Document:

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                            SENIOR FACILITY AGREEMENT

                                     between

                                    BOSS LTD.
                               STAVANGER SUN LTD.
                                  as borrowers

                       CHRISTIANIA BANK OG KREDITKASSE ASA
                          as agent and security trustee

                                       and

                       CHRISTIANIA BANK OG KREDITKASSE ASA
                                    as lender

                                 Clifford Chance
                                     London

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                                    CONTENTS

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CLAUSE                                                                      PAGE

<S>                                                                         <C>
1.  Interpretation ........................................................    1
2.  The Facility ..........................................................    8
3.  Purpose ...............................................................    8
4.  Conditions Precedent ..................................................    8
5.  Nature of Rights and Obligations ......................................    8
6.  Availability ..........................................................    9
7.  Interest Periods ......................................................   10
8.  Interest ..............................................................   11
9.  Repayment and Prepayment ..............................................   11
10. Taxes and Tax Receipts ................................................   13
11. Changes in Circumstances ..............................................   14
12. Representations .......................................................   16
13. Information Covenants .................................................   18
14. Financial Condition ...................................................   19
15. General Covenants .....................................................   20
16. Events of Default .....................................................   21
17. Default Interest and Indemnity ........................................   24
18. Currency of Account and Payment .......................................   26
19. Payments ..............................................................   26
20. Set-Off ...............................................................   26
21. Sharing ...............................................................   27
22. Fees ..................................................................   27
23. Costs and Expenses ....................................................   28
24. The Agent and the Banks ...............................................   29
25. Benefit of Agreement ..................................................   32
26. Assignments and Transfers .............................................   33
27. Calculations and Evidence of Debt .....................................   34
28. Remedies and Waivers ..................................................   35
29. Partial Invalidity ....................................................   35
30. Notices ...............................................................   35
31. Law ...................................................................   36
32. Jurisdiction ..........................................................   36

The First Schedule ........................................................   38
Condition Precedent Documents .............................................   38

The Second Schedule .......................................................   41
Notice of Drawdown ........................................................   41

The Third Schedule ........................................................   42
Form of Transfer Certificate ..............................................   42

The Fourth Schedule .......................................................   44
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THIS AGREEMENT is made on 30 October 1997

BETWEEN:

(1)      THE COMPANIES named in the Fourth Schedule (the "BORROWERS" and singly
         a "BORROWER") acting jointly and severally;

(2)      CHRISTIANIA BANK OG KREDITKASSE ASA (in its capacity as agent, the
         "AGENT");

(3)      CHRISTIANIA BANK OG KREDITKASSE ASA (in its capacity as the security
         trustee, the "SECURITY TRUSTEE"); and

(4)      CHRISTIANIA BANK OG KREDITKASSE ASA (the "INITIAL BANK").

                                    RECITALS

A.       The Initial Bank has agreed to grant to the Borrowers, upon the terms
         and subject to the conditions herein set forth, a loan facility in the
         amount of up to $30,000,000.

B.       By a further loan facility agreement (the "JUNIOR FACILITY AGREEMENT")
         of even date herewith and made between the Borrowers, the Agent, the
         Security Trustee and Christiania Bank og Kreditkasse ASA as Initial
         Bank, the Initial Bank has agreed to lend to the Borrowers a further
         sum of up to $5,000,000 secured by second ranking security over the
         assets mortgaged or charged by the Borrowers to the Security Trustee
         pursuant to the Facility Documents defined therein.

NOW IT IS HEREBY AGREED  as follows:

1.       INTERPRETATION

1.1      In this Agreement:

         "ADMINISTRATIVE GENERAL PARTNER" means GMC Administration Ltd., a
         company duly incorporated under the laws of the Cayman Islands.

         "ADVANCE" means, save as otherwise provided herein, each of the
         advances made or to be made by the Initial Bank hereunder;

         "ASSIGNMENTS OF ACCOUNTS" means the assignment of each Borrower's bank
         accounts to be executed by each Borrower in favour of the Security
         Trustee pursuant to paragraph 3, of Part 2 of the First Schedule and
         "ASSIGNMENT OF ACCOUNTS" means either of them;

         "ASSIGNMENTS OF EARNINGS AND INSURANCES" means an assignment of
         earnings and insurances to be entered into by each Borrower in favour
         of the Security Trustee pursuant to paragraph 2 of Part 2 of the First
         Schedule and "ASSIGNMENT OF EARNINGS AND INSURANCES" means either of
         them;

         "BANKS" means the Initial Bank and any Transferees of the Initial Bank
         (and any subsequent

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         Transferees) and "BANK" means each of the Banks;

         "BASLE PAPER" means the paper entitled "International Convergence of
         Capital Measurement and Capital Standards" dated July 1988 and prepared
         by the Basle Committee on Banking Regulations and Supervision, as
         amended in November 1991;

         "CAPITAL ADEQUACY REQUIREMENT" means a request or requirement relating
         to the maintenance of capital, including one which makes any change to,
         or is based on any alteration in, the interpretation of the Basle Paper
         or which increases the amounts of capital required thereunder, other
         than a request or requirement made by way of implementation of the
         Basle Paper in the manner in which it is being implemented at the date
         hereof;

         "DRAWDOWN DATE" means in relation to each Advance the date on which
         such Advance is made to the relevant Borrower in respect of the Vessel
         being purchased by such Borrower;

         "EARNINGS ACCOUNT" in relation to each Borrower has the meaning
         ascribed to it in the Assignment of Earnings and Insurances to which
         such Borrower is a party;

         "EVENT OF DEFAULT" means any of those events specified in Clause 16.1
         (EVENTS OF DEFAULT);

         "FACILITY" means the dollar loan facility granted to the Borrowers in
         this Agreement;

         "FACILITY AMOUNT" means an amount of up to US$30,000,000 to be advanced
         by the Initial Bank to the Borrowers;

         "FACILITY OFFICE" means in relation to a Bank, the Agent or the
         Security Trustee the office identified with its the signature below (or
         in the case of a Transferee, at the end of the Transfer Certificate to
         which it is a party as Transferee) or such other office as it may from
         time to time select;

         "FACILITY DOCUMENTS" means this Agreement, the Senior Interest Rate
         Swap Agreement, the Junior Interest Rate Swap Agreement, the Trust
         Deed, the Mortgages, the Assignments of Earnings and Insurances entered
         into by each Borrower, the Priority Agreement and the Assignments of
         Accounts entered into by each Borrower and any other document agreed
         between the Agent and the Borrowers to be a Facility Document and
         "FACILITY DOCUMENT" means each of them;

         "FAIR MARKET VALUE" means, in relation to each Vessel at any time, the
         sale value of such Vessel in dollars determined on the basis of a sale
         (for cash and prompt delivery) by a willing seller to a willing buyer,
         free of charter and encumbrances and at arm's length on normal
         commercial terms;

         "FINAL REPAYMENT DATE" means in relation to both the first Advance and
         the second Advance, the date which falls 60 months after the Drawdown
         Date for the first Advance;

         "GENERAL PARTNERS" means the Managing General Partner and the
         Administrative General Partner and "GENERAL PARTNER" means each of
         them;

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         "INITIAL MANAGEMENT AGREEMENTS" means each of the agreements (as from
         time to time amended or novated) to be entered into or entered into
         between each respective Borrower and Det Stavangerske Damskipsselskap,
         Norway relating to the management of the Vessel owned by such Borrower
         pursuant to paragraph 9 Part 1 of the First Schedule commencing from
         the relevant Drawdown Date;

         "INSTRUCTING GROUP" means a Bank or group of Banks to whom in aggregate
         more than fifty per cent of the Loan is (or, immediately prior to its
         repayment, was then) owed;

         "INTEREST PERIOD" means in relation to each Advance any of those
         periods mentioned in Clause 7.2 (DURATION OF INTEREST PERIODS);

         "JUNIOR INTEREST RATE SWAP AGREEMENT" means the International Swap
         Dealers Association, Inc., Master Agreement together with a
         confirmation letter dated on or about the date hereof entered into by
         the Borrower, and the Initial Bank (as from time to time amended,
         supplemented or extended by the parties thereunder) pursuant to which
         the Borrower will hedge all or part of its interest costs under the
         Junior Facility Agreement;

         "LIBERIA" means the Republic of Liberia;

         "LIBOR" means, in relation to any period for which an interest rate is
         to be determined hereunder, the rate per annum determined by the Agent
         to be equal to the LIBOR fixing on Telerate page 3740 for deposits in
         dollars for a period corresponding to that period at 11.00 a.m. on the
         Quotation Date for that period Provided that if there are no such rates
         so appearing on such page at such time it means the rate per annum
         determined by the Agent to be equal to the arithmetic mean (rounded
         upwards, if not already such a multiple to the nearest whole multiple
         of one-sixteenth of one per cent.) of the respective rates (as notified
         to the Agent) at which the Reference Banks were offering to prime banks
         in the London Interbank Market deposits in dollars for a period
         corresponding to such period at such time;

         "LOAN" means the aggregate principal amount for the time being
         outstanding hereunder;

         "MANAGING GENERAL PARTNER" means Genmar Boss Ltd. a company duly
         incorporated under the laws of the State of New York, USA;

         "MARGIN" means one and one-quarter per cent. (1-1/4%) per annum;

         "MEMORANDUM OF AGREEMENTS" means each of the agreement dated 26
         September 1997 (as from time to time amended or novated) made between
         each respective Borrower and the Seller for the purchase and sale of
         the Vessel to be purchased by each respective Borrower;

         "MORTGAGES" means each of the Norwegian International Ship Mortgages to
         be granted by Boss Ltd as the relevant Borrower over its Vessel and a
         first preferred Liberian ship mortgage to be granted by Stavanger Sun
         Ltd, as the relevant Borrower over its Vessel, to the Security Trustee
         both pursuant to paragraph 1, Part 2 of the First Schedule and
         "MORTGAGE" means any of them;

         "NORWEGIAN INTERNATIONAL SHIP MORTGAGES" means the following Norwegian
         International

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         ship mortgages granted by Boss Ltd over its Vessel to secured (but not
         limited to):

         (i)      the Facility Amount under the Senior Facility Agreement;

         (ii)     the maximum exposure amount of $900,000 under the Senior
                  Interest Rate Swap Agreement;

         (iii)    the Facility Amount under the Junior Facility Agreement; and

         (iv)     the maximum exposure amount of $250,000 under the Junior
                  Interest Rate Swap Agreement;

         "NOTICE OF DRAWDOWN" means a notice in the form or substantially the
         form of that set out in the Second Schedule;

         "PERMITTED LIENS" has the meaning ascribed to it in the Assignment of
         Earnings and Insurances;

         "PRIORITY AGREEMENT" means the agreement between the Agent, the Banks,
         the Borrowers and the Agent and the lenders under the Junior Facility
         Agreement regulating the priorities and the rights of enforcement of
         security between the Banks and the lenders under the Junior Facility
         Agreement pursuant to paragraph 7 of Part 1 of the First Schedule;

         "QUOTATION DATE" in relation to any period for which an interest rate
         is to be determined hereunder means the day on which quotations would
         ordinarily be given by prime banks in the London Interbank Market for
         dollar deposits for delivery on the first day of that period Provided
         that if, for any such period, quotations would ordinarily be given on
         more than one date, the Quotation Date for that period shall be the
         last of those dates;

         "REFERENCE BANK" means the principal Oslo office of Christiania Bank og
         Kreditkasse ASA and such other banks as may from time to time be agreed
         between the Borrower and the Agent;

         "REPAYMENT DATES" means in relation to each Advance, the days which
         fall 3, 6, 9, 12, 15, 18, 21, 24, 27, 30, 33, 36, 39, 42, 45, 48, 51,
         54, 57 and 60 months after the Drawdown Date for such Advance, save for
         the Final Repayment Date for the second Advance which shall fall on the
         same date as the Final Repayment Date for the first Advance;

         "RETENTION ACCOUNT" has the meaning ascribed to it in the Assignment of
         Earnings and Insurances;

         "SELLER" means in relation to each Vessel the party listed against the
         name of such Vessel in the Fourth Schedule and "SELLERS" means both of
         them;

         "SENIOR INTEREST RATE SWAP AGREEMENT" means the International Swap
         Dealers Association, Inc. Master Agreement together with a confirmation
         letter both entered into by the Borrowers and the Initial Bank (as from
         time to time amended, supplemented or extended by the parties
         thereunder) pursuant to which the Borrowers will hedge all or part of
         their

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         interest costs under this Agreement;

         "SHAREHOLDER" means Boss L.P., the sole shareholder of each Borrower;

         "SUBSEQUENT MANAGEMENT AGREEMENTS" means each of the agreements (as
         from time to time amended or novated) to be entered or entered into
         between each respective Borrower and Universe Tankships (Bermuda) Ltd.
         relating to the management of the Vessel owned by such Borrower
         pursuant to paragraph 9, Part 1, of the First Schedule commencing upon
         the termination of the Initial Management Agreement for such Vessel;

         "TERMINATION DATE" means the earlier of 31 December 1997 and the date
         on which the Facility Amount has been reduced to zero;

         "TRANSFER CERTIFICATE" means a certificate in the form set out in the
         Third Schedule (or such other form as may be agreed between the
         relevant Bank, the proposed Transferee, the Agent and the Borrowers
         pursuant to Clause 26.2 (ASSIGNMENTS AND TRANSFERS BY BANKS)) signed by
         a Bank and a Transferee whereby:

         (i)      such Bank seeks to procure the transfer to such Transferee of
                  all or a part of such Bank's rights and obligations hereunder
                  upon and subject to the terms and conditions set out in Clause
                  26.2 (ASSIGNMENTS AND TRANSFERS BY BANKS); and

         (ii)     such Transferee undertakes to perform the obligations it will
                  assume as a result of delivery of such certificate to the
                  Borrowers as is contemplated in Clause 26.4 (TRANSFERS BY
                  BANKS)

         "TRANSFER DATE" in relation to any Transfer Certificate means the date
         for the making of the transfer as specified in the schedule to such
         Transfer Certificate;

         "TRANSFEREE" means a bank or other financial institution to which a
         Bank seeks to transfer all or part of such Bank's rights and
         obligations hereunder;

         "TRUST DEED" means a security trust deed of the date hereof entered
         into between the Security Trustee, the Agent, the Borrowers and the
         Banks and the agent and lenders under the Junior Facility Agreement
         pursuant to paragraph 4, Part 2 of the First Schedule;

         "VESSEL" in relation to each Borrower means the vessel listed against
         the name of such Borrower in Part 1 of the Fourth Schedule and
         "VESSELS" means both of them;

1.2      Any reference in this Agreement to:

         the Agent, the Security Trustee, or the Banks shall be construed so as
         to include their respective successors, Transferees and permitted
         assigns in accordance with their respective interests;

         a "BUSINESS DAY" shall be construed as a reference to a day (other than
         a Saturday or Sunday) on which banks are generally open for business in
         Oslo, London and New York City;

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         a "CHARTER" shall be construed as a reference to any agreement pursuant
         to which either Vessel is, or will be, employed;

         a "CLAUSE" shall, subject to any contrary indication, be construed as a
         reference to a clause hereof;

         an "ENCUMBRANCE" shall be construed as a reference to a mortgage,
         charge, pledge, lien or other encumbrance securing any obligation of
         any person or any other type of preferential arrangement (including,
         without limitation, title transfer and retention arrangements) having a
         similar effect;

         the "EQUIVALENT" in one currency (in this paragraph the "FIRST
         CURRENCY") of an amount denominated in another currency (in this
         paragraph the "SECOND CURRENCY") on any date shall, save as otherwise
         provided, be construed as a reference to the amount of the first
         currency which could be purchased with that amount of the second
         currency at the spot rate of exchange quoted by the Agent at or about
         11.00 a.m. on such date for the purchase of the first currency with the
         second currency for delivery on the second business day thereafter;

         a "GUARANTEE" includes any guarantee, indemnity or other obligation to
         pay, purchase, provide funds for the payment of or indemnify against
         the consequences of default in the payment of indebtedness of any other
         person and any encumbrance which secures the payment of any
         indebtedness of any other person;

         a "HOLDING COMPANY" of a company or corporation shall be construed as a
         reference to any company or corporation of which the first-mentioned
         company or corporation is a subsidiary;

         "INDEBTEDNESS" shall be construed so as to include any obligation
         (whether incurred as principal or as surety) for the payment or
         repayment of money, whether present or future, actual or contingent;

         a "MONTH" is a reference to a period starting on one day in a calendar
         month and ending on the numerically corresponding day in the next
         calendar month save that, where any such period would otherwise end on
         a day which is not a business day, it shall end on the next business
         day, unless that day falls in the calendar month succeeding that in
         which it would otherwise have ended, in which case it shall end on the
         preceding business day Provided that, if a period starts on the last
         business day in a calendar month or if there is no numerically
         corresponding day in the month in which that period ends, that period
         shall end on the last business day in that later month (and references
         to "MONTHS" shall be construed accordingly);

         a "PERSON" shall be construed as a reference to any person, firm,
         company, corporation, government, state or agency of a state or any
         association or partnership (whether or not having separate legal
         personality) of two or more of the foregoing;

         a "SCHEDULE" shall, subject to any contrary indication, be construed as
         a reference to a schedule hereto;

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         a "SUBSIDIARY" of a company or corporation shall be construed as a
         reference to any company or corporation:

         (i)      which is controlled, directly or indirectly, by the
                  first-mentioned company or corporation;

         (ii)     more than half the issued share capital of which is
                  beneficially owned, directly or indirectly, by the
                  first-mentioned company or corporation; or

         (iii)    which is a subsidiary of another subsidiary of the
                  first-mentioned company or corporation

         and, for these purposes, a company or corporation shall be treated as
         being controlled by another if that other company or corporation is
         able to direct its affairs and/or to control the composition of its
         board of directors or equivalent body;

         "TAX" shall be construed so as to include any present or future tax,
         levy, impost, duty or other charge of a similar nature (including,
         without limitation, any penalty or interest payable in connection with
         any failure to pay or any delay in paying any of the same);

         "TOTAL LOSS" in relation to either Vessel includes any actual,
         constructive, arranged, agreed or compromised total loss, any
         requisitioning for title and the capture, seizure, arrest, detention,
         or confiscation of such Vessel by any government, or by persons
         purporting to act on behalf of any government, unless such Vessel be
         released and restored to the Owner from such capture, seizure,
         detention or confiscation within one month after the date thereof; and

         the "WINDING-UP" or "DISSOLUTION" of a company or limited partnership
         shall be construed so as to include any equivalent or analogous
         proceedings under the law of the jurisdiction in which such company or
         limited partnership is incorporated or established or any jurisdiction
         in which such company or limited partnership carries on business.

1.3      "$" and "DOLLARS" denote lawful currency of the United States of
         America.

1.4      Save where the contrary is indicated, any reference in this Agreement
         to:

         (i)      this Agreement or any other agreement or document shall be
                  construed as a reference to this Agreement or, as the case may
                  be, such other agreement or document as the same may have
                  been, or may from time to time be, amended, varied or
                  supplemented;

         (ii)     a statute shall be construed as a reference to such statute as
                  the same may have been, or may from time to time be, amended
                  or re-enacted; and

         (iii)    a time of day shall be construed as a reference to London
                  time.

1.5      Clause headings are for ease of reference only.

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1.6      For the purposes of the Facility Documents, a total loss of either
         Vessel shall be deemed to have occurred:

         (i)      if it consists of an actual total loss, at noon Greenwich Mean
                  Time on the actual date of loss or, if that is not known, on
                  the date on which she was last heard of;

         (ii)     if it consists of a requisitioning for title, at noon
                  Greenwich Mean Time on the date on which the same is expressed
                  to take effect by the person making the same; and

         (iii)    if it consists of a constructive or compromised or arranged or
                  agreed total loss, at noon Greenwich Mean Time on the date at
                  which notice of her abandonment is given to her insurers for
                  the time being or (if her insurers for the time being do not
                  admit the claim for total loss) at the time on which a total
                  loss is subsequently adjudged to have occurred by a competent
                  court or arbitration tribunal or liability in respect thereof
                  as a total loss is admitted by underwriters.

1.7      All obligations of the Borrowers under this Agreement are joint and
         several obligations of both of the Borrowers.

2.       THE FACILITY

         The Initial Bank hereby grants to the Borrowers, upon the terms and
         subject to the conditions hereof, a loan facility in the maximum amount
         of $30,000,000.

3.       PURPOSE

         The purpose of the Facility is to provide the Borrowers with funds to
         part finance the purchase of the Vessels and, accordingly, the
         Borrowers shall apply all of the amounts raised by them hereunder in or
         towards such purpose (but so that neither the Agent nor the Initial
         Bank shall be obliged to concern itself with the application of amounts
         borrowed by the Borrowers hereunder).

4.       CONDITIONS PRECEDENT

         The Borrowers shall not be entitled to give any Notice of Drawdown
         hereunder unless the Agent shall have confirmed to the relevant
         Borrower by facsimile or letter that it has received three days prior
         to the proposed date for making of an Advance each of the documents
         specified in Part 1 of the First Schedule and found the same to be
         satisfactory to it in form and substance.

5.       NATURE OF RIGHTS AND OBLIGATIONS

5.1      OBLIGATIONS OF BANKS SEVERAL

         The obligations of each Bank hereunder are several.

<PAGE>

5.2      FAILURE OF ANY BANK TO PERFORM OBLIGATIONS

         The failure by a Bank to perform its obligations hereunder shall not
         affect the obligations of the Borrowers towards any other party hereto
         nor shall any other party be liable for the failure by such Bank to
         perform its obligations hereunder.

5.3      RIGHTS OF BANKS SEVERAL

         The rights of the Banks hereunder are also several. The amount at any
         time owing by the Borrowers to any party under this Agreement shall be
         a separate and independent debt from any amount owing to any other
         party.

6.       AVAILABILITY

6.1      THE FACILITY

         The Facility shall be made by the Initial Bank to the Borrowers by way
         of one Advance in respect of each Vessel.

6.2      DRAWDOWN CONDITIONS

         Save as otherwise provided herein, an Advance will be made by the
         Initial Bank to the relevant Borrower on the request of either Borrower
         if:

         (i)      not more than ten nor less than two business days before the
                  proposed date for the making of an Advance the Agent has
                  received from the relevant Borrower a Notice of Drawdown
                  therefor, receipt of which shall oblige the Borrowers to
                  borrow the amount therein requested on the date therein stated
                  upon the terms and subject to the conditions contained herein;

         (ii)     the amount stated in the Notice of Drawdown shall not be more
                  than the lesser of the amount of the Facility Amount and 57%
                  of the purchase price of the Vessel being purchased by such
                  Borrower as set out in the Memorandum of Agreement;

         (iii)    the relevant Drawdown Date is a business day which is or
                  precedes the Termination Date;

         (iv)     on or before the relevant Drawdown Date the Agent has received
                  from the relevant Borrower with respect to its Vessel each of
                  the documents specified in Part 2 of the First Schedule and
                  found the same to be satisfactory to it in both form and
                  substance;

         (v)      the interest rate applicable to such Advance during its first
                  Interest Period does not fall to be determined pursuant to the
                  proviso to Clause 7.2 (DURATION OF INTEREST PERIODS); and

         (vi)     (a)      no event has occurred which is or may become (with
                           the passage of time, the giving of notice, the making
                           of any determination hereunder or any

<PAGE>

                           combination thereof) an Event of Default; and

                  (b)      the representations set out in Clause 12
                           (REPRESENTATIONS) are true on and as of the proposed
                           date for the making of such Advance

                  or the Agent agrees (notwithstanding any matter mentioned at
                  (a) or (b) above) that such Advance should be made.

7.       INTEREST PERIODS

7.1      INTEREST PERIODS

         The period for which an Advance is outstanding shall be divided into
         successive periods each of which (other than the first) shall start on
         the last day of the preceding such period.

7.2      DURATION OF INTEREST PERIODS

         The duration of each Interest Period relating to an Advance shall, save
         as otherwise provided herein, be one, three, six or twelve months, or
         any such other period as may be agreed from time to time between the
         Borrowers and the Agent, in each case as the Borrowers may select by
         not less than three business days' prior notice to the Agent Provided
         that:

         (i)      if the Borrowers select a duration of twelve months in
                  relation to an Interest Period, then:

                  (a)      the Borrowers may, at the same time, notify the Agent
                           of an alternative selection of three or six months to
                           apply if the Borrowers' selection becomes ineffective
                           pursuant to (b) below; and

                  (b)      any Bank may, at any time before 9.00 a.m. on the
                           second business day preceding the first day of such
                           Interest Period, notify the Agent that it objects to
                           the Borrowers' selection, whereupon such selection
                           shall become ineffective Provided that no such
                           objection shall be given except for reason of the non
                           availability to such Bank of dollars for twelve
                           months interest periods in the London Inter-bank
                           Market;

         (ii)     if the Borrowers fail to give such notice of their selection
                  in relation to an Interest Period, or if their selection
                  becomes ineffective under (i)(b) above and the Borrowers have
                  failed to give the Agent any permitted alternative selection
                  pursuant to (i)(a) above, then the duration of that Interest
                  Period shall, subject to (iii) below, be three months;

         (iii)    the Borrowers may not select an Interest Period of one month
                  more than three times during any calendar year; and

         (iv)     any Interest Period which would otherwise end during the month
                  preceding, or extend beyond, the Final Repayment Date shall be
                  of such duration that it shall end on the Final Repayment
                  Date.

