Document:

Exhibit 4.41

                                                 BIMCO STANDARD BAREBOAT CHARTER
                                                        CODE NAME: "BARECON 2001

1.   Shipbroker

     Not applicable

2.   Place and date

     Piraeus, 14th March 2006

3.   Owners/Place of business (Cl. 1)

     TUCKER NAVIGATION CO. of Liberia

4.   Bareboat Charterers/Place of business

     FALAKRO SHIPPING COMPANY LIMITED of Liberia

5.   Vessel's name, call sign and lag (Cl. 1 and 3)

     M/T "DOUBTLESS", ELNJ4, Liberia

6.   Type of Vessel

     Motor Tanker

7.   GT/NT

     28223/13568

8.   When/Where built

     1991-Halla Engineering & Heavy Industries Co., Ltd., Inchon, Korea

9.   Total DWT (abt.) In metric tons on summer freeboard

     47046

10.  Classification society (C1. 3)

     Det Norske Veritas

11.  Date of last special survey by the Vessel's classification society

     October 2001

12.  Further particulars of Vessel (also indicate minimum number of months'
     validity of class certificates agreed acc. To Cl. 3)

13.  Port or Place of delivery (Cl. 3)

     Worldwide within IWL

14.  Time for delivery (Cl. 4)

     See Clause 4

15.  Cancelling date (Cl. 5)

     30th March 2006

16.  Port or Place of redelivery (Cl. 15)

     EuroMed, Gibraltar/Skaw range, Americas excluding USA, AG/Japan range, in
     Charterers' option but in any event within IWL

17.  No. of months' validity, of trading and class certificates upon redelivery
     (Cl. 15)

     Minimum six (6) months without extensions

18.  Running days' notice if other than stated In Cl. 4

19.  Frequency of dry-docking (Cl. 10(g))

20.  Trading limits (Cl. 6)

     Worldwide trading, but always within the Institute Warranty Limit (IWL)

21.  Charter period (Cl. 2)

     Five (5) years with Owners' option to extend this period by three (3)
     months in accordance with Clause 32B

22.  Charter hire (Cl. 11)

     USD 396,000 per month

23.  New class and other safety requirements (state percentage of Vessel's
     insurance value acc. To Box 29)(Cl. 10(a)(II))

24.  Rate of interest payable acc. To Cl. 11(f) and, if applicable, acc. To PART
     IV

25.  Currency and method of payment (Cl. 11)

     United States Dollars (USD) in same day funds by SWIFT or by other tested
     key electronic money transfer

26.  Place of payment; also slate beneficiary and bank account (Cl. 11)

     Rotterdam, The Netherlands
     Owners' bank account nr.
     24.07.56.169 with FORTIS BANK
     (NEDERLAND) N.V.

27.  Bank guarantee/bond (sum and place)((Cl. 24)(optional)

     See Clause 32A and 22(b)

28.  Mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) applies
     state date of Financial Instrument and name of Mortgagee(s)/Place of
     business)(Cl. 12)

     First Quadripartite Agreement and First Mortgage in favour of the First
     Mortgagee.

     Second Quadripartite Agreement and Second Mortgage in favour of the Second
     Mortgagee.

     Third priority mortgage in favour of Charterers as security for the
     Seller's Credit.

29.  Insurance (hull and machinery and war risks)(state value acc. To Cl. 13(f)
     or, if applicable, acc. To Cl. 14(k))(also state if Cl. 14 applies)

     Clause 14 does not apply. As regards the insured amount for Clause 13(f)
     purposes, see Clause 34

30.  Additional insurance cover, if any, for Owners' account limited to (CI,
     13(b) or, if applicable, Cl. 14(g)

     Not applicable

31.  Additional insurance cover, if any, for Charterers' account limited to (Cl.
     13(b) or, if applicable, CI. 14(g))

     Not applicable

32.  Latent defects (only to be filled in if period other than stated in CI. 3)

     Not applicable

33.  Brokerage commission and to whom payable (Cl. 14(g))

     Not applicable

34.  Grace period (state number of clear banking days)(Cl. 28)

     Three (3)

35.  Dispute Resolution (state 30(a), 30(b) or 30(c); if 30(c) agreed Place of
     Arbitration must be stated (Cl. 30)

     30(a)

