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                                                                   EXHIBIT 10.16

                        FIRST AMENDMENT TO LOAN AGREEMENT

         THIS FIRST AMENDMENT TO LOAN AGREEMENT (the "Amendment") is entered
into effective as of the 25th day of April, 2005, among Adventure Holdings S.A.,
a corporation formed under the laws of the Republic of the Marshall Islands (the
"Borrower"), G Bros S.A., a corporation formed under the laws of the Republic of
the Marshall Islands ("G Bros"), and V Capital S.A., a corporation formed under
the laws of the Republic of the Marshall Islands ("V Capital"; G Bros and V
Capital are collectively referred to herein as the "Lenders").

         WHEREAS, the Lenders and the Borrower have entered into a Loan
Agreement dated September 20, 2004 (the "Loan Agreement"), whereby the Lenders
have provided to the Borrower an interest-free loan in the principal amount of
US$2,554,737.25 (the "Loan") in connection with the acquisition of the M/V "Free
Envoy"; and

         WHEREAS, the Lenders and the Borrower wish to modify the repayment
terms of the Loan, as set forth herein.

         NOW, THEREFORE, in consideration of the foregoing, of the mutual
agreements and covenants contained herein, and of other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties have agreed and do agree as follows:

         1. CAPITALIZED TERMS. Capitalized terms used but not defined in this
Amendment shall have the meanings as set forth in the Loan Agreement.

         2. MODIFICATION OF REPAYMENT TERMS. Section 1.2 of the Loan Agreement
shall be amended in its entirety to read as follows:

         "The outstanding principal balance of the Loan shall be repayable in
eight equal quarterly installments of US$250,000 each in the years 2006 and
2007, with a balloon payment due on January 1, 2008 of the principal balance
then remaining outstanding; provided, however, if the merger transaction (the
"Merger") contemplated by the Agreement and Plan of Merger dated March 24, 2005
among the Borrower, the Lenders, the beneficial owners of the Lenders, and
Trinity Partners Acquisition Company Inc. is completed and, following the
closing of the Merger, the Borrower raises additional capital of at least
US$12,500,000 (whether by the sale of new shares of capital stock or other
securities that constitute equity of the Borrower, the exercise of warrants or
options, or otherwise), then the outstanding principal balance of the Loan shall
become immediately due and payable."

         3. NO FURTHER MODIFICATIONS. Except as expressly set forth in this
Amendment, the Loan Agreement shall be unmodified and remain in full force and
effect.

         4. GOVERNING LAW. This Amendment shall be governed by, and construed in
accordance with the laws of England.

                    [SIGNATURES APPEAR ON THE FOLLOWING PAGE]

                                  Page 1 of 2
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         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their duly authorized officers as of the date first written
above.

                      BORROWER:
                      Adventure Holdings S.A.

                      By: /s/ Ion G. Varouxakis     /s/ George D. Gourdomichalis
                          -----------------------------------------------------
                           Name: Ion G. Varouxakis      George D. Gourdomichalis
                           Title: Secretary             President

                      LENDERS:

                      G Bros S.A.

                      By: /s/ George D. Gourdomichalis
                          ------------------------------------
                           Name: George D. Gourdomichalis
                           Title: President

                      V Capital S.A.

                      By: /s/ Ion G. Varouxakis
                          ------------------------------------
                           Name: Ion G. Varouxakis
                           Title: President

                                  Page 2 of 2<PAGE>
                                                                   EXHIBIT 10.17

                           [Form of Lock-Up Agreement]

                                  Common Shares

                                ($[ ] Par Value)

Adventure Holdings, S.A.
Trinity Partners Acquisition Company Inc.

Ladies and Gentlemen:

                  This Lock-Up Letter Agreement is being delivered to you in
connection with the proposed Agreement and Plan of Merger (the "Merger
Agreement"), dated as of _________, 2005, by and among Adventure Holdings, S.A.,
a corporation organized under the laws of the Republic of the Marshall Islands
("Adventure"), V. Capital S.A. a corporation organized under the laws of the
Republic of the Marshall Islands, G. Bros. S.A., a corporation organized under
the laws of the Republic of the Marshall Islands, George D. Gourdomichalis,
Stathis D. Gourdomichalis and Ion G. Varouxakis, and Trinity Partners
Acquisition Company Inc., a corporation organized under the laws of the State of
Delaware ("Trinity").