<PAGE>

7.3      If pursuant to Clause 7.2 the Borrowers select an Interest Period for
         an Advance which will extend beyond one or more Repayment Dates, then
         such Advance shall be divided into parts such that on such (or each
         such) Repayment Date there will be one or more parts in an amount equal
         to the amount scheduled to be repaid on each such Repayment Date, each
         such part to constitute an Advance and to have an Interest Period
         ending on that Repayment Date.

8.       INTEREST

8.1      PAYMENT OF INTEREST

         On the last day of each Interest Period (and, in the case of an
         Interest Period of a duration of more than three months, on the last
         day of each successive period of three months falling within such
         Interest Period) the Borrowers shall pay accrued interest on the
         Advance to which such Interest Period relates.

8.2      CALCULATION OF INTEREST

         The rate of interest applicable to the Advance from time to time during
         an Interest Period relating thereto shall be the rate per annum which
         is the sum of the Margin and LIBOR for such Interest Period Provided
         that if LIBOR for an Interest Period falls to be determined in
         accordance with the proviso to the definition thereof but none of the
         Reference Banks was offering to prime banks in the London Interbank
         Market dollar deposits for the proposed duration of such Interest
         Period, the rate of interest applicable to the Advance to which such
         Interest Period relates from time to time during such Interest Period
         shall be the rate per annum which is the sum of the Margin and the
         weighted average of the rates per annum notified to the Agent by each
         Bank before the last day of such Interest Period to be that which
         expresses as a percentage rate per annum the cost to it of funding such
         Advance during such Interest Period from whatever sources it may select
         and the Agent shall notify the Borrower accordingly.

9.       REPAYMENT AND PREPAYMENT

9.1      REPAYMENT

         The Borrowers shall repay the Loan in instalments by repaying on each
         Repayment Date in relation to each Advance an amount as set out below:

<TABLE>
<CAPTION>
         REPAYMENT DATE NO.                                      INSTALMENT PAYABLE IN $000

                                                                 FIRST ADVANCE                SECOND ADVANCE

         <S>                                                     <C>                          <C>
                   1                                             500                          500
                   2                                             500                          500
                   3                                             500                          500
                   4                                             500                          500
                   5                                             550                          550

<PAGE>

                   6                                             550                          550
                   7                                             550                          550
                   8                                             550                          550
                   9                                             600                          600
                  10                                             600                          600
                  11                                             600                          600
                  12                                             600                          600
                  13                                             650                          650
                  14                                             650                          650
                  15                                             650                          650
                  16                                             650                          650
                  17                                             700                          700
                  18                                             700                          700
                  19                                             700                          700
                  20                                          3700                         3700
</TABLE>

9.2      PREPAYMENT

         The Borrowers may, if they have given to the Agent not less than
         fifteen (15) business days' prior notice to that effect, prepay the
         whole or any part of an Advance (but if in part being an amount or
         integral multiple of $250,000) on the last day of an Interest Period
         relating thereto. Any prepayment made the amount of which if added to
         all other prepayment amounts previously made by the Borrowers pursuant
         to this Clause would be equal to or less than $1,000,000 shall satisfy
         the Borrowers' remaining obligations under Clause 9.1 (REPAYMENT) in
         order of maturity. Further prepayments in excess of $1,000,000 made by
         the Borrowers shall satisfy the Borrowers' remaining obligations under
         Clause 9.1 (REPAYMENT) in inverse order of maturity.

9.3      NOTICE OF PREPAYMENT

         Any notice of prepayment given by the Borrowers pursuant to Clause 9.2
         (PREPAYMENT) shall be irrevocable and shall specify the date upon which
         such prepayment is to be made and the amount thereof and shall oblige
         the Borrowers to make such prepayment on such date.

9.4      PREPAYMENT FEE

         If the Borrowers make any prepayment pursuant to Clause 9.2
         (PREPAYMENT) the Borrowers shall be obliged, together with such
         prepayment, to pay a prepayment fee equal to one quarter of one per
         cent. (3%) of the amount so prepaid Provided that no such fee shall be
         payable if such prepayment was made either (i) pursuant to a
         refinancing of the Loan granted by Christiania Bank og Kreditkasse ASA
         or by a syndicate of banks of which Christiania Bank og Kreditkasse ASA
         is an agent or an underwriter or (ii) during the 12 months preceding
         the Final Repayment Date.

9.5      INTEREST RATE SWAP AGREEMENT

         If the Borrowers make any prepayment pursuant to Clause 9.2, they shall
         be obliged to pay to the Initial Bank as counterparty to the Senior
         Interest Rate Swap Agreement and, to any

<PAGE>

         assignees of any part of the Initial Bank's interest in the Senior
         Interest Rate Swap Agreement (the "ASSIGNEE") (or the Initial Bank
         shall pay to the Agent for account of the Borrowers) the amount of any
         loss (or, as the case may be, profit) incurred or made by the Initial
         Bank and any Assignee as a result of a total or partial early
         termination of the Senior Interest Rate Swap Agreement made between the
         Borrowers and the Initial Bank which is made to ensure that the
         notional principal amount of the Senior Interest Rate Swap Agreement
         matches the reduced amount of the Loan.

9.6      NO OTHER REPAYMENTS OR REBORROWING

         No amount repaid or prepaid hereunder may be reborrowed.

10.      TAXES AND TAX RECEIPTS

10.1     TAX GROSS-UP

         All payments to be made by either Borrower to any person under any of
         the Facility Documents shall be made free and clear of and without
         deduction for or on account of tax unless either Borrower is required
         to make such a payment subject to the deduction or withholding of tax,
         in which case the sum payable by either Borrower in respect of which
         such deduction or withholding is required to be made shall be increased
         to the extent necessary to ensure that, after the making of such
         deduction or withholding, such person receives and retains (free from
         any liability in respect of any such deduction or withholding) a net
         sum equal to the sum which it would have received and so retained had
         no such deduction or withholding been made or required to be made.

10.2     TAX INDEMNITY

         Without prejudice to the provisions of Clause 10.1 (TAX GROSS-UP), if
         any person or the Agent on its behalf is required to make any payment
         on account of tax or otherwise (not being a tax imposed on the net
         income of the Facility Office by the jurisdiction in which it is
         incorporated or in which the Facility Office is located) on or in
         relation to any sum received or receivable by such person under any of
         the Facility Documents (including, without limitation, any sum received
         or receivable under this Clause 10) or any liability in respect of any
         such payment is asserted, imposed, levied or assessed against such
         person, the Borrowers shall, upon demand of the Agent, promptly
         indemnify such person against such payment or liability, together with
         any interest, penalties and expenses payable or incurred in connection
         therewith Provided that if a Bank or the Agent or the Security Trustee
         considers that it is reasonable to do so and that it would not be
         otherwise prejudiced thereby, it will, prior to instructing the Agent
         to make a demand under this Clause 10.2, use reasonable endeavours to
         determine whether any such payment or liability was correctly or
         legally imposed or asserted.

10.3     CLAIMS BY A BANK

         If a Bank intends to make a claim pursuant to Clause 10.2 (TAX
         INDEMNITY) it shall notify the Agent of the event by reason of which it
         is entitled to do so whereupon the Agent shall notify the Borrowers
         accordingly.

<PAGE>

10.4     NOTIFICATION OF REQUIREMENT TO DEDUCT TAX

         If, at any time, either Borrower is required by law to make any
         deduction or withholding from any sum payable by it under any of the
         Facility Documents (or if thereafter there is any change in the rates
         at which or the manner in which such deductions or withholdings are
         calculated), the Borrowers shall promptly notify the Agent, whereupon
         the Agent shall notify the Banks and the Security Trustee accordingly.

10.5     EVIDENCE OF PAYMENT OF TAX

         If either Borrower makes any payment under any of the Facility
         Documents in respect of which it is required to make any deduction or
         withholding, it shall pay the full amount required to be deducted or
         withheld to the relevant taxation or other authority within the time
         allowed for such payment under applicable law and shall deliver to the
         Agent, within thirty days after it has received the same, an original
         receipt (or a certified copy thereof) issued by such authority
         evidencing the payment to such authority of all amounts so required to
         be deducted or withheld in respect of such payment.

11.      CHANGES IN CIRCUMSTANCES

11.1     INCREASED COSTS

         If, by reason of (a) any change in law or in its interpretation or
         administration and/or (b) compliance with any Capital Adequacy
         Requirement or any request from or requirement of any central bank or
         other fiscal, monetary or other authority:

         (i)      a Bank or any holding company of such Bank incurs a cost as a
                  result of such Bank having entered into and/or performing its
                  obligations under this Agreement and/or assuming or
                  maintaining a commitment under this Agreement and/or making
                  any advance hereunder;

         (ii)     a Bank or any holding company of such Bank is unable to obtain
                  the rate of return on its overall capital which it would have
                  been able to obtain but for such Bank having entered into
                  and/or performing its obligations and/or assuming or
                  maintaining a commitment under this Agreement;

         (iii)    there is any increase in the cost to a Bank or any holding
                  company of such Bank of funding or maintaining all or any of
                  the advances comprised in a class of advances formed by or
                  including the advances made or to be made by such Bank
                  hereunder; or

         (iv)     a Bank or any holding company of such Bank becomes liable to
                  make any payment on account of tax or otherwise (not being a
                  tax imposed on the net income of the Facility Office by the
                  jurisdiction in which such Bank is incorporated or in which
                  the Facility Office is located) on or calculated by reference
                  to the amount of an Advance made or to be made hereunder
                  and/or by reference to any sum received or receivable by such
                  Bank hereunder,

<PAGE>

         then the Borrowers shall, from time to time on demand of the Agent,
         promptly pay to the Agent for the account of such Bank amounts
         sufficient to indemnify it (or,as the case may be, to enable it to
         indemnify its holding company) against, as the case may be, (1) such
         cost, (2) such reduction in such rate of return (or such proportion of
         such reduction as is, in the opinion of such Bank, attributable to its
         obligations hereunder), (3) such increased cost (or such proportion of
         such increased cost as is, in the opinion of such Bank, attributable to
         its funding or maintaining its advance hereunder) or (4) such
         liability.

11.2     INCREASED COSTS CLAIMS

         If a Bank intends to make a claim pursuant to Clause 11.1 (INCREASED
         COSTS) it shall notify the Agent of the event by reason of which it is
         entitled to do so whereupon the Agent shall notify the Borrowers
         accordingly.

11.3     ILLEGALITY

         If at any time it is unlawful for a Bank to make its portion of an
         Advance or to fund or allow to remain outstanding its portion of the
         Loan, then that Bank shall, promptly after becoming aware of such fact,
         deliver to the Agent who will deliver to the Borrowers a certificate to
         that effect whereupon:

         (i)      if no Advance has been made hereunder, the Bank shall not
                  thereafter be obliged to make an Advance hereunder and the
                  Facility Amount shall be reduced to zero; and

         (ii)     if an Advance has already been made hereunder, then, if the
                  Agent on behalf of any relevant Bank so requires, the
                  Borrowers shall on such date as the Agent shall have specified
                  repay such Bank's portion of the Loan in full together with
                  accrued interest thereon.

11.4     MITIGATION

         (a)      If circumstances arise which would (or would upon the giving
                  of notice) result in:

                  (i)      the reduction of a Bank's portion of the Loan
                           pursuant to Clause 11.3 (ILLEGALITY);

                  (ii)     the prepayment of the Loan pursuant to Clause 11.3
                           (ILLEGALITY);

                  (iii)    an increase in the amount of any payment pursuant to
                           Clause 10.1 (TAX GROSS-UP); or

                  (iv)     a claim by a Bank for indemnification pursuant to
                           Clause 10.2 (TAX INDEMNITY) or a claim by a Bank for
                           indemnification pursuant to Clause 11.1 (INCREASED
                           COSTS),

                  then, without in any way limiting, reducing or otherwise
                  qualifying the obligations of the Borrowers under any of the
                  Clauses referred to above, such Bank shall, in consultation
                  with the Agent and the Borrowers, take such reasonable steps
                  as may be

<PAGE>

                  reasonably open to it to mitigate the effects of such
                  circumstances, including by transferring its Facility Office
                  to another jurisdiction or by assigning its rights hereunder
                  to another financial institution approved by the Borrowers
                  Provided that such Bank shall have no obligation to transfer
                  its Facility Office or assign its rights hereunder as
                  aforesaid if it is of the opinion that to do so would or might
                  have an adverse effect on its business, operations or
                  financial condition.

         (b)      If circumstances arise which would result in the Security
                  Trustee being entitled pursuant to Clause 4.5 of the Trust
                  Deed to exercise its rights to make deductions and
                  withholdings from payments made to the Agent hereunder, the
                  Security Trustee shall, in consultation with the Borrowers,
                  take such reasonable steps as may be reasonably open to it to
                  mitigate the effects of such circumstances Provided that the
                  Security Trustee shall have no obligation to do so if it is of
                  the opinion that to do so would or might have an adverse
                  effect on its business operations or financial condition.

12.      REPRESENTATIONS

12.1     Subject to any reservations and/or qualifications as to matters of law
         which may be made in the legal opinions referred to in paragraphs 3, 4,
         and 5 of Part 1 of the First Schedule, each Borrower represents that:

         (i)      STATUS It is a limited liability company duly organised under
                  the laws of the Cayman Islands with power to enter into the
                  Facility Documents and to exercise its rights and perform its
                  obligations under the Facility Documents and in respect of
                  Boss Ltd, as the relevant Borrower, it has the power to
                  register its Vessel in the office of the Norwegian
                  International Ship Register in Norway and, in respect of
                  Stavanger Sun Ltd as the relevant Borrower, it is duly
                  qualified as a foreign maritime entity in Liberia with the
                  power to register its Vessel in the office of the Deputy
                  Commissioner of Maritime Affairs of the Republic of Liberia in
                  New York;

         (ii)     DUE AUTHORISATION All corporate and other action required to
                  authorise the execution by it of the Facility Documents and
                  the performance of its obligations under the Facility
                  Documents has been duly taken;

         (iii)    NO DEDUCTIONS OR WITHHOLDING Under the laws of the Cayman
                  Islands and Liberia in force at the date hereof, it will not
                  be required to make any deduction or withholding from any
                  payment it may make under any of the Facility Documents;

         (iv)     CLAIMS PARI PASSU Without prejudice to the security
                  constituted by or pursuant to any Facility Documents under the
                  laws of the Cayman Islands and Liberia in force at the date
                  hereof, the claims of the Agent, the Banks and the Security
                  Trustee against it under any Facility Documents will, to the
                  extent that such claims exceed the realised value of the
                  security therefor, rank at least PARI PASSU with the claims of
                  all its other unsecured and non-subordinated creditors save
                  those whose claims are preferred solely by any bankruptcy,
                  insolvency or other similar laws of general application;

         (v)      NO IMMUNITY In any proceedings taken in the Cayman Islands in
                  relation to any of the Facility Documents, it will not be
                  entitled to claim for itself or any of its assets

<PAGE>

                  immunity from suit, execution, attachment or other legal
                  process;

         (vi)     GOVERNING LAW AND JUDGMENTS In any proceedings taken in the
                  Cayman Islands in relation to any of the Facility Documents,
                  the choice of English law as the governing law of those of the
                  Facility Documents as are expressed to be governed by English
                  law and any judgment obtained in England will be recognised
                  and enforced;

         (vii)    VALIDITY AND ADMISSIBILITY IN EVIDENCE Other than the
                  recording of the Mortgage over its Vessel, in respect of Boss
                  Ltd as the relevant Borrower, at the office of the Norwegian
                  International Ship Register and, in respect of Stavanger Sun
                  Ltd as the relevant Borrower, at the office of the Deputy
                  Commissioner of Maritime Affairs of the Republic of Liberia in
                  New York and any required registration in the Cayman Islands
                  all acts, conditions and things required to be done, fulfilled
                  and performed in order (a) to enable it lawfully to enter
                  into, exercise its rights under and perform and comply with
                  the obligations expressed to be assumed by it in the Facility
                  Documents, (b) to ensure that the obligations expressed to be
                  assumed by it in the Facility Documents are legal, valid and
                  binding and (c) to make the Facility Documents admissible in
                  evidence in the Cayman Islands have been done, fulfilled and
                  performed;

         (viii)   NO FILING OR STAMP TAXES Under the laws of the Cayman Islands
                  in force at the date hereof, it is not necessary that any of
                  the Facility Documents be filed, recorded or enrolled with any
                  court or other authority in its jurisdiction of incorporation
                  or that any stamp, registration or similar tax be paid on or
                  in relation to any such Facility Documents; and

         (ix)     BINDING OBLIGATION The obligations expressed to be assumed by
                  it in the Facility Documents are legal and valid obligations
                  binding on it in accordance with the terms of such Facility
                  Documents.

12.2     Each Borrower further represents that:

         (i)      NO WINDING-UP It has not taken any corporate action nor have
                  any other steps been taken or legal proceedings been started
                  or (to the best of its knowledge and belief) threatened
                  against it for its winding-up, dissolution or reorganisation
                  or for the appointment of a receiver, administrator,
                  administrative receiver, trustee or similar officer of it or
                  of any or all of its assets or revenues;

         (ii)     NO MATERIAL DEFAULT It is not in breach of or in default under
                  any agreement to which it is a party or which is binding on it
                  or any of its assets to an extent or in a manner which might
                  have a material adverse effect on its business or financial
                  condition;

         (iii)    NO MATERIAL PROCEEDINGS No action or administrative proceeding
                  of or before any court or agency which might have a material
                  adverse effect on its business or financial condition has been
                  started or threatened;

         (iv)     NO OTHER BUSINESS It has not incurred any liabilities or
                  entered into any other commitments nor undertaken any business
                  other than in connection with the purchase

<PAGE>

                  or operation of its Vessel;

         (v)      NO UNDISCLOSED LIABILITIES As at the date hereof it has no
                  liabilities (contingent or otherwise) which have not been
                  disclosed to the Agent nor any unrealised or anticipated
                  losses arising from commitments entered into by it;

         (vi)     FULL DISCLOSURE Each of the Memorandum of Agreement, the
                  Initial Management Agreement and the Subsequent Management
                  Agreement in respect of its Vessel are in full force and
                  effect and has disclosed to the Agent all of the terms and
                  conditions of each such agreement and there are no amendments
                  or variations to any such document which have not been
                  disclosed to the Agent;

         (vii)    NO OBLIGATION TO CREATE SECURITY Its execution of the Facility
                  Documents and its exercise of its rights and performance of
                  its obligations thereunder will not result in the existence of
                  nor oblige it to create any encumbrance over all or any of its
                  present or future revenues or assets except pursuant to the
                  Facility Documents;

         (viii)   EXECUTION OF FACILITY DOCUMENTS Its execution of the Facility
                  Documents and its exercise of its rights and performance of
                  its obligations under the Facility Documents do not constitute
                  and will not result in any breach of any agreement or treaty;

         (ix)     ENCUMBRANCES Save as permitted by Clause 15(ix), no
                  encumbrance exists over all or any of its present or future
                  revenues or assets;

         (x)      OWNERSHIP OF THE BORROWER The Shareholder is the sole
                  shareholder of each Borrower;

         (xi)     OWNERSHIP OF THE SHAREHOLDER The General Partners are the only
                  general partners of the Shareholder; and

         (xii)    MANAGEMENT OF THE VESSEL Its Vessel will be managed by Det
                  Stavangerske Damskipsselskap, Norway in accordance with the
                  provisions of the relevant Initial Management Agreement until
                  the termination of such Initial Management Agreement and
                  thereafter by Universe Tankships (Bermuda) Ltd in accordance
                  with the provisions of the relevant Subsequent Management
                  Agreement.

13.      INFORMATION COVENANTS

13.1     ANNUAL STATEMENTS

         Each Borrower shall as soon as the same become available, but in any
         event within one hundred and eighty days after the end of each of its
         financial years, furnish to the Agent, its balance sheet as at the end
         of such financial year and its profit-and-loss accounts in respect of
         that financial year, in each case prepared in accordance with
         internationally accepted accounting principles consistently applied.

13.2     SEMI-ANNUAL STATEMENTS

<PAGE>

         Each Borrower shall as soon as the same become available, but in any
         event within 90 days after the end of each of its financial half years,
         furnish to the Agent, its balance sheet as at the end of such
         accounting period and its profit-and-loss accounts in respect of that
         accounting period, together with its cash flow reports for such period
         in each case prepared in accordance with internationally accepted
         accounting principles consistently applied.

13.3     NOTIFICATION OF EVENT OF DEFAULT

         Each Borrower shall promptly inform the Agent of the occurrence of any
         event which is or may become (with the passage of time, the giving of
         notice, the making of any determination hereunder or any combination
         thereof) an Event of Default and, upon receipt of a written request to
         that effect from the Agent, promptly deliver to the Agent a written
         confirmation given by a duly authorised officer of such Borrower to the
         effect that, save as previously notified to the Agent or as notified in
         such confirmation, no such event has occurred.

13.4     NOTIFICATION OF OFF-HIRE

         Each Borrower shall promptly inform the Agent of any material
         interruption in the operation of its Vessel (which shall include
         situations where such Vessel is off-hire for a period of 5 days or more
         at any one time) and the financial implications of such interruption.

13.5     OTHER FINANCIAL INFORMATION

         Each Borrower shall from time to time on the request of the Agent use
         its best endeavours to furnish the Agent with such other information
         about its business, assets and financial condition (including financial
         accounts and cash flow reports) as the Agent may reasonably request.

13.6     CHARTERING

         Each Borrower shall promptly inform and furnish the Agent with such
         information about its chartering activities as the Agent may reasonably
         request.

14.      FINANCIAL CONDITION

14.1     FAIR MARKET VALUE OF VESSEL

         The Borrowers shall ensure that the aggregate of the Fair Market Value
         of the Vessels over which the Security Trustee has a Mortgage as
         established by R.S. Platou and H Clarkson Limited or such other two (2)
         reputable brokers appointed by the Agent (after consultation with the
         Borrower) shall at all times be equal to at least 140% of the Loan. If
         at any time these ratios are not met, the Borrowers will forthwith on
         the demand of the Agent prepay such portion of the Loan as will ensure
         that such ratios are complied with. The Agent shall be entitled to
         request such estimates of the Fair Market Value at least twice per
         calendar year (or at any time after the occurrence of an Event of
         Default) and the Borrowers shall promptly pay or reimburse to the Agent
         the cost of obtaining such valuations.

14.2     MINIMUM WORKING CAPITAL

<PAGE>

         The Borrowers shall between them maintain at all times Working Capital
         (which shall mean Current Assets less Current Liabilities) of at least
         $2,000,000.

14.3     NOTIFICATION OF FINANCIAL CONDITION Each Borrower shall deliver to the
         Agent semi annually a certificate stating the Borrower's compliance
         with the covenants undertaken pursuant to this Clause 14 with each of
         the semi-annual financial statements delivered pursuant to Clause 13.2.

14.4     For the purposes of Clause 14.2:

         "CURRENT ASSETS" means the aggregate of all assets of the Borrowers
         which, in accordance with internationally accepted accounting
         principles, would be classed as current assets; and

         "CURRENT LIABILITIES" means the aggregate of all obligations of the
         Borrowers which, in accordance with internationally accepted accounting
         principles, would be considered as current liabilities, excluding all
         amounts of principal due under this Facility within one year from the
         date of calculation.