36.  War cancellation (indicate countries agreed)(Cl. 26(f))

     Not applicable

37.  Newbuilding Vessel (indicate with "yes" or "no": whether PART III
     applies)(optional)

     Not applicable

38.  Name and place of Builders (only to be filled in if PART III applies)

     Not applicable

39.  Vessel's Yard Building No. (only to be filled in if PART III applies)

     Not applicable

40.  Date of Building Contract (only to be filled in if PART III applies)

     Not applicable

41.  Liquidated damages and costs shall accrue to (state party acc. To Cl. 1)

         a) Not applicable

         b)

         c)

42.  Hire/Purchase agreement (indicate with "yes" or "no" whether PART IV
     applies)(optional)

     Not applicable

43.  Bareboat Charter Registry (indicate "yes" or "no" whether PART V
     applies)(optional)

     Not applicable

44.  Flag and Country of the Bareboat Charter Registry (only to be filled in if
     PART V applies)

     Not applicable

45.  Country of the Underlying Registry (only to be filled in if PART V applies)

     Not applicable

46.  Number of additional clauses covering special provisions, if agreed)

     Clauses number 32, 33 and 34.

PREAMBLE - It is mutually agreed that this Contract shall be performed subject
to the conditions contained in this Charter which shall include PART I and PART
II. In the event of a conflict of conditions, the provisions of PART I shall
prevail over those of PART II to the extent of such conflict but no further. It
is further mutually agreed that PART III and/or PART IV and/or PART V shall only
apply and only form part of this Charter if expressly agreed and stated in the
Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V apply, it is
further agreed that in the event of a conflict of conditions, the provisions of
PART I and PART II shall prevail over those of PART III and/or PART IV and/or
PART V to the extent of such conflict but no further.

Signature (Owners)                                      Signature (Charterers)

/s/ Alexandra Tatagia                                      /s/ Andreas Louka
------------------------                                ------------------------
Alexandra Tatagia                                           Andreas Louka
Attorney-in-fact                                            Attorney-in-fact

<PAGE>

                                    PART II
                    "BARECON 2001" Standard Bareboat Charter

1.   Definitions

     In this Charter, the following terns shall have the meanings hereby
     assigned to them:
     "The Owners" shall mean the party identified in Box 3;
     "The Charterers" shall mean the party identified In Box 4;
     "The Vessel" shall mean the vessel named in Box 5 and with particulars as
     stated In Boxes 6 to 12.
     See also Clause 33.

2.   Charter Period

     In consideration of the hire detailed in BK22, the Owners have agreed to
     let and the Charterers have agreed to hire the Vessel for the period stated
     in Box 21 ("The Charter Period").

3.   Delivery

     (not applicable when Part III applies, as indicated In Box 37)

DELETED TEXT

     (a)  The Vessel shall be delivered under this Charter by the Owners to the
          Charterers on an "as is-where is" basis (and, in any event, as
          delivered under the MOA as defined in Clause 33 by the Charterers as
          sellers to the Owners as buyers) and without any warranty whatsoever
          by the Owners. Owners shall also not be liable for any latent defects.

     (b)  The delivery of the Vessel by the Owners and the taking over of the
          Vessel by the Charterers shall constitute a full performance by the
          Owners of all the Owners' obligations under this Clause 3.

4.   Time for Delivery

     (not applicable when Part III applies, as indicated in Box 37)

     The delivery of the Vessel under this Charter shall AN be made
     simultaneously with the delivery under the MOA.

5.   Cancelling

     (not applicable when Part III applies, as indicated in Box 37)

     (a)  This Charter shall be cancelled in the event the MOA Is cancelled. Any
          extension of the cancelling date of the 140A shall, unless otherwise
          specifically agreed, constitute a similar extension of the cancelling
          date of this Charter.

     (b)  DELETED TEXT

     Cancellation under this Clause 5 shall be without prejudice to any claim a
     party hereto may otherwise have on the other party under this Charter.

6.   Trading Restrictions

     The Vessel shall be employed in lawful trades for the carriage of suitable
     lawful merchandise within the trading limits Indicated In Box 20.

     The Charterers undertake not to employ the Vessel or suffer the Vessel to
     be employed otherwise than in conformity with the terms of the contracts of
     insurance (including any warranties expressed or implied therein) without
     first obtaining the specific consent of the insurers to such employment and
     complying with such requirements as to extra premium or otherwise as the
     insurers may prescribe.

     The Charterers also undertake not to employ the Vessel or suffer her
     employment in any trade or business which Is forbidden by the law of any
     country to which the Vessel may sail or is otherwise illicit or in carrying
     illicit or prohibited goods or in any manner whatsoever which may render
     her liable to condemnation, destruction, seizure or confiscation.

