and taken over as she was at
the time of inspection, fair wear and tear excepted.

However, the Vessel shall be delivered with her class maintained without
condition/recommendation*, free of average damage affecting the Vessel's class,
and with her classification certificates and national certificates, as well as
all other certificates the Vessel had at the time of inspection, valid and
unextended without condition/recommendation* by Class or the relevant
authorities at the time of delivery.

"Inspection" in this Clause 11, shall mean the Buyers' inspection according to
Clause 4 a) or 4 b), if applicable, or the Buyers' inspection prior to the
signing of this Agreement. If the Vessel is taken over without inspection, the
date of this Agreement shall be the relevant date.

Notes, if any, in the surveyor's report which are accepted by the Classification
Society without condition/recommendation are not to be taken into account.

12.  Name/markings

13.  Buyers' default

Should the Purchase Price not be paid in accordance with Clause 3 and Clause 21,
the Sellers have the right to cancel the Agreement, and the Sellers shall be
entitled to claim further compensation for their losses and for all expenses
incurred together with interest.

14.  Sellers' default

Should the Sellers fail to give Notice of Readiness in accordance with Clause 5
a) or fail to be ready to validly complete a legal transfer by the date
stipulated in line 61 the Buyers shall have the option of cancelling this
Agreement provided always that the Sellers shall be granted a maximum of 3
banking days after Notice of Readiness has been given to make arrangements for
the documentation set out in Clause 8. If after Notice of Readiness has been
given but before the Buyers have taken delivery, the Vessel ceases to be
physically ready for delivery and is not made physically ready again in every
respect by the date stipulated in line 61 and new Notice of Readiness given, the
Buyers shall retain their option to cancel.

Should the Sellers fail to give Notice of Readiness by the date stipulated in
line 61 or fail to be ready to validly complete a legal transfer as aforesaid
they shall make due compensation to the Buyers for their loss and for all costs
and expenses together (including, without limitation, any break funding costs)
with interest if their failure is due to proven negligence and they shall make
due compensation for the Buyers' loss whether or not the Buyers cancel this
Agreement.

15.  Buyers' representatives

16.  Arbitration

This Agreement shall be governed by and construed in accordance with English law
and any dispute arising out of this Agreement shall be referred to arbitration
in London in accordance with the Arbitration Acts 1950 and 1979 or any statutory
modification or re-enactment thereof for the time being in force, one arbitrator
being appointed by each party. On the receipt by one party of the nomination in
writing of the other party's arbitrator, that party shall appoint their
arbitrator within fourteen days, failing which the decision of the single
arbitrator appointed shall apply. If two arbitrators properly appointed shall
not agree they shall appoint an umpire whose decision shall be final.

17.  The Buyers (as owners) have entered into a bareboat charterparty (the
     "Charter") of even date herewith with the Sellers (as charterers),
     whereunder the Vessel is chartered to the Sellers for such period and on
     such terms and conditions as more particularly described therein. Delivery
     of the Vessel to the Buyers under this Agreement shall be subject to the
     simultaneous delivery and acceptance by the Buyer (as charterers) under the
     Charter.

18.  Delivery of the Vessel at sea (if applicable) shall be subject to any
     necessary consents from the Vessel's register and insurers.

19.  In addition to the documents listed in Clause 8, the Sellers and the Buyers
     shall agree and provide such additional and normal documentation for
     closing as is reasonably required by the Sellers and the Buyers, a list of
     which shall be separately agreed between the parties latest within 3
     Banking Days from the execution of the MoA, and incorporated into the MoA
     by way of an Addendum hereto, and which shall include, without limitation,
     (i) a multipartite agreement between the Sellers, the Buyers and the
     current time-charterer of the Vessel, confirming, inter alia, the
     time-charterer's consent to the sale of the Vessel to the Buyer, and the
     assignment and step-in rights to the Buyers and Buyers' bank in the event
     of a breach by the Sellers (in their capacity as charterers) under this
     Charter, and (ii) a co-ordination agreement between the Sellers, the Buyers
     and Buyers' bank regarding the subordination and coordination of rights
     between the first priority interest of the banks and the second priority
     interest of the Sellers in relation to the Sellers' credit referred to in
     Clause 21 (iii).

20.  Remaining stores, provisions, bunkers and lubricating oils onboard the
     Vessel at the time of delivery hereunder shall remain the property of the
     Sellers.

21.  Of the total purchase price of USD 51,600,000 (US Dollars Fifty One Million
     Six Hundred Thousand) .(the "Purchase Price") the. Buyers shall pay USD
     [45,375,300] (US Dollar forty five million three hundred and seventy five
     thousand three hundred to the Royal Bank of Scotland, Shipping Business
     Centre, 5-10 Tower Street London EC3P 3HX, SORTCODE: 16-0101, SWIFT:
     RBOSGB2L, IBAN:GB49 RBOS1663 0000311964, IBANBIC: RBOSGB2L, ACCOUNT KEY:
     TOPTAN-USD1, BENEFICIARY: TOPTANKERS INC (correspondent bank: American
     Express Bank Limited, New York - SWIFT: AEIBUS33XXX) as and when provided
     in Clause 3 immediately after the Sellers have taken delivery of the Vessel
     as charterers under the Charter, provided that:

          (i) The Buyers  shall be entitled to deduct USD  703,500  (US Dollar
          seven  hundred and three  thousand  five  hundred) from the Purchase
          Price,  being an amount  equal to the first hire  payment due to the
          Buyers by the Sellers as  charterers  under the  Charter.  If Buyers
          elect to make such deduction, the cash element to the Purchase Price
          as set out in (a) above shall be reduced  accordingly and the Buyers
          shall  provide to the Sellers as  charterers  a  commercial  invoice
          crediting amount to them under the Charter.

          (ii) Commission in the amount of USD 361,200 (US Dollar three hundred
          and sixty one thousand two hundred) shall be payable to Pareto Private
          Equity ASA upon delivery of the Vessel under this Agreement and the
          Charter and the Buyers shall be entitled to deduct such amount from
          the cash element of the Purchase Price and make such payment on behalf
          of the Sellers.

          (iii) The amount of USD 5,160,000 (US Dollars five million one hundred
          and sixty thousand) shall be deducted and deferred to be paid by the
          Buyers on such terms and conditions set out in more detail in a
          certain Seller's Credit Agreement of even date herewith entered into
          between the Sellers and the Buyers.

22.  All costs and expences arising in connection with the initial registration
     of the Vessel in the name of the Buyers and in connection with the
     maintenance of such registration shall be borne by the Buyers and, if and
     to the extent from time to time paid by Sellers shall be reimbursed by the
     Buyers to the Sellers upon written demand.

For and on behalf of                    For and on behalf of
Paramsos Shipping Company Limited       Partankers III As

/s/ Andreas Louka                       /s/ Peter W. Wallace
-----------------                       --------------------
Andreas Louka                           Peter W. Wallace
Attorney-in-fact                        Attorney-in-fact

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