15.      GENERAL COVENANTS

         Each Borrower:

         (i)      shall obtain, comply with the terms of and do all that is
                  necessary to maintain in full force and effect all
                  authorisations, approvals, licences and consents required in
                  or by the laws and regulations of the Cayman Islands and all
                  other applicable jurisdictions to enable it lawfully to enter
                  into and perform its obligations under the Facility Documents
                  or to ensure the legality, validity, enforceability or
                  admissibility in evidence in the Cayman Islands and all other
                  applicable jurisdictions of the Facility Documents;

         (ii)     shall procure that no change of the classification or flag or
                  management of its Vessel shall occur without the prior written
                  consent of the Agent;

         (iii)    shall, in the event of total loss of its Vessel, procure that
                  the Advance made in respect of its Vessel is repaid within 90
                  days of the Agent's written notice (whether as a result of the
                  application of insurance proceeds or otherwise);

         (iv)     shall not, without the prior written consent of the Agent,
                  (such consent not to be unreasonably withheld) permit any
                  distributions of its profits or assets or pay any dividends or
                  other distributions to the Shareholder or any of the
                  Shareholder's partners;

         (v)      shall not make any loans, grant any credit (save in the
                  ordinary course of business) or give any guarantee or
                  indemnity to or for the benefit of any person or otherwise
                  voluntarily assume any liability, whether actual or
                  contingent, in respect of any obligations of any person;

<PAGE>

         (vi)     shall not, without prior written consent of the Agent, make
                  any investments which exceeds $250,000 with its assets of
                  (otherwise than by placing its cash into bank accounts with
                  the Agent) except for any investments required to maintain the
                  classification status of its Vessel;

         (vii)    shall not, without the prior written consent of the
                  Instructing Group and the Agent, permit any change to its
                  shareholding;

         (viii)   shall maintain all its bank accounts with the Agent's branch
                  in New York and shall only operate such accounts in accordance
                  with Clause 11 of the Assignment of Earnings and Insurances;

         (ix)     shall not, without the prior consent of the Agent, create or
                  permit to subsist any encumbrance over all or any of its
                  present or future revenues or assets other than the Permitted
                  Liens and any encumbrance created pursuant to the Facility
                  Documents and any second priority security over its Vessel and
                  its earnings, insurances and bank accounts in favour of the
                  Security Trustee on terms acceptable to the Agent to secure
                  its obligations under the Junior Facility Agreement;

         (x)      shall manage its business and procure that its Vessel is
                  managed in compliance with all applicable laws and regulations
                  applicable thereto and shall promptly notify the Agent of any
                  non-compliance other than of a minor or technical nature;

         (xi)     shall not engage in any other business other than the
                  ownership and chartering of its Vessel;

         (xii)    shall procure that its Vessel is at all times fully approved
                  by major oil companies relevant in its trade; and

         (xiii)   shall ensure that the technical management of its Vessel
                  remains with Det Stavangerske Damskipsselskap, Norway until
                  the termination of the relevant Initial Management Agreement
                  and thereafter with Universe Tankships (Bermuda) Ltd.

16.      EVENTS OF DEFAULT

16.1     If:

         (i)      FAILURE TO PAY Either Borrower fails to pay any sum due from
                  it under this Agreement at any time in the currency and in the
                  manner specified herein or therein; or

         (ii)     MISREPRESENTATION Any representation or statement made by
                  either Borrower in any Facility Document or in any notice or
                  other document, certificate or statement delivered by it
                  pursuant hereto or thereto or in connection herewith or
                  therewith is or proves to have been incorrect or misleading in
                  any material respect when made; or

         (iii)    COVENANTS Either Borrower fails duly to perform the
                  obligations expressed to be assumed by it in Clause 14
                  (FINANCIAL CONDITION) or 15 (GENERAL COVENANTS); or

<PAGE>

         (iv)     INSURANCE Either Borrower fails to insure its Vessel in
                  accordance with the requirements of the Assignment of Earnings
                  and Insurances and/or the Mortgage; or

         (v)      OTHER OBLIGATION Either Borrower fails duly to perform or
                  comply with any other obligation expressed to be assumed by it
                  in any Facility Document and such failure is not remedied
                  within thirty days after the Agent has given notice to such
                  Borrower requiring the same to be remedied; or

         (vi)     CROSS DEFAULT If (a) any indebtedness of either Borrower or
                  the Shareholder or any General Partner is not paid when due
                  (or within any period of grace applicable thereto), (b) any
                  indebtedness of either Borrower or the Shareholder, or any
                  General Partner is declared to be or otherwise becomes due and
                  payable prior to its specified maturity or (c) any creditor of
                  either Borrower or the Shareholder or any General Partner,
                  becomes entitled to declare any indebtedness of either
                  Borrower or the Shareholder or any General Partner due and
                  payable prior to its specified maturity Provided that it shall
                  not be an Event of Default if, with respect to any General
                  Partner, the events specified in (a), (b) and (c) above are
                  genuinely disputed by such General Partner in appropriate
                  legal proceedings; or

         (vii)    INSOLVENCY AND RESCHEDULING Either Borrower or the Shareholder
                  or any General Partner is unable to pay its debts as they fall
                  due, commences negotiations with any one or more of its
                  creditors with a view to the general readjustment or
                  rescheduling of its indebtedness or makes a general assignment
                  for the benefit of or a composition with its creditors; or

         (viii)   WINDING-UP Otherwise than for the purposes of a reconstruction
                  on terms previously approved by the Instructing Group, either
                  Borrower or the Shareholder or any General Partner takes any
                  corporate action or other steps are taken or legal proceedings
                  are started for its winding-up, dissolution or re-organisation
                  or for the appointment of a receiver, administrator,
                  administrative receiver, trustee or similar officer of it or
                  of any or all of its revenues and assets; or

         (ix)     REPUDIATION Either Borrower repudiates any Facility Document
                  or does or causes to be done any act or thing evidencing an
                  intention to repudiate any such Facility Document; or

         (x)      LEGALITY OF FACILITY DOCUMENTS At any time any act, condition
                  or thing required to be done, fulfilled or performed in order
                  (a) to enable either Borrower lawfully to enter into, exercise
                  its rights under and perform its obligations expressed to be
                  assumed by it in the Facility Documents, (b) to ensure that
                  the obligations expressed to be assumed by either Borrower in
                  the Facility Documents are legal, valid and binding or (c) to
                  make any of the Facility Documents admissible in evidence in
                  the Cayman Islands is not done, fulfilled or performed; or

         (xi)     COMPLIANCE WITH OBLIGATIONS At any time it is or becomes
                  unlawful for either Borrower to perform or comply with any or
                  all of its obligations under any Facility Document or any of
                  the obligations of either Borrower under the Facility Document

<PAGE>

                  are not or cease to be legal, valid and binding; or

         (xii)    SEIZURE BY GOVERNMENT By or under the authority of any
                  government, (a) the management of either Borrower is wholly or
                  partially displaced or the authority of either Borrower in the
                  conduct of its business is wholly or partially curtailed or
                  (b) the whole or any part (the market value of which is twenty
                  per cent. or more of the market value of the whole) of its
                  revenues or assets is seized, nationalised, expropriated or
                  compulsorily acquired; or

         (xiii)   MATERIAL ADVERSE CHANGE There shall occur any event or
                  circumstance which in the opinion of the Instructing Group
                  may, or may be likely to, materially and adversely affect the
                  ability of either Borrower to discharge its obligations under
                  the Facility Documents in the manner provided therein; or

         (xiv)    VARIATION OR TERMINATION OF AGREEMENTS Either Memorandum of
                  Agreement is amended in any material manner without the prior
                  written consent of the Agent or terminated otherwise than by
                  reason of the due discharge of all obligations of each of the
                  parties thereto or if any party thereto is in breach of any of
                  its obligations thereunder; or

         (xv)     MANAGEMENT AGREEMENT If there is any material amendment to
                  either Initial Management Agreement or either Subsequent
                  Management Agreement or, either Initial Management Agreement
                  or either Subsequent Management Agreement is terminated or
                  otherwise ceases to be effective without the Agent's prior
                  written consent; or

         (xvi)    JUNIOR FACILITY Any event of default (howsoever described)
                  occurs under the Junior Facility Agreement; or

         (xvii)   PARTNERSHIP/OWNERSHIP STRUCTURE If there is any change in the
                  shareholding of either Borrower or of any General Partner
                  without the prior written consent of the Instructing Group; or

         (xviii)  ANALOGOUS EVENT If any event occurs to either Borrower, the
                  Shareholder or any General Partner under the laws of any other
                  jurisdiction which is analogous to any of the events or
                  circumstances referred to in paragraphs (vii) or (viii) above;
                  or

         (xix)    SWAP AGREEMENT Any event of default (howsoever described)
                  occurs under the Senior Interest Rate Swap Agreement,

         then, and in any such case and at any time thereafter, the Agent may,
         and shall if so instructed by the Instructing Group, by written notice
         to the Borrowers:

         (a)      declare the Loan to be immediately due and payable (whereupon
                  the same shall become so payable together with accrued
                  interest thereon and any other sums then owed by the Borrowers
                  hereunder) or declare the Loan to be due and payable on demand
                  of the Agent; and/or

<PAGE>

         (b)      declare that the Facility Amount shall be cancelled, whereupon
                  the same shall be cancelled and the amount thereof reduced to
                  zero.

16.2     ADVANCE DUE ON DEMAND

         If, pursuant to Clause 16.1, the Agent declares the Loan to be due and
         payable on demand of the Agent, then, and at any time thereafter, the
         Agent may by written notice to the Borrowers:

         (i)      call for repayment of the Loan on such date as it may specify
                  in such notice (whereupon the same shall become due and
                  payable on such date together with accrued interest thereon
                  and any other sums then owed by the Borrowers hereunder) or
                  withdraw its declaration with effect from such date as it may
                  specify in such notice; and/or

         (ii)     select as the duration of any Interest Period relating to an
                  Advance which begins whilst such declaration remains in effect
                  a period of six months or less.

17.      DEFAULT INTEREST AND INDEMNITY

17.1     DEFAULT INTEREST PERIODS

         If any sum due and payable by the Borrowers hereunder is not paid on
         the due date therefor in accordance with the provisions of Clause 19
         (PAYMENTS) or if any sum due and payable by the Borrowers under any
         judgment of any court in connection with this Agreement is not paid on
         the date of such judgment, the period beginning on such due date or, as
         the case may be, the date of such judgment and ending on the date upon
         which the obligation of the Borrowers to pay such sum (the balance
         thereof for the time being unpaid being herein referred to as an
         "UNPAID SUM") is discharged shall be divided into successive periods,
         each of which (other than the first) shall start on the last day of the
         preceding such period and the duration of each of which shall be
         selected by the Agent.

17.2     DEFAULT INTEREST

         During each such period relating thereto as is mentioned in Clause 17.1
         (DEFAULT INTEREST PERIODS) an unpaid sum shall bear interest at the
         rate per annum which is the sum from time to time of one per cent., the
         Margin and LIBOR for that period Provided that:

         (i)      if, for any such period, LIBOR falls to be determined pursuant
                  to the proviso to the definition thereof but none of the
                  Reference Banks was offering dollar deposits for the period
                  aforesaid, the rate of interest applicable to such unpaid sum
                  shall be determined by reference to the cost to each Bank of
                  obtaining such deposits from such sources as it may select as
                  notified to the Agent; and

         (ii)     if such unpaid sum is all or part of an Advance which became
                  due and payable on a day other than the last day of an
                  Interest Period relating thereto, the first such period
                  applicable thereto shall be of a duration equal to the
                  unexpired portion of that Interest Period and the rate of
                  interest applicable thereto during such period shall be that

<PAGE>

                  which exceeds by one per cent. the rate which would have been
                  applicable to it had it not so fallen due.

17.3     PAYMENT OF DEFAULT INTEREST

         Any interest which shall have accrued under Clause 17.2 (DEFAULT
         INTEREST) in respect of an unpaid sum shall be due and payable and
         shall be paid by the Borrowers at the end of the period by reference to
         which it is calculated or on such other dates as the Agent may specify
         by written notice to the Borrowers.

17.4     BROKEN PERIODS

         If any Bank receives or recovers all or any part of such Bank's share
         of an Advance otherwise than on the last day of an Interest Period
         relating to such Advance, the Borrowers shall pay to the Agent on
         demand an amount equal to the amount (if any) by which (a) the
         additional interest which would have been payable on the amount so
         received or recovered had it been received or recovered on the last day
         of that Interest Period exceeds (b) the amount of interest which in the
         opinion of the Agent would have been payable to the Agent on the last
         day of that Interest Period in respect of a dollar deposit equal to the
         amount so received or recovered placed by it with a prime bank in
         London for a period starting on the third business day following the
         date of such receipt or recovery and ending on the last day of that
         Interest Period.

17.5     BORROWER'S INDEMNITY

         The Borrowers jointly and severally undertake:

         (i)      to indemnify each of the Agent, each Bank and the Security
                  Trustee against any loss or expense, including legal fees on a
                  full indemnity basis, which any of them may sustain or incur
                  as a consequence of any default by either Borrower in the
                  performance of any of the obligations expressed to be assumed
                  by it in any of the Facility Documents to which it is a party;
                  and

         (ii)     to indemnify each Bank against any loss it may suffer as a
                  result of its funding its share of an Advance requested by
                  either Borrower hereunder but not made by reason of the
                  operation of any one or more of the provisions hereof.

17.6     Any unpaid sum shall (for the purposes of this Clause 17 and Clause
         11.1 (INCREASED COSTS) be treated as an advance and accordingly in this
         Clause 17 and Clause 11.1 (INCREASED COSTS) the term "Advance" includes
         any unpaid sum and the term "Interest Period", in relation to an unpaid
         sum, includes each such period relating thereto as is mentioned in
         Clause 17.1 (DEFAULT INTEREST PERIODS).

<PAGE>

18.      CURRENCY OF ACCOUNT AND PAYMENT

18.1     CURRENCY OF ACCOUNT

         The dollar is the currency of account and payment for each and every
         sum at any time due from the Borrowers hereunder Provided that each
         payment in respect of costs and expenses shall be made in the currency
         in which the same were incurred.

18.2     CURRENCY INDEMNITY

         If any sum due from the Borrowers under any Facility Document to which
         either Borrower is party or any order or judgment given or made in
         relation hereto or thereto has to be converted from the currency (the
         "FIRST CURRENCY") in which the same is payable under such Facility
         Document or order or judgment into another currency (the "SECOND
         CURRENCY") for the purpose of (i) making or filing a claim or proof
         against either Borrower, (ii) obtaining an order or judgment in any
         court or other tribunal or (iii) enforcing any order or judgment given
         or made in relation to any Facility Document, the Borrowers shall
         indemnify and hold harmless each of the persons to whom such sum is due
         from and against any loss suffered as a result of any discrepancy
         between (a) the rate of exchange used for such purpose to convert the
         sum in question from the first currency into the second currency and
         (b) the rate or rates of exchange at which such person may in the
         ordinary course of business purchase the first currency with the second
         currency upon receipt of a sum paid to it in satisfaction, in whole or
         in part, of any such order, judgment, claim or proof.

19.      PAYMENTS

19.1     PAYMENTS

         On each date on which this Agreement requires an amount to be paid by
         the Borrowers or a Bank hereunder, the Borrowers or, as the case may
         be, such Bank shall make the same available to the Agent by payment in
         dollars and in same day funds (or in such other funds as may for the
         time being be customary in New York City for the settlement in New York
         City of international banking transactions in dollars) to the account
         of the Agent in Oslo or such other account as the Agent may have
         specified for this purpose.

19.2     NO SET-OFF

         All payments made by the Borrowers hereunder shall be made free and
         clear of and without any deduction for or on account of any set-off or
         counterclaim.

20.      SET-OFF

         Each Borrower authorises each Bank at any time following the occurrence
         of an Event of Default to apply any credit balance to which either
         Borrower is entitled on any account of either Borrower with such Bank
         in satisfaction of any sum due and payable from the Borrowers to such
         Bank under this Agreement but unpaid; for this purpose, such Bank is
         authorised to purchase with the moneys standing to the credit of any
         such account such other

<PAGE>

         currencies as may be necessary to effect such application.

21.      SHARING

21.1     REDISTRIBUTION OF PAYMENTS

         If at any time, the proportion which any Bank (a "RECOVERING BANK") has
         received or recovered (whether by payment, the exercise of a right of
         set-off or combination of accounts or otherwise) in respect of its
         portion of any payment (a "RELEVANT PAYMENT") to be made under this
         Agreement by the Borrowers for account of such Recovering Bank and one
         or more other Banks is greater (the portion of such receipt or recovery
         giving rise to such excess proportion being herein called an "EXCESS
         AMOUNT") than the proportion thereof so received or recovered by the
         Bank or Banks so receiving or recovering the smallest proportion
         thereof, then:

         (i)      such Recovering Bank shall pay to the Agent an amount equal to
                  such excess amount;

         (ii)     there shall thereupon fall due from such Recovering Bank an
                  amount equal to the amount paid out by such Recovering Bank
                  pursuant to paragraph (i) above, the amount so due being, for
                  the purposes hereof, treated as if it were an unpaid part of
                  such Recovering Bank's portion of such relevant payment; and

         (iii)    the Agent shall treat the amount received by it from such
                  Recovering Bank pursuant to paragraph (i) above as if such
                  amount had been received by it from the Borrowers in respect
                  of such relevant payment and shall pay the same to the persons
                  entitled thereto (including such Recovering Bank) PRO RATA to
                  their respective entitlements thereto.

21.2     REPAYABLE RECOVERIES

         If any sum (a "RELEVANT SUM") received or recovered by a Recovering
         Bank in respect of any amount owing to it by the Borrowers becomes
         repayable and is repaid by such Recovering Bank, then:

         (i)      each Bank which has received a share of such relevant sum by
                  reason of the implementation of Clause 19.1 (PAYMENTS) shall,
                  upon request of the Agent, pay to the Agent for account of
                  such Recovering Bank an amount equal to its share of such
                  relevant sum; and

         (ii)     there shall thereupon fall due from the Borrowers to each such
                  Bank an amount equal to the amount paid out by it pursuant to
                  paragraph (i) above, the amount so due being, for the purposes
                  hereof, treated as if it were the sum payable to such Bank
                  against which such Bank's share of such relevant sum was
                  applied.

22.      FEES

22.1     ARRANGEMENT FEE

<PAGE>

         The Borrowers shall pay to the Agent for its own account hereunder an
         arrangement fee of the amount specified in the letter exchanged between
         the Agent and General Maritime Corporation dated 23 September 1997 such
         fee to be payable by two equal instalments. The first instalment to be
         payable at the first Drawdown Date and the second instalment to be
         payable at the second Drawdown Date, or if earlier, on cancellation of
         the Facility Amount.

22.2     AGENCY FEE

         The Borrowers shall pay to the Agent for its own account a
         non-refundable agency fee of the amount specified in the letter
         exchanged between the Agent and General Maritime Corporation dated 23
         September, 1997 such fee to be payable on the first Drawdown Date and
         on each anniversary thereof.

23.      COSTS AND EXPENSES

23.1     TRANSACTION EXPENSES

         The Borrowers shall, from time to time on demand of the Agent,
         reimburse the Agent for all costs and expenses (including legal fees)
         incurred by it in connection with the negotiation, preparation and
         execution of the Facility Documents and the completion of the
         transactions herein contemplated.

23.2     PRESERVATION AND ENFORCEMENT OF RIGHTS

         The Borrowers shall, from time to time on demand of the Agent,
         reimburse the Agent, the Banks and the Security Trustee for all costs
         and expenses (including legal fees) incurred in or in connection with
         the preservation and/or enforcement of any of the rights of the Agent,
         the Banks and the Security Trustee under the Facility Documents.

23.3     STAMP TAXES

         The Borrowers shall pay all stamp, registration and other taxes to
         which any Facility Document or any judgment given in connection with
         any Facility Document is or at any time may be subject and shall, from
         time to time on demand of the Agent, indemnify the Security Trustee and
         the Bank against any liabilities, costs, claims and expenses resulting
         from any failure to pay or any delay in paying any such tax.

23.4     BANKS' LIABILITIES FOR COSTS

         If either Borrower fails to perform any of its obligations under this
         Clause 23, each Bank shall, in the proportion borne by its share of the
         Loan to the amount of the Loan for the time being indemnify the Agent
         against any loss incurred by it as a result of such failure and the
         Borrowers shall forthwith reimburse each Bank for any payment made by
         it pursuant to this Clause 23.4.

<PAGE>

24.      THE AGENT AND THE BANKS

24.1     APPOINTMENT OF THE AGENT

         Each Bank hereby appoints the Agent to act as its agent in connection
         with this Agreement and the other Facility Documents and authorises the
         Agent to exercise such rights, powers and discretions as are
         specifically delegated to the Agent by the terms hereof together with
         all such rights, powers and discretions as are reasonably incidental
         thereto.

24.2     AGENT'S DISCRETIONS

         The Agent may:

         (i)      assume that:

                  (a)      any representation made by either Borrower in
                           connection with this Agreement and the other Facility
                           Documents is true;

                  (b)      no event which is or may become an Event of Default
                           has occurred; and

                  (c)      neither Borrower is in breach of or default under its
                           obligations with this Agreement and the other
                           Facility Documents

                  unless it has actual knowledge or actual notice to the
                  contrary;

         (ii)     assume that the Facility Office of each Bank is that
                  identified with its signature (or, in the case of a
                  Transferee, at the end of the Transfer Certificate to which it
                  is a party as Transferee) below until it has received from
                  such Bank a notice designating some other office of such Bank
                  to replace its Facility Office and act upon any such notice
                  until the same is superseded by a further such notice;

         (iii)    engage and pay for the advice or services of any lawyers,
                  accountants, surveyors or other experts whose advice or
                  services may to it seem necessary, expedient or desirable and
                  rely upon any advice so obtained;

         (iv)     rely as to any matters of fact which might reasonably be
                  expected to be within the knowledge of the Borrowers upon a
                  certificate signed by or on behalf of the Borrowers;

         (v)      rely upon any communication or document believed by it in good
                  faith to be genuine;

         (vi)     refrain from exercising any right, power or discretion vested
                  in it as agent hereunder unless and until instructed by an
                  Instructing Group as to whether or not such right, power or
                  discretion is to be exercised and, if it is to be exercised,
                  as to the manner in which it should be exercised; and

         (vii)    refrain from acting in accordance with any instructions of an
                  Instructing Group to

<PAGE>

                  begin any legal action or proceeding arising out of or in
                  connection with this Agreement until it shall have received
                  such security as it may require (whether by way of payment in
                  advance or otherwise) for all costs, claims, expenses
                  (including legal fees) and liabilities which it will or may
                  expend or incur in complying with such instructions.

24.3     AGENT'S OBLIGATIONS

         The Agent shall:

         (i)      promptly inform each Bank of the contents of any notice or
                  document received by it from either Borrower under this
                  Agreement and the other Facility Documents;

         (ii)     promptly notify each Bank of the occurrence of any Event of
                  Default or any default by either Borrower in the due
                  performance of or compliance with its obligations under this
                  Agreement and the other Facility Documents of which the Agent
                  has actual knowledge or actual notice;

         (iii)    save as otherwise provided herein, act as agent hereunder in
                  accordance with any instructions given to it by an Instructing
                  Group, which instructions shall be binding on all the Banks;
                  and

         (iv)     if so instructed by an Instructing Group, refrain from
                  exercising any right, power or discretion vested in it as
                  agent hereunder.

24.4     EXCLUDED OBLIGATIONS

         Notwithstanding anything to the contrary expressed or implied herein,
the Agent shall not:

         (i)      be bound to enquire as to:

                  (a)      whether or not any representation made by either
                           Borrower in connection with the Facility Documents is
                           true;

                  (b)      the occurrence or otherwise of any event which is or
                           may become an Event of Default;

                  (c)      the performance by either Borrower of its obligations
                           under any of the Facility Documents; or

                  (d)      any breach of or default by either Borrower of or
                           under its obligations under any of the Facility
                           Documents;

         (ii)     be bound to account to each Bank for any sum or the profit
                  element of any sum received by it for its own account;

         (iii)    be bound to disclose to any other person any information
                  relating to either Borrower if such disclosure would or might
                  in its opinion constitute a breach of any law or

<PAGE>

                  regulations or be otherwise actionable at the suit of any
                  person; or

         (iv)     be under any obligations other than those for which express
                  provision is made herein.

24.5     INDEMNIFICATION

         Each Bank shall, from time to time on demand by the Agent, indemnify
         the Agent, in the proportion its share of the Loan bears to the amount
         of the Loan at the time of such demand or, if the Loan has then been
         repaid in full, against any and all costs, claims, losses, expenses
         (including legal fees) and liabilities together with any VAT thereon
         which the Agent may incur, otherwise than by reason of its own
         negligence or wilful misconduct, in acting in its capacity as agent
         hereunder.

24.6     EXCLUSION OF LIABILITIES

         The Agent does not accept any responsibility for the accuracy and/or
         completeness of information supplied by the Borrowers in connection
         herewith or with any other Facility Document or for the legality,
         validity, effectiveness, adequacy or enforceability of this Agreement
         or any other Facility Document and the Agent shall not be under any
         liability as a result of taking or omitting to take any action in
         relation to this Agreement or any other Facility Document, save in the
         case of gross negligence or wilful misconduct.

24.7     NO ACTION

         Each Bank agrees that it will not assert or seek to assert against any
         director, officer or employee of the Agent any claim it might have
         against any of them in respect of the matters referred to in Clause
         24.6 (EXCLUSION OF LIABILITIES).

24.8     BUSINESS WITH THE BORROWER

         The Agent and each of the Banks may accept deposits from, lend money to
         and generally engage in any kind of banking or other business with the
         Borrowers.

24.9     RESIGNATION

         The Agent may resign its appointment hereunder at any time without
         assigning any reason therefor by giving not less than thirty days'
         prior written notice to that effect to each of the other parties hereto
         Provided that no such resignation shall be effective until a successor
         for the Agent is appointed in accordance with the succeeding provisions
         of this Clause 24.

