Document:

Exhibit 4.33

    SUPPLEMENTAL LETTER

    	To:	
            EUROSEAS LTD. of the Marshall Islands

              (as Borrower)

          

    	To:	
            Jonathan John Shipping Ltd of the Marshall Islands

              Joanna Maritime Ltd of Liberia

              Allendale Investments S.A. of Panama

              Manolis Shipping Limited of the Marshall Islands

              Alterwall Business Inc. of Panama

              Athens shipping Ltd of the Marshall Islands

              Oinousses Navigation Ltd of the Marshall Islands

              Corfu Navigation Ltd of the Marshall Islands

              and

              Bridge Shipping Ltd of the Marshall Islands

              (as Guarantors and Existing Owners)

          

    	To:	
            Gregos Shipping Limited of the Marshall Islands

              and

              Noumea Shipping Ltd of Liberia

              (as Guarantors and New Ship Owners)

          

    	To:	
            Eurobulk Ltd. of Liberia

              (as Approved Manager)

          

    Date: 26 June 2020

    Dear Sirs

    Facility agreement dated 21 November 2018 as amended by a first supplemental letter dated 30 May 2019 relating to a
      reducing revolving credit facility of up to (originally) $45,000.000

    We refer to:

    	(a)	
            a reducing revolving credit facility agreement dated 21 November 2018 as amended by a first supplemental letter dated 30 May 2019 (the “Principal

                Agreement” and as the same is hereby supplemented and/or amended and as it may further amended, supplemented, novated or varied from time to time, the “Facility
                Agreement”) made between (i) Euroseas Ltd. as borrower, (ii) the banks and financial institutions listed in Schedule 1 of the Principal Agreement, which on the date thereof comprised only
              Eurobank Ergasias S.A. (now succeeded in the contractual relations arising therefrom by Eurobank S.A. as a result of the Demerger, as hereinafter defined), as lenders (the “Lenders” or “a Lender”) and (iii) Eurobank Ergasias S.A. (now succeeded in the contractual relations arising therefrom by Eurobank
              S.A. as a result of the Demerger, as hereinafter defined), as security trustee (the “Security Trustee”), as agent (the “Agent”), as arranger (the “Arranger”) and as account bank (the “Account Bank” and together with the Lenders, the Security Trustee, the Agent, the Arranger and the Account Bank, the “Creditor Parties”), pursuant

              to which it was agreed that the Lender would make available for drawing through multiple advances to the Borrower a reducing revolving credit facility of up to (originally) Forty Five Million Dollars ($45,000,000) for the purposes and upon
              the terms and conditions set out therein, of which the aggregate amount of Forty Two Million Dollars ($42,000,000) comprising (i) an amount of Thirty Million Dollars ($30,000,000) representing all
              Existing Ship-Related Advances and (ii) an amount of Twelve Million Dollars ($12,000,000) representing 55% of the aggregate Market Value of the New Ship A and the New Ship B has been made available to the Borrower and out of which the amount
              of Thirty Six

          

    
      
        

    

    
    

    

    Million Three Hundred and Severity Five Thousand Dollars ($36,375,000) currently remains outstanding (the “Facility”, which expression shall, where the context permits, also mean the amount of the facility from time to time outstanding);

    	(b)	
            an Agency and Trust Deed dated 21 November 2018 and entered into pursuant to the Principal Agreement, it was, inter alia, agreed that the Security Trustee would hold the Trust
              Property on trust for the Lenders;

          

    	(c)	
            the cancellation (upon the Borrower’s request) as of 13 April 2020 of the aggregate undrawn commitment amounting to Eight Million Six Hundred and Twenty Five Thousand Dollars
              ($8,625,000) as per the provisions of the Facility Agreement and the expiry of the Drawdown Period, following which the Total Commitments and the Maximum Facility Amount were reduced to Thirty Six Million Three Hundred and Seventy Five
              Thousand Dollars ($36,375,000);

          

    	(d)	
            the approval decision of the competent administrative authority which was registered in the General Commercial Registry (in Greek Γεvikó Eμπopikó MηTpώo) on 20 March 2020 (the “Demerger Date”) by virtue of which, the demerger of the
              banking business of Eurobank Ergasias S.A. and the creation of a new company-credit institution under the name “Eurobank Societe Anonyme”, in conjunction with Article 16 of Law 2515/1997 and of Articles 57 par. 3 and 59-74 of L.4601/2019 was
              approved and completed (the “Demerger”), as a result of which Eurobank Ergasias S.A. transferred, with certain exceptions, its entire business and operations
              (including all of its loans) to Eurobank S.A.;

          

    	(e)	
            Greek law by operation of which, Eurobank S.A. has acquired all rights and obligations of Eurobank Ergasias S.A. under the Facility Agreement and the other Finance Documents
              and/or Security Documents with the effect that the Facility Agreement and the other Finance Documents and/or Security Documents have been transferred to Eurobank S.A..

          

    	(f)	
            the Borrower’s request that the Creditor Parties approve the amendment of the repayment terms of the Facility and the deferral in the payment of three (3) reductions of:
              firstly, each Existing Ship-Related Advance due according to the Principal Agreement on a) 21 May 2020, b) 21 August 2020 and c) 23 November 2020 respectively, amounting in aggregate to two million seven hundred thousand Dollars ($2,700,000)
              and secondly, each New Ship-Related Advance due according to the Principal Agreement on i) 29 May 2020, ii) 31 August 2020 and iii) 30 November 2020 respectively, amounting in aggregate to one million one hundred and twenty five thousand
              Dollars ($1,125,000) to the relevant New Balloon Payment payable not later that on the relevant Final Reduction Date;

          

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

    We hereby advise you that as at the date hereof the outstanding principal balance of all Advances amounts to Thirty Six Million Three Hundred
      and Seventy Five Thousand Dollars ($36,375,000) which also represents the Maximum Facility Amount.

    1.  Agreement.  Subject to the satisfaction of the conditions set out in Clause 3 of this Second
      Supplemental Letter (which includes the Borrower, each Existing Owner and each New Ship Owner (as herein defined) and the Approved Manager countersigning this Second Supplemental Letter), we hereby agree that the non-payment of the aggregate amount
      of $900,000 due on 21 May 2020 pursuant to Clause 8.2 (i) the Principal Agreement and of the aggregate amount of $375,000 due on 29 May 2020 pursuant to Clause 8.2 (ii) the Principal Agreement does not constitute an Event of Default or Potential
      Event of Default and that such Event of Default or, as the case may be, Potential Event of Default, has been waived and

    
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    remedied pursuant to and subject to the terms of this Second Supplemental Letter and furthermore confirm our consent to the Borrower’s
      request referred to in paragraph (d) above and agree on the terms and conditions herein contained the Principal Agreement to be amended as set out in clause 2 of this Second Supplemental Letter.

    2.  Amendments to the Principal Agreement.  The Principal Agreement shall, with effect on and from
      the Second Effective Date (as such term is defined below), be (and it is hereby) amended in accordance with the following provisions (and the Principal Agreement (as so amended) will continue to be binding upon each Obligor upon such terms as so
      amended):

    	2.1	
            by replacing in the Principal Agreement the words “Eurobank Ergasias S.A.” with “Eurobank S.A.”;

          

    	2.2	
            by deleting (c) of Clause 1.1 of the Principal Agreement;;

          

    	2.3	
            by deleting from the Facility Agreement the word “revolving”;

          

    	2.4	
            by deleting the definitions “Renewal Fee”, “Ship Substitution Fee”, “Substitute Ship Criteria”, “Substitute Ship”, “Substitute Ship Approved Manager’s Undertaking-Assignment”, “Substitute Ship Charter Assignment”, “Substitute Earnings Account”, “Substitute Ship General Assignment”, “Substitute Ship Guarantee” “Substitute Ship Mortgage”, “Substitute Ship Owner”, “Substitute
                Ship Owner Account Pledge”, “Substitute Ship Security Documents” and “Substitute Ship Undertaking-Assignment” in their entirety and construing all
              references thereto to the Facility Agreement as deleted;

          

    	2.5	
            by inserting the following new definitions of “Annual Free Cash Flow”, “Deferred
                Amounts”, “New Balloon Payment”, “Operating Expenses”, “Original Balloon Payment”, “Reserve Account” “Second Effective Date” and “Second Supplemental Letter” in clause 1.2 of the Principal Agreement in the correct alphabetical
              order:

          