     Notwithstanding any other provisions contained in this Charter ft is agreed
     that nuclear fuels or radioactive products or waste are specifically
     excluded from the cargo permitted to be loaded or carried under this
     Charter. This exclusion does not apply to radio-isotopes used or intended
     to be used for any industrial, commercial, agricultural, medical or
     scientific purposes provided the Owners' prior approval has been obtained
     to loading thereof.

     Always provided that nothing permitted under this Clause shall in any way
     violate the terms of the Financial Instruments, as same are defined in
     Clause 33.

7.   Surveys on Delivery and Redelivery

     (not applicable when Pad ill applies, as indicated in Box 37)

     The Owners and the Charterers shall each appoint surveyors for the purpose
     of determining and agreeing In writing the condition of the Vessel at the
     time of redelivery hereunder. The Charterers shall bear all expenses of the
     Off-hire Survey including loss of time, if any, at the daily equivalent to
     the rate of hire or pro rata thereof.

8.   Inspection

     The Owners shall have the right at any time after giving reasonable notice
     to the Charterers to inspect or survey the Vessel or instruct a duly
     authorised surveyor to carry out such survey on their behalf:-

     (a)  to ascertain the condition of the Vessel and satisfy themselves that
          the Vessel is being properly repaired and maintained. The costs and
          fees for such Inspection or survey shall be paid by the Owners unless
          the Vessel Is found to require repairs or maintenance in order to
          achieve the condition so provided;

     (b)  in dry-dock if the Charterers have not dry-docked her in accordance
          with Clause 10(0). The costs and fees for such inspection or survey
          shall be paid by the Charterers; and

     (c)  for any other commercial reason they consider necessary (provided It
          does not unduly interfere with the commercial operation of the
          Vessel). The costs and fees for such inspection and survey shall be
          paid by the Owners.

     All time used in respect of inspection, survey or repairs shall be for the
     Charterers' account and form part of the Charter Period.

     The Charterers shall also permit the Owners to inspect the Vessel's log
     books whenever requested and shall whenever required by the Owners furnish
     them with full information regarding any casualties or other accidents or
     damage to the Vessel.

     All the above are without prejudice to the rights of Inspection which the
     Mortgagees (as defined in Clause 33) have under the relevant terms of the
     Financial Instruments; the Charterers shall at all times allow the
     respective Mortgagee to exercise same.

9.   Inventories, Oil and Stores

     A complete inventory of the Vessel's entire equipment, outfit including
     spare parts, appliances and of all consumable stores on board the Vessel
     shall be made by the Charterers in conjunction with the Owners on delivery
     and again on redelivery of the Vessel. The Owners shall at the time of
     redelivery take over and pay only for all bunkers and lubricating oils, in
     the said Vessel at the then current market prices at the ports of
     redelivery. The Charterers shall ensure that all spare parts listed in the
     inventory and used during the Charter Period are replaced at their expense
     prior to redelivery of the Vessel. No payment shall be made by the Owners
     on redelivery for provisions, paints, ropes, spare parts, etc.; they shall
     all become Owners' property on redelivery without any payment.

10.  Maintenance and Operation

     (a)  (i)  Maintenance and Repairs - During the Charter Period the Vessel
               shall be in the full possession and at the absolute disposal for
               ail permissible purposes of the Charterers and under their
               complete control in every respect, always subject to the terms
               and conditions of this Charter. The Charterers shall maintain the
               Vessel, her machinery, boilers, appurtenances and Spare parts in
               a good state of repair, in efficient operating condition and in
               accordance with good commercial maintenance practice and, at
               their own expense, they shall at all times keep the Vessel's
               Class fully up to date with the Classification Society indicated
               in Box 10 and maintain all other necessary certificates in force
               at all times.

          (ii) New Class and Other Safety Requirements - in the event of any
               improvement, structural changes or new equipment becoming
               necessary for the continued operation of the Vessel by reason of
               new class requirements or by compulsory legislation costing
               (excluding the Charterers' loss of time) more than the percentage
               stated in Box 23, or if pox 23 is left blank, 5 per cent: of the
               Vessel's insurance value as stated in pox 29, then the extent, if
               any, to which the rate of hire shall be varied and the ratio in
               which the cost of compliance shall be shared between the parties
               concerned in order to achieve a reasonable distribution thereof
               as between the Owners and the Charterers having regard, inter
               alia, to the length of the period remaining under this Charter
               shall, in the absence of agreement, be referred to the dispute
               resolution method agreed in Clause 30. In any event the
               Charterers are obliged to redeliver the Vessel in full compliance
               with all the requirements and regulations of the SOLAS and/or IMO
               for worldwide trading applicable or provided for at the time of
               redelivery, including also any U.S. Coast Guard requirements for
               the trading of the Vessel in U.S.A. territories.