24.10    SUCCESSOR AGENT

         If the Agent gives notice of its resignation pursuant to Clause 24.9
         then any reputable and experienced bank or other financial institution
         may be appointed as a successor to the Agent by an Instructing Group
         with the Borrowers' consent (such consent not to be unreasonably
         delayed or withheld) during the period of such notice but, if no such
         successor is so appointed, the Agent may appoint such a successor
         itself.

<PAGE>

24.11    RIGHTS AND OBLIGATIONS

         If a successor to the Agent is appointed under the provisions of Clause
         24.10 (SUCCESSOR AGENT), then (i) the retiring Agent shall be
         discharged from any further obligation hereunder but shall remain
         entitled to the benefit of the provisions of this Clause 24 and (ii)
         its successor and each of the other parties hereto shall have the same
         rights and obligations amongst themselves as they would have had if
         such successor had been a party hereto.

24.12    OWN RESPONSIBILITY

         It is understood and agreed by each Bank that it has itself been, and
         will continue to be, solely responsible for making its own independent
         appraisal of and investigations into the financial condition,
         creditworthiness, condition, affairs, status and nature of the
         Borrowers and, accordingly, each Bank warrants to the Agent that it has
         not relied and will not hereafter rely on the Agent:

         (i)      to check or enquire on its behalf into the adequacy, accuracy
                  or completeness of any information provided by the Borrowers
                  in connection with the Facility Documents or the transactions
                  therein contemplated (whether or not such information has been
                  or is hereafter circulated to each Bank by the Agent); or

         (ii)     to assess or keep under review on its behalf the financial
                  condition, creditworthiness, condition, affairs, status or
                  nature of the Borrowers.

24.13    AGENCY DIVISION SEPARATE

         In acting as agent hereunder for the Banks, the Agent shall be regarded
         as acting through its agency division which shall be treated as a
         separate entity from any other of its divisions or departments and,
         notwithstanding the foregoing provisions of this Clause 24, any
         information received by some other division or department of the Agent
         may be treated as confidential and shall not be regarded as having been
         given to the Agent's agency division.

24.14    CONFIDENTIAL INFORMATION

         Notwithstanding anything to the contrary expressed or implied herein
         and without prejudice to the provisions of Clause 24.13 (AGENCY
         DIVISION SEPARATE), the Agent shall not as between itself and the Banks
         be bound to disclose to any Bank or other person any information which
         is supplied by either Borrower to the Agent in its capacity as agent
         hereunder for the Banks and which is identified by such Borrower at the
         time it is so supplied as being confidential information Provided that
         the consent of the Borrowers to such disclosure shall not be required
         in relation to any information which in the opinion of the Agent
         relates to an Event of Default or in respect of which the Banks have
         given a confidentiality undertaking in a form satisfactory to the Agent
         and the Borrowers.

25.      BENEFIT OF AGREEMENT

         This Agreement shall be binding upon and enure to the benefit of each
         party hereto and its

<PAGE>

         successors and permitted assigns.

26.      ASSIGNMENTS AND TRANSFERS

26.1     NO ASSIGNMENT AND TRANSFER BY THE BORROWERS

         No Borrower shall be entitled to assign or transfer all or any of its
         rights, benefits and obligations hereunder.

26.2     ASSIGNMENTS AND TRANSFERS BY BANKS

         Any Bank may at any time (and at its own cost) assign or transfer all
         or any of its rights and benefits hereunder.

26.3     ASSIGNMENTS BY BANKS

         If any Bank assigns all or any of its rights and benefits hereunder in
         accordance with Clause 26.2 (ASSIGNMENTS AND TRANSFERS BY BANKS), then,
         unless and until the assignee has agreed with the Agent and the
         Security Trustee that it shall be under the same obligations towards
         each of them as it would have been under if it had been an original
         party hereto as a Bank, the Agent and the Security Trustee shall not be
         obliged to recognise such assignee as having the rights against each of
         them which it would have had if it had been such a party hereto.

26.4     TRANSFERS BY BANKS

         If a Bank wishes to transfer all or any of its rights, benefits and/or
         obligations hereunder as contemplated in Clause 26.2 (ASSIGNMENTS AND
         TRANSFERS BY BANKS), then such transfer may be effected by the delivery
         to the Agent and the Borrowers of a duly completed and duly executed
         Transfer Certificate in which event, on the later of the Transfer Date
         specified in such Transfer Certificate and the fifth business day after
         (or such earlier business day endorsed by the Agent on such Transfer
         Certificate) the date of delivery of such Transfer Certificate to the
         Agent:

         (i)      to the extent that in such Transfer Certificate such Bank
                  seeks to transfer its rights and obligations hereunder, the
                  Borrowers and such Bank shall be released from further
                  obligations towards one another hereunder and their respective
                  rights against one another shall be cancelled (such rights and
                  obligations being referred to in this Clause 26.4 as
                  "DISCHARGED RIGHTS AND OBLIGATIONS"); and

         (ii)     the Borrowers and the Transferee party thereto shall assume
                  obligations towards one another and/or acquire rights against
                  one another which differ from such discharged rights and
                  obligations only insofar as the Borrowers and such Transferee
                  have assumed and/or acquired the same in place of the
                  Borrowers and such Bank;

26.5     TRANSFER FEES

         On the date upon which a transfer takes effect pursuant to this Clause
         26, the Transferee in

<PAGE>

         respect of such transfer shall pay to the Agent for its own account a
         transfer fee of $500.

26.6     OTHER ASSIGNMENTS AND TRANSFERS BY BANKS

         Any assignment or transfer which is not contemplated by the express
         provisions of this Clause 26 may only be made by a Bank with the prior
         written consent of the Borrowers and in such event, the provisions of
         Clauses 26.2 (ASSIGNMENTS AND TRANSFERS BY BANKS), 26.4 (TRANSFERS BY
         BANKS) and 26.5 (TRANSFER FEES) shall apply MUTATIS MUTANDIS thereto.

26.7     DISCLOSURE OF INFORMATION

         Any Bank may, with the prior written consent of the Borrowers (such
         consent not to be unreasonably withheld or delayed), disclose to any
         actual or potential assignee or to any person who may otherwise enter
         into contractual relations with such Bank in relation to this Agreement
         such information about the Borrowers as such Bank and the Borrowers
         shall consider appropriate.

27.      CALCULATIONS AND EVIDENCE OF DEBT

27.1     BASIS OF ACCRUAL

         Interest and commitment commission shall accrue from day to day and
         shall be calculated on the basis of a year of 360 days and the actual
         number of days elapsed.

27.2     EVIDENCE OF DEBT

         Each Bank shall maintain in accordance with its usual practice accounts
         evidencing the amounts from time to time lent by and owing to it
         hereunder; in any legal action or proceeding arising out of or in
         connection with this Agreement and other Facility Documents, the
         entries made in such accounts shall be conclusive evidence of the
         existence and amounts of the obligations of the Borrowers therein
         recorded.

27.3     CONTROL ACCOUNTS

         The Agent shall maintain on its books a control account or accounts in
         which shall be recorded (i) the amount of each advance made hereunder
         by the Banks, (ii) the amount of all principal, interest and other sums
         due or to become due from the Borrowers to each of the Banks under the
         Facility Documents and (iii) the amount of any sum received or
         recovered by the Agent under the Facility Documents and each Bank's
         share therein. To the extent that discrepancies exist between accounts
         maintained by each Bank pursuant to clause 27.2 (EVIDENCE OF DEBT) and
         control accounts maintained by the Agent under this Clause 27.3, the
         control accounts herein maintained shall prevail.

27.4     PRIMA FACIE EVIDENCE

         In any legal action or proceeding arising out of or in connection with
         this Agreement and/or any other Facility Document, the entries made in
         the accounts maintained pursuant to Clause 27.2 (EVIDENCE OF DEBT) or
         Clause 27.3 (CONTROL ACCOUNTS) shall be PRIMA FACIE evidence of

<PAGE>

         the existence and extent of the obligations of the Borrowers therein
         recorded.

27.5     CHANGE OF CIRCUMSTANCE CERTIFICATES

         A certificate of the Bank as to (a) the amount by which a sum payable
         to it hereunder is to be increased under Clause 10.1 (TAX GROSS-UP) or
         (b) the amount for the time being required to indemnify it against any
         such cost or liability as is mentioned in Clause 10.2 (TAX INDEMNITY)
         or 11.1 (INCREASED COSTS) shall, in the absence of manifest error, be
         conclusive for the purposes of this Agreement and PRIMA FACIE evidence
         in any legal action or proceeding arising out of or in connection with
         this Agreement.

28.      REMEDIES AND WAIVERS

         No failure to exercise, nor any delay in exercising, on the part of the
         Agent, any Bank and the Security Trustee or any of them, any right or
         remedy hereunder shall operate as a waiver thereof, nor shall any
         single or partial exercise of any right or remedy prevent any further
         or other exercise thereof or the exercise of any other right or remedy.
         The rights and remedies herein provided are cumulative and not
         exclusive of any rights or remedies provided by law.

29.      PARTIAL INVALIDITY

         If at any time any provision hereof is or becomes illegal, invalid or
         unenforceable in any respect under the law of any jurisdiction, neither
         the legality, validity or enforceability of the remaining provisions
         hereof nor the legality, validity or enforceability of such provision
         under the law of any other jurisdiction shall in any way be affected or
         impaired thereby.

30.      NOTICES

30.1     COMMUNICATIONS IN WRITING

         Each communication to be made hereunder shall be made in writing but,
         unless otherwise stated, may be made by telex, facsimile or letter.

30.2     COMMUNICATIONS THROUGH THE AGENT

         Each communication between the Banks and the Borrowers hereunder shall
         only be effected through the Agent.

30.3     DELIVERY

         Any communication or document to be made or delivered by one party to
         the other pursuant to this Agreement shall (unless the other party has
         by three days' written notice to the one specified another address or
         telex or facsimile number) be made or delivered to that other party at
         the address or telex or facsimile number identified with its signature
         below and shall be deemed to have been made or delivered when
         despatched and answerback received (in the case of any communication
         made by telex) or (in the case of any communication made by facsimile)
         when legibly received or (in the case of any communication made by
         letter) when left at that address or (as the case may be) ten days
         after being deposited in the post postage

<PAGE>

         prepaid in an envelope addressed to it at that address Provided that:

         (i)      if any such communication or document would otherwise be
                  deemed to have been received on a day which is not a business
                  day it shall be deemed to have been received on the first
                  business day thereafter; and

         (ii)     any communication or document to be made or delivered by the
                  Borrowers to each Bank shall be effective only when legibly
                  received by the Bank and then only if the same is expressly
                  marked for the attention of the department or officer
                  identified with such Bank's signature below (or such other
                  department or officer as such Bank shall from time to time
                  specify for this purpose).

30.4     ENGLISH LANGUAGE

         Each communication and document made or delivered by one party to
         another pursuant to this Agreement shall be in the English language or
         accompanied by a translation thereof into English certified (by an
         officer of the person making or delivering the same) as being a true
         and accurate translation thereof.

30.5     NOTICE BINDING

         Notice by either Borrower made hereunder shall be binding on both the
         Agent and the Banks and the Agent and the Banks can ignore any
         subsequent conflicting notice.

31.      LAW

         This Agreement shall be governed by, and construed in accordance with,
         English law.

32.      JURISDICTION

32.1     ENGLISH COURTS

         Each of the parties hereto irrevocably agrees for the benefit of the
         Agent, the Banks and the Security Trustee that the courts of England
         shall have jurisdiction to hear and determine any suit, action or
         proceeding, and to settle any disputes, which may arise out of or in
         connection with this Agreement and, for such purposes, irrevocably
         submits to the jurisdiction of such courts.

32.2     APPROPRIATE FORUM

         Each Borrower irrevocably waives any objection which it might now or
         hereafter have to the courts referred to in Clause 32.1 (ENGLISH
         COURTS) being nominated as the forum to hear and determine any suit,
         action or proceeding, and to settle any disputes, which may arise out
         of or in connection with this Agreement and agrees not to claim that
         any such court is not a convenient or appropriate forum.

<PAGE>

32.3     SERVICE OF PROCESS

         Each Borrower agrees that the process by which any suit, action or
         proceeding in England is begun may be served on it by being delivered
         to Clifford Chance Secretaries Limited at 200 Aldersgate Street,
         London, EC1A 4JJ or other of its registered offices for the time being.

32.4     NON-EXCLUSIVE SUBMISSIONS

         The submission to the jurisdiction of the courts referred to in Clause
         32.1 (ENGLISH COURTS) shall not (and shall not be construed so as to)
         limit the right of the Agent, the Banks or the Security Trustee to take
         proceedings against either Borrower in any other court of competent
         jurisdiction nor shall the taking of proceedings in any one or more
         jurisdictions preclude the taking of proceedings in any other
         jurisdiction, whether concurrently or not.

AS WITNESS the hands of the duly authorised representatives of the parties
hereto the day and year first before written.

<PAGE>

                               THE FIRST SCHEDULE

                          CONDITION PRECEDENT DOCUMENTS

                                     PART 1

1.       In relation to each Borrower, the Shareholder and the Managing General
         Partner (herein together referred to as the "RELEVANT PARTIES"):

         (i)      a copy, certified a true copy by a duly authorised officer of
                  the relevant Borrower, of a Board Resolution of such Borrower
                  approving the execution, delivery and performance of each of
                  the Facility Documents to which it is a party and the terms
                  and conditions thereof and authorising a named person or
                  persons to sign each of the Facility Documents to which it is
                  a party;

         (ii)     a copy, certified a true copy by a duly authorised officer of
                  the Managing General Partner of the Shareholder's Certificate
                  of Registration as a Limited Partnership and its Limited
                  Partnership Agreement;

         (iii)    a copy, certified a true copy by a duly authorised officer of
                  the Relevant Party, of the constitutive documents of such
                  Relevant Party;

         (iv)     a certificate of a duly authorised officer of the relevant
                  Borrower, setting out the names and signatures of the persons
                  authorised to sign, on behalf of such Borrower, the Facility
                  Documents to which it is a party and any documents to be
                  delivered by it pursuant hereto or thereto; and

         (v)      a copy certified a true copy by a duly authorised officer of
                  the relevant Borrower, of the proforma opening balance sheet
                  of such Borrower evidencing its capital structure including
                  the amount of its Working Capital;

         (vi)     a certificate of a duly authorised officer of the Managing
                  General Partner of the Shareholder setting out the partners
                  (both general and limited) of the Shareholder; and

         (vii)    a certificate of a duly authorised officer of each Borrower
                  certifying that the Shareholder is the sole Shareholder of
                  such Borrower.

2.       A copy of the Cayman Islands Exempted Limited Partnership Law and of
         each such other law, decree, consent, licence, approval, registration
         or declaration as is, in the opinion of counsel to the Banks, necessary
         to render the Facility Documents legal, valid, binding and enforceable,
         to make them admissible in evidence in the Cayman Islands and Liberia
         and to enable each Borrower lawfully to perform its obligations under
         the Facility Documents.

3.       An opinion of the Banks' counsel in relation to Liberian and New York
         law in a form satisfactory to the Banks.

<PAGE>

4.       An opinion of the Banks' Cayman Islands counsel in a form satisfactory
         to the Banks.

5.       An opinion of Clifford Chance in a form satisfactory to the Banks.

6.       Evidence that Clifford Chance Secretaries Limited has agreed to act as
         the agent of each Borrower for the service of process in England.

7.       A Priority Agreement between the Borrowers, the Banks and the Agent
         under this Agreement and the Agent and the lenders under the Junior
         Facility Agreement.

8.       A copy, certified to be a true copy by a duly authorised officer of the
         relevant Borrower of each of the Memorandum of Agreements showing the
         purchase price of the Stavanger Boss (to be renamed Boss) to be
         $25,750,00 and the Stavanger Sun (to be renamed Sun) to be $25,900,000.

9.       Details of the managers of the Vessels and a certified true copy of
         each Initial Management Agreement and each Subsequent Management
         Agreement for each Vessel in a form acceptable to the Banks.

10.      Confirmation that the technical management of each of the Vessels is or
         will be with firstly, Det Stavangerske Damskipsselskap, Norway and
         secondly with Universe Tankships (Bermuda) Ltd.

<PAGE>

                                     PART 2

Each of the following documents duly executed by the Borrower which is the
purchaser of the Vessel which is to be purchased with the relevant Advance.

1.       (i)      In respect of Stavanger Sun Ltd as the relevant Borrower, a
                  first preferred Liberian ship mortgage granted by such
                  Borrower over its Vessel in favour of the Security Trustee in
                  a form acceptable to the Agent.

         (ii)     In respect of Boss Ltd as the relevant Borrower, the Norwegian
                  International Ship Mortgages granted by such Borrower over its
                  Vessel in favour of the Security Trustee in a form acceptable
                  to the Agent.

2.       An assignment of earnings and insurances agreement entered into by such
         Borrower in favour of the Security Trustee to secure the Borrower's
         obligations under this Agreement in a form acceptable to the Agent.

3.       An assignment of such Borrower's bank accounts in a form acceptable to
         the Agent.

4.       A security trust deed whereby the Security Trustee agrees to hold the
         benefit of the security created by the mortgage and the assignment of
         earnings and insurances and the assignment of accounts referred to in
         paragraphs 1, 2 and 3 above on trust for the Beneficiaries named
         therein in a form acceptable to the Agent.

5.       All notices to be given under the assignments referred to in 2 and 3
         above.

6.       The Protocol of Delivery and Acceptance of its Vessel duly signed by
         such Borrower and the Seller.

7.       (i)      In respect of Stavanger Sun Ltd as the relevant Borrower,
                  evidence of deletion of its Vessel from Norwegian flag and
                  evidence of registration under Liberian flag.

         (ii)     In respect of Boss Ltd as the relevant Borrower, evidence of
                  registration of its Vessel under the Norwegian flag.

8.       Valid up-to-date class certificates from a classification society
         acceptable to the Agent and showing its Vessel to be in a class
         acceptable to the Agent, without extension or recommendations.

9.       A copy of the Bill of Sale relating to its Vessel and any other
         documents required to be produced by the Seller or the Borrower
         pursuant to the Memorandum of Agreement.

10.      Evidence of the discharge of any existing mortgages over its Vessel.

<PAGE>

                               THE SECOND SCHEDULE

                               NOTICE OF DRAWDOWN

From:    Boss Ltd./Stavanger Sun Ltd.

To:      Christiania Bank og Kreditkasse ASA as Agent

Dear Sirs,

1.       We refer to the agreement (the "FACILITY AGREEMENT") dated __________
1997 and made between ourselves as borrowers, yourselves as agent and security
trustee and the Initial Bank as defined therein. Terms defined in the Facility
Agreement shall have the same meaning in this notice.

2.       We hereby give you notice that, pursuant to the Facility Agreement and
on _____________________, we wish to borrow the amount of ________________
United States Dollars (being an amount equal to the lesser of the amount of the
Facility Amount and 57 per cent. of the purchase price of the m/t "STAVANGER
BOSS/STAVANGER SUN upon the terms and subject to the conditions contained
therein.

3.       We would like the Advance to have a first Interest Period of:

         First Choice: _____________________________ months' duration.

         Second Choice:* __________________________ months' duration.

4.       We further confirm that, at the date hereof, the representations set
out in Clauses 12.1 and 12.2 of the Facility Agreement are true and that no
event which is or may become (with the passage of time, the giving of notice,
the making of any determination under the Facility Agreement or any combination
thereof) an Event of Default has occurred.

5.       The proceeds of this drawdown should be credited to our account with
the Agent's New York branch.

                                Yours faithfully

                          ----------------------------
                              for and on behalf of
                          BOSS LTD./STAVANGER SUN LTD.

--------------------------------------------------------------------------------
*        Only if the first choice Interest Period is twelve months.

<PAGE>

                               THE THIRD SCHEDULE

                          FORM OF TRANSFER CERTIFICATE

To:      Christiania Bank og Kreditkasse ASA (as Agent) and
         Boss Ltd. and Stavanger Sun Ltd.

                              TRANSFER CERTIFICATE

relating to the agreement (as from time to time amended, varied, novated or
supplemented, the "FACILITY AGREEMENT") dated [        ] whereby a
US$30,000,000 loan facility was made available to Boss Ltd. and Stavanger Sun
Ltd. (the "BORROWERS") by the Initial Bank as defined therein in connection
with which Christiania Bank og Kreditkasse ASA acted as Agent and Security
Trustee.

1.       Terms defined in the Facility Agreement shall, subject to any contrary
indication, have the same meanings herein. The terms Bank, Transferee, Bank's
Participation and Amount Transferred are defined in the schedule hereto.

2.       The Bank confirms that the Bank's Participation is an accurate summary
of its participation in the Facility Agreement and requests the Transferee to
accept and procure the transfer to the Transferee of a percentage of the Bank's
Participation (equal to the percentage that the Amount Transferred is of the
aggregate of the component amounts (as set out in the Schedule hereto) of the
Bank's Participation) by counter-signing and delivering this Transfer
Certificate to the Agent at its address for the service of notices specified in
the Facility Agreement.

3.       The Transferee hereby requests the Agent to accept this Transfer
Certificate as being delivered to the Agent pursuant to and for the purposes of
Clause 26.2 of the Facility Agreement so as to take effect in accordance with
the terms thereof on the Transfer Date or on such later date as may be
determined in accordance with the terms thereof.

4.       The Transferee warrants that it has received a copy of the Facility
Agreement together with such other information as it has required in connection
with this transaction and that it has not relied and will not hereafter rely on
the Bank to check or enquire on its behalf into the legality, validity,
effectiveness, adequacy, accuracy or completeness of any such information and
further agrees that it has not relied and will not rely on the Bank to assess or
keep under review on its behalf the financial condition, creditworthiness,
condition, affairs, status or nature of either Borrower.

5.       The Transferee hereby undertakes with the Bank and each of the other
parties to the Facility Agreement that it will perform in accordance with their
terms all those obligations which by the terms of the Facility Agreement will be
assumed by it after delivery of this Transfer Certificate to the Agent and
satisfaction of the conditions (if any) subject to which this Transfer
Certificate is expressed to take effect.

6.       The Bank makes no representation or warranty and assumes no
responsibility with respect to the legality, validity, effectiveness, adequacy
or enforceability of the Facility Agreement or any

<PAGE>

document relating thereto and assumes no responsibility for the financial
condition of the Borrower or for the performance and observance by either
Borrower of any of its obligations under the Facility Agreement or any document
relating thereto and any and all such conditions and warranties, whether express
or implied by law or otherwise, are hereby excluded.

7.       The Bank hereby gives notice that nothing herein or in the Facility
Agreement (or any document relating thereto) shall oblige the Bank to (i) accept
a re-transfer from the Transferee of the whole or any part of its rights,
benefits and/or obligations under the Facility Agreement transferred pursuant
hereto or (ii) support any losses directly or indirectly sustained or incurred
by the Transferee for any reason whatsoever including, without limitation, the
non-performance by either Borrower or any other party to the Facility Agreement
(or any document relating thereto) of its obligations under any such document.
The Transferee hereby acknowledges the absence of any such obligations under any
such document. The Transferee hereby acknowledges the absence of any such
obligation as is referred to in (i) or (ii) above.

8.       This Transfer Certificate and the rights and obligations of the parties
hereunder shall be governed by and construed in accordance with English law.

                                    SCHEDULE

1.       Bank:

2.       Transferee:

3.       Transfer Date:

4.       Bank's Participation:

         Bank's portion of the Loan:

         Bank's Commitment:

5.       Amount Transferred:

[Transferor Bank]                           [Transferee Bank]

By:                                         By:

Date:                                       Date:

                                            Address:

<PAGE>

                               THE FOURTH SCHEDULE

<TABLE>
<CAPTION>
THE BORROWERS                               THE VESSELS                         THE SELLERS
<S>                                         <C>                                 <C>
Boss Ltd., a company                        M/T Stavanger Boss                  KS Stavanger Boss
duly incorporated under                     (to be renamed "Boss")
the laws of the Cayman
Islands

Stavanger Sun Ltd.,                         M/T Stavanger Sun                   KS Stavanger Sun
a company duly incorporated                 (to be renamed "Sun")
under the laws of the Cayman Islands
</TABLE>

<PAGE>

EXECUTED as an Agreement

THE BORROWERS

BOSS LTD.

By:               Peter Georgiopoulos

Address:          c/o General Maritime III Corporation
                  730 Fifth Avenue (15th Floor)
                  New York
                  NY 10019
                  USA

Attention:        Peter Georgiopoulos
Tel:              (212) 698 9630
Fax:              (212) 698 9628

STAVANGER SUN LTD.