                  The undersigned agrees that for a period of one year after the
Effective Time (as defined in the Merger Agreement), the undersigned will not
(i) sell, offer to sell, contract or agree to sell, grant any option to purchase
or otherwise dispose of or agree to dispose of, or file (or participate in the
filing of) a registration statement with the Securities and Exchange Commission
(the "Commission") in respect of, any common shares of Adventure or any
securities convertible into or exercisable or exchangeable for common shares, or
warrants or other rights to purchase common shares, (ii) enter into any swap or
other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of common shares or any securities
convertible into or exercisable or exchangeable for common shares, or warrants
or other rights to purchase common shares, whether any such transaction is to be
settled by delivery of common shares or such other securities, in cash or
otherwise, or (iii) publicly announce an intention to effect any transaction
specified in clause (i) or (ii). The foregoing sentence shall not apply to (a)

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bona fide gifts, provided the recipient thereof agrees in writing to be bound by
the terms of this Lock-Up Letter Agreement and confirm that he, she or it has
been in compliance with the terms of this Lock-Up Letter Agreement since the
date hereof, (b) on death, by will or intestacy, or (c) dispositions to the
undersigned's immediate family or to any trust, partnership or other entity for
the direct or indirect benefit of the undersigned and/or the immediate family of
the undersigned or any affiliate thereof, provided that such, family member,
trust, partnership or other entity or affiliate agrees in writing to be bound by
the terms of this Lock-Up Letter Agreement and confirms that it has been in
compliance with the terms of this Lock-Up Letter Agreement since the date hereof
or (d) pursuant to a court order or settlement agreement approved by a court of
competent jurisdiction.

                  If (i) Adventure or Trinity notifies you in writing that it
does not intend to proceed with the merger, (ii) the F1/F4 registration
statement (or comparable form) filed with the Commission with respect to the
merger is withdrawn, (iii) for any reason the Merger Agreement shall be
terminated prior to the Effective Time (as defined in the Agreement), or (iv)
any executive officer or director of Trinity or Adventure does not execute a
lock-up letter agreement agreeing to identical restrictions on sales or other
dispositions as are imposed under this Lock-Up Letter Agreement, then this
Lock-Up Letter Agreement shall terminate without any action by the parties and
the undersigned shall be released from its obligations hereunder.

                  Notwithstanding anything to the contrary, it is hereby agreed
and acknowledged that (i) the Adventure Shareholders (as defined in the Merger
Agreement) and their respective affiliates may, collectively and, among them as
they shall mutually agree, pledge or hypothecate up to an aggregate of 750,000
of their shares in Adventure to banks or other financial institutions to
collateralize bona fide personal borrowings, and (ii) in the event any warrants
held by the Trinity Directors (as defined in the Merger Agreement) are called
for redemption in accordance with the terms of such warrants and, following such
call for redemption, a Trinity Director exercises any such warrants, then this
Lock-Up Agreement shall not apply to up to one half of the shares received by
such Trinity Director upon exercise of each series of such warrants.

                                      Yours very truly,

                                      -----------------------------------------
                                      Name:

                                       2<PAGE>
                                                                   EXHIBIT 10.18

                             POSEIDON CAPITAL CORP.
                              115 EAST 57TH STREET
                            NEW YORK, NEW YORK 10022

May 3, 2005

FreeSeas Inc.
93 Atki Miaouli
Piraeus, Greece

Gentlemen:

         This letter agreement (the "Agreement") when executed by the parties
constitutes the entire understanding and agreement between FreeSeas Inc. (the
"Company") and Poseidon Capital Corp. ("Poseidon") relating to the matters set
forth herein.