    ““Annual Free Cash Flow” means the
      positive cash flow generated by each Mortgaged Ship remaining after settling all Obligors’ Operating Expenses and debt service requirements - principal and interest due, all to be based on annual, audited and consolidated financial statements
      delivered to the Agent within 180 days of the financial year concerned, and prepared in accordance with GAAP consistently applied, as per Clause 11.6 (a) of the Facility Agreement;”;

    “Deferred Amount” means:

    (a)     in relation to each Existing Ship-Related Advance, the amount of three hundred thousand Dollars ($300,000);

    (b)     in relation to the New Ship-Related Advance for New Ship A, the amount of six hundred eighteen thousand, seven
      hundred fifty Dollars ($618,750)

    (c)     in relation to New Ship-Related Advance for New Ship B, the amount of five hundred six thousand, two hundred fifty
      Dollars ($506,250)

    and “Deferred Amounts” means any and all
      of them;”;

    “New Balloon Payment” means:

    (a)     in relation to Advance A, the amount of one million four hundred and seventy five thousand Dollars ($1,475,000);

    
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    (b)     in relation to Advance B, the amount of two million three hundred and fifty thousand Dollars ($2,350,000);

    (c)     in relation to Advance C, the amount of nine hundred and seventy five thousand Dollars ($975,000);

    (d)     in relation to Advance D, the amount of one million four hundred and seventy five thousand Dollars ($1,475,000);

    (e)     in relation to Advance E, the amount of six hundred thousand Dollars ($600,000);

    (f)     in relation to Advance F, the amount of three million three hundred and fifty thousand Dollars ($3,350,000);

    (g)     in relation to Advance G, three million three hundred and fifty thousand Dollars ($3,350,000);

    (h)     in relation to Advance H, the amount of the amount of three million eight
      hundred and fifty thousand Dollars ($3,850,000);

    (i)     in relation to Advance I, the amount of four million four hundred and seventy five thousand Dollars ($4,475,000);

    (j)     in relation to the New Ship-Related Advance for New Ship A, the amount of three million nine hundred eighteen
      thousand, seven hundred fifty Dollars ($3,918,750);

    (k)     in relation to the New Ship-Related Advance for New Ship B, the amount of three million two hundred six thousand,
      two hundred fifty Dollars ($3,206,250);

    and “New Balloon Payments” means any and
      all of them;”

    ““Operating Expenses” means, in relation
      to a Mortgaged Ship, the aggregate costs, charges and expenses incurred by her Owner and/or (as the case may be) the Borrower in connection with the operation, employment, maintenance, repair, insurance of such Mortgaged Ship, salaries and
      contributions, crew expenses, stores, spares, repairs, maintenance, general corporate and administrative expenses, lay - up and re-activation of a Mortgaged Ship and, for drydocking and/or special survey costs and expenses including a pro-rata
      reserve for drydocking and/or special survey costs which is to be accounted separately every quarter with any balance released (or, any excess charged to operating expenses) upon the completion of the relevant dry docking or special survey; For the
      avoidance of doubt the term “Operating expenses” do not include coupon payments to Preferred Stockholders”;

    ““Original Balloon Payment” means:

    (a)     in relation to Advance A, the amount of one million one hundred and seventy five thousand Dollars ($1,175,000);

    (b)     in relation to Advance B, the amount of two million fifty thousand Dollars ($2,050,000);

    (c)     in relation to Advance C, the amount of six hundred and seventy five thousand Dollars ($675,000);

    
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    (d)     in relation to Advance D, the amount of one million one hundred and seventy five thousand Dollars ($1,175,000);

    (e)     in relation to Advance E, the amount of three hundred thousand Dollars ($300,000);

    (f)     in relation to Advance F, the amount of three million fifty thousand Dollars ($3,050,000);

    (g)     in relation to Advance G, the amount of three million fifty thousand Dollars ($3,050,000);

    (h)     in relation to Advance H, the amount of three million five hundred and fifty thousand Dollars ($3,550,000);

    (i)     in relation to Advance I, the amount of four million one hundred and seventy five thousand Dollars ($4,175,000);

    (j)     in relation to the New Ship-Related Advance for New Ship A, the amount of three million three hundred thousand
      Dollars ($3,300,000);

    (k)     in relation to New Ship-Related Advance for New Ship B, the amount of two million seven hundred thousand Dollars
      ($2,700,000);

    and “Original Balloon Payments” means any
      and all of them;”;

    ““Reserve Account” means an Account opened
      or to be opened in the name of the Borrower and/or (as the case may be) of a Guarantor or the Guarantors with the Account Bank, which is designated by the Agent as the Reserve Account for the purposes of this Agreement;”;

    ““Second Effective Date” has the meaning
      given to such term in the Second Supplemental Letter;”; and

    ““Second Supplemental Letter” means the
      supplemental letter dated 26 June 2020, supplemental to the Facility Agreement issued by the Lender and the other Creditor Parties, accepted by the Borrower and countersigned (inter alias) by the Existing Owners, the New Ship Owners and the Approved
      Manager at the time by way of confirmation of their obligations and consent to the arrangements of such letter;”;

    	2.6	
            by inserting the words “a) the Second Supplemental Letter;” after the words “(i) this Agreement;” and re-lettering accordingly the remaining paragraphs of the
              definition of “Finance Documents” in clause 1.2 of the Principal Agreement;

          

    	2.7	
            by deleting the definitions of “Account”, “Account Pledge”, “Drawdown Period”, “Existing Owners”, “Existing Ships”, “Final Reduction Date”, “Latest Permissible Drawdown Date”, “Maximum Facility Amount”, “New Ship”, “New Ship Owner”,

              “Reduction Date” , “Ships” and Termination Date” in clause 1.2 of the Principal Agreement in their entirety and by
              inserting in their place the following new definitions:

          

    “Account” means (a) each of the Earnings
      Account(s), the Retention Account, the Reserve Account and the Cash Collateral Deposit Account, (b) (if applicable) any New Ship Earnings Account and (c) any other account opened, made or established for the purposes of this Agreement; “;

    “Account Pledge” means the first priority
      deed or deeds of pledge creating security over the Earnings Account(s), the Retention Account, the Reserve Account and the

    
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    Cash Collateral Deposit Account, to be executed by the Borrower and/or (as the case may be) by a Guarantor or the
      Guarantors in favour of the Security Trustee and/or the Lenders, in such form as the Agent may approve or require in compliance always with the laws governing same;”;

    “Drawdown Period” means, in respect of an
      Advance, the period commencing on 21 November 2018 and ending:

    (A)     either:-

    (i)     in respect of an Existing Ship-Related Advance, on 28 February 2019;

    (ii)     in respect of a New Ship-Related Advance, on 21 May 2020; or

    (B)     if earlier, on the date on which the Total Commitments are fully cancelled or terminated in accordance with the
      provisions of this Agreement”;

    ““Existing Owners” means, together, the
      entities listed in Schedule 2 (Ship Information) as Owner of each of Existing Ship A to Existing Ship I described therein, each owning on the date of execution of this
      Agreement an Existing Ship and “an Existing Owner” means any one of them; “;

    ‘“‘Existing Ships” means, together, the
      Existing Ship A to Existing Ship I, described in Schedule 2 (Ship Information) and “an Existing Ship” means any one of them; “;

    ““Final Reduction Date” means, subject to
      Clause 16.2 (Payment on non-Business Day):

    (i)     in respect of an Existing Ship-Related Advance, the 19th November 2021;

    (ii)     in respect of a New Ship-Related Advance, the 30th May 2023;”;

    ““Latest Permissible Drawdown Date”, means:

    (i)     in respect of an Existing Ship-Related Advance, the 28th February 2019; and

    (ii)     in respect of a New Ship-Related Advance, the 21st May 2020; “;

    ““Maximum Facility Amount” means an amount
      of up to (originally) forty five million Dollars ($45,000,000) corresponding to the Total Commitments which the Lenders agreed to make available for drawing through multiple Advances to the Borrower, subject to compliance with Clause 15.1 and the
      other provisions of this Agreement, as same has been reduced to the amount of thirty six million three hundred and seventy five thousand Dollars ($36,375,000) and as same may be further reduced from time to time in accordance with the provisions of
      this Agreement; “;

    ““New Ship” means, together, the New Ship
      A and the New Ship B, described in Schedule 2 (Ship Information) and “a New Ship” means any one of them; “;