By:               Peter Georgiopoulos

Address:          c/o General Maritime Corporation
                  730 Fifth Avenue (15th Floor)
                  New York
                  NY 10019
                  USA

Attention:        Peter Georgiopoulos
Tel:              (212) 698 9630
Fax:              (212) 698 9628

THE AGENT AND SECURITY TRUSTEE

CHRISTIANIA BANK OG KREDITKASSE ASA

By:               Amelia Sweetland, Attorney in Fact

Address:          PO Box 1166
                  Sentrum
                  0107 Oslo
                  Norway

Attention:
Tel:              47 2248 5000
Fax:              47 2248 6668

<PAGE>

THE INITIAL BANK

CHRISTIANIA BANK OG KREDITKASSE ASA

By:               Amelia Sweetland, Attorney in Fact

Address:          PO Box 1166
                  Sentrum
                  0107 Oslo
                  Norway

Attention:        Shipping Department
Tel:              47 2248 5000
Fax:              47 2248 6668<PAGE>

                            JUNIOR FACILITY AGREEMENT

                                     between

                                    BOSS LTD.
                               STAVANGER SUN LTD.
                                  as borrowers

                       CHRISTIANIA BANK OG KREDITKASSE ASA
                          as agent and security trustee

                                       and

                       CHRISTIANIA BANK OG KREDITKASSE ASA
                                    as lender

                                 Clifford Chance
                                     London

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
CLAUSE                                                                      PAGE

<S>                                                                         <C>
1.  Interpretation ........................................................    1
2.  The Facility ..........................................................    8
3.  Purpose ...............................................................    8
4.  Conditions Precedent ..................................................    8
5.  Nature of Rights and Obligations ......................................    8
6.  Availability ..........................................................    9
7.  Interest Periods ......................................................   10
8.  Interest ..............................................................   10
9.  Repayment and Prepayment ..............................................   11
10. Taxes and Tax Receipts ................................................   12
11. Changes in Circumstances ..............................................   13
12. Representations .......................................................   15
13. Information Covenants .................................................   18
14. Financial Condition ...................................................   19
15. General Covenants .....................................................   19
16. Events of Default .....................................................   21
17. Default Interest and Indemnity ........................................   23
18. Currency of Account and Payment .......................................   25
19. Payments ..............................................................   26
20. Set-Off ...............................................................   26
21. Sharing ...............................................................   26
22. Fees ..................................................................   27
23. Costs and Expenses ....................................................   27
24. The Agent and the Banks ...............................................   28
25. Benefit of Agreement ..................................................   32
26. Assignments and Transfers .............................................   32
27. Calculations and Evidence of Debt .....................................   34
28. Remedies and Waivers ..................................................   34
29. Partial Invalidity ....................................................   35
30. Notices ...............................................................   35
31. Law ...................................................................   36
32. Jurisdiction ..........................................................   36

The First Schedule
Condition Precedent Documents .............................................   37

The Second Schedule
Notice of Drawdown ........................................................   40

The Third Schedule
Form of Transfer Certificate ..............................................   41

The Fourth Schedule
The Borrowers .............................................................   43
</TABLE>

<PAGE>

THIS AGREEMENT is made on 30 October 1997

BETWEEN:

(1)      THE COMPANIES named in the Fourth Schedule (the "BORROWERS" and singly
         a "BORROWER") acting jointly and severally;

(2)      CHRISTIANIA BANK OG KREDITKASSE ASA (in its capacity as agent, the
         "AGENT");

(3)      CHRISTIANIA BANK OG KREDITKASSE ASA (in its capacity as the security
         trustee, the "SECURITY Trustee"); and

(4)      CHRISTIANIA BANK OG KREDITKASSE ASA (the "INITIAL BANK").

                                    RECITALS

A.       The Initial Bank has agreed to grant to the Borrowers, upon the terms
         and subject to the conditions herein set forth, a loan facility in the
         amount of up to $5,000,000.

B.       By a further loan facility agreement (the "SENIOR FACILITY AGREEMENT")
         of even date herewith and made between the Borrowers, the Agent, the
         Security Trustee and Christiania Bank og Kreditkasse ASA the Initial
         Bank has agreed to lend to the Borrowers a further sum of up to
         $30,000,000 secured by first ranking security over the assets mortgaged
         or charged by the Borrowers to the Security Trustee pursuant to the
         Facility Documents defined therein.

NOW IT IS HEREBY AGREED  as follows:

1.       INTERPRETATION

1.1      In this Agreement:

         "ADMINISTRATIVE GENERAL PARTNER" means GMC Administration Ltd., a
         company duly incorporated under the laws of the Cayman Islands.

         "ADVANCE" means, save as otherwise provided herein, each of the
         advances made or to be made by the Initial Bank hereunder;

         "ASSIGNMENTS OF ACCOUNTS" means the assignment of each Borrower's bank
         accounts to be executed by each Borrower in favour of the Security
         Trustee pursuant to paragraph 3 of Part 2 of the First Schedule and
         "ASSIGNMENT OF ACCOUNTS" means either of them;

         "ASSIGNMENTS OF EARNINGS AND INSURANCES" means an assignment of
         earnings and insurances to be entered into by each Borrower in favour
         of the Security Trustee pursuant to paragraph 2 of Part 2 of the First
         Schedule and "ASSIGNMENT OF EARNINGS AND INSURANCES" means either of
         them;

         "BANKS" means the Initial Bank and any Transferees of the Initial Bank
         (and any subsequent Transferees) and "BANK" means each of the Banks;

<PAGE>

         "BASLE PAPER" means the paper entitled "International Convergence of
         Capital Measurement and Capital Standards" dated July 1988 and prepared
         by the Basle Committee on Banking Regulations and Supervision, as
         amended in November 1991;

         "CAPITAL ADEQUACY REQUIREMENT" means a request or requirement relating
         to the maintenance of capital, including one which makes any change to,
         or is based on any alteration in, the interpretation of the Basle Paper
         or which increases the amounts of capital required thereunder, other
         than a request or requirement made by way of implementation of the
         Basle Paper in the manner in which it is being implemented at the date
         hereof;

         "DRAWDOWN DATE" means in relation to each Advance, the date on which an
         Advance is made to the relevant Borrower in respect of the Vessel to be
         purchased by such Borrower;

         "EARNINGS ACCOUNT" in relation to each Borrower has the meaning
         ascribed to it in the Assignment of Earnings and Insurances to which
         such Borrower is a party;

         "EVENT OF DEFAULT" means any of those events specified in Clause 16.1
         (EVENTS OF DEFAULT);

         "FACILITY" means the dollar loan facility granted to the Borrowers in
         this Agreement;

         "FACILITY AMOUNT" means an amount of up to US$5,000,000 to be advanced
         by the Initial Bank to the Borrowers;

         "FACILITY OFFICE" means in relation to a Bank, the Agent or the
         Security Trustee the office identified with its signature below (or in
         the case of a Transferee, at the end of the Transfer Certificate to
         which it is a party as Transferee) or such other office as it may from
         time to time select;

         "FACILITY DOCUMENTS" means this Agreement, the Junior Interest Rate
         Swap Agreement, the Senior Interest Rate Swap Agreement, the Trust
         Deed, the Mortgages, the Assignments of Earnings and Insurances entered
         into by each Borrower, the Priority Agreement and the Assignments of
         Accounts entered into by each Borrower and any other document agreed
         between the Agent and the Borrowers to be a Facility Document and
         "FACILITY DOCUMENT" means each of them;

         "FAIR MARKET VALUE" means, in relation to each Vessel at any time, the
         sale value of such Vessel in dollars determined on the basis of a sale
         (for cash and prompt delivery) by a willing seller to a willing buyer,
         free of charter and encumbrances and at arm's length on normal
         commercial terms;

         "FINAL REPAYMENT DATE" means in relation to both the first Advance and
         the Second Advance, the date which falls 60 months after the Drawdown
         Date for the first Advance;

         "GENERAL PARTNERS" means the Managing General Partner and the
         Administrative General Partner and "GENERAL PARTNER" means each of
         them;

         "INITIAL MANAGEMENT AGREEMENTS" means each of the agreements (as from
         time to time

<PAGE>

         amended or novated) to be entered or entered into between each
         respective Borrower and Det Stavangerske Damskipsselskap, Norway
         relating to the management of the Vessel owned by such Borrower
         pursuant to paragraph 9 Part 1 of the First Schedule commencing from
         the relevant Drawdown Date;

         "INSTRUCTING GROUP" means a Bank or group of Banks to whom in aggregate
         more than fifty per cent of the Loan is (or, immediately prior to its
         repayment, was then) owed;

         "INTEREST PERIOD" means in relation to each Advance any of those
         periods mentioned in Clause 7.2 (DURATION OF INTEREST PERIODS);

         "JUNIOR INTEREST RATE SWAP AGREEMENT" means the International Swap
         Dealers Association, Inc., Master Agreement together with a
         confirmation letter dated on or about the date hereof entered into by
         the Borrower, and the Initial Bank (as from time to time amended,
         supplemented or extended by the parties thereunder) pursuant to which
         the Borrower will hedge all or part of its interest costs under this
         Agreement;

         "LIBERIA" means the Republic of Liberia;

         "LIBOR" means, in relation to any period for which an interest rate is
         to be determined hereunder, the rate per annum determined by the Agent
         to be equal to the LIBOR fixing on Telerate page 3740 for deposits in
         dollars for a period corresponding to that period at 11.00 a.m. on the
         Quotation Date for that period Provided that if there are no such rates
         so appearing on such page at such time it means the rate per annum
         determined by the Agent to be equal to the arithmetic mean (rounded
         upwards, if not already such a multiple to the nearest whole multiple
         of one-sixteenth of one per cent.) of the respective rates (as notified
         to the Agent) at which the Reference Banks were offering to prime banks
         in the London Interbank Market deposits in dollars for a period
         corresponding to such period at such time;

         "LOAN" means the aggregate principal amount for the time being
         outstanding hereunder;

         "MANAGING GENERAL PARTNER" means Genmar Boss Ltd. a company duly
         incorporated under the laws of the State of New York, USA;

         "MARGIN" means three per cent. (3%) per annum;

         "MEMORANDUM OF AGREEMENTS" means each of the agreement dated 26
         September 1997 (as from time to time amended or novated) made between
         each respective Borrower and the Seller for the purchase and sale of
         the Vessel to be purchased by each respective Borrower;

         "MORTGAGES" means each of the Norwegian International Ship Mortgages to
         be granted by Boss Ltd as the relevant Borrower over its Vessel and a
         first preferred Liberian ship mortgage to be granted by Stavanger Sun
         Ltd as the relevant Borrower over its Vessel, to the Security Trustee
         both pursuant to paragraph 1, Part 2 of the First Schedule and
         "MORTGAGE" means any of them;

         "NORWEGIAN INTERNATIONAL SHIP MORTGAGES" means the following Norwegian
         International ship mortgages granted by Boss Ltd over its Vessel to
         secure (but not limited to):

<PAGE>

         (i)      the Facility Amount under the Senior Facility Agreement;

         (ii)     the maximum exposure amount of $900,000 under the Senior
                  Interest Rate Swap Agreement;

         (iii)    the Facility Amount under the Junior Facility Agreement; and

         (iv)     the maximum exposure amount of $250,000 under the Junior
                  Interest Rate Swap Agreement;

         "NOTICE OF DRAWDOWN" means a notice in the form or substantially the
         form of that set out in the Second Schedule;

         "PERMITTED LIENS" has the meaning ascribed to it in the Assignment of
         Earnings and Insurances;

         "PRIORITY AGREEMENT" means the agreement between the Agent, the Banks,
         the Borrowers and the Agent and the lenders under the Junior Facility
         Agreement regulating the priorities and the rights of enforcement of
         security between the Banks and the lenders under the Junior Facility
         Agreement pursuant to paragraph 7 of Part 1 of the First Schedule;

         "QUOTATION DATE" in relation to any period for which an interest rate
         is to be determined hereunder means the day on which quotations would
         ordinarily be given by prime banks in the London Interbank Market for
         dollar deposits for delivery on the first day of that period Provided
         that if, for any such period, quotations would ordinarily be given on
         more than one date, the Quotation Date for that period shall be the
         last of those dates;

         "REFERENCE BANK" means the principal Oslo office of Christiania Bank og
         Kreditkasse ASA and such other banks as may from time to time be agreed
         between the Borrower and the Agent;

         "RETENTION ACCOUNT" has the meaning ascribed to it in the Assignment of
         Earnings and Insurances;

         "SELLER" means in relation to each Vessel the party listed against the
         name of such Vessel in the Fourth Schedule and "SELLERS" means both of
         them;

         "SENIOR INTEREST RATE SWAP AGREEMENT" means the International Swap
         Dealers Association, Inc. Master Agreement together with a confirmation
         letter both entered into by the Borrowers and the Initial Bank (as from
         time to time amended, supplemented or extended by the parties
         thereunder) pursuant to which the Borrowers will hedge all or part of
         their interest costs under this Agreement;

         "SHAREHOLDER" means Boss L.P., the sole shareholder of each Borrower;

         "SUBSEQUENT MANAGEMENT AGREEMENTS" means each of the agreements (as
         from time to time amended or novated) to be entered or entered into
         between each respective Borrower

<PAGE>

         and Universe Tankships (Bermuda) Ltd. relating to the management of the
         Vessel owned by such Borrower pursuant to paragraph 9, Part 1, of the
         First Schedule commencing upon the termination of the relevant Initial
         Management Agreement;

         "TERMINATION DATE" means the earlier of 31 December 1997 and the date
         on which the Facility Amount has been reduced to zero;

         "TRANSFER CERTIFICATE" means a certificate in the form set out in the
         Third Schedule (or such other form as may be agreed between the
         relevant Bank, the proposed Transferee, the Agent and the Borrowers
         pursuant to Clause 26.2 (ASSIGNMENTS AND TRANSFERS BY BANKS)) signed by
         a Bank and a Transferee whereby:

         (i)      such Bank seeks to procure the transfer to such Transferee of
                  all or a part of such Bank's rights and obligations hereunder
                  upon and subject to the terms and conditions set out in Clause
                  26.2 (ASSIGNMENTS AND TRANSFERS BY BANKS); and

         (ii)     such Transferee undertakes to perform the obligations it will
                  assume as a result of delivery of such certificate to the
                  Borrowers as is contemplated in Clause 26.4 (TRANSFERS BY
                  BANKS)

         "TRANSFER DATE" in relation to any Transfer Certificate means the date
         for the making of the transfer as specified in the schedule to such
         Transfer Certificate;

         "TRANSFEREE" means a bank or other financial institution to which a
         Bank seeks to transfer all or part of such Bank's rights and
         obligations hereunder;

         "TRUST DEED" means a security trust deed of the date hereof entered
         into between the Security Trustee, the Agent, the Borrowers and the
         Banks and the agent and lenders under the Junior Facility Agreement
         pursuant to paragraph 4, Part 2 of the First Schedule;

         "VESSEL" in relation to each Borrower means the vessel listed against
         the name of such Borrower in Part 1 of the Fourth Schedule and
         "VESSELS" means both of them;

1.2      Any reference in this Agreement to:

         the Agent, the Security Trustee, or the Banks shall be construed so as
         to include their respective successors, Transferees and permitted
         assigns in accordance with their respective interests;

         a "BUSINESS DAY" shall be construed as a reference to a day (other than
         a Saturday or Sunday) on which banks are generally open for business in
         Oslo, London and New York City;

         a "CHARTER" shall be construed as a reference to any agreement pursuant
         to which either Vessel is, or will be, employed;

         a "CLAUSE" shall, subject to any contrary indication, be construed as a
         reference to a clause hereof;

<PAGE>

         an "ENCUMBRANCE" shall be construed as a reference to a mortgage,
         charge, pledge, lien or other encumbrance securing any obligation of
         any person or any other type of preferential arrangement (including,
         without limitation, title transfer and retention arrangements) having a
         similar effect;

         the "EQUIVALENT" in one currency (in this paragraph the "FIRST
         CURRENCY") of an amount denominated in another currency (in this
         paragraph the "SECOND CURRENCY") on any date shall, save as otherwise
         provided, be construed as a reference to the amount of the first
         currency which could be purchased with that amount of the second
         currency at the spot rate of exchange quoted by the Agent at or about
         11.00 a.m. on such date for the purchase of the first currency with the
         second currency for delivery on the second business day thereafter;

         a "GUARANTEE" includes any guarantee, indemnity or other obligation to
         pay, purchase, provide funds for the payment of or indemnify against
         the consequences of default in the payment of indebtedness of any other
         person and any encumbrance which secures the payment of any
         indebtedness of any other person;

         a "HOLDING COMPANY" of a company or corporation shall be construed as a
         reference to any company or corporation of which the first-mentioned
         company or corporation is a subsidiary;

         "INDEBTEDNESS" shall be construed so as to include any obligation
         (whether incurred as principal or as surety) for the payment or
         repayment of money, whether present or future, actual or contingent;

         a "MONTH" is a reference to a period starting on one day in a calendar
         month and ending on the numerically corresponding day in the next
         calendar month save that, where any such period would otherwise end on
         a day which is not a business day, it shall end on the next business
         day, unless that day falls in the calendar month succeeding that in
         which it would otherwise have ended, in which case it shall end on the
         preceding business day Provided that, if a period starts on the last
         business day in a calendar month or if there is no numerically
         corresponding day in the month in which that period ends, that period
         shall end on the last business day in that later month (and references
         to "MONTHS" shall be construed accordingly);

         a "PERSON" shall be construed as a reference to any person, firm,
         company, corporation, government, state or agency of a state or any
         association or partnership (whether or not having separate legal
         personality) of two or more of the foregoing;

         a "SCHEDULE" shall, subject to any contrary indication, be construed as
         a reference to a schedule hereto;

         a "SUBSIDIARY" of a company or corporation shall be construed as a
         reference to any company or corporation:

         (i)      which is controlled, directly or indirectly, by the
                  first-mentioned company or corporation;

         (ii)     more than half the issued share capital of which is
                  beneficially owned, directly or

<PAGE>

                  indirectly, by the first-mentioned company or corporation; or

         (iii)    which is a subsidiary of another subsidiary of the
                  first-mentioned company or corporation

         and, for these purposes, a company or corporation shall be treated as
         being controlled by another if that other company or corporation is
         able to direct its affairs and/or to control the composition of its
         board of directors or equivalent body;

         "TAX" shall be construed so as to include any present or future tax,
         levy, impost, duty or other charge of a similar nature (including,
         without limitation, any penalty or interest payable in connection with
         any failure to pay or any delay in paying any of the same);

         "TOTAL LOSS" in relation to either Vessel includes any actual,
         constructive, arranged, agreed or compromised total loss, any
         requisitioning for title and the capture, seizure, arrest, detention,
         or confiscation of such Vessel by any government, or by persons
         purporting to act on behalf of any government, unless such Vessel be
         released and restored to the Owner from such capture, seizure,
         detention or confiscation within one month after the date thereof; and

         the "WINDING-UP" or "DISSOLUTION" of a company or limited partnership
         shall be construed so as to include any equivalent or analogous
         proceedings under the law of the jurisdiction in which such company or
         limited partnership is incorporated or established or any jurisdiction
         in which such company or limited partnership carries on business.

1.3      "$" and "DOLLARS" denote lawful currency of the United States of
         America.

1.4      Save where the contrary is indicated, any reference in this Agreement
         to:

         (i)      this Agreement or any other agreement or document shall be
                  construed as a reference to this Agreement or, as the case may
                  be, such other agreement or document as the same may have
                  been, or may from time to time be, amended, varied or
                  supplemented;

         (ii)     a statute shall be construed as a reference to such statute as
                  the same may have been, or may from time to time be, amended
                  or re-enacted; and

         (iii)    a time of day shall be construed as a reference to London
                  time.

1.5      Clause headings are for ease of reference only.

1.6      For the purposes of the Facility Documents, a total loss of either
         Vessel shall be deemed to have occurred:

         (i)      if it consists of an actual total loss, at noon Greenwich Mean
                  Time on the actual date of loss or, if that is not known, on
                  the date on which she was last heard of;

         (ii)     if it consists of a requisitioning for title, at noon
                  Greenwich Mean Time on the date on which the same is expressed
                  to take effect by the person making the same; and

<PAGE>

         (iii)    if it consists of a constructive or compromised or arranged or
                  agreed total loss, at noon Greenwich Mean Time on the date at
                  which notice of her abandonment is given to her insurers for
                  the time being or (if her insurers for the time being do not
                  admit the claim for total loss) at the time on which a total
                  loss is subsequently adjudged to have occurred by a competent
                  court or arbitration tribunal or liability in respect thereof
                  as a total loss is admitted by underwriters.

1.7      All obligations of the Borrowers under this Agreement are joint and
         several obligations of both of the Borrowers.

2.       THE FACILITY

         The Initial Bank hereby grants to the Borrowers, upon the terms and
         subject to the conditions hereof, a loan facility in the maximum amount
         of $5,000,000.

3.       PURPOSE

         The purpose of the Facility is to provide the Borrowers with funds to
         part finance the purchase of the Vessels and, accordingly, the
         Borrowers shall apply all of the amounts raised by them hereunder in or
         towards such purpose (but so that neither the Agent nor the Initial
         Bank shall be obliged to concern itself with the application of amounts
         borrowed by the Borrowers hereunder).

4.       CONDITIONS PRECEDENT

         The Borrowers shall not be entitled to give any Notice of Drawdown
         hereunder unless the Agent shall have confirmed to the relevant
         Borrower by facsimile or letter that it has received three days prior
         to the proposed date for making of an Advance each of the documents
         specified in Part 1 of the First Schedule and found the same to be
         satisfactory to it in form and substance.

5.       NATURE OF RIGHTS AND OBLIGATIONS

5.1      OBLIGATIONS OF BANKS SEVERAL

         The obligations of each Bank hereunder are several.

5.2      FAILURE OF ANY BANK TO PERFORM OBLIGATIONS

         The failure by a Bank to perform its obligations hereunder shall not
         affect the obligations of the Borrowers towards any other party hereto
         nor shall any other party be liable for the failure by such Bank to
         perform its obligations hereunder.

5.3      RIGHTS OF BANKS SEVERAL

         The rights of the Banks hereunder are also several. The amount at any
         time owing by the Borrowers to any party under this Agreement shall be
         a separate and independent debt from

<PAGE>

         any amount owing to any other party.

6.       AVAILABILITY

6.1      THE FACILITY

         The Facility shall be made by the Initial Bank to the Borrowers by way
         of one Advance in respect of each Vessel.

6.2      DRAWDOWN CONDITIONS

         Save as otherwise provided herein, an Advance will be made by the
         Initial Bank to the relevant Borrower on the request of either Borrower
         if:

         (i)      not more than ten nor less than two business days before the
                  proposed date for the making of an Advance the Agent has
                  received from the relevant Borrower a Notice of Drawdown
                  therefor, receipt of which shall oblige the Borrowers to
                  borrow the amount therein requested on the date therein stated
                  upon the terms and subject to the conditions contained herein;

         (ii)     the amount stated in the Notice of Drawdown shall not be more
                  than the lesser of the amount of the Facility Amount and 9.5%
                  of the purchase price of the Vessel being purchased by such
                  Borrower as set out in the Memorandum of Agreement;

         (iii)    the aggregate sum of the amount stated in the Notice of
                  Drawdown and the amount drawn or to be drawn down under the
                  Senior Facility Agreement shall not exceed 65% of the Fair
                  Market Value of its Vessel as determined in accordance with
                  Clause 14.1 (Fair Market Value of Vessel);

         (iv)     the relevant Drawdown Date is a business day which is or
                  precedes the Termination Date;

         (v)      on or before the relevant Drawdown Date the Agent has received
                  from the relevant Borrower with respect to its Vessel each of
                  the documents specified in Part 2 of the First Schedule and
                  found the same to be satisfactory to it in both form and
                  substance;

         (vi)     the interest rate applicable to such Advance during its first
                  Interest Period does not fall to be determined pursuant to the
                  proviso to Clause 7.2 (DURATION OF INTEREST PERIODS); and

         (vii)    (a)      no event has occurred which is or may become (with
                           the passage of time, the giving of notice, the making
                           of any determination hereunder or any combination
                           thereof) an Event of Default; and

                  (b)      the representations set out in Clause 12
                           (REPRESENTATIONS) are true on and as of the proposed
                           date for the making of such Advance

                  or the Agent agrees (notwithstanding any matter mentioned at
                  (a) or (b) above) that

<PAGE>

                  such Advance should be made.

7.       INTEREST PERIODS

7.1      INTEREST PERIODS

         The period for which an Advance is outstanding shall be divided into
         successive periods each of which (other than the first) shall start on
         the last day of the preceding such period.