          (iii) Financial Security - The Charterers shall maintain financial
               security or responsibility In respect of third party liabilities
               as required by any government, including federal, state or
               municipal or other division or authority thereof, to enable the
               Vessel, without penalty or charge, lawfully to enter, remain at,
               or leave any port, place, territorial or contiguous waters of any
               country, state or municipality in performance of this Charter
               without any delay. This obligation shall apply whether or not
               such requirements have been lawfully imposed by such government
               or division or authority thereof.

     The Charterers shall make and maintain all arrangements by bond or
     otherwise as may be necessary to satisfy such requirements at the
     Charterers' sole expense and the Charterers shall fully indemnify the
     Owners against all consequences whatsoever (including loss of time) for any
     failure or inability to do so.

     (b)  Operation of the Vessel - The Charterers shall at their own expense
          and by their own procurement man, victual, navigate, operate, supply,
          fuel and, whenever required, repair the Vessel during the Charter
          Period and they shall pay all charges and expenses of every kind and
          nature whatsoever Incidental to their use and operation of the Vessel
          under this Charter, including any foreign general municipality and/or
          state taxes. However the Owners shall pay for the Vessel's annual
          tonnage taxes due to the flag State. The Master, officers and crew of
          the Vessel she" be the smarts of the Charterers for all purposes
          whatsoever, even if for any reason appointed by the Owners, and shall
          in any event be promptly and fully paid by the Charterers, Charterers
          shall comply with the regulations regarding officers and crew in force
          in the country of the Vessel's Rag or any other applicable law.

     (c)  The Charterers shall keep the Owners and the Mortgagee advised of the
          intended employment, planned dry-docking and major repairs of the
          Vessel, as reasonably required.

     (d)  Flag and Name of Vessel - During the Charter Period, the Charterers
          shall have the liberty to paint the Vassal in their own colours,
          install and display their funnel insignia and fly their own house Rag.
          The Charterers shall also have the liberty, however always with the
          Owners' prior consent, which shall not be unreasonably withheld, to
          change the flag and/or the name of the Vessel during the Charter
          Period, if this becomes necessary for the proper trading of the
          Vessel; however in any such case the Charterers shall fully cover all
          the expenses relevant to such change including, but without
          limitation, the financial, legal and other costs relevant to the
          registration of such changes and the drafting, execution and/or
          registration of any documentation relevant to the Financial
          Instruments and/or to any other transactions required by the
          Mortgagees In view of any such change. Provided always that no such
          change of name or flag shall be allowed without the prior written
          consent of the Mortgagees -Painting and re-painting, instalment and
          re-instalment, registration and re-registration, if required by the
          Owners, shall be at the Charterers' expense and time.

     (e)  Changes to the Vessel - Subject to Clause 10(a)(ii) the Charterers
          shall make no structural changes in the Vessel or changes in the
          machinery, boilers, appurtenances or spare parts thereof without in
          each instance first securing the Owners' approval thereof. If the
          Owners so agree, the Charterers shall, If the Owners so require,
          restore the Vessel to its former condition before the termination of
          this Charter.

     (f)  Use of the Vessel's Outfit, Equipment and Appliances - The Charterers
          shall have the use of all outfit, equipment. and appliances on board
          the Vessel at the time of delivery, provided the same or their
          substantial equivalent shall be returned to the Owners on redelivery
          in the same good order and condition as when received, ordinary wear
          and tear excepted. The Charterers shall from time to time during the
          Charter Period replace such items of equipment as shall be so damaged
          or worn as to be unfit for use. The Charterers are to procure that all
          repairs to or replacement of any damaged, worn or lost parts or
          equipment be effected in such manner (both as regards workmanship and
          quality of materials) as not to diminish the value of the Vessel. The
          Charterers have the right to fit additional equipment at their expense
          and risk but the Charterers shall remove such equipment at the end of
          the period if requested by the Owners. Any equipment including radio
          equipment on hire on the Vessel at the time of delivery shall be kept
          and maintained by the Charterers and the Charterers shall assume the
          obligations and liabilities of the Owners under any lease contracts in
          connection therewith and shall reimburse the Owners for all expenses
          incurred in connection therewith, also for any new equipment required
          in order to comply with radio regulations.