    “New Ship Owner” means, together, the
      entities listed in Schedule 2 (Ship Information) as Owner of the New Ship A and the New Ship B, described therein, each owning on the date of execution of this
      Agreement a New Ship and “a New Ship Owner” means any one of them; “;

    ""Reduction Date" means: 

    
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          	(i)	
            in respect of each Existing Ship-Related Advance and subject to Clause 16.2 (Payment on non-Business Day), (i) the 21st February 2019 and each of the dates falling at three monthly intervals thereafter up to and including the 21st February 2020 and (ii) the 22nd February 2021 and each of the
              dates falling at consecutive three monthly intervals thereafter up to and including the Final Reduction Date for that Existing Ship-Related Advance; and

          

    	

          	(ii)	
            in respect of each New Ship-Related Advance, (i) the 30`h August 2019 and each of the dates falling at three monthly intervals thereafter up to and including the
              28’h February 2020 and (ii) the 261h February 2021 and each of the dates falling at consecutive three monthly intervals thereafter up to and including the Final Reduction Date for that New Ship-Related Advance; “;

          

    ““Ships” means each ship described in
      Schedule 2 (Ship Information) (as amended from time to time to exclude a ship that has been sold or has become a Total Loss
      (and each “a Ship”);”;

    “Termination Date” means:

    	

          	(i)	
            the 30th May 2023; or

          

    	

          	(ii)	
            (if earlier) the date on which the Total Commitments are fully cancelled or terminated in accordance with the provisions of this Agreement”;

          

    	2.8	
            by deleting Clause 4.8 of the Principal Agreement, as well as the wording “subject to the provisions of Clause 4.8 hereof” and any and all references to Clause
              4.8;”;

          

    	2.9	
            by deleting Clause 8.2 (Reduction Dates for Advances) of the Principal Agreement in its entirety and by inserting in
              its place the following new Clause 8.2:

          

    “8.2  Reduction Dates for Advances.  Each Advance shall be reduced on each of the
      Reductions Dates related to it as follows:

    (i)  the amount of each Existing Ship-Related Advance shall be reduced by (i) nine (9) equal reductions, each being in the
      amount of $100,000 on each of the nine (9) Reduction Dates relative to such Existing Ship-Related Advance and (ii) a final reduction corresponding to the relevant New Balloon Payment which will be made through payments in accordance with the
      provisions of Clause 8.11 (Cash Sweep Clause) and/or (if applicable) the provisions of Clause 8.10 (Application of partial prepayment) and thereafter together with
      the ninth (9th) reduction on the Final Reduction Date for such Existing Ship-Related Advance; and

    (ii)  the amount of the New Ship-Related Advance for New Ship A shall be reduced by (i) thirteen (13) equal reductions,
      each being in the amount of $206,250 on each of the thirteen (13) Reduction Dates relative to such New Ship-Related Advance and (ii) a final reduction corresponding to the relevant New Balloon Payment which will be made through payments in accordance
      with the provisions of Clause 8.11 (Cash Sweep Clause) and/or (if applicable) the provisions of Clause 8.10 (Application of partial
        prepayment) and thereafter together with the (13th) Reduction Date for such New Ship-Related Advance; and

    (iii)  the amount of the New Ship-Related Advance for New Ship B shall be reduced by (i) thirteen (13) equal reductions,
      each being in the amount of $168,750 on each of the thirteen (13) Reduction Dates relative to such New Ship-Related Advance and (ii) a final reduction corresponding to the relevant New Balloon Payment which will be made through payments in accordance
      with the provisions of Clause 8.11 (Cash Sweep Clause) and/or (if applicable) the provisions of Clause

    
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    8.10 (Application of partial prepayment) and thereafter together with the (13th)
      Reduction Date for such New Ship-Related Advance.”;

    	2.10	
            by deleting Clause 8.8 (Mandatory prepayment) of the Principal Agreement in
              its entirety and by inserting in its place the following new Clause 8.8:

          

    “8.8  Mandatory prepayment.

    8.8.1  Within one hundred and twenty (120) days of any Mortgaged Ship becoming a Total Loss, or upon a Mortgaged Ship
      being sold, with the prior written consent of the Lender, provided that no Event of Default has occurred and is continuing, the relevant proceeds will be applied against reduction of any amount remaining outstanding under the Advance related to such
      Mortgaged Ship lost or sold (including the relevant New Balloon Payment, or as the case may be, the Original Balloon Payment) pro rata and the Borrower shall be obliged to prepay either (i) the amount of the balance corresponding to the Advance
      related to such Mortgaged Ship lost or sold or (ii) such amount so that the ratio of the aggregate Market Value of the Mortgaged Ships to the Facility remains the same after such loss or sale of the relevant Mortgaged Ship, whichever is the higher
      and the balance (if any) shall be at the disposal of the relevant Owner

    8.8.2  On the service of a notice under Clause 19.25 (Acceleration of Facility), the

      Borrower shall be obliged to pay in full all the Advances together with accrued interest and all other amounts accrued or owing from the Borrower or any other Obligor under this Agreement and every other Finance Document and the Total Commitments and
      all other obligations of each Lender to the Borrower under this Agreement shall terminate.”;

    	2.11	
            by deleting Clause 8.10 (Application of partial prepayment), Clause 8.11 (Option to substitution of a Ship), Clause 8.12 (Reborrowing) of the Principal
              Agreement in their entirety and by inserting in their place the following new Clauses 8.10, 8.11, 8.12:

          

    “8.10  Application of partial prepayment.  Each partial prepayment of an Advance
      shall be applied firstly towards full repayment of the Deferred Amounts of the New Balloon Payment of such Advance and secondly towards reduction pro rata of that Advance (including the relevant Original Balloon Payment).

    8.11  Cash Sweep Clause  The Borrower agrees that on an annual basis 100% of the
      Annual Free Cash Flow will be retained in the Reserve Account in the name of the Borrower pledged in favour of the Lender and will be applied at the Agent’s discretion (after consultation with the Borrower) against prepayment of the relevant New
      Balloon Payments till said New Balloon Payments are reduced to the levels of the Original Balloon Payments.

    8.12  No reborrowing.  No amount prepaid or repaid may be re-borrowed.”;

    	2.12	
            by deleting in the third and fourth line of subparagraph (d) of Clause 9.1 of the Principal Agreement the words “and at the date on which any amounts prepaid
              are reborrowed pursuant to Clause 8.12 for the purposes of Clause 8.11 or otherwise.”;

          

    	2.13	
            by deleting subparagraphs (h) and (i) of Clause 9.1 of the Principal Agreement;

          

    	2.14	
            by inserting in Clause 12 of the Principal Agreement a new Clause 12.10 to read as follows:

          

    “12.10  Annual Free Cash Flow  Ensure that on an annual basis 100% of the Annual
      Free Cash Flow will be retained in the Reserve Account in the name of the

    
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    Borrower pledged in favour of the Lender and will be applied in line with the provisions of Clause 8.11;”;

    	2.15	
            by deleting subparagraph (ii) of Clause 15.1 of the Principal Agreement and inserting in its place the following new subparagraph (ii):

          

    (ii) prepay in accordance with Clause 8.4 to Clause 8.7 such part of the Advances as will eliminate the shortfall, to be
      applied against reduction of the Advances in accordance with the provisions of Clause 8.10.

    	2.16	
            by amending Clause 12.4 of the Principal Agreement to read as follows:

          

    “12.4  Dividends.  The Borrower shall procure that no Guarantor shall declare or
      pay any dividends or other distribution following the occurrence of an Event of Default which is continuing without the prior written consent of the Agent and/or till the New Balloon Payments are reduced to the levels of the Original Balloon
      Payments.

    	2.17	
            by amending Clause 20.1 of the Principal Agreement to read as follows:

          

    “20.1  Fees – Underwriting Fee – Commitment Fee.  The Borrower shall pay to the
      Agent:

    (a)     an underwriting fee corresponding to one point per cent (1%) of the amount of each Advance actually drawn down
      payable on the Drawdown Date of the relevant Advance.

    (b)     a commitment fee at the rate of zero point forty per cent (0.40%) per annum on the daily aggregate undrawn and
      un-cancelled part of the Commitment accruing as of the day of this Agreement and payable quarterly in arears.