7.2      DURATION OF INTEREST PERIODS

         The duration of each Interest Period relating to an Advance shall, save
         as otherwise provided herein, be one, three, six or twelve months, or
         any such other period as may be agreed from time to time between the
         Borrowers and the Agent, in each case as the Borrowers may select by
         not less than three business days' prior notice to the Agent Provided
         that:

         (i)      if the Borrowers select a duration of twelve months in
                  relation to an Interest Period, then:

                  (a)      the Borrowers may, at the same time, notify the Agent
                           of an alternative selection of three or six months to
                           apply if the Borrowers' selection becomes ineffective
                           pursuant to (b) below; and

                  (b)      any Bank may, at any time before 9.00 a.m. on the
                           second business day preceding the first day of such
                           Interest Period, notify the Agent that it objects to
                           the Borrowers' selection, whereupon such selection
                           shall become ineffective Provided that no such
                           objection shall be given except for reason of the non
                           availability to such Bank of dollars for twelve
                           months interest periods in the London Inter-bank
                           Market;

         (ii)     if the Borrowers fail to give such notice of their selection
                  in relation to an Interest Period, or if its selection becomes
                  ineffective under (i)(b) above and the Borrowers have failed
                  to give the Agent any permitted alternative selection pursuant
                  to (i)(a) above, then the duration of that Interest Period
                  shall, subject to (iii) below, be three months;

         (iii)    the Borrowers may not select an Interest Period of one month
                  more than three times during any calendar year;

         (iv)     any Interest Period which would otherwise end during the month
                  preceding, or extend beyond, the Final Repayment Date shall be
                  of such duration that it shall end on the Final Repayment
                  Date.

8.       INTEREST

8.1      PAYMENT OF INTEREST

         On the last day of each Interest Period (and, in the case of an
         Interest Period of a duration of

<PAGE>

         more than three months, on the last day of each successive period of
         three months falling within such Interest Period) the Borrowers shall
         pay accrued interest on the Advance to which such Interest Period
         relates.

8.2      CALCULATION OF INTEREST

         The rate of interest applicable to the Advance from time to time during
         an Interest Period relating thereto shall be the rate per annum which
         is the sum of the Margin and LIBOR for such Interest Period Provided
         that if LIBOR for an Interest Period falls to be determined in
         accordance with the proviso to the definition thereof but none of the
         Reference Banks was offering to prime banks in the London Interbank
         Market dollar deposits for the proposed duration of such Interest
         Period, the rate of interest applicable to the Advance to which such
         Interest Period relates from time to time during such Interest Period
         shall be the rate per annum which is the sum of the Margin and the
         weighted average of the rates per annum notified to the Agent by each
         Bank before the last day of such Interest Period to be that which
         expresses as a percentage rate per annum the cost to it of funding such
         Advance during such Interest Period from whatever sources it may select
         and the Agent shall notify the Borrowers accordingly.

9.       REPAYMENT AND PREPAYMENT

9.1      REPAYMENT

         The Borrowers shall repay both the first Advance and the second Advance
         in full on the Final Repayment Date.

9.2      PREPAYMENT

         The Borrowers may, if it has given to the Agent not less than fifteen
         (15) business days' prior notice to that effect, prepay the whole of
         each Advance on the last day of an Interest Period relating to such
         Advance.

9.3      NOTICE OF PREPAYMENT

         Any notice of prepayment given by the Borrowers pursuant to Clause 9.2
         (PREPAYMENT) shall be irrevocable and shall specify the date upon which
         such prepayment is to be made and the amount thereof and shall oblige
         the Borrowers to make such prepayment on such date.

9.4      PREPAYMENT FEE

         If the Borrowers make any prepayment pursuant to Clause 9.2
         (PREPAYMENT), the Borrowers shall be obliged, together with such
         prepayment, to pay a prepayment fee. The prepayment fee shall equal
         to:-

         (a)      for any prepayments made within 12 months of the Drawdown
                  Date, 7% of the amounts so prepaid;

         (b)      for any prepayments made in the period beginning 12 months and
                  ending 24 months

<PAGE>

                  from Drawdown Date, 5.5% of the amounts so prepaid;

         (c)      for any prepayments made in the period beginning 24 months and
                  ending 36 months from Drawdown Date, 4.0% of the amounts so
                  prepaid;

         (d)      for any prepayments made in the period beginning 36 months and
                  ending 48 months from Drawdown Date, 2.5% of the amounts so
                  prepaid;

         (e)      for any prepayments made during the 12 months preceding the
                  Final Repayment Date, 1% of the amounts so prepaid.

         Provided that no such fee shall be payable if such prepayment was made
         pursuant to a refinancing of the Loan granted by the Initial Bank or by
         a syndicate of banks of which the Initial Bank is an agent or an
         underwriter.

9.5      INTEREST RATE SWAP AGREEMENT

         If the Borrowers make any prepayment pursuant to Clause 9.2, it shall
         be obliged to pay to the Initial Bank as counterparty to the Junior
         Interest Rate Swap Agreement (or the Initial Bank shall pay to the
         Agent for account of the Borrowers) the amount of any loss (or, as the
         case may be, profit) incurred or made by the Junior Initial Bank as a
         result of a total or partial early termination of the Junior Interest
         Rate Swap Agreement made to ensure that the notional principal amount
         of the Junior Interest Rate Swap Agreement matches the reduced amount
         of the Loan.

9.6      NO OTHER REPAYMENTS OR REBORROWING

         No amount repaid or prepaid hereunder may be reborrowed.

10.      TAXES AND TAX RECEIPTS

10.1     TAX GROSS-UP

         All payments to be made by either Borrower to any person under any of
         the Facility Documents shall be made free and clear of and without
         deduction for or on account of tax unless either Borrower is required
         to make such a payment subject to the deduction or withholding of tax,
         in which case the sum payable by either Borrower in respect of which
         such deduction or withholding is required to be made shall be increased
         to the extent necessary to ensure that, after the making of such
         deduction or withholding, such person receives and retains (free from
         any liability in respect of any such deduction or withholding) a net
         sum equal to the sum which it would have received and so retained had
         no such deduction or withholding been made or required to be made.

10.2     TAX INDEMNITY

         Without prejudice to the provisions of Clause 10.1 (TAX GROSS-UP), if
         any person or the Agent on its behalf is required to make any payment
         on account of tax or otherwise (not being a tax imposed on the net
         income of the Facility Office by the jurisdiction in which it is

<PAGE>

         incorporated or in which the Facility Office is located) on or in
         relation to any sum received or receivable by such person under any of
         the Facility Documents (including, without limitation, any sum received
         or receivable under this Clause 10) or any liability in respect of any
         such payment is asserted, imposed, levied or assessed against such
         person, the Borrowers shall, upon demand of the Agent, promptly
         indemnify such person against such payment or liability, together with
         any interest, penalties and expenses payable or incurred in connection
         therewith Provided that if a Bank or the Agent or the Security Trustee
         considers that it is reasonable to do so and that it would not be
         otherwise prejudiced thereby, it will, prior to instructing the Agent
         to make a demand under this Clause 10.2, use reasonable endeavours to
         determine whether any such payment or liability was correctly or
         legally imposed or asserted.

10.3     CLAIMS BY A BANK

         If a Bank intends to make a claim pursuant to Clause 10.2 (TAX
         INDEMNITY) it shall notify the Agent of the event by reason of which it
         is entitled to do so whereupon the Agent shall notify the Borrowers
         accordingly.

10.4     NOTIFICATION OF REQUIREMENT TO DEDUCT TAX

         If, at any time, either Borrower is required by law to make any
         deduction or withholding from any sum payable by it under any of the
         Facility Documents (or if thereafter there is any change in the rates
         at which or the manner in which such deductions or withholdings are
         calculated), the Borrowers shall promptly notify the Agent, whereupon
         the Agent shall notify the Banks and the Security Trustee accordingly.

10.5     EVIDENCE OF PAYMENT OF TAX

         If either Borrower makes any payment under any of the Facility
         Documents in respect of which it is required to make any deduction or
         withholding, it shall pay the full amount required to be deducted or
         withheld to the relevant taxation or other authority within the time
         allowed for such payment under applicable law and shall deliver to the
         Agent, within thirty days after it has received the same, an original
         receipt (or a certified copy thereof) issued by such authority
         evidencing the payment to such authority of all amounts so required to
         be deducted or withheld in respect of such payment.

11.      CHANGES IN CIRCUMSTANCES

11.1     INCREASED COSTS

         If, by reason of (a) any change in law or in its interpretation or
         administration and/or (b) compliance with any Capital Adequacy
         Requirement or any request from or requirement of any central bank or
         other fiscal, monetary or other authority:

         (i)      a Bank or any holding company of such Bank incurs a cost as a
                  result of such Bank having entered into and/or performing its
                  obligations under this Agreement and/or assuming or
                  maintaining a commitment under this Agreement and/or making
                  any advance hereunder;

<PAGE>

         (ii)     a Bank or any holding company of such Bank is unable to obtain
                  the rate of return on its overall capital which it would have
                  been able to obtain but for such Bank having entered into
                  and/or performing its obligations and/or assuming or
                  maintaining a commitment under this Agreement;

         (iii)    there is any increase in the cost to a Bank or any holding
                  company of such Bank of funding or maintaining all or any of
                  the advances comprised in a class of advances formed by or
                  including the advances made or to be made by such Bank
                  hereunder; or

         (iv)     a Bank or any holding company of such Bank becomes liable to
                  make any payment on account of tax or otherwise (not being a
                  tax imposed on the net income of the Facility Office by the
                  jurisdiction in which such Bank is incorporated or in which
                  the Facility Office is located) on or calculated by reference
                  to the amount of an Advance made or to be made hereunder
                  and/or by reference to any sum received or receivable by such
                  Bank hereunder,

         then the Borrowers shall, from time to time on demand of the Agent,
         promptly pay to the Agent for the account of such Bank amounts
         sufficient to indemnify it (or,as the case may be, to enable it to
         indemnify its holding company) against, as the case may be, (1) such
         cost, (2) such reduction in such rate of return (or such proportion of
         such reduction as is, in the opinion of such Bank, attributable to its
         obligations hereunder), (3) such increased cost (or such proportion of
         such increased cost as is, in the opinion of such Bank, attributable to
         its funding or maintaining its advance hereunder) or (4) such
         liability.

11.2     INCREASED COSTS CLAIMS

         If a Bank intends to make a claim pursuant to Clause 11.1 (INCREASED
         COSTS) it shall notify the Agent of the event by reason of which it is
         entitled to do so whereupon the Agent shall notify the Borrowers
         accordingly.

11.3     ILLEGALITY

         If at any time it is unlawful for a Bank to make its portion of an
         Advance or to fund or allow to remain outstanding its portion of the
         Loan, then that Bank shall, promptly after becoming aware of such fact,
         deliver to the Agent who will deliver to the Borrowers a certificate to
         that effect whereupon:

         (i)      if no Advance has been made hereunder, the Bank shall not
                  thereafter be obliged to make an Advance hereunder and the
                  Facility Amount shall be reduced to zero; and

         (ii)     if an Advance has already been made hereunder, then, if the
                  Agent on behalf of any relevant Bank so requires, the
                  Borrowers shall on such date as the Agent shall have specified
                  repay such Bank's portion of the Loan in full together with
                  accrued interest thereon.

<PAGE>

11.4     MITIGATION

         (a)      If circumstances arise which would (or would upon the giving
                  of notice) result in:

                  (i)      the reduction of a Bank's portion of the Loan
                           pursuant to Clause 11.3 (ILLEGALITY);

                  (ii)     the prepayment of the Loan pursuant to Clause 11.3
                           (ILLEGALITY);

                  (iii)    an increase in the amount of any payment pursuant to
                           Clause 10.1 (TAX GROSS-UP); or

                  (iv)     a claim by a Bank for indemnification pursuant to
                           Clause 10.2 (TAX INDEMNITY) or a claim by a Bank for
                           indemnification pursuant to Clause 11.1 (INCREASED
                           COSTS),

                  then, without in any way limiting, reducing or otherwise
                  qualifying the obligations of the Borrowers under any of the
                  Clauses referred to above, such Bank shall, in consultation
                  with the Agent and the Borrowers, take such reasonable steps
                  as may be reasonably open to it to mitigate the effects of
                  such circumstances, including by transferring its Facility
                  Office to another jurisdiction or by assigning its rights
                  hereunder to another financial institution approved by the
                  Borrowers Provided that such Bank shall have no obligation to
                  transfer its Facility Office or assign its rights hereunder as
                  aforesaid if it is of the opinion that to do so would or might
                  have an adverse effect on its business, operations or
                  financial condition.

         (b)      If circumstances arise which would result in the Security
                  Trustee being entitled pursuant to Clause 4.5 of the Trust
                  Deed to exercise its rights to make deductions and
                  withholdings from payments made to the Agent hereunder, the
                  Security Trustee shall, in consultation with the Borrowers,
                  take such reasonable steps as may be reasonably open to it to
                  mitigate the effects of such circumstances Provided that the
                  Security Trustee shall have no obligation to do so if it is of
                  the opinion that to do so would or might have an adverse
                  effect on its business operations or financial condition.

12.      REPRESENTATIONS

12.1     Subject to any reservations and/or qualifications as to matters of law
         which may be made in the legal opinions referred to in paragraphs 3, 4,
         and 5 of Part 1 of the First Schedule, each Borrower represents that:

         (i)      STATUS It is a limited liability company duly organised under
                  the laws of the Cayman Islands with power to enter into the
                  Facility Documents and to exercise its rights and perform its
                  obligations under the Facility Documents and in respect of
                  Boss Ltd, as the relevant Borrower, it has the power to
                  register its Vessel in the office of the Norwegian
                  International Ship Register in Norway and, in respect of
                  Stavanger Sun Ltd as the relevant Borrower, it is duly
                  qualified as a foreign maritime entity in Liberia with the
                  power to register its Vessel in the office of the Deputy

<PAGE>

                  Commissioner of Maritime Affairs of the Republic of Liberia in
                  New York;

         (ii)     DUE AUTHORISATION All corporate and other action required to
                  authorise the execution by it of the Facility Documents and
                  the performance of its obligations under the Facility
                  Documents has been duly taken;

         (iii)    NO DEDUCTIONS OR WITHHOLDING Under the laws of the Cayman
                  Islands and Liberia in force at the date hereof, it will not
                  be required to make any deduction or withholding from any
                  payment it may make under any of the Facility Documents;

         (iv)     CLAIMS PARI PASSU Without prejudice to the security
                  constituted by or pursuant to any Facility Documents under the
                  laws of the Cayman Islands and Liberia in force at the date
                  hereof, the claims of the Agent, the Banks and the Security
                  Trustee against it under any Facility Documents will, to the
                  extent that such claims exceed the realised value of the
                  security therefor, rank at least PARI PASSU with the claims of
                  all its other unsecured and non-subordinated creditors save
                  those whose claims are preferred solely by any bankruptcy,
                  insolvency or other similar laws of general application;

         (v)      NO IMMUNITY In any proceedings taken in the Cayman Islands in
                  relation to any of the Facility Documents, it will not be
                  entitled to claim for itself or any of its assets immunity
                  from suit, execution, attachment or other legal process;

         (vi)     GOVERNING LAW AND JUDGMENTS In any proceedings taken in the
                  Cayman Islands in relation to any of the Facility Documents,
                  the choice of English law as the governing law of those of the
                  Facility Documents as are expressed to be governed by English
                  law and any judgment obtained in England will be recognised
                  and enforced;

         (vii)    VALIDITY AND ADMISSIBILITY IN EVIDENCE Other than the
                  recording of the Mortgage over its Vessel, in respect of Boss
                  Ltd as the relevant Borrower at the office of the Norwegian
                  International Ship Register and, in respect of Stavanger Sun
                  Ltd as the relevant Borrower at the office of the Deputy
                  Commissioner of Maritime Affairs of the Republic of Liberia in
                  New York and any required registration in the Cayman Islands
                  all acts, conditions and things required to be done, fulfilled
                  and performed in order (a) to enable it lawfully to enter
                  into, exercise its rights under and perform and comply with
                  the obligations expressed to be assumed by it in the Facility
                  Documents, (b) to ensure that the obligations expressed to be
                  assumed by it in the Facility Documents are legal, valid and
                  binding and (c) to make the Facility Documents admissible in
                  evidence in the Cayman Islands have been done, fulfilled and
                  performed;

         (viii)   NO FILING OR STAMP TAXES Under the laws of the Cayman Islands
                  in force at the date hereof, it is not necessary that any of
                  the Facility Documents be filed, recorded or enrolled with any
                  court or other authority in its jurisdiction of incorporation
                  or that any stamp, registration or similar tax be paid on or
                  in relation to any such Facility Documents; and

         (ix)     BINDING OBLIGATION The obligations expressed to be assumed by
                  it in the Facility Documents are legal and valid obligations
                  binding on it in accordance with the terms

<PAGE>

                  of such Facility Documents.

12.2     Each Borrower further represents that:

         (i)      NO WINDING-UP It has not taken any corporate action nor have
                  any other steps been taken or legal proceedings been started
                  or (to the best of its knowledge and belief) threatened
                  against it for its winding-up, dissolution or reorganisation
                  or for the appointment of a receiver, administrator,
                  administrative receiver, trustee or similar officer of it or
                  of any or all of its assets or revenues;

         (ii)     NO MATERIAL DEFAULT It is not in breach of or in default under
                  any agreement to which it is a party or which is binding on it
                  or any of its assets to an extent or in a manner which might
                  have a material adverse effect on its business or financial
                  condition;

         (iii)    NO MATERIAL PROCEEDINGS No action or administrative proceeding
                  of or before any court or agency which might have a material
                  adverse effect on its business or financial condition has been
                  started or threatened;

         (iv)     NO OTHER BUSINESS It has not incurred any liabilities or
                  entered into any other commitments nor undertaken any business
                  other than in connection with the purchase or operation of its
                  Vessel;

         (v)      NO UNDISCLOSED LIABILITIES As at the date hereof it has no
                  liabilities (contingent or otherwise) which have not been
                  disclosed to the Agent nor any unrealised or anticipated
                  losses arising from commitments entered into by it;

         (vi)     FULL DISCLOSURE Each of the Memorandum of Agreement, the
                  Initial Management Agreement and the Subsequent Management
                  Agreement in respect of its Vessel are in full force and
                  effect and it has disclosed to the Agent all of the terms and
                  conditions of each such agreement and there are no amendments
                  or variations to any such document which have not been
                  disclosed to the Agent;

         (vii)    NO OBLIGATION TO CREATE SECURITY Its execution of the Facility
                  Documents and its exercise of its rights and performance of
                  its obligations thereunder will not result in the existence of
                  nor oblige it to create any encumbrance over all or any of its
                  present or future revenues or assets except pursuant to the
                  Facility Documents;

         (viii)   EXECUTION OF FACILITY DOCUMENTS Its execution of the Facility
                  Documents and its exercise of its rights and performance of
                  its obligations under the Facility Documents do not constitute
                  and will not result in any breach of any agreement or treaty;

         (ix)     ENCUMBRANCES Save as permitted by Clause 15(ix), no
                  encumbrance exists over all or any of its present or future
                  revenues or assets;

         (x)      OWNERSHIP OF THE BORROWER The Shareholder is the sole
                  shareholder of each Borrower;

         (xi)     OWNERSHIP OF THE SHAREHOLDER The General Partners are the only
                  general partners of

<PAGE>

                  the Shareholder; and

         (xii)    MANAGEMENT OF THE VESSEL Its Vessel will be managed by Det
                  Stavangerske Damskipseelskap, Norway in accordance with the
                  provisions of the relevant Initial Management Agreement until
                  the termination of such Initial Management Agreement and
                  thereafter by Universe Tankships (Bermuda) Ltd in accordance
                  with the provisions of the relevant Subsequent Management
                  Agreement.

13.      INFORMATION COVENANTS

13.1     ANNUAL STATEMENTS

         Each Borrower shall as soon as the same become available, but in any
         event within one hundred and eighty days after the end of each of its
         financial years, furnish to the Agent, its balance sheet as at the end
         of such financial year and its profit-and-loss accounts in respect of
         that financial year, in each case prepared in accordance with
         internationally accepted accounting principles consistently applied.

13.2     SEMI-ANNUAL STATEMENTS

         Each Borrower shall as soon as the same become available, but in any
         event within 90 days after the end of each of its financial half years,
         furnish to the Agent, its balance sheet as at the end of such
         accounting period and its profit-and-loss accounts in respect of that
         accounting period, together with its cash flow reports for such period
         in each case prepared in accordance with internationally accepted
         accounting principles consistently applied.

13.3     NOTIFICATION OF EVENT OF DEFAULT

         Each Borrower shall promptly inform the Agent of the occurrence of any
         event which is or may become (with the passage of time, the giving of
         notice, the making of any determination hereunder or any combination
         thereof) an Event of Default and, upon receipt of a written request to
         that effect from the Agent, promptly deliver to the Agent a written
         confirmation given by a duly authorised officer of such Borrower to the
         effect that, save as previously notified to the Agent or as notified in
         such confirmation, no such event has occurred.

13.4     NOTIFICATION OF OFF-HIRE

         Each Borrower shall promptly inform the Agent of any material
         interruption in the operation of its Vessel (which shall include
         situations where such Vessel is off-hire for a period of 5 days or more
         at any one time) and the financial implications of such interruption.

13.5     OTHER FINANCIAL INFORMATION

         Each Borrower shall from time to time on the request of the Agent use
         its best endeavours to furnish the Agent with such other information
         about its business, assets and financial condition (including financial
         accounts and cash flow reports) as the Agent may reasonably request.

<PAGE>

13.6     CHARTERING

         Each Borrower shall promptly inform and furnish the Agent with such
         information about its chartering activities as the Agent may reasonably
         request.

14.      FINANCIAL CONDITION

14.1     FAIR MARKET VALUE OF VESSEL

         The Borrowers shall ensure that the aggregate of the Fair Market Value
         of the Vessels over which the Security Trustee has a Mortgage as
         established by R.S. Platou and H Clarkson Limited or such other two (2)
         reputable brokers appointed by the Agent (after consultation with the
         Borrower) shall at all times be equal to at least 140% of the Loan
         under the Senior Facility Agreement. If at any time these ratios are
         not met, the Borrowers will forthwith on the demand of the Agent prepay
         such portion of the Loan as will ensure that such ratios are complied
         with. The Agent shall be entitled to request such estimates of the Fair
         Market Value at least twice per calendar year (or at any time after the
         occurrence of an Event of Default) and the Borrowers shall promptly pay
         or reimburse to the Agent the cost of obtaining such valuations.

14.2     MINIMUM WORKING CAPITAL

         The Borrowers shall between them maintain at all times Working Capital
         (which shall mean Current Assets less Current Liabilities) of at least
         $2,000,000.

14.3     NOTIFICATION OF FINANCIAL CONDITION

         Each Borrower shall deliver to the Agent semi annually a certificate
         stating the Borrower's compliance with the covenants undertaken
         pursuant to this Clause 14 with each of the semi-annual financial
         statements delivered pursuant to Clause 13.2.

14.4     For the purposes of Clause 14.2:

         "CURRENT ASSETS" means the aggregate of all assets of the Borrowers
         which, in accordance with internationally accepted accounting
         principles, would be classed as current assets; and

         "CURRENT LIABILITIES" means the aggregate of all obligations of the
         Borrowers which, in accordance with internationally accepted accounting
         principles, would be considered as current liabilities, excluding all
         amounts of principal due under this Facility within one year from the
         date of calculation.

15.      GENERAL COVENANTS

         Each Borrower:

         (i)      shall obtain, comply with the terms of and do all that is
                  necessary to maintain in full force and effect all
                  authorisations, approvals, licences and consents required in
                  or by

<PAGE>

                  the laws and regulations of the Cayman Islands and all other
                  applicable jurisdictions to enable it lawfully to enter into
                  and perform its obligations under the Facility Documents or to
                  ensure the legality, validity, enforceability or admissibility
                  in evidence in the Cayman Islands and all other applicable
                  jurisdictions of the Facility Documents;

         (ii)     shall procure that no change of the classification or flag or
                  management of its Vessel shall occur without the prior written
                  consent of the Agent;

         (iii)    shall, in the event of total loss of its Vessel, procure that
                  the Advance made in respect of its Vessel is repaid within 90
                  days of the Agent's written notice (whether as a result of the
                  application of insurance proceeds or otherwise);

         (iv)     shall not, without the prior written consent of the Agent,
                  (such consent not to be unreasonably withheld) permit any
                  distributions of its profits or assets or pay any dividends or
                  other distributions to the Shareholder or any of the
                  Shareholder's partners;

         (v)      shall not make any loans, grant any credit (save in the
                  ordinary course of business) or give any guarantee or
                  indemnity to or for the benefit of any person or otherwise
                  voluntarily assume any liability, whether actual or
                  contingent, in respect of any obligations of any person;

         (vi)     shall not, without prior written consent of the Agent, make
                  any investments which exceeds $250,000 with its assets
                  (otherwise than by placing its cash into bank accounts with
                  the Agent) except for any investments required to maintain the
                  classification status of its Vessel;

         (vii)    shall not, without the prior written consent of the
                  Instructing Group and the Agent, permit any change to its
                  shareholding;

         (viii)   shall maintain all its bank accounts with the Agent's branch
                  in New York and shall only operate such accounts in accordance
                  with Clause 11 of the Assignment of Earnings and Insurances;

         (ix)     shall not, without the prior consent of the Agent, create or
                  permit to subsist any encumbrance over all or any of its
                  present or future revenues or assets other than the Permitted
                  Liens and any encumbrance created pursuant to the Facility
                  Documents and any second priority security over its Vessel and
                  its earnings, insurances and bank accounts in favour of the
                  Security Trustee on terms acceptable to the Agent to secure
                  its obligations under the Junior Facility Agreement;

         (x)      shall manage its business and procure that its Vessel is
                  managed in compliance with all applicable laws and regulations
                  applicable thereto and shall promptly notify the Agent of any
                  non-compliance other than of a minor or technical nature;

         (xi)     shall not engage in any other business other than the
                  ownership and chartering of its Vessel;

<PAGE>

         (xii)    shall procure that its Vessel is at all times fully approved
                  by major oil companies relevant in its trade; and

         (xiii)   shall ensure that the technical management of its Vessel
                  remains with Det Stavangerske Damskipsselskap, Norway until
                  the termination of the relevant Initial Management Agreement
                  and thereafter with Universe Tankships (Bermuda) Ltd.