     (g)  Periodical Dry-Docking - The Charterers shall dry-dock the Vessel and
          clean and paint her underwater parts whenever the same may be
          necessary, but not less than once during the period stated in Box 19
          or if Box 19 has been left blank, thirty six (36) calendar months
          after delivery or such other period as may be required by the
          Classification Society or flag State.

     (h)  Management - The commercial, technical and/or operational management
          of the Vessel shall be carried out during the Charter Period by TOP
          TANKERS MANAGEMENT INC. or any other first class company acceptable to
          the Owners and the Mortgagees. Such management to be cost free for the
          Owners, who shall not be liable to any extent by reason of having
          approved such managers. In addition such approval by the Owners shall
          in no way constitute any limitation, discharge or waiver of any of
          Charterers' obligations or liabilities under and pursuant to this
          Charter.

     (i)  Compliance - The Charterers shall comply with any and all requirements
          under the International Management Code for the Safe Operation of
          Ships and for Pollution Prevention adopted by the International
          Maritime Organization and any applicable law.

     (j)  Financial Statements - The Charterers shall submit to the Owners and
          the Mortgagees their audited annual accounts as well as those of the
          Charter Guarantor (as the latter Is defined in Clause 33), within 180
          days of each year end and semi-annual management accounts within 90
          days of the half-year end.

     (k)  Survey Reports - The Charterers shall regularly supply the Owners with
          the Classification survey reports, including but not limited the
          annual survey and follow up reports, all showing, among others, that
          any recommendation has been promptly and timely cleared at the
          Charterers' time and expense. The Charterers undertake to keep the
          condition of the Vessel and all her certificates In the best possible
          condition and standards for a vessel of the type and age of the Vessel
          and in any event to maintain the Vessel always In full compliance with
          the highest/strictest requirements of the Vessel's Classification
          Society, her flag State and all other applicable rules and/or
          requirements throughout the Charter Period. Without prejudice to the
          generality of the foregoing the coatings of the ballast tanks of the
          Vessel must be maintained by the Charterers in accordance with the
          Vessel's highest/strictest Classification standards throughout the
          duration of the Charter Period inclusive of the time of redelivery.
          Without prejudice to the above and notwithstanding anything to the
          contrary herein, the Charterers shall, not later than her next special
          survey, at their own time and expense upgrade the coatings of all the
          Vessel's ballast tanks so as to bring them up to the highest
          Classification standards and described by the latter as being In
          "good" condition.

     (l)  Reporting and Owners' Representative - Throughout the duration of this
          Charter the Charterers shall keep the Owners closely informed about
          the Vessel's position and itinerary as well as the cargo carded on
          board and the Vessel's schedule, by providing such information in
          writing every fifteen (15) running days. The Owners shall have the
          right to place one representative on board the Vessel who will travel
          with the Vessel and have free access to communicate with the Owners.
          The latter shall pay for the relevant communication expenses but will
          not be charged for the victualling of their representative which shall
          be provided without charge. The representative shall not have the
          right to interfere with the operation of the Vessel, but shall have
          free access to all parts thereof and to all Vessel's log books.

11.  Hire

     (a)  The Charterers shall pay hire due to the Owners punctually in
          accordance with the terms of this Charter In respect of which time
          shall be of the essence.

     (b)  The Charterers shall pay to the Owners for the hire of the Vessel on a
          monthly basis a lump sum in the amount indicated in Box 22 which shall
          be payable not later than every thirty (30) running days in advance,
          the first lump sum being payable on the date and hour of the Vessel's
          delivery to the Charterers. Hire shall be paid continuously throughout
          the Charter Period.

     (c)  Payment of hire shall be made in cash without discount in the currency
          and in the manner indicated in Box 25 and at the place mentioned in
          Box 26. Hire shall always be punctually paid free and clear of any
          right of set-off, discount, reduction or delay whatsoever.

     (d)  Final payment of hire, if for a period of less than thirty (30)
          running days, shall be calculated proportionally according to the
          number of days and hours remaining before redelivery and advance
          payment to be effected accordingly.

     (e)  Notwithstanding whether the Vessel be lost or missing, hire shall be
          fully paid by the Charterers to the Owners as provided in Clause 32E
          hereunder.

     (f)  Any delay in payment of hire shall entitle the Owners to interest at
          the rate per annum as agreed in Box 24. If Box 24 has not been filled
          in, the three months Interbank offered rate in London (LIBOR or its
          successor) for the currency stated in Box 25, as quoted by the British
          Bankers' Association (BBA) on the date when the hire fell due,
          Increased by 2 per cent., shall apply.