    (c)     The Underwriting Fee and the Commitment Fee referred to in this Clause 20.1 shall not be refundable.”;

    	2.18	
            by deleting No 14 and 15 from Schedule 4, Part C;

          

    	2.19	
            by deleting in Schedule 1 (THE LENDERS AND THEIR COMMITMENTS) the amount of
              the Total Commitments “45,000,000.) and inserting in its place the amount “36,375,000”;

          

    	2.20	
            by construing all references in the Principal Agreement to “this Agreement”, “hereunder’ and the like and in the Finance Documents to the “Facility Agreement”
              as references to the Principal Agreement as amended and supplemented by this Second Supplemental Letter.

          

    3.  Conditions.  The agreement set out in Clause 1 of this Second Supplemental Letter, shall become
      effective on the date all the following conditions are either satisfied or, as the case may be in respect of certain conditions, waived (such date being the “Second Effective Date”):

    	3.1	
            the Borrower, the Existing Owners, the New Ship Owners and the Approved Manager hereby declare and acknowledge that as at the date hereof the outstanding
              principal amount of the Facility is Thirty Six Million Three Hundred and Seventy Five Thousand Dollars ($36,375,000) and further confirm their obligations under the Finance Documents to which they are a party and their agreement to the
              arrangements of this Second Supplemental Letter by accepting and counter-signing this Second Supplemental Letter by a duly authorised signatory or (as the case may be) by a director acceptable to us in all respects;

          

    
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    	3.2	
            on or before the date of signing of this Second Supplemental Letter the Borrower deliver to us in form and substance as may be approved or required by us:

          

    	(a)	
            a recent certificate of good standing in relation to each of the Borrower, each Existing Owner, each New Ship Owner and the Approved Manager issued by the
              relevant authorities of the country of its incorporation and a recent certificate of the Ministry of Shipping and Insular’s Policy, certifying the due establishment of an office in Greece of the Approved Manager and its good standing;

          

    	(b)	
            an original certificate of a duly authorised officer of the Borrower, each Existing Owner, each New Ship Owner and the Approved Manager, certifying that none
              of the documents delivered to us pursuant to the Principal Agreement has been amended or modified in any way since the date of their delivery and remains correct, complete and in full force and effect, or copies, certified by a duly
              authorized officer of each of the above parties as true, complete, accurate and neither amended nor revoked, of any which have been amended or modified;

          

    	(c)	
            originals of duly legalised resolutions of the directors of the Borrower evidencing approval to the variation of the Principal Agreement pursuant to this
              Second Supplemental Letter and the execution of same and all documents contemplated hereby to which it is a party and authorising appropriate officers or attorneys to execute the same and to sign any other documents, notices, letters or other
              communications required to be given by it pursuant hereto and thereto or other evidence of such approvals and authorisations

          

    	(d)	
            original of any power of attorney under which any of the documents referred to at (c) above is executed on behalf of the Borrower;

          

    	(e)	
            a first priority deed of pledge over the Reserve Account;

          

    	(f)	
            copies of all governmental and other consents, licences, approvals and authorisations as may be necessary to authorise the performance by the Borrower and the
              other Obligors of their obligations under this Second Supplemental Letter and all documents contemplated hereby to which each of them is a party and the execution, validity and enforceability of this Second Supplemental Letter and all
              documents contemplated hereby;

          

    	(g)	
            evidence that each Mortgaged Ship is definitively and permanently registered in the absolute and unencumbered ownership of the relevant Owner under the
              Approved Flag save for the relevant Mortgage in our favour, remains insured in accordance with the respective terms of the Finance Documents and that such insurances have been assigned to us and continues to trade in full compliance with all
              applicable laws and managed by the Approved Manager pursuant to the terms of the relevant management agreement;

          

    	(h)	
            evidence that each Owner and the Approved Manager are in current compliance with the requirements of the International Management Code for the Safe Operation
              of Ships and for Pollution Prevention (as adopted by the International Maritime Organisation as Resolution A.741 (18) (the “ISM Code”);

          

    	(i)	
            evidence that each Owner and the Approved Manager are in current compliance with the provisions of the International Ship and Port Facilities Security (ISPS)
              Code and the other respective amendments of SOLAS and will maintain at all times throughout the Facility Period a valid International Ship Security Certificate (ISSC) in respect of each Ship and all other valid certificates evidencing
              compliance with this sub-clause;

          

    
      10

      
        

    

    	(j)	
            updated class maintenance certificate or survey status issued by the classification society of each Ship which will be at all terms satisfactory to us; and

          

    	(k)	
            favourable legal opinion in connection with the due execution an enforceability of the Account Pledge on the Reserve Account;

          

    4.  Representations and Warranties.  Each of the Borrower, the Existing Owners and the New Ship
      Owners by countersigning this Second Supplemental Letter represents and warrants to us that:

    	(a)	
            no Event of Default or Potential Event of Default has occurred and is continuing, other than those waived by ourselves;

          

    	(b)	
            the representations and warranties contained in clause 10 of the Principal Agreement and in clause 10 of the Guarantee granted by each Existing Owner and each
              New Ship Owner are true and correct on the date of this Second Supplemental Letter as if all references therein to “this Agreement” were references to the Principal Agreement as supplemented by this Second Supplemental Letter;

          

    	(c)	
            none of the circumstances contemplated by Clause 5.5 has occurred and is continuing;

          

    	(d)	
            there has not been a Material Adverse Change in the financial posit on or state of affairs of any Obligor from that disclosed to the Agent prior to the date of
              this Second Supplemental Letter; and

          

    	(e)	
            this Second Supplemental Letter comprises the legal, valid and binding obligations of the Borrower, the Existing Owners and the New Ship Owners enforceable in
              accordance with its terms.

          

    5.  Undertakings and Covenants.  Each of the undertakings and covenants contained in the Principal
      Agreement (including those contained in clause 11, clause 12, clause 13, clause 14 and clause 15 of the Principal Agreement) shall be deemed to be repeated by the Borrower on the date of this Second Supplemental Letter.

    6.  Continued force and effect.  Save as amended or deemed amended by this Second Supplemental
      Letter, the provisions of the Principal Agreement and the Finance Documents shall be continue in full force and effect and the Principal Agreement and this Second Supplemental Letter shall be read and construed as one instrument. This Second
      Supplemental Letter does not constitute a novation of the Finance Documents.

    7.  Fees and Expenses.  The provisions of clause 20 (Fees and
        Expenses) of the Principal Agreement, as amended and supplemented by this Second Supplemental Letter, shall apply to this Second Supplemental Letter as if they were expressly incorporated in this
      Second Supplemental Letter with any necessary modification.

    8.  Notices.  Clause 28 (Notices) of the Principal Agreement shall extend and apply to this Second Supplemental Letter as if the same were (mutatis mutandis) herein expressly set forth.

    9.  Counterparts.  This Second Supplemental Letter may be executed in any number of counterparts,
      each of which shall be deemed an original.

    10.  Law and Jurisdiction.  This Second Supplemental Letter (and any non-contractual obligations
      connected with it) shall be governed by and construed in accordance with English law and clause 30 (Law and Jurisdiction) of the Principal Agreement shall extend and
      apply to this Second Supplemental Letter as if the same were (mutatis mutandis) herein expressly set forth.

    
      11

      
        

    

    

    

    Please confirm your acceptance to the foregoing terms and conditions by signing the acceptance at the foot of this Second Supplemental
      Letter.

    Yours faithfully,

    	 	 
	 	 
	
            
              /s/ Stavros Yagos        /s/ Maria Gripaiou

            

          	 
	
            Stavros Yagos and Maria Gripaiou

            Attorney -in-fact

            for and on behalf of

            EUROBANK S.A.

          	 

    [universal successor of EUROBANK ERGASIAS S.A. due to the demerger thereof and hive-down of the banking activity sector of
      Eurobank Ergasias S.A, by the establishment of a new company namely Eurobank S.A.– in accordance with the provisions of L. 4601/2019 (articles 57 and 59-74) and
      2515/1997 (article 16)] as Lender, Security Trustee, Agent, Arranger and Account Bank

    Accepted and agreed

    	 	 
	 	 
	
            
              /s/ S. Karmiri

            

          	 
	
            by S. Karmiri

            for and on behalf of

            EUROSEAS LTD.

            as Borrower

            Dated: 26 June 2020

          	 

    

    

    

    

    COUNTERSIGNED this 26th day of June 2020 by Jonathan John Shipping Ltd which by its
      execution hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Second Supplemental Letter, that it agrees in all respects to the same and that it confirms that the Finance Documents in connection with the
      Facility Agreement to which it is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Facility Agreement notwithstanding the arrangements contained in this Second
      Supplemental Letter.