16.      EVENTS OF DEFAULT

16.1     If:

         (i)      FAILURE TO PAY Either Borrower fails to pay any sum due from
                  it under this Agreement at any time in the currency and in the
                  manner specified herein or therein; or

         (ii)     MISREPRESENTATION Any representation or statement made by
                  either Borrower in any Facility Document or in any notice or
                  other document, certificate or statement delivered by it
                  pursuant hereto or thereto or in connection herewith or
                  therewith is or proves to have been incorrect or misleading in
                  any material respect when made; or

         (iii)    COVENANTS Either Borrower fails duly to perform the
                  obligations expressed to be assumed by it in Clause 14
                  (FINANCIAL CONDITION) or 15 (GENERAL COVENANTS); or

         (iv)     INSURANCE Either Borrower fails to insure its Vessel in
                  accordance with the requirements of the Assignment of Earnings
                  and Insurances and/or the Mortgage; or

         (v)      OTHER OBLIGATION Either Borrower fails duly to perform or
                  comply with any other obligation expressed to be assumed by it
                  in any Facility Document and such failure is not remedied
                  within thirty days after the Agent has given notice to such
                  Borrower requiring the same to be remedied; or

         (vi)     CROSS DEFAULT If (a) any indebtedness of either Borrower or
                  the Shareholder or any General Partner is not paid when due
                  (or within any period of grace applicable thereto), (b) any
                  indebtedness of either Borrower or the Shareholder, or any
                  General Partner is declared to be or otherwise becomes due and
                  payable prior to its specified maturity or (c) any creditor of
                  either Borrower or the Shareholder or any General Partner,
                  becomes entitled to declare any indebtedness of either
                  Borrower or the Shareholder or any General Partner due and
                  payable prior to its specified maturity Provided that it shall
                  not be an Event of Default if, with respect to any General
                  Partner, the events specified in (a), (b) and (c) above are
                  genuinely disputed by such General Partner in appropriate
                  legal proceedings; or

         (vii)    INSOLVENCY AND RESCHEDULING Either Borrower or the Shareholder
                  or any General Partner is unable to pay its debts as they fall
                  due, commences negotiations with any one or more of its
                  creditors with a view to the general readjustment or
                  rescheduling of its indebtedness or makes a general assignment
                  for the benefit of or a composition with its creditors; or

<PAGE>

         (viii)   WINDING-UP Otherwise than for the purposes of a reconstruction
                  on terms previously approved by the Instructing Group, either
                  Borrower or the Shareholder or any General Partner takes any
                  corporate action or other steps are taken or legal proceedings
                  are started for its winding-up, dissolution or re-organisation
                  or for the appointment of a receiver, administrator,
                  administrative receiver, trustee or similar officer of it or
                  of any or all of its revenues and assets; or

         (ix)     REPUDIATION Either Borrower repudiates any Facility Document
                  or does or causes to be done any act or thing evidencing an
                  intention to repudiate any such Facility Document; or

         (x)      LEGALITY OF FACILITY DOCUMENTS At any time any act, condition
                  or thing required to be done, fulfilled or performed in order
                  (a) to enable either Borrower lawfully to enter into, exercise
                  its rights under and perform its obligations expressed to be
                  assumed by it in the Facility Documents, (b) to ensure that
                  the obligations expressed to be assumed by either Borrower in
                  the Facility Documents are legal, valid and binding or (c) to
                  make any of the Facility Documents admissible in evidence in
                  the Cayman Islands is not done, fulfilled or performed; or

         (xi)     COMPLIANCE WITH OBLIGATIONS At any time it is or becomes
                  unlawful for either Borrower to perform or comply with any or
                  all of its obligations under any Facility Document or any of
                  the obligations of either Borrower under the Facility Document
                  are not or cease to be legal, valid and binding; or

         (xii)    SEIZURE BY GOVERNMENT By or under the authority of any
                  government, (a) the management of either Borrower is wholly or
                  partially displaced or the authority of either Borrower in the
                  conduct of its business is wholly or partially curtailed or
                  (b) the whole or any part (the market value of which is twenty
                  per cent. or more of the market value of the whole) of its
                  revenues or assets is seized, nationalised, expropriated or
                  compulsorily acquired; or

         (xiii)   MATERIAL ADVERSE CHANGE There shall occur any event or
                  circumstance which in the opinion of the Instructing Group
                  may, or may be likely to, materially and adversely affect the
                  ability of either Borrower to discharge its obligations under
                  the Facility Documents in the manner provided therein; or

         (xiv)    VARIATION OR TERMINATION OF AGREEMENTS Either Memorandum of
                  Agreement is amended in any material manner without the prior
                  written consent of the Agent or terminated otherwise than by
                  reason of the due discharge of all obligations of each of the
                  parties thereto or if any party thereto is in breach of any of
                  its obligations thereunder; or

         (xv)     MANAGEMENT AGREEMENT If there is any material amendment to
                  either Initial Management Agreement or either Subsequent
                  Management Agreement or, either Initial Management Agreement
                  or either Subsequent Management Agreement is terminated or
                  otherwise ceases to be effective without the Agent's prior
                  written consent; or

<PAGE>

         (xvi)    SENIOR FACILITY Any event of default (howsoever described)
                  occurs under the Senior Facility Agreement; or

         (xvii)   PARTNERSHIP/OWNERSHIP STRUCTURE If there is any change in the
                  shareholding of either Borrower or of any General Partner
                  without the prior written consent of the Instructing Group; or

         (xviii)  ANALOGOUS EVENT If any event occurs to either Borrower, the
                  Shareholder or any General Partner under the laws of any other
                  jurisdiction which is analogous to any of the events or
                  circumstances referred to in paragraphs (vii) or (viii) above;
                  or

         (xix)    SWAP AGREEMENT Any event of default (howsoever described)
                  occurs under the Junior Interest Rate Swap Agreement,

         then, and in any such case and at any time thereafter, the Agent may,
         and shall if so instructed by the Instructing Group, by written notice
         to the Borrowers:

         (a)      declare the Loan to be immediately due and payable (whereupon
                  the same shall become so payable together with accrued
                  interest thereon and any other sums then owed by the Borrowers
                  hereunder) or declare the Loan to be due and payable on demand
                  of the Agent; and/or

         (b)      declare that the Facility Amount shall be cancelled, whereupon
                  the same shall be cancelled and the amount thereof reduced to
                  zero.

16.2     ADVANCE DUE ON DEMAND

         If, pursuant to Clause 16.1, the Agent declares the Loan to be due and
         payable on demand of the Agent, then, and at any time thereafter, the
         Agent may by written notice to the Borrowers:

         (i)      call for repayment of the Loan on such date as it may specify
                  in such notice (whereupon the same shall become due and
                  payable on such date together with accrued interest thereon
                  and any other sums then owed by the Borrowers hereunder) or
                  withdraw its declaration with effect from such date as it may
                  specify in such notice; and/or

         (ii)     select as the duration of any Interest Period relating to an
                  Advance which begins whilst such declaration remains in effect
                  a period of six months or less.

17.      DEFAULT INTEREST AND INDEMNITY

17.1     DEFAULT INTEREST PERIODS

         If any sum due and payable by the Borrowers hereunder is not paid on
         the due date therefor in accordance with the provisions of Clause 19
         (PAYMENTS) or if any sum due and payable by the Borrowers under any
         judgment of any court in connection with this Agreement is not paid

<PAGE>

         on the date of such judgment, the period beginning on such due date or,
         as the case may be, the date of such judgment and ending on the date
         upon which the obligation of the Borrowers to pay such sum (the balance
         thereof for the time being unpaid being herein referred to as an
         "UNPAID SUM") is discharged shall be divided into successive periods,
         each of which (other than the first) shall start on the last day of the
         preceding such period and the duration of each of which shall be
         selected by the Agent.

17.2     DEFAULT INTEREST

         During each such period relating thereto as is mentioned in Clause 17.1
         (DEFAULT INTEREST PERIODS) an unpaid sum shall bear interest at the
         rate per annum which is the sum from time to time of one per cent., the
         Margin and LIBOR for that period Provided that:

         (i)      if, for any such period, LIBOR falls to be determined pursuant
                  to the proviso to the definition thereof but none of the
                  Reference Banks was offering dollar deposits for the period
                  aforesaid, the rate of interest applicable to such unpaid sum
                  shall be determined by reference to the cost to each Bank of
                  obtaining such deposits from such sources as it may select as
                  notified to the Agent; and

         (ii)     if such unpaid sum is all or part of an Advance which became
                  due and payable on a day other than the last day of an
                  Interest Period relating thereto, the first such period
                  applicable thereto shall be of a duration equal to the
                  unexpired portion of that Interest Period and the rate of
                  interest applicable thereto during such period shall be that
                  which exceeds by one per cent. the rate which would have been
                  applicable to it had it not so fallen due.

17.3     PAYMENT OF DEFAULT INTEREST

         Any interest which shall have accrued under Clause 17.2 (DEFAULT
         INTEREST) in respect of an unpaid sum shall be due and payable and
         shall be paid by the Borrowers at the end of the period by reference to
         which it is calculated or on such other dates as the Agent may specify
         by written notice to the Borrowers.

17.4     BROKEN PERIODS

         If any Bank receives or recovers all or any part of such Bank's share
         of an Advance otherwise than on the last day of an Interest Period
         relating to such Advance, the Borrowers shall pay to the Agent on
         demand an amount equal to the amount (if any) by which (a) the
         additional interest which would have been payable on the amount so
         received or recovered had it been received or recovered on the last day
         of that Interest Period exceeds (b) the amount of interest which in the
         opinion of the Agent would have been payable to the Agent on the last
         day of that Interest Period in respect of a dollar deposit equal to the
         amount so received or recovered placed by it with a prime bank in
         London for a period starting on the third business day following the
         date of such receipt or recovery and ending on the last day of that
         Interest Period.

<PAGE>

17.5     BORROWER'S INDEMNITY

         The Borrowers jointly and severally undertake:

         (i)      to indemnify each of the Agent, each Bank and the Security
                  Trustee against any loss or expense, including legal fees on a
                  full indemnity basis, which any of them may sustain or incur
                  as a consequence of any default by either Borrower in the
                  performance of any of the obligations expressed to be assumed
                  by it in any of the Facility Documents to which it is a party;
                  and

         (ii)     to indemnify each Bank against any loss it may suffer as a
                  result of its funding its share of an Advance requested by
                  either Borrower hereunder but not made by reason of the
                  operation of any one or more of the provisions hereof.

17.6     Any unpaid sum shall (for the purposes of this Clause 17 and Clause
         11.1 (INCREASED COSTS) be treated as an advance and accordingly in this
         Clause 17 and Clause 11.1 (INCREASED COSTS) the term "Advance" includes
         any unpaid sum and the term "Interest Period", in relation to an unpaid
         sum, includes each such period relating thereto as is mentioned in
         Clause 17.1 (DEFAULT INTEREST PERIODS).

18.      CURRENCY OF ACCOUNT AND PAYMENT

18.1     CURRENCY OF ACCOUNT

         The dollar is the currency of account and payment for each and every
         sum at any time due from the Borrowers hereunder Provided that each
         payment in respect of costs and expenses shall be made in the currency
         in which the same were incurred.

18.2     CURRENCY INDEMNITY

         If any sum due from the Borrowers under any Facility Document to which
         either Borrower is party or any order or judgment given or made in
         relation hereto or thereto has to be converted from the currency (the
         "FIRST CURRENCY") in which the same is payable under such Facility
         Document or order or judgment into another currency (the "SECOND
         CURRENCY") for the purpose of (i) making or filing a claim or proof
         against either Borrower, (ii) obtaining an order or judgment in any
         court or other tribunal or (iii) enforcing any order or judgment given
         or made in relation to any Facility Document, the Borrowers shall
         indemnify and hold harmless each of the persons to whom such sum is due
         from and against any loss suffered as a result of any discrepancy
         between (a) the rate of exchange used for such purpose to convert the
         sum in question from the first currency into the second currency and
         (b) the rate or rates of exchange at which such person may in the
         ordinary course of business purchase the first currency with the second
         currency upon receipt of a sum paid to it in satisfaction, in whole or
         in part, of any such order, judgment, claim or proof.

<PAGE>

19.      PAYMENTS

19.1     PAYMENTS

         On each date on which this Agreement requires an amount to be paid by
         the Borrowers or a Bank hereunder, the Borrowers or, as the case may
         be, such Bank shall make the same available to the Agent by payment in
         dollars and in same day funds (or in such other funds as may for the
         time being be customary in New York City for the settlement in New York
         City of international banking transactions in dollars) to the account
         of the Agent in Oslo or such other account as the Agent may have
         specified for this purpose.

19.2     NO SET-OFF

         All payments made by the Borrowers hereunder shall be made free and
         clear of and without any deduction for or on account of any set-off or
         counterclaim.

20.      SET-OFF

         Each Borrower authorises each Bank at any time following the occurrence
         of an Event of Default to apply any credit balance to which either
         Borrower is entitled on any account of either Borrower with such Bank
         in satisfaction of any sum due and payable from the Borrowers to such
         Bank under this Agreement but unpaid; for this purpose, such Bank is
         authorised to purchase with the moneys standing to the credit of any
         such account such other currencies as may be necessary to effect such
         application.

21.      SHARING

21.1     REDISTRIBUTION OF PAYMENTS

         If at any time, the proportion which any Bank (a "RECOVERING BANK") has
         received or recovered (whether by payment, the exercise of a right of
         set-off or combination of accounts or otherwise) in respect of its
         portion of any payment (a "RELEVANT PAYMENT") to be made under this
         Agreement by the Borrowers for account of such Recovering Bank and one
         or more other Banks is greater (the portion of such receipt or recovery
         giving rise to such excess proportion being herein called an "EXCESS
         AMOUNT") than the proportion thereof so received or recovered by the
         Bank or Banks so receiving or recovering the smallest proportion
         thereof, then:

         (i)      such Recovering Bank shall pay to the Agent an amount equal to
                  such excess amount;

         (ii)     there shall thereupon fall due from such Recovering Bank an
                  amount equal to the amount paid out by such Recovering Bank
                  pursuant to paragraph (i) above, the amount so due being, for
                  the purposes hereof, treated as if it were an unpaid part of
                  such Recovering Bank's portion of such relevant payment; and

         (iii)    the Agent shall treat the amount received by it from such
                  Recovering Bank pursuant to paragraph (i) above as if such
                  amount had been received by it from the Borrowers

<PAGE>

                  in respect of such relevant payment and shall pay the same to
                  the persons entitled thereto (including such Recovering Bank)
                  PRO RATA to their respective entitlements thereto.

21.2     REPAYABLE RECOVERIES

         If any sum (a "RELEVANT SUM") received or recovered by a Recovering
         Bank in respect of any amount owing to it by the Borrowers becomes
         repayable and is repaid by such Recovering Bank, then:

         (i)      each Bank which has received a share of such relevant sum by
                  reason of the implementation of Clause 19.1 (PAYMENTS) shall,
                  upon request of the Agent, pay to the Agent for account of
                  such Recovering Bank an amount equal to its share of such
                  relevant sum; and

         (ii)     there shall thereupon fall due from the Borrowers to each such
                  Bank an amount equal to the amount paid out by it pursuant to
                  paragraph (i) above, the amount so due being, for the purposes
                  hereof, treated as if it were the sum payable to such Bank
                  against which such Bank's share of such relevant sum was
                  applied.

22.      FEES

22.1     ARRANGEMENT FEE

         The Borrowers shall pay to the Agent for its own account hereunder an
         arrangement fee of the amount specified in the letter exchanged between
         the Agent and General Maritime Corporation dated 23 September 1997 such
         fee to be payable by two equal instalments. The first instalment to be
         payable at the first Drawdown Date and the second instalment to be
         payable at the second Drawdown Date, or if relevant, at cancellation.

22.2     AGENCY FEE

         The Borrowers shall pay to the Agent for its own account a
         non-refundable agency fee of the amount specified in the letter
         exchanged between the Agent and General Maritime Corporation dated 23
         September 1997, such fee to be payable on the first Drawdown Date and
         on each anniversary thereof.

23.      COSTS AND EXPENSES

23.1     TRANSACTION EXPENSES

         The Borrowers shall, from time to time on demand of the Agent,
         reimburse the Agent for all costs and expenses (including legal fees)
         incurred by it in connection with the negotiation, preparation and
         execution of the Facility Documents and the completion of the
         transactions herein contemplated.

<PAGE>

23.2     PRESERVATION AND ENFORCEMENT OF RIGHTS

         The Borrowers shall, from time to time on demand of the Agent,
         reimburse the Agent, the Banks and the Security Trustee for all costs
         and expenses (including legal fees) incurred in or in connection with
         the preservation and/or enforcement of any of the rights of the Agent,
         the Banks and the Security Trustee under the Facility Documents.

23.3     STAMP TAXES

         The Borrowers shall pay all stamp, registration and other taxes to
         which any Facility Document or any judgment given in connection with
         any Facility Document is or at any time may be subject and shall, from
         time to time on demand of the Agent, indemnify the Security Trustee and
         the Bank against any liabilities, costs, claims and expenses resulting
         from any failure to pay or any delay in paying any such tax.

23.4     BANKS' LIABILITIES FOR COSTS

         If either Borrower fails to perform any of its obligations under this
         Clause 23, each Bank shall, in the proportion borne by its share of the
         Loan to the amount of the Loan for the time being indemnify the Agent
         against any loss incurred by it as a result of such failure and the
         Borrowers shall forthwith reimburse each Bank for any payment made by
         it pursuant to this Clause 23.4.

24.      THE AGENT AND THE BANKS

24.1     APPOINTMENT OF THE AGENT

         Each Bank hereby appoints the Agent to act as its agent in connection
         with this Agreement and the other Facility Documents and authorises the
         Agent to exercise such rights, powers and discretions as are
         specifically delegated to the Agent by the terms hereof together with
         all such rights, powers and discretions as are reasonably incidental
         thereto.

24.2     AGENT'S DISCRETIONS

         The Agent may:

         (i)      assume that:

                  (a)      any representation made by either Borrower in
                           connection with this Agreement and the other Facility
                           Documents is true;

                  (b)      no event which is or may become an Event of Default
                           has occurred; and

                  (c)      neither Borrower is in breach of or default under its
                           obligations with this Agreement and the other
                           Facility Documents

                  unless it has actual knowledge or actual notice to the
                  contrary;

<PAGE>

         (ii)     assume that the Facility Office of each Bank is that
                  identified with its signature (or, in the case of a
                  Transferee, at the end of the Transfer Certificate to which it
                  is a party as Transferee) below until it has received from
                  such Bank a notice designating some other office of such Bank
                  to replace its Facility Office and act upon any such notice
                  until the same is superseded by a further such notice;

         (iii)    engage and pay for the advice or services of any lawyers,
                  accountants, surveyors or other experts whose advice or
                  services may to it seem necessary, expedient or desirable and
                  rely upon any advice so obtained;

         (iv)     rely as to any matters of fact which might reasonably be
                  expected to be within the knowledge of the Borrowers upon a
                  certificate signed by or on behalf of the Borrowers;

         (v)      rely upon any communication or document believed by it in good
                  faith to be genuine;

         (vi)     refrain from exercising any right, power or discretion vested
                  in it as agent hereunder unless and until instructed by an
                  Instructing Group as to whether or not such right, power or
                  discretion is to be exercised and, if it is to be exercised,
                  as to the manner in which it should be exercised; and

         (vii)    refrain from acting in accordance with any instructions of an
                  Instructing Group to begin any legal action or proceeding
                  arising out of or in connection with this Agreement until it
                  shall have received such security as it may require (whether
                  by way of payment in advance or otherwise) for all costs,
                  claims, expenses (including legal fees) and liabilities which
                  it will or may expend or incur in complying with such
                  instructions.

24.3     AGENT'S OBLIGATIONS

         The Agent shall:

         (i)      promptly inform each Bank of the contents of any notice or
                  document received by it from either Borrower under this
                  Agreement and the other Facility Documents;

         (ii)     promptly notify each Bank of the occurrence of any Event of
                  Default or any default by either Borrower in the due
                  performance of or compliance with its obligations under this
                  Agreement and the other Facility Documents of which the Agent
                  has actual knowledge or actual notice;

         (iii)    save as otherwise provided herein, act as agent hereunder in
                  accordance with any instructions given to it by an Instructing
                  Group, which instructions shall be binding on all the Banks;
                  and

         (iv)     if so instructed by an Instructing Group, refrain from
                  exercising any right, power or discretion vested in it as
                  agent hereunder.

<PAGE>

24.4     EXCLUDED OBLIGATIONS

         Notwithstanding anything to the contrary expressed or implied herein,
         the Agent shall not:

         (i)      be bound to enquire as to:

                  (a)      whether or not any representation made by either
                           Borrower in connection with the Facility Documents is
                           true;

                  (b)      the occurrence or otherwise of any event which is or
                           may become an Event of Default;

                  (c)      the performance by either Borrower of its obligations
                           under any of the Facility Documents; or

                  (d)      any breach of or default by either Borrower of or
                           under its obligations under any of the Facility
                           Documents;

         (ii)     be bound to account to each Bank for any sum or the profit
                  element of any sum received by it for its own account;

         (iii)    be bound to disclose to any other person any information
                  relating to either Borrower if such disclosure would or might
                  in its opinion constitute a breach of any law or regulations
                  or be otherwise actionable at the suit of any person; or

         (iv)     be under any obligations other than those for which express
                  provision is made herein.

24.5     INDEMNIFICATION

         Each Bank shall, from time to time on demand by the Agent, indemnify
         the Agent, in the proportion its share of the Loan bears to the amount
         of the Loan at the time of such demand or, if the Loan has then been
         repaid in full, against any and all costs, claims, losses, expenses
         (including legal fees) and liabilities together with any VAT thereon
         which the Agent may incur, otherwise than by reason of its own
         negligence or wilful misconduct, in acting in its capacity as agent
         hereunder.

24.6     EXCLUSION OF LIABILITIES

         The Agent does not accept any responsibility for the accuracy and/or
         completeness of information supplied by the Borrowers in connection
         herewith or with any other Facility Document or for the legality,
         validity, effectiveness, adequacy or enforceability of this Agreement
         or any other Facility Document and the Agent shall not be under any
         liability as a result of taking or omitting to take any action in
         relation to this Agreement or any other Facility Document, save in the
         case of gross negligence or wilful misconduct.

<PAGE>

24.7     NO ACTION

         Each Bank agrees that it will not assert or seek to assert against any
         director, officer or employee of the Agent any claim it might have
         against any of them in respect of the matters referred to in Clause
         24.6 (EXCLUSION OF LIABILITIES).

24.8     BUSINESS WITH THE BORROWER

         The Agent and each of the Banks may accept deposits from, lend money to
         and generally engage in any kind of banking or other business with the
         Borrowers.

24.9     RESIGNATION

         The Agent may resign its appointment hereunder at any time without
         assigning any reason therefor by giving not less than thirty days'
         prior written notice to that effect to each of the other parties hereto
         Provided that no such resignation shall be effective until a successor
         for the Agent is appointed in accordance with the succeeding provisions
         of this Clause 24.

24.10    SUCCESSOR AGENT

         If the Agent gives notice of its resignation pursuant to Clause 24.9
         then any reputable and experienced bank or other financial institution
         may be appointed as a successor to the Agent by an Instructing Group
         with the Borrowers' consent (such consent not to be unreasonably
         delayed or withheld) during the period of such notice but, if no such
         successor is so appointed, the Agent may appoint such a successor
         itself.

24.11    RIGHTS AND OBLIGATIONS

         If a successor to the Agent is appointed under the provisions of Clause
         24.10 (SUCCESSOR AGENT), then (i) the retiring Agent shall be
         discharged from any further obligation hereunder but shall remain
         entitled to the benefit of the provisions of this Clause 24 and (ii)
         its successor and each of the other parties hereto shall have the same
         rights and obligations amongst themselves as they would have had if
         such successor had been a party hereto.