     (g)  Payment of interest due under sub-clause 11(f) shall be made
          immediately irrespective of whether the Owners have submitted their
          relevant interest invoice to the Charterers.

     (h)  If at any time the Charterers are required to make any deduction or
          withholding in respect of any kind of taxes from any payment due under
          this Charter for the account of the Owners, the sum due from the
          Charterers In respect of such payment shall be increased to the extent
          necessary to ensure that, after the making of such deduction or
          withholding, the Owners receive on the due date for such payment (and
          retain, free from any liability In respect of such deduction or
          withholding), a net sum equal to the sum which they would have
          received had no such reduction or withholding been required to be made
          and the Charterers shall fully indemnify the Owners against any losses
          or costs incurred by them by reason of any failure of the Charterers
          to make any such deduction or withholding or by reason of any
          increased payment not being made on the due date for such payment The
          Charterers shall promptly deliver to the Owners any receipts,
          certificates or other proof evidencing the amounts (if any) paid or
          payable In respect of any deduction or withholding as aforesaid.

12.  Mortgages

     (only to apply if Box 28 has been appropriately filled in)

     (a)  DELETED TEXT

     (b)  The Vessel chartered under this Charter is subject to the Financial
          instruments and the mortgages, as same appear in Box 28. The
          Charterers undertake to comply, and provide such information and
          documents to enable the Owners to comply, with all such instructions
          or directions in regard to the employment, insurances, operation,
          repairs and maintenance of the Vessel as laid down in the Financial
          Instruments or as may be directed from time to lime during the
          currency of the Charter by the Mortgagee or any of them in conformity
          with the Financial Instruments. The Charterers confirm that, for this
          purpose, they have acquainted themselves with all relevant terms,
          conditions and provisions of the Financial instruments and agree to
          acknowledge this In writing in any form that may be required by the
          Mortgagee.

*    (Optional, Clauses 12(a) and 12(b) are alternatives; indicate alternative
     agreed in Box 28).

13.  Insurance and Repairs

     (a)  Throughout the Charter Period the Vessel shall be kept insured by the
          Charterers at their expense against hull and machinery, war and
          Protection and Indemnity risks (and any risks against which it is
          compulsory to insure for the operation of the Vessel. including
          maintaining financial security In accordance with sub-clause
          10(a)(iii)) with first class underwriters and P&I Clubs and in such
          form as the Owners shall In writing approve, which approval shall not
          be un-reasonably withheld. The Charterers shall also at their expense
          take out any other Insurance which the Mortgagees may reasonably
          require. All such Insurances shall be arranged by the Charterers to
          protect the Interests of both the Owners and the Charterers, and the
          Charterers shall be at liberty to protect under such insurances the
          interest of any managers they may appropriately appoint. The relevant
          insurance policies shall cover the Owners and the Charterers according
          to their respective interests. Upon the request of a Mortgagee, the
          Charterers shall arrange that such Mortgagee is named as a co-assured
          in any of the above insurances that the said Mortgagee has to be named
          as such. In addition, throughout the Charter Period, the Charterers
          shall pay to the First Mortgagee and the Second Mortgagee the cost (in
          the amount to be conclusively certified by the First Mortgagee and the
          Second Mortgagee in writing) of any mortgagee's interest
          insurance-Including mortgagee's additional perils (all P81 risks)
          coverage-which the Mortgagees or either of them may from time to time
          effect in respect of the Vessel upon such terms and in such amounts as
          the Mortgagees shall deem desirable. The Mortgagees shall have the
          right to enforce the benefit of this Clause by taking direct action
          against the Charterers in seeking to get paid or to recover the
          payment of any monies payable to them hereunder. Subject to the
          provisions of the Financial Instruments and the approval of the Owners
          and the insurers, the Charterers shall effect all Insured repairs and
          shall undertake settlement and reimbursement from the insurers of all
          costs in connection with such repairs as well as insured charges,
          expenses and liabilities to the extent of coverage under the
          insurances herein provided for. The insurances shall not be subject to
          any deduction, franchise or any other restrictions of similar effect.
          The Charterers also to remain responsible for and to effect repairs
          and settlement of costs and expenses incurred thereby in respect of
          all other repairs not covered by the insurances and/or not exceeding
          any possible franchise(s) or deductibles provided for in the
          insurances. All time used for any repairs, whether under the
          provisions of this sub-clause 13(a) or otherwise howsoever including
          any deviation, shall be for the Charterers' account.