    	 	 
	 	 
	
            
              /s/ S. Karmiri

            

          	 
	
            by S. Karmiri

            for and on behalf of

            JONATHAN JOHN SHIPPING LTD

            as Guarantor/Existing Owner

            Dated: 26 June 2020

          	 

    
      12

      
        

    

    

    

    

    

    COUNTERSIGNED this 26th day of June 2020 by Joanna Maritime Ltd which by its execution
      hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Second Supplemental Letter, that it agrees in all respects to the same and that it confirms that the Finance Documents in connection with the Facility
      Agreement to which it is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Facility Agreement notwithstanding the arrangements contained in this Second Supplemental
      Letter.

    	 	 
	 	 
	
            
              /s/ S. Karmiri

            

          	 
	
            by S. Karmiri

            for and on behalf of

            JOANNA MARITIME LTD

            as Guarantor/Existing Owner

            Dated: 26 June 2020

          	 

    

    

    

    

    COUNTERSIGNED this 26th day of June 2020 by Allendale Investments
      S.A. which by its execution hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Second Supplemental Letter, that it agrees in all respects to the same and that it confirms that the Finance Documents in
      connection with the Facility Agreement to which it is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Facility Agreement notwithstanding the arrangements cant ed in
      this Second Supplemental Letter.

    	 	 
	 	 
	
            
              /s/ S. Karmiri

            

          	 
	
            by S. Karmiri

            for and on behalf of

            ALLENDALE INVESTMENTS S.A.

            as Guarantor/Existing Owner

            Dated: 26 June 2020

          	 

    

    

    

    

    

    

    COUNTERSIGNED this 26th day of June 2020 by Manolis Shipping Limited
      which by its execution hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Second Supplemental Letter, that it agrees in all respects to the same and that it confirms that the Finance Documents in
      connection with the Facility Agreement to which it is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Facility Agreement notwithstanding the arrangements contained in
      this Second Supplemental Letter.

    	 	 
	 	 
	
            
              /s/ S. Karmiri

            

          	 
	
            by S. Karmiri

            for and on behalf of

            MANOLIS SHIPPING LIMITED

            as Guarantor/Existing Owner

            Dated: 26 June 2020

          	 

    
      13

      
        

    

    

    

    COUNTERSIGNED this 26th day of June 2020 by Alterwall Business Inc. which by its
      execution hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Second Supplemental Letter, that it agrees in all respects to the same and that it confirms that the Finance Documents in connection with the
      Facility Agreement to which it is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Facility Agreement notwithstanding the arrangements contained in this Second
      Supplemental Letter.

    	 	 
	 	 
	
            
              /s/ S. Karmiri

            

          	 
	
            by S. Karmiri

            for and on behalf of

            ALTERWALL BUSINESS INC.

            as Guarantor/Existing Owner

            Dated: 26 June 2020

          	 

    

    

    

    

    COUNTERSIGNED this 26th day of June 2020 by Athens shipping Ltd which by its execution
      hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Second Supplemental Letter, that it agrees in all respects to the same and that it confirms that the Finance Documents in connection with the Facility
      Agreement to which it is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Facility Agreement notwithstanding the arrangement-contained in this Second Supplemental
      Letter.

    	 	 
	 	 
	
            
              /s/ S. Karmiri

            

          	 
	
            by S. Karmiri

            for and on behalf of

            ATHENS SHIPPING LTD

            as Guarantor/Existing Owner

            Dated: 26 June 2020

          	 

    

    

    

    

    COUNTERSIGNED this 26th day of June 2020 by Oinousses Navigation Ltd which by its
      execution hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Second Supplemental Letter, that it agrees in all respects to the same and that it confirms that the Finance Documents in connection with the
      Facility Agreement to which it is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Facility Agreement notwithstanding the arrangements contained in this Second
      Supplemental Letter.

    	 	 
	 	 
	
            
              /s/ S. Karmiri

            

          	 
	
            by S. Karmin

            for and on behalf of

            OINOUSSES NAVIGATION LTD

            as Guarantor/Existing Owner

            Dated: 26 June 2020

          	 

    
      14

      
        

    

    

    

    COUNTERSIGNED this 26th day of June 2020 by Corfu Navigation Ltd which by its execution hereof, confirms and
      acknowledges that it has read and understood the terms and conditions of this Second Supplemental Letter, that it agrees in all respects to the same and that it confirms that the Finance Documents in connection with the Facility Agreement to which it
      is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Facility Agreement notwithstanding the arrangements contained in this Second Supplemental Letter.

    	 	 
	 	 
	
            
              /s/ S. Karmiri

            

          	 
	
            by S. Karmiri

            for and on behalf of

            CORFU NAVIGATION LTD

            as Guarantor/Existing Owner

            Dated: 26 June 2020

          	 

    

    

    

    

    COUNTERSIGNED this 26th day of June 2020 by Bridge Shipping Ltd which by its execution
      hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Second Supplemental Letter, that it agrees in all respects to the same and that it confirms that the Finance Documents in connection with the Facility
      Agreement to which it is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Facility Agreement notwithstanding the arrangements contained in this Second Supplemental
      Letter.

    	 	 
	 	 
	
            
              /s/ S. Karmiri

            

          	 
	
            by S. Karmiri

            for and on behalf of

            BRIDGE SHIPPING LTD

            as Guarantor/Existing Owner

            Dated: 26 June 2020

          	 

    

    

    

    

    COUNTERSIGNED this 26th day of June 2020 by Gregos Shipping Limited which by its
      execution hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Second Supplemental Letter, that it agrees in all respects to the same and that it confirms that the Finance Documents in connection with the
      Facility Agreement to which it is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Facility Agreement notwithstanding the arrangements contained in this Second
      Supplemental Letter.

    	 	 
	 	 
	
            
              /s/ S. Karmiri

            

          	 
	
            by S. Karmiri

            for and on behalf of

            GREGOS SHIPPING LIMITED

            as Guarantor/New Ship Owner

            Dated: 26 June 2020

          	 

    
      15

      
        

    

    

    

    

    

    COUNTERSIGNED this 26th day of June 2020 by Noumea Shipping Ltd which by its execution
      hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Second Supplemental Letter, that it agrees in all respects to the same and that it confirms that the Finance Documents in connection with the Facility
      Agreement to which it is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Facility Agreement notwithstanding the arrangements contained in this Second Supplemental
      Letter.

    	 	 
	 	 
	
            
              /s/ S. Karmiri

            

          	 
	
            by S. Karmiri

            for and on behalf of

            NOUMEA SHIPPING LTD

            as Guarantor/New Ship Owner

            Dated: 26 June 2020

          	 

    

    

    

    

    COUNTERSIGNED this 26th day of June 2020 by Eurobulk Ltd which by its execution hereof,
      confirms and acknowledges that it has read and understood the terms and conditions of this Second Supplemental Letter, that it agrees in all respects to the same and that it confirms that the Finance Documents in connection with the Facility
      Agreement to which it is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Facility Agreement notwithstanding the arrangemr nts contained in this Second Supplemental
      Letter.

    	 	 
	 	 
	
            
              /s/ S. Karmiri

            

          	 
	
            by S. Karmiri

            for and on behalf of

            EUROBULK LTD.

            as Approved Manager

            Dated: 26 June 2020

          	 

  

   

    

   

    

  16Exhibit 4.34

  

   

  

  
    

    

    Date 16 July 2020

    ANTWERP SHIPPING LTD

    BUSAN SHIPPING LTD

    KEELUNG SHIPPING LTD

    OAKLAND SHIPPING LTD (1)

    as joint and several Borrowers

    - and -

    PIRAEUS BANK S.A. (2)

    as Lender

    _____________________________________________________

    SUPPLEMENTAL AGREEMENT

    _____________________________________________________

    in relation to a Loan Agreement

    dated 08 November 2019

    

    

    

    

    

    

    

    
      
        

    

    

    

    Index

    	
            Clause

          	 	
            Page No

          
	 	 	 
	
            1

          	
            INTERPRETATION

          	
            1

          
	 	 	 
	
            2

          	
            AGREEMENT OF THE LENDER

          	
            2

          
	 	 	 
	
            3

          	
            CONDITIONS PRECEDENT

          	
            2

          
	 	 	 
	
            4

          	
            REPRESENTATIONS AND WARRANTIES

          	
            4

          
	 	 	 
	
            5

          	
            AMENDMENTS TO LOAN AGREEMENT AND OTHER SECURITY DOCUMENTS

          	
            4

          
	 	 	 
	
            6

          	
            FURTHER ASSURANCES

          	
            8

          
	 	 	 
	
            7

          	
            FEES AND EXPENSES

          	
            9

          
	 	 	 
	
            8

          	
            NOTICES

          	
            9

          
	 	 	 
	
            9

          	
            SUPPLEMENTAL

          	
            9

          
	 	 	 
	
            10

          	
            LAW AND JURISDICTION

          	
            9

          

    

    

    
      
        

    

    
    

    

    THIS SUPPLEMENTAL AGREEMENT is made on 16 July 2020

    BETWEEN

    	(1)	
            ANTWERP SHIPPING LTD, BUSAN SHIPPING LTD, KEELUNG SHIPPING LTD and OAKLAND SHIPPING LTD as joint and several borrowers (together, the “Borrowers” and each a “Borrower”); and

          

    	(2)	
            PIRAEUS BANK S.A as lender (the “Lender”).