24.12    OWN RESPONSIBILITY

         It is understood and agreed by each Bank that it has itself been, and
         will continue to be, solely responsible for making its own independent
         appraisal of and investigations into the financial condition,
         creditworthiness, condition, affairs, status and nature of the
         Borrowers and, accordingly, each Bank warrants to the Agent that it has
         not relied and will not hereafter rely on the Agent:

         (i)      to check or enquire on its behalf into the adequacy, accuracy
                  or completeness of any information provided by the Borrowers
                  in connection with the Facility Documents or the transactions
                  therein contemplated (whether or not such information has been
                  or is hereafter circulated to each Bank by the Agent); or

<PAGE>

         (ii)     to assess or keep under review on its behalf the financial
                  condition, creditworthiness, condition, affairs, status or
                  nature of the Borrowers.

24.13    AGENCY DIVISION SEPARATE

         In acting as agent hereunder for the Banks, the Agent shall be regarded
         as acting through its agency division which shall be treated as a
         separate entity from any other of its divisions or departments and,
         notwithstanding the foregoing provisions of this Clause 24, any
         information received by some other division or department of the Agent
         may be treated as confidential and shall not be regarded as having been
         given to the Agent's agency division.

24.14    CONFIDENTIAL INFORMATION

         Notwithstanding anything to the contrary expressed or implied herein
         and without prejudice to the provisions of Clause 24.13 (AGENCY
         DIVISION SEPARATE), the Agent shall not as between itself and the Banks
         be bound to disclose to any Bank or other person any information which
         is supplied by either Borrower to the Agent in its capacity as agent
         hereunder for the Banks and which is identified by such Borrower at the
         time it is so supplied as being confidential information Provided that
         the consent of the Borrowers to such disclosure shall not be required
         in relation to any information which in the opinion of the Agent
         relates to an Event of Default or in respect of which the Banks have
         given a confidentiality undertaking in a form satisfactory to the Agent
         and the Borrowers.

25.      BENEFIT OF AGREEMENT

         This Agreement shall be binding upon and enure to the benefit of each
         party hereto and its successors and permitted assigns.

26.      ASSIGNMENTS AND TRANSFERS

26.1     NO ASSIGNMENT AND TRANSFER BY THE BORROWERS

         No Borrower shall be entitled to assign or transfer all or any of its
         rights, benefits and obligations hereunder.

26.2     ASSIGNMENTS AND TRANSFERS BY BANKS

         Any Bank may at any time (and at its own cost) assign or transfer all
         or any of its rights and benefits hereunder.

26.3     ASSIGNMENTS BY BANKS

         If any Bank assigns all or any of its rights and benefits hereunder in
         accordance with Clause 26.2 (ASSIGNMENTS AND TRANSFERS BY BANKS), then,
         unless and until the assignee has agreed with the Agent and the
         Security Trustee that it shall be under the same obligations towards
         each of them as it would have been under if it had been an original
         party hereto as a Bank, the Agent and the Security Trustee shall not be
         obliged to recognise such assignee as having the rights against each of
         them which it would have had if it had been such a party

<PAGE>

         hereto.

26.4     TRANSFERS BY BANKS

         If a Bank wishes to transfer all or any of its rights, benefits and/or
         obligations hereunder as contemplated in Clause 26.2 (ASSIGNMENTS AND
         TRANSFERS BY BANKS), then such transfer may be effected by the delivery
         to the Agent and the Borrowers of a duly completed and duly executed
         Transfer Certificate in which event, on the later of the Transfer Date
         specified in such Transfer Certificate and the fifth business day after
         (or such earlier business day endorsed by the Agent on such Transfer
         Certificate) the date of delivery of such Transfer Certificate to the
         Agent:

         (i)      to the extent that in such Transfer Certificate such Bank
                  seeks to transfer its rights and obligations hereunder, the
                  Borrowers and such Bank shall be released from further
                  obligations towards one another hereunder and their respective
                  rights against one another shall be cancelled (such rights and
                  obligations being referred to in this Clause 26.4 as
                  "DISCHARGED RIGHTS AND OBLIGATIONS"); and

         (ii)     the Borrowers and the Transferee party thereto shall assume
                  obligations towards one another and/or acquire rights against
                  one another which differ from such discharged rights and
                  obligations only insofar as the Borrowers and such Transferee
                  have assumed and/or acquired the same in place of the
                  Borrowers and such Bank;

26.5     TRANSFER FEES

         On the date upon which a transfer takes effect pursuant to this Clause
         26, the Transferee in respect of such transfer shall pay to the Agent
         for its own account a transfer fee of $500.

26.6     OTHER ASSIGNMENT AND TRANSFERS BY BANKS

         Any assignment or transfer which is not contemplated by the express
         provisions of this Clause 26 may only be made by a Bank with the prior
         written consent of the Borrowers and in such event, the provisions of
         Clauses 26.2 (ASSIGNMENTS AND TRANSFERS BY BANKS), 26.4 (TRANSFERS BY
         BANKS) and 26.5 (TRANSFER FEES) shall apply MUTATIS MUTANDIS thereto.

26.7     DISCLOSURE OF INFORMATION

         Any Bank may, with the prior written consent of the Borrowers (such
         consent not to be unreasonably withheld or delayed), disclose to any
         actual or potential assignee or to any person who may otherwise enter
         into contractual relations with such Bank in relation to this Agreement
         such information about the Borrowers as such Bank and the Borrowers
         shall consider appropriate.

<PAGE>

27.      CALCULATIONS AND EVIDENCE OF DEBT

27.1     BASIS OF ACCRUAL

         Interest and commitment commission shall accrue from day to day and
         shall be calculated on the basis of a year of 360 days and the actual
         number of days elapsed.

27.2     EVIDENCE OF DEBT

         Each Bank shall maintain in accordance with its usual practice accounts
         evidencing the amounts from time to time lent by and owing to it
         hereunder; in any legal action or proceeding arising out of or in
         connection with this Agreement and other Facility Documents, the
         entries made in such accounts shall be conclusive evidence of the
         existence and amounts of the obligations of the Borrowers therein
         recorded.

27.3     CONTROL ACCOUNTS

         The Agent shall maintain on its books a control account or accounts in
         which shall be recorded (i) the amount of each advance made hereunder
         by the Banks, (ii) the amount of all principal, interest and other sums
         due or to become due from the Borrowers to each of the Banks under the
         Facility Documents and (iii) the amount of any sum received or
         recovered by the Agent under the Facility Documents and each Bank's
         share therein. To the extent that discrepancies exist between accounts
         maintained by each Bank pursuant to clause 27.2 (EVIDENCE OF DEBT) and
         control accounts maintained by the Agent under this Clause 27.3, the
         control accounts herein maintained shall prevail.

27.4     PRIMA FACIE EVIDENCE

         In any legal action or proceeding arising out of or in connection with
         this Agreement and/or any other Facility Document, the entries made in
         the accounts maintained pursuant to Clause 27.2 (EVIDENCE OF DEBT) or
         Clause 27.3 (CONTROL ACCOUNTS) shall be PRIMA FACIE evidence of the
         existence and extent of the obligations of the Borrowers therein
         recorded.

27.5     CHANGE OF CIRCUMSTANCE CERTIFICATES

         A certificate of the Bank as to (a) the amount by which a sum payable
         to it hereunder is to be increased under Clause 10.1 (TAX GROSS-UP) or
         (b) the amount for the time being required to indemnify it against any
         such cost or liability as is mentioned in Clause 10.2 (TAX INDEMNITY)
         or 11.1 (INCREASED COSTS) shall, in the absence of manifest error, be
         conclusive for the purposes of this Agreement and PRIMA FACIE evidence
         in any legal action or proceeding arising out of or in connection with
         this Agreement.

28.      REMEDIES AND WAIVERS

         No failure to exercise, nor any delay in exercising, on the part of the
         Agent, any Bank and the Security Trustee or any of them, any right or
         remedy hereunder shall operate as a waiver thereof, nor shall any
         single or partial exercise of any right or remedy prevent any further
         or

<PAGE>

         other exercise thereof or the exercise of any other right or remedy.
         The rights and remedies herein provided are cumulative and not
         exclusive of any rights or remedies provided by law.

29.      PARTIAL INVALIDITY

         If at any time any provision hereof is or becomes illegal, invalid or
         unenforceable in any respect under the law of any jurisdiction, neither
         the legality, validity or enforceability of the remaining provisions
         hereof nor the legality, validity or enforceability of such provision
         under the law of any other jurisdiction shall in any way be affected or
         impaired thereby.

30.      NOTICES

30.1     COMMUNICATIONS IN WRITING

         Each communication to be made hereunder shall be made in writing but,
         unless otherwise stated, may be made by telex, facsimile or letter.

30.2     COMMUNICATIONS THROUGH THE AGENT

         Each communication between the Banks and the Borrowers hereunder shall
         only be effected through the Agent.

30.3     DELIVERY

         Any communication or document to be made or delivered by one party to
         the other pursuant to this Agreement shall (unless the other party has
         by three days' written notice to the one specified another address or
         telex or facsimile number) be made or delivered to that other party at
         the address or telex or facsimile number identified with its signature
         below and shall be deemed to have been made or delivered when
         despatched and answerback received (in the case of any communication
         made by telex) or (in the case of any communication made by facsimile)
         when legibly received or (in the case of any communication made by
         letter) when left at that address or (as the case may be) ten days
         after being deposited in the post postage prepaid in an envelope
         addressed to it at that address Provided that:

         (i)      if any such communication or document would otherwise be
                  deemed to have been received on a day which is not a business
                  day it shall be deemed to have been received on the first
                  business day thereafter; and

         (ii)     any communication or document to be made or delivered by the
                  Borrowers to each Bank shall be effective only when legibly
                  received by the Bank and then only if the same is expressly
                  marked for the attention of the department or officer
                  identified with such Bank's signature below (or such other
                  department or officer as such Bank shall from time to time
                  specify for this purpose).

30.4     ENGLISH LANGUAGE

         Each communication and document made or delivered by one party to
         another pursuant to this Agreement shall be in the English language or
         accompanied by a translation thereof into

<PAGE>

         English certified (by an officer of the person making or delivering the
         same) as being a true and accurate translation thereof.

30.5     NOTICE BINDING

         Notice by either Borrower made hereunder shall be binding on both the
         Agent and the Banks and the Agent and the Banks can ignore any
         subsequent conflicting notice.

31.      LAW

         This Agreement shall be governed by, and construed in accordance with,
         English law.

32.      JURISDICTION

32.1     ENGLISH COURTS

         Each of the parties hereto irrevocably agrees for the benefit of the
         Agent, the Banks and the Security Trustee that the courts of England
         shall have jurisdiction to hear and determine any suit, action or
         proceeding, and to settle any disputes, which may arise out of or in
         connection with this Agreement and, for such purposes, irrevocably
         submits to the jurisdiction of such courts.

32.2     APPROPRIATE FORUM

         Each Borrower irrevocably waives any objection which it might now or
         hereafter have to the courts referred to in Clause 32.1 (ENGLISH
         COURTS) being nominated as the forum to hear and determine any suit,
         action or proceeding, and to settle any disputes, which may arise out
         of or in connection with this Agreement and agrees not to claim that
         any such court is not a convenient or appropriate forum.

32.3     SERVICE OF PROCESS

         Each Borrower agrees that the process by which any suit, action or
         proceeding in England is begun may be served on it by being delivered
         to Clifford Chance Secretaries Limited at 200 Aldersgate Street,
         London, EC1A 4JJ or other of its registered offices for the time being.

32.4     NON-EXCLUSIVE SUBMISSIONS

         The submission to the jurisdiction of the courts referred to in Clause
         32.1 (ENGLISH COURTS) shall not (and shall not be construed so as to)
         limit the right of the Agent, the Banks or the Security Trustee to take
         proceedings against either Borrower in any other court of competent
         jurisdiction nor shall the taking of proceedings in any one or more
         jurisdictions preclude the taking of proceedings in any other
         jurisdiction, whether concurrently or not.

AS WITNESS the hands of the duly authorised representatives of the parties
hereto the day and year first before written.

<PAGE>

                               THE FIRST SCHEDULE

                          CONDITION PRECEDENT DOCUMENTS

                                     PART 1

1.       In relation to each Borrower, the Shareholder and the Managing General
         Partner (herein together referred to as the "RELEVANT PARTIES"):

         (i)      a copy, certified a true copy by a duly authorised officer of
                  the relevant Borrower, of a Board Resolution of such Borrower
                  approving the execution, delivery and performance of each of
                  the Facility Documents to which it is a party and the terms
                  and conditions thereof and authorising a named person or
                  persons to sign each of the Facility Documents to which it is
                  a party;

         (ii)     a copy, certified a true copy by a duly authorised officer of
                  the Managing General Partner of the Shareholder's Certificate
                  of Registration as a Limited Partnership and its Limited
                  Partnership Agreement;

         (iii)    a copy, certified a true copy by a duly authorised officer of
                  the Relevant Party, of the constitutive documents of such
                  Relevant Party;

         (iv)     a certificate of a duly authorised officer of the relevant
                  Borrower, setting out the names and signatures of the persons
                  authorised to sign, on behalf of such Borrower, the Facility
                  Documents to which it is a party and any documents to be
                  delivered by it pursuant hereto or thereto; and

         (v)      a copy certified a true copy by a duly authorised officer of
                  the relevant Borrower, of the proforma opening balance sheet
                  of such Borrower evidencing its capital structure including
                  the amount of its Working Capital;

         (vi)     a certificate of a duly authorised officer of the Managing
                  General Partner of the Shareholder setting out the partners
                  (both general and limited) of the Shareholder; and

         (vii)    a certificate of a duly authorised officer of each Borrower
                  certifying that the Shareholder is the sole Shareholder of
                  such Borrower.

2.       A copy of the Cayman Islands Exempted Limited Partnership Law and of
         each such other law, decree, consent, licence, approval, registration
         or declaration as is, in the opinion of counsel to the Banks, necessary
         to render the Facility Documents legal, valid, binding and enforceable,
         to make them admissible in evidence in the Cayman Islands and Liberia
         and to enable each Borrower lawfully to perform its obligations under
         the Facility Documents.

3.       An opinion of the Banks' counsel in relation to Liberian and New York
         law in a form satisfactory to the Banks.

<PAGE>

4.       An opinion of the Banks' Cayman Islands counsel in a form satisfactory
         to the Banks.

5.       An opinion of Clifford Chance in a form satisfactory to the Banks.

6.       Evidence that Clifford Chance Secretaries Limited has agreed to act as
         the agent of each Borrower for the service of process in England.

7.       A Priority Agreement between the Borrowers, the Banks and the Agent
         under this Agreement and the Agent and the lenders under the Junior
         Facility Agreement.

8.       A copy, certified to be a true copy by a duly authorised officer of the
         relevant Borrower of each of the Memorandum of Agreements showing the
         purchase price of the Stavanger Boss (to be renamed Boss) is
         $25,750,000 and the Stavanger Sun (to be renamed Sun) is $25,900,000.

9.       Details of the managers of the Vessels and a certified true copy of
         each Initial Management Agreements and each Subsequent Management
         Agreements for each Vessel in a form acceptable to the Banks.

10.      Confirmation that the technical management of each of the Vessels is or
         will be with firstly, Det Stavangerske Damskipsselskap, Norway and
         secondly with Universe Tankships (Bermuda) Ltd.

<PAGE>

                                     PART 2

Each of the following documents duly executed by the Borrower which is the
purchaser of the Vessel which is to be purchased with the relevant Advance.

1.       (i)      In respect of Stavanger Sun Ltd as the relevant Borrower, a
                  first preferred Liberian ship mortgage granted by such
                  Borrower over its Vessel in favour of the Security Trustee in
                  a form acceptable to the Agent.

         (ii)     In respect of Boss Ltd as the relevant Borrower, the Norwegian
                  International Ship Mortgages granted by such Borrower over its
                  Vessel in favour of the Security Trustee in a form acceptable
                  to the Agent.

2.       An assignment of earnings and insurances agreement entered into by such
         Borrower in favour of the Security Trustee to secure the Borrower's
         obligations under this Agreement in a form acceptable to the Agent.

3.       An assignment of such Borrower's bank accounts in a form acceptable to
         the Agent.

4.       A security trust deed whereby the Security Trustee agrees to hold the
         benefit of the security created by the mortgage and the assignment of
         earnings and insurances and the assignment of accounts referred to in
         paragraphs 1, 2 and 3 above on trust for the Beneficiaries named
         therein in a form acceptable to the Agent.

5.       All notices to be given under the assignments referred to in 2 and 3
         above.

6.       The Protocol of Delivery and Acceptance of its Vessel duly signed by
         such Borrower and the Seller.

7.       (i)      In respect of Stavanger Sun Ltd as the relevant Borrower,
                  evidence of deletion of its Vessel from Norwegian flag and
                  evidence of registration under Liberian flag.

         (ii)     In respect of Boss Ltd as the relevant Borrower, evidence of
                  registration of its Vessel under the Norwegian flag.

8.       Valid up-to-date class certificates from a classification society
         acceptable to the Agent and showing its Vessel to be in a class
         acceptable to the Agent, without extension or recommendations.

9.       A copy of the Bill of Sale relating to its Vessel and any other
         documents required to be produced by the Seller or the Borrower
         pursuant to the Memorandum of Agreement.

10.      Evidence of the discharge of any existing mortgages over its Vessel.

<PAGE>

                               THE SECOND SCHEDULE

                               NOTICE OF DRAWDOWN

From:    Boss Ltd./Stavanger Sun Ltd.

To:      Christiania Bank og Kreditkasse ASA as Agent

Dear Sirs,

1.       We refer to the agreement (the "FACILITY AGREEMENT") dated __________
1997 and made between ourselves as borrowers, yourselves as agent and security
trustee and the Initial Bank as defined therein. Terms defined in the Facility
Agreement shall have the same meaning in this notice.

2.       We hereby give you notice that, pursuant to the Facility Agreement and
on _____________________, we wish to borrow the amount of ________________
United States Dollars (being an amount equal to the lesser of the amount of the
Facility Amount and 9.5 per cent. of the purchase price of the m/t "STAVANGER
BOSS/STAVANGER SUN upon the terms and subject to the conditions contained
therein. We hereby confirm that the aggregate sum of this proposed drawdown and
the amount drawndown (or to be drawndown) under the Senior Facility Agreement
shall not exceed 65% of the Fair Market Value of the relevant Vessel.

3.       We would like an Advance to have a first Interest Period of:

         First Choice: _____________________________ months' duration.

         Second Choice:* __________________________ months' duration.

4.       We further confirm that, at the date hereof, the representations set
out in Clauses 12.1 and 12.2 of the Facility Agreement are true and that no
event which is or may become (with the passage of time, the giving of notice,
the making of any determination under the Facility Agreement or any combination
thereof) an Event of Default has occurred.

5.       The proceeds of this drawdown should be credited to our account with
the Agent's New York branch.

                                Yours faithfully

                          ----------------------------
                              for and on behalf of
                          BOSS LTD./STAVANGER SUN LTD.

--------------------------------------------------------------------------------
*.       Only if the first choice Interest Period is twelve months.

<PAGE>

                               THE THIRD SCHEDULE

                          FORM OF TRANSFER CERTIFICATE

To:      Christiania Bank og Kreditkasse ASA (as Agent) and
         Boss Ltd. and Stavanger Sun Ltd.

                              TRANSFER CERTIFICATE

relating to the agreement (as from time to time amended, varied, novated or
supplemented, the "FACILITY AGREEMENT") dated [       ] whereby a US$5,000,000
loan facility was made available to Boss Ltd. and Stavanger Sun Ltd. (the
"BORROWERS") by the Initial Bank as defined therein in connection with which
Christiania Bank og Kreditkasse ASA acted as Agent and Security Trustee.

1.       Terms defined in the Facility Agreement shall, subject to any contrary
indication, have the same meanings herein. The terms Bank, Transferee, Bank's
Participation and Amount Transferred are defined in the schedule hereto.

2.       The Bank confirms that the Bank's Participation is an accurate summary
of its participation in the Facility Agreement and requests the Transferee to
accept and procure the transfer to the Transferee of a percentage of the Bank's
Participation (equal to the percentage that the Amount Transferred is of the
aggregate of the component amounts (as set out in the Schedule hereto) of the
Bank's Participation) by counter-signing and delivering this Transfer
Certificate to the Agent at its address for the service of notices specified in
the Facility Agreement.

3.       The Transferee hereby requests the Agent to accept this Transfer
Certificate as being delivered to the Agent pursuant to and for the purposes of
Clause 26.2 of the Facility Agreement so as to take effect in accordance with
the terms thereof on the Transfer Date or on such later date as may be
determined in accordance with the terms thereof.

4.       The Transferee warrants that it has received a copy of the Facility
Agreement together with such other information as it has required in connection
with this transaction and that it has not relied and will not hereafter rely on
the Bank to check or enquire on its behalf into the legality, validity,
effectiveness, adequacy, accuracy or completeness of any such information and
further agrees that it has not relied and will not rely on the Bank to assess or
keep under review on its behalf the financial condition, creditworthiness,
condition, affairs, status or nature of either Borrower.

5.       The Transferee hereby undertakes with the Bank and each of the other
parties to the Facility Agreement that it will perform in accordance with their
terms all those obligations which by the terms of the Facility Agreement will be
assumed by it after delivery of this Transfer Certificate to the Agent and
satisfaction of the conditions (if any) subject to which this Transfer
Certificate is expressed to take effect.

6.       The Bank makes no representation or warranty and assumes no
responsibility with respect to the legality, validity, effectiveness, adequacy
or enforceability of the Facility Agreement or any

<PAGE>

document relating thereto and assumes no responsibility for the financial
condition of the Borrower or for the performance and observance by either
Borrower of any of its obligations under the Facility Agreement or any document
relating thereto and any and all such conditions and warranties, whether express
or implied by law or otherwise, are hereby excluded.

7.       The Bank hereby gives notice that nothing herein or in the Facility
Agreement (or any document relating thereto) shall oblige the Bank to (i) accept
a re-transfer from the Transferee of the whole or any part of its rights,
benefits and/or obligations under the Facility Agreement transferred pursuant
hereto or (ii) support any losses directly or indirectly sustained or incurred
by the Transferee for any reason whatsoever including, without limitation, the
non-performance by either Borrower or any other party to the Facility Agreement
(or any document relating thereto) of its obligations under any such document.
The Transferee hereby acknowledges the absence of any such obligations under any
such document. The Transferee hereby acknowledges the absence of any such
obligation as is referred to in (i) or (ii) above.

8.       This Transfer Certificate and the rights and obligations of the parties
hereunder shall be governed by and construed in accordance with English law.

                                    SCHEDULE

1.       Bank:

2.       Transferee:

3.       Transfer Date:

4.       Bank's Participation:

         Bank's portion of the Loan:

         Bank's Commitment:

5.       Amount Transferred:

[Transferor Bank]                           [Transferee Bank]

By:                                         By:

Date:                                       Date:

                                            Address:

<PAGE>

                               THE FOURTH SCHEDULE

                                    PART ONE

<TABLE>
<CAPTION>
THE BORROWERS                               THE VESSELS                         THE SELLERS
<S>                                         <C>                                 <C>
Boss Ltd., a company                        M/T Stavanger Boss                  KS Stavanger Boss
duly incorporated under                     (to be renamed Boss)
the laws of the Cayman
Islands

Stavanger Sun Ltd.,                         M/T Stavanger Sun                   KS Stavanger Sun
a company duly incorporated                 (to be renamed Sun)
under the laws of the Cayman IslandS
</TABLE>

<PAGE>

EXECUTED as an Agreement

THE BORROWERS

BOSS LTD.

By:               Peter Georgiopoulos

Address:          c/o General Maritime III Corporation
                  730 Fifth Avenue (15th Floor)
                  New York
                  NY 10019
                  USA

Attention:        Peter Georgiopoulos
Tel:              (212) 698 9630
Fax:              (212) 698 9628

STAVANGER SUN LTD.

By:               Peter Georgiopoulos

Address:          c/o General Maritime Corporation
                  730 Fifth Avenue (15th Floor)
                  New York
                  NY 10019
                  USA

Attention:        Peter Georgiopoulos
Tel:              (212) 698 9630
Fax:              (212) 698 9628

THE AGENT AND SECURITY TRUSTEE

CHRISTIANIA BANK OG KREDITKASSE ASA

By:               Amelia Sweetland, Attorney in Fact

Address:          PO Box 1166
                  Sentrum
                  0107 Oslo
                  Norway

Attention:
Tel:              47 2248 5000
Fax:              47 2248 6668

<PAGE>

THE INITIAL BANK

CHRISTIANIA BANK OG KREDITKASSE ASA

By:               Amelia Sweetland, Attorney in Fact

Address:          PO Box 1166
                  Sentrum
                  0107 Oslo
                  Norway

Attention:        Shipping Department
Tel:              47 2248 5000
Fax:              47 2248 6668

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}]]