     (b)  DELETED TEXT

     (c)  The Charterers shall upon the request of the Owners, provide
          Information and promptly execute such documents as may be required to
          enable the Owners to comply with the Insurance provisions of the
          Financial Instruments.

     (d)  Subject to the provisions of the Financial Instruments should the
          Vessel become an actual, constructive, compromised or agreed total
          loss under the insurances required under sub-clause 13(a), all
          insurance payments for such toss shall be paid to the First Mortgagees
          or, as the case may be, the Second Mortgagees who shall distribute the
          moneys in accordance with the relevant Financial Instruments. The
          Charterers undertake to notify the Owners and the Mortgagee of any
          occurrences in consequence of which the Vessel is likely to become a
          total loss as defined in this Clause and of all other occurrences as
          required under the Financial instruments.

     (e)  Subject to the Financial Instruments, the Owners shall upon the
          request of the Charterers, promptly execute such documents as may be
          required to enable the Charterers to abandon the Vessel to Insurers
          and claim a constructive total loss.

     (f)  For the purpose of the insurance coverage of each insurance the
          insured amount shall be the sum indicated in Clause 34.

14.  DELETED TEXT

15.  Redelivery

     At the expiration of the Charter Period the Vessel shall be redelivered by
     the Charterers to the Owners at a freely accessible, safe and Ice-free port
     or place as indicated In Box 16 in such ready-safe berth or anchorage as
     the Owners may direct. The Charterers shall give the Owners not less than
     thirty (30) running days preliminary notice of expected date, range of
     ports of redelivery or port or place of redelivery and not less than
     fourteen (14) running days' definite notice of expected date and port or
     place of redelivery. Any changes thereafter in the Vessel's position shall
     be notified immediately to the Owners.

     The Charterers warrant that they will not permit the Vessel to commence a
     voyage (including any preceding ballast voyage) which cannot reasonably be
     expected to be completed in time to allow redelivery of the Vessel within
     the Charter Period or on the date of a sale of the Vessel In accordance
     with Clause 22 at the place as directed by the Owners. Notwithstanding the
     above, should the Charterers fail to redeliver the Vessel within ;the
     Charter Period, the Charterers shall pay the daily equivalent to the rate
     of hire stated in Box 22 plus 10 per cent. or to the market rate, whichever
     is the higher, for the number of days by which the Charter Period or the
     date of sate is exceeded. In the latter case the Charterers shall also be
     liable to reimburse the Owners any further damages and/or losses which the
     latter may suffer as a result thereof. All other terms, conditions and
     provisions of this Charter shall continue to apply. Subject to the
     provisions of Clause 112, the Vessel shall be redelivered to the Owners In
     the same or as good structure, state, condition and class as that in which
     she was delivered. in any event tree of any and all Class conditions and/or
     recommendations, fair wear and tear not affecting class excepted. On
     redelivery the Vessel shall have been dry-docked as per Class requirements
     or as otherwise may be appropriate or necessary. The Vessel upon redelivery
     shall have all her survey cycles up to date and all her trading, national,
     international and class certificates clean, valid and unextended for at
     least the number of months agreed in Box 17.

16.  Non-Lien

     The Charterers will not suffer, nor permit to be continued, any lien or
     encumbrance incurred by them or their agents, which might have priority
     over the title and interest of the Owners in the Vessel. The Charterers
     further agree to fasten to the Vessel in a conspicuous place and to keep so
     fastened during the Charter Period a-notices reading as follows:

     (a)  "This Vessel is the property of (name of Owners). it is under charter
          to IDI SHIPPING COMPANY LIMITED of Liberia and by the terms of the
          Charter Party neither the Charterers nor the Master have any right,
          power or authority to create, incur or permit to be imposed on the
          Vessel any lien whatsoever."

     (b)  "NOTICE OF MORTGAGE This Vessel Is subject to a first priority
          mortgage and deed of covenant in favour of FORTIS BANK (NEDERLAND)
          N.V. of Coolsingel 93, 3012AE, Rotterdam, the Netherlands. Under the
          said mortgage, neither the Owners nor any charterer nor the Master of
          this Vessel has any right, power or authority to create, Incur or
          permit to be imposed upon this Vessel any commitments or encumbrances
          whatsoever other than for crew's wages and salvage".