          

    BACKGROUND

    	(A)	
            By a loan agreement dated 08 November 2019 (the “Loan Agreement”) and made between (1) the Borrowers as joint and several borrowers and (2) the Lender as
              lender, the Lender made available to the Borrowers a term loan facility of (originally) up to USD32,000,000 upon the terms and for the purposes therein specified, out of which USD29,200,000 remains outstanding.

          

    	(B)	
            The Borrowers have requested the Lender gives its consent to certain amendments to the Loan Agreement, including (inter alia):

          

    	

          	(i)	
            the rescheduling of the repayment of the Loan set out in clause 4.1.1 of the Loan Agreement;

          

    	

          	(ii)	
            an option to defer payment of the repayment instalment per Advance (in respect of Advance A due on 12 November 2020, Advance B and Advance D each due on 15 November 2020 and in respect of Advance C due on 18 November 2020) in accordance
              with clause 4.1.1 as same is due to be amended pursuant to the terms and conditions of this Supplemental Agreement;

          

    	

          	(iii)	
            the incorporation of a cash sweep mechanism to be applied for the financial year 2021 and thereafter throughout the Facility Period; and

          

    	

          	(iv)	
            the waiver of the minimum liquidity required in accordance with clause 8.1.24 of the Loan Agreement until 30 June 2021.

          

    	(C)	
            This Supplemental Agreement sets out the terms and conditions on which the Lender agrees, with effect on and from the Effective Date (as hereinafter defined), to the requests of the Borrowers set out in Recital (B) and to the consequential
              amendments to the Loan Agreement and the other Security Documents.

          

    IT IS AGREED as follows:

    	1	
            INTERPRETATION

          

    	1.2	
            Defined expressions. Words and expressions defined in the Loan Agreement shall have the same meaning when used in this Supplemental Agreement unless the context otherwise requires.

          

    	1.3	
            Definitions.  In this Supplemental Agreement, unless the contrary intention appears:

          

    “Effective Date” means the Banking Day on which all the conditions precedent referred to in Clause 3.1 have been fulfilled by the
      Borrowers but no later than 30 July 2020;

    
      1

      
        

    

    

    

    “Loan Agreement” means the loan agreement dated 08 November 2019 referred to in Recital (A); and

    “Mortgage Addenda” means in relation to each of Vessel A and Vessel B, an addendum to the first preferred Marshall Islands mortgage over
      each such Vessel dated 21 November 2019 and 19 November 2019 respectively, required to be executed hereunder by the relevant Owner, each of which to be in such form as the Lender may require in its sole discretion and in the plural means both of
      them.

    	1.4	
            Application of construction and Interpretation provisions of Loan Agreement.  Clauses 1.3 to 1.5 (inclusive) of the Loan Agreement apply, with any necessary modifications, to this Supplemental
              Agreement

          

    	1.5	
            Joint and Several liability.  All obligations, representations, warranties, covenants and undertakings of the Borrowers under or pursuant to this Supplemental Agreement shall, unless otherwise
              expressly provided, be entered into, made or given by them jointly and severally.

          

    	2	
            AGREEMENT OF THE LENDER

          

    	2.1	
            Agreement of the Lender.  The consent of the Lender to amend the Loan Agreement in accordance with Clause 5 is conditional upon:

          

    	2.1.1	
            the Lender having received the documents and evidence specified in Clause 3.1 in form and substance satisfactory to the Lender;

          

    	2.1.2	
            the representations and warranties contained in Clause 4 being then true and correct as if each was made with respect to the facts and circumstances existing at such time; and

          

    	2.1.3	
            no Event of Default having occurred or will arise following the amendment of the Loan Agreement pursuant to this Supplemental Agreement.

          

    	2.2	
            Effective Date.  The agreement of the Lender contained in Clause 2.1 shall have effect on and from the Effective Date

          

    	2.3	
            Waiver by the Lender.  With effect from the Effective Date, the Lender agrees to waive compliance by the Borrowers of their obligations under clause 8.1.24 (Unencumbered
                liquidity) of the Loan Agreement up to and including 30 June 2021.

          

    	3	
            CONDITIONS PRECEDENT

          

    	3.1	
            Conditions Precedent. The conditions referred to in Clause 2.1 are that the Lender shall have received the following documents:

          

    	3.1.1	
            certified copies of all documents which evidence or relate to the constitution of each Security Party and their current corporate existence;

          

    	3.1.2	
            Corporate authorities

          

    	(a)	
            a list of directors and officers of each Security Party specifying the names and positions of such persons, certified by an officer of such Security Party to be true, complete and up to date;

          

    	(b)	
            (if required) originals of resolutions of the directors of each Security Party and shareholders of each Borrower approving such of this Supplemental Agreement and the Mortgage Addenda to

          

    
      2

      
        

    

    

    

    which such Security Party is a party and authorising the execution and delivery hereof and thereof and performance of the relevant Security Party’s obligations hereunder and
      thereunder, additionally certified by an officer of the relevant Security Party as having been duly passed at a duly convened meeting of the directors and shareholders of such relevant Security Party and not having been amended, modified or revoked
      and being in full force and effect; and

    	(c)	
            (if required) an original of any power of attorney issued by each Security Party  pursuant to such resolutions stated above;

          

    	3.1.3	
            Mortgage Addenda and registration

          

    the Mortgage Addenda duly executed and delivered and duly registered against the relevant Vessel in accordance with the laws of Marshall Islands (as appropriate);

    	3.1.4	
            Declaration of compliance / “know your customer”

          

    written confirmation (in a form acceptable to the Lender) that:

    	(a)	
            each Borrower has complied at all times and in all respects with (i) any relevant employment legislation and employment regulations applicable to it and (ii) all documentation required by the Lender in relation to the Lender’s “know your
              customer” requirements; and

          

    	(b)	
            the Corporate Guarantor and the Shareholder have complied at all times and in all respects with all documentation required by the Lender in relation to the Lender’s “know your customer” requirements;

          

    	3.1.5	
            Further documents

          

    certified copies of all documents (with a certified translation if an original is not in English) evidencing any other necessary action, approvals or consents with respect to
      this Supplemental Agreement, and the Mortgage Addenda (including without limitation) all necessary governmental and other official approvals and consents in such pertinent jurisdictions as the Lender deems appropriate;

    	3.1.6	
            Laws of Marshall Islands/Liberia: opinion

          

    an opinion of Messrs Ince, special legal advisers to the Lender in respect of the laws of the Republic of Marshall Islands and the Republic of Liberia in form and substance
      acceptable to the Lender;

    	3.1.7	
            London agent

          

    documentary evidence that the agent for service of process named in Clause 18.2.1 of the Loan Agreement has accepted its appointment in respect of this Supplemental Agreement;

    	3.1.8	
            Endorsement

          

    the endorsement at the end of this Supplemental Agreement signed by each Security Party (other than the Borrowers);

    	3.1.9	
            Amendment fee

          

    
      3

      
        

    

    

    

    evidence of payment to the Lender of an amendment fee in the amount of USD10,000; and

    	3.1.10	
            Further opinions, etc.

          

    any further opinions, consents, agreements and documents in connection with this Supplemental Agreement which the Lender may reasonably request.