         1. TRANSACTION SERVICES. Poseidon shall seek to arrange a business
combination between the Company and Trinity Partners Acquisition Company, Inc.,
a U.S. Public Company ("Trinity") pursuant to which Trinity will be merged with
and into the Company and the shareholders of the Company will become the
principal shareholders of the surviving entity (the "Transaction"). In
connection therewith, Poseidon shall attend meetings with the Company and/or
Trinity, advise and consult with the Company regarding relative valuations of
the Company and Trinity, negotiate with Trinity regarding valuation and
structure of the Transaction, advise the Company with respect to attorneys and
accountants for the Transaction, assist the Company in dealing with attorneys
and accountants, advise and consult with the Company regarding the U.S. public
markets and NASDAQ and/or AMEX listings and perform such other services with
respect to the Transaction as the Company may reasonably request.

         2. TRANSACTION COMPENSATION. As compensation for services rendered in
connection with the Transaction, the Company shall pay to Poseidon the sum of
$200,000 upon closing of the Transaction and thereafter the sum of $400,000
payable in 20 equal monthly installments on the first day of each month
commencing July 1, 2005, evidenced by a promissory note.

         3. FINANCIAL CONSULTING SERVICES. In addition to the foregoing,
Poseidon and the Company agree that Poseidon shall for a period of one year from
the date of the closing of the Transaction, render certain financial and
consulting services and advice to the Company including, but not limited to,
advice with respect to private placement or public offerings of equity or debt
securities in the U.S. or foreign capital markets, introductions to U.S. and
foreign investment banking firms, ongoing development of the Company's business
plan and business expansion strategy, evaluation and recommendation of financing
options and strategic relationships, and such other services as the Company may
reasonably request.

         4. FINANCIAL CONSULTING COMPENSATION. As compensation for services
rendered pursuant to Article 3 hereof, the Company shall pay Poseidon the
aggregate sum of $400,000, payable in amounts equal to 5% of each $1,000,000 as

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and when received by the Company from the exercise of company warrants to be
outstanding upon consummation of the Transaction, it being understood that
Poseidon shall not directly or indirectly be engaged in any warrant exercise
solicitation. The provisions of this Section 4 shall survive the expiration of
this Agreement.

         5. REIMBURSEMENT OF EXPENSES. The Company shall reimburse Poseidon for
all pre-approved travel expenses incurred in connection with the Transaction.

         6. INDEMNIFICATION. The Company will indemnify Poseidon against all
claims, damages, liabilities, and litigation expenses (including Poseidon's
reasonable attorney's fees and expenses), as the same are incurred relating to
or arising out of its activities hereunder and caused by fraudulent activities,
material misstatements, or willful misconduct of the Company, except to the
extent that any claims, damages, liability, or expenses are found in a final
judgment by a court of competent jurisdiction to have resulted from Poseidon's
willful misconduct or gross negligence in performing the services described
above. The indemnity provisions contained in this paragraph shall remain in full
force and effect regardless of any termination of this Agreement.

         7. CONFIDENTIALITY. This Agreement shall be considered private and
confidential by the signatories to this Agreement except as otherwise required
by law. Poseidon shall agree and require a written commitment from anyone to
whom Poseidon provides such information to keep confidential and maintain in
strict confidence all non-public information received in the course of this
engagement and to return such information to the Company upon request.

         8. ENTIRE AGREEMENT. This Agreement supersedes all prior agreements
written or oral between the Company and Poseidon with respect to the subject
matter contained herein, including the letter agreement dated December 10, 2004.

         9. GOVERNING LAW. This Agreement shall be governed by New York law
without reference to its conflict of law provisions. Any dispute arising under
this Agreement shall be subject to arbitration in New York City.

         We very much look forward to working together with you to successfully
complete this exciting and timely assignment.

Sincerely,

Agreed and accepted:

Poseidon Capital Corp.                    FreeSeas Inc.

By: /s/ Robert F. DiMarsico               By: /s/ George D. Gourdomichalis
    -----------------------------            ----------------------------------
     Robert F. DiMarsico                     George D. Gourdomichalis
     Managing Director                       Chairman/President

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