     (c)  "NOTICE OF SECOND MORTGAGE This Vessel is subject to a second priority
          mortgage and deed of covenant in favour of MAAS CAPITAL INVESTMENTS
          B.V. of Ceasing& 93, 3012AE, Rotterdam, The Netherlands. Under the
          said mortgage, neither the Owners nor any charterer nor the Master of
          the Vessel has any right, power or authority to create, Incur or
          permit to be imposed upon this Vessel any commitments or encumbrances
          whatsoever other than for crew's wages and salvage".

     Furthermore, the Charterers shall throughout the duration of this Charter
     procure that all their orders for any kinds of supplies (including but not
     limited to bunkers and lames) for the Vessel are appropriately marked so as
     to warn all suppliers in advance that such supplies are exclusively
     provided to and payable by the Charterers, the suppliers not having any
     right of lien or suit against the Vessel and/or the Owners. All delivery
     receipts for such supplies shall also be appropriately marked by the
     Charterers before the supplies are delivered to the Vessel.

17.  Indemnity

     (a)  The Charterers shall fully indemnify the Owners, the Mortgagees and
          their respective successors, assigns, directors, shareholders,
          officers, servants and/or agents (collectively "the Indemnified
          Parties") from and against any loss, damage, claim, cost and/-or
          expense Incurred by them or any of them-Owners arising out of or in
          relation to the operation of the Vessel by the Charterers (including
          but without limitation, costs of operating and maintaining the Vessel,
          environmental claim or any claim based on environmental laws), and
          against any lien of whatsoever nature arising out of an event
          occurring during the Charter Period. If the Vessel be arrested or
          otherwise detained by reason of claims or liens arising out of or
          during her operation hereunder by the Charterers, the Charterers shall
          at their own expense take all reasonable steps to secure that within a
          reasonable time the Vessel Is released, Including the provision of
          bail. Without prejudice to the generality of the foregoing, the
          Charterers agree to fully indemnify the Owners the Indemnified Parties
          against all consequences or liabilities arising from the Master,
          officers or agents signing Bills of Lading or other documents.

     (b)  If the Vessel be arrested or otherwise detained by reason of a claim
          or claims against-for which the Owners are exclusively liable
          hereunder, the Owners shall at their own expense take all reasonable
          steps to secure that within a reasonable time the Vessel is released,
          Including the provision of bail. In such circumstances the Owners
          shall fully Indemnify the Charterers against any toss, damage or
          expense incurred by the Charterers (including hire paid under this
          Charter) as a direct consequence of such arrest or detention.

18.  Lien

     The Owners to have a lien upon ail cargoes, sub-hires and sub-freights
     belonging or due to the Charterers or any sub-charterers and any Bill of
     Lading freight for all claims under this Charter, provided however that any
     such liens will be subordinate to any security interest the Mortgagees may
     have over the same property.

19.  Salvage

     At salvage and towage performed by the Vessel shall be for the Charterers'
     benefit and the cost of repairing damage occasioned thereby shall be home
     by the Charterers.

20.  Wreck Removal

     In the event of the Vessel becoming a wreck or obstruction to navigation
     the Charterers shall fully indemnify the Owners or any other Indemnified
     Party against any sums whatsoever which the Owners or any other indemnified
     Party shall-may become liable to pay and shall-may pay in consequence of
     the Vessel becoming a wreck or obstruction to navigation.

21.  General Average

     The Owners shall not contribute to General Average.

22.  Assignment, Sub-Charter and Sale

     (a)  The Charterers shall not assign this Charter nor sub-charter the
          Vessel on a bareboat basis except with the prior consent in writing of
          the Owners and the Mortgagees, in their absolute discretion and
          subject to such terms and conditions as the Owners and the Mortgagees
          shall approve.

     (b)  The Owners may sell the Vessel during the currency of this Charter
          subject to the buyer accepting an assignment of this Charter or
          entering into a reasonable novation agreement, and subject to any
          approvals required by the Mortgagees pursuant to the Financial
          Instruments. In case of such sale the Charterers shall be obliged to
          delete the mortgage in their favour stated In Box 28 and to provide to
          the buyers of the Vessel a performance guarantee of all Charterers'
          obligations hereunder by way of a first class bank guarantee
          acceptable to the buyer and in the amount of USD 2,420,000.

23.  Contracts of Carriage

     (a)  The Charterers are to procure that all documents issued during the
          Charter Period evidencing the terms and conditions agreed in respect
          of carriage of goods shall contain a paramount clause Incorporating
          any legislation relating to carrier's liability for cargo Compulsorily
          applicable in the trade; If no such legislation exists, the documents
          shall incorporate the Hague-Visby Rules. The documents shall also
          contain the New Jason Clause and the Both-to-Blame Collision