    	3.2	
            Conditions Subsequent. The Borrowers shall deliver or cause to be delivered to the Lender on, or as soon as practicable after, the Effective Date but in no event later than 10 Banking Days from the
              date hereof, the following additional documents and evidence:

          

    	3.2.1	
            the process agent acceptance letter referred to in Clause 3.1.7, duly executed; and

          

    	3.2.2	
            any further opinions, consents, agreements and documents in connection with this Supplemental Agreement which the Lender may reasonably request referred to in Clause 3.1.10.

          

    A breach of this Clause 3.2 shall constitute an Event of Default.

    	4	
            REPRESENTATIONS AND WARRANTIES

          

    Repetition of Loan Agreement representations and warranties. Each Borrower represents and warrants
      to the Lender that the representations and warranties in Clause 7 of the Loan Agreement, updated with appropriate modifications to refer to this Supplemental Agreement, remain true and not misleading if repeated on the date of this Supplemental
      Agreement with reference to the circumstances now existing.

    	5	
            AMENDMENTS TO LOAN AGREEMENT AND OTHER SECURITY DOCUMENTS

          

    	5.1	
            Specific amendments to Loan Agreement.  With effect on and from the Effective Date the Loan Agreement shall be, and shall be deemed by this Supplemental Agreement to be, amended as follows:

          

    	5.1.1	
            by adding in Clause 1.2 thereof the definition of “Mortgage Addenda” contained  in Clause 1.3 of this Supplemental Agreement;

          

    	5.1.2	
            by adding in Clause 1.2 thereof the following new definitions in alphabetical order:

          

    ““Deferred Repayment Amount” has the meaning ascribed to it in Clause 4.8.1;

    “Money Laundering” has the meaning given to it in Article 1 of Directive 2015/849/EC of the Council of European Communities; and

    “Total Deferred Amount” means the aggregate amount of (i) USD1,100,000 and (ii) the Deferred Repayment Amount;”

    	5.1.3	
            by deleting the definition of “FATCA Application Date” in Clause 1.2 thereof;

          

    	5.1.4	
            by deleting the definition of “Quotation Day” in Clause 1.2 thereof;

          

    	5.1.5	
            by replacing all referenced to “Quotation Day” with “Interest Rate Determination Date” in (i) the definition of “LIBOR” in Clause 1.2 thereof and (ii) in
              Clause 3.5.3 thereof;

          

    
      4

      
        

    

    

    

    	5.1.6	
            by adding in Clause 1.2 thereof in the definition of “Security Documents” the Mortgage Addenda;

          

    	5.1.7	
            by deleting Clause 4.1.1 thereof and replacing it with the following:

          

    “4.1.1 Subject to any obligation to pay earlier under this Agreement, the Borrowers must repay each Advance outstanding as at 16 July 2020 (in the amount of USD7,300,000), by:
      (a) fourteen (14) consecutive quarterly instalments, the first one (1) in the amount of USD175,000, the second (2) in the amount of USD100,000 and the next twelve (12) instalments in the amount of USD200,000 each and (b) an instalment (the “Balloon Instalment”) of USD4,625,000, with the first such instalment falling due on (i) in respect of Advance A, 12 August 2020, (ii) each of Advance B and Advance D, 15 August 2020 and (iii) Advance C, 18 August
      2020, and subsequent instalments falling due at quarterly intervals thereafter up to and including the final instalment and the Balloon Instalment falling due on the last Repayment Date for that Advance.”;

    	5.1.8	
            by adding a new Clause 4.8 thereof as follows:

          

    “4.8 Deferral Option

    	

          	4.8.1	
            The Borrowers shall have the option to defer payment of the aggregate of the Repayment Instalments each in the amount of USD100,000 aggregating to a total amount in respect of all Advances of USD400,000 (such aggregate amount actually
              deferred called, the “Deferred Repayment Amount”) falling due for payment in respect of each of the following Advances on: (i) in respect of Advance, 12 November 2020, (ii) in respect of each of Advance
              B and Advance D, 15 November 2020 and (iii) in respect of Advance C, 18 November 2020, , provided that:

          

    	

          	(a)	
            the average net charter rate of the Vessels for the period between 01 August 2020 and 31 October 2020 (both dates inclusive) is less than USD9,500 daily;

          

    	

          	(b)	
            the Borrowers must submit a request in writing for such deferral to the Lender at least five (5) Banking Days prior to the Repayment Date on which the relevant Repayment Instalment is due in accordance with Clause 4.1.1 in relation to the
              Advance to which a Repayment Date first occurs; and

          

    	

          	(c)	
            no Event of Default has occurred which is continuing.

          

    	

          	4.8.2	
            It is further agreed that, save as hereinafter provided, the Deferred Repayment Amount shall be added pro rata to the Balloon Instalment in respect of each Advance and shall be due and payable on the last Repayment Date for that Advance.”;

          

    	5.1.9	
            by adding a new Clause 4.9 thereof as follows:

          

    	

          	“4.9	
            Excess Earnings

          

    Until such time as the Total Deferred Amount shall have been prepaid, the Borrowers shall, on each Cash Sweep Prepayment Date, pay to the Lender an amount equal to 100% of the
      Excess Earnings for the financial year of the Borrowers in respect of the audited accounts by reference to which the Excess Earnings have been calculated, which amount shall be applied pro rata against the Balloon Instalment per Advance on the next
      Interest Payment Date.

    
      5

      
        

    

    

    

    In this Clause 4.9:

    “Cash Sweep Prepayment Date” means, in each financial year, the date falling no more than 10 days after the date on which the Borrowers
      deliver to the Lender the audited accounts required to be delivered pursuant to Clause 8.1.6 (Financial statements), commencing with the audited accounts relating to the financial year ending on 31 December
      2021; and

    “Excess Earnings” means, in relation to each financial year of the Borrowers (commencing with the financial year ending on 31 December
      2021), the amount determined by the Lender to be (i) the aggregate Earnings received by the Borrowers during that financial year less (ii) the aggregate of all brokers’ commissions, operating, employment and actual voyage expenses actually paid by
      the Borrowers, including but not limited to (a) agency fees, management fees, general and administrative expenses, crew wages, crew salaries and contributions, crew expenses, insurance costs, repair costs, maintenance costs, Ballast Water Treatment
      installation costs, lay up and reactivation costs, (b) a pro rata cash reserve for the next drydocking and/or next special survey and/or intermediate survey costs (accounted separately every quarter based on the budget released to the Lender) (such
      amount reserved called, the “Reserved Amount”) and (c) any amount (positive or negative) remaining following the set off of the Reserved Amount (not previously set off) with any dry-docking and special or
      intermediate survey costs actually incurred as evidenced by the audited accounts relating to that financial year delivered to the Lender pursuant to Clause 8.1.6 (Financial statements), less (iii) repayments
      of the Loan and interest thereon paid during that financial year, all as evidenced by the audited accounts relating to that financial year delivered to the Lender pursuant to Clause 8.1.6 (Financial statements).”;

    	5.1.10	
            by deleting in the last line of Clause 7.1.8 thereof the words “money laundering” and replacing them with the words “Money Laundering”;

          

    	5.1.11	
            by deleting Clause 8.1.24 thereof and replacing it with the following:

          

    “8.1.24 Unencumbered liquidity

    procure that at all times during the Facility Period, the Corporate Guarantor or the Borrowers shall maintain in an account or accounts with the Lender free deposit cash which is
      (other than the Earnings Account Pledge) free of any Encumbrance in an average aggregate amount of not less than USD350,000 multiplied by the number of Mortgaged Vessels for the preceding twelve-month period, to be tested first on 30 November 2021
      and annually thereafter, provided however that on 30 November 2021 only, such test will take place for the preceding five- month period;”;

    	5.1.12	
            by deleting Clause 10.1.26 thereof and replacing it with the following:

          

    “10.1.26 Money Laundering: any Security Party is in breach of or fails to observe any law, requirement, measure or procedure implemented
      to combat “Money Laundering”;

    	5.1.13	
            by adding in Clause 16.2.1 thereof in line 3 after the words “and/or the fax number” the words “and/or email address” and in line 4 after the words “or fax number” the words “or email address”;

          

    	5.1.14	
            by adding in Clause 16.2.2 thereof in line 4 after the words “or fax number” the words “or email address”;

          

    
      6

      
        

    

    

    

    	5.1.15	
            by adding in Clause 16.2.3 thereof in line 3 after the words “and/or the fax number” the words “and/or email address” and in line 3 after the words “or fax number” the words “or email address”;

          

    	5.1.16	
            by adding in Clause 16.2.4 thereof in line 3 after the words “and/or fax number” the words “and/or email address” and in line 4 after the words “or fax number” the words “or email address”; and

          

    	5.1.17	
            by construing references throughout to “this Supplemental Agreement”, “hereunder” and other like expressions as if the same referred to the Loan Agreement as amended and supplemented by this Supplemental Agreement.

          

    	5.2	
            Amendments to Security Documents. With effect on and from the date hereof each of the Security Documents other than the Loan Agreement, shall be, and shall be deemed by this Supplemental Agreement
              to be, amended as follows:

          

    	

          	(a)	
            the definition of, and references throughout each of the Security Documents to, the Loan Agreement and any of the other Security Documents shall be construed as if the same referred to the Loan Agreement and those Security Documents as
              amended and supplemented by this Supplemental Agreement; and

          

    	

          	(b)	
            by construing references throughout each of the Security Documents to “this Agreement”, “this Deed”, “hereunder” and other like expressions as if the same referred to such Security Documents as amended and supplemented by this Supplemental
              Agreement.

          

    	5.3	
            Security Documents to remain in full force and effect.  The Security Documents shall remain in full force and effect as amended and supplemented by:

          

    	

          	(a)	
            the amendments to the Security Documents contained or referred to in Clauses 5.1 and 5.2; and

          

    	

          	(b)	
            such further or consequential modifications as may be necessary to give full effect to the terms of this Supplemental Agreement.

          

    	6	
            FURTHER ASSURANCES

          

    	6.1	
            Borrowers’ to execute further documents etc.  Each Borrower shall, and shall procure that any other party to any Security Document shall:

          

    	

          	(a)	
            execute and deliver to the Lender (or as it may direct) any assignment, mortgage, power of attorney, proxy or other document, governed by the law of England or such other country as the Lender may, in any particular case, specify; and

          

    	

          	(b)	
            effect any registration or notarisation, give any notice or take any other step, which the Lender may, by notice to a Borrower or other party, specify

          

    for any of the purposes described in Clause 6.2 or for any similar or related purpose.

    	6.2	
            Purposes of further assurances. Those purposes are:

          

    	

          	(a)	
            validly and effectively to create any Encumbrance or right of any kind which the

          

    
      7

      
        

    

    

    

    Lender intended should be created by or pursuant to the Loan Agreement or any other Security Document, each as amended and supplemented by this Supplemental Agreement; and

    	

          	(b)	
            implementing the terms and provisions of this Supplemental Agreement.

          

    	6.3	
            Terms of further assurances.  The Lender may specify the terms of any document to be executed by a Borrower or any other party under Clause 6.1, and those terms may include any covenants, powers and
              provisions which the Lender considers appropriate to protect its interests.

          

    	6.4	
            Obligation to comply with notice.  Each Borrower shall comply with a notice under Clause 6.1 by the date specified in the notice.

          

    	6.5	
            Additional corporate action.  At the same time as a Borrower or any other party deliver to the Lender any document executed under Clause 6.1(a), that Borrower or such other party shall also deliver
              to the Lender a certificate signed by that Borrower’s, or that other party’s directors which shall:

          

    	

          	(a)	
            set out the text of resolutions of such Borrower or that other party’s directors specifically authorising the execution of the document specified by the Lender; and

          

    	

          	(b)	
            state that either the resolution was duly passed at a meeting of the directors validly convened and held throughout which a quorum of directors entitled to vote on the resolution was present or that the resolution has been signed by all
              the directors and is valid under that Borrower’s or that other party’s articles of association or other constitutional documents.

          

    	7	
            FEES AND EXPENSES

          

    	7.1	
            Amendment Fee.The Borrowers shall pay to the Lender a non-refundable amendment fee of USD10,000 on the date of this Supplemental Agreement.

          

    	7.2	
            Fees and Expenses.  The provisions of Clause 5 (Fees and expenses) of the Loan Agreement shall apply to this Supplemental Agreement as if they were expressly
              incorporated in this Supplemental Agreement with any necessary modifications.

          

    	8	
            NOTICES

          

    General.  The provisions of Clause 16 (Notices and other matters) of the Loan Agreement (as
      amended by this Supplemental Agreement) shall apply to this Supplemental Agreement as if they were expressly incorporated in this Supplemental Agreement with any necessary modifications.

    	9	
            SUPPLEMENTAL

          

    	9.1	
            Counterparts.  This Supplemental Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of the
              Supplemental Agreement.

          

    	9.2	
            Third party rights.  A person who is not a party to this Supplemental Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of
              this Supplemental Agreement.

          

    
      8

      
        

    

    

    

    	10	
            LAW AND JURISDICTION

          

    Incorporation of the Loan Agreement provisions.The provisions of Clause 17 (Governing Law) and
      Clause 18 (Jurisdiction) of the Loan Agreement shall apply to this Supplemental Agreement as if they were expressly incorporated in this Supplemental Agreement with any necessary modifications.

    

    

    
      9

      
        

    

    

    

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

    	
            THE BORROWERS

          	 	 	 	 
	 	 	 	 	 
	
            SIGNED by Eirini Synefia

          	
            )

          	 	 	 
	
            for and on behalf of

          	
            )

          	/s/ Eirini Synefia  

          	 
	
            ANTWERP SHIPPING LTD

          	
            )

          	 	 	 
	 	 	 	 	 
	
            SIGNED by Eirini Synefia

          	
            )

          	 	 	 
	
            for and on behalf of

          	
            )

          	/s/ Eirini Synefia    

          	 
	
            BUSAN SHIPPING LTD

          	
            )

          	 	 	 
	 	 	 	 	 
	
            SIGNED by Eirini Synefia

          	
            )

          	 	 	 
	
            for and on behalf of

          	
            )

          	/s/ Eirini Synefia    

          	 
	
            KEELUNG SHIPPING LTD

          	
            )

          	 	 	 
	 	 	 	 	 
	
            SIGNED by Eirini Synefia

          	
            )

          	 	 	 
	
            for and on behalf of

          	
            )

          	/s/ Eirini Synefia    

          	 
	
            OAKLAND SHIPPING LTD

          	
            )

          	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
            Witness to all the above signatures:

          	
            )

          	 	 	 
	
            Name: Panagiotis Fokas

          	
            )

          	/s/ Panagiotis Fokas  

          	 
	
            Address: Akti Miaouli 47-49

            

          	
            )

          	 	 	 
	 Piraeus 185 36 Greece

          	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
            THE LENDER

          	 	 	 	 
	 	 	 	 	 
	
            SIGNED by Olga Voutsa

          	
            )

          	/s/ Olga Vautsa  	 
	
            and by Evgenia Kouvara

          	
            )

          	/s/ Evgenia Kouvara

          	 
	
            for and on behalf of

          	
            )

          	 	 	 
	
            PIRAEUS BANK S.A.

          	
            )

          	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
            Witness to the above signatures:

          	
            )

          	 	 	 
	
            Name: Panagiotis Fokas

          	
            )

          	/s/ Panagiotis Fokas

          	 
	
            Address: Akti Miaouli 47-49

          	
            )

          	 	 	 
	Piraeus 185 36 Greece	 	 	 	 

    

    

    
      10

      
        

    

    

    

    COUNTERSIGNED this 16th day of July 2020 by the following parties who, by executing the same,  confirm and acknowledge that they have read and
      understood the terms and conditions of the above Supplemental Agreement, that they agree in all respects to the same and that the Security Documents to which they are respectively a party shall remain in full force and effect and shall continue to
      stand as security for the obligations of the Borrowers under the Loan Agreement, as amended by the above Supplemental Agreement, and each of them hereby reaffirms the Security Documents to which it is a party as the same is amended by the above
      Supplemental Agreement.

    	/s/ Eirini Synefia

          	 	 
	
            Eirini Synefia

          	 	 
	
            duly authorised on behalf of

          	 	 
	
            EUROSEAS LTD.

          	 	 
	 	 	 
	 	 	 
	 	 	 
	/s/ Eirini Synefia	 	 
	
            Eirini Synefia

          	 	 
	
            duly authorised on behalf of

          	 	 
	
            EUROBULK LTD.

          	 	 
	 	 	 
	 	 	 
	 	 	 
	/s/ Eirini Synefia	 	 
	
            Eirini Synefia

          	 	 
	
            duly authorised on behalf of

          	 	 
	
            EUROCON LTD.

          	 	 

  

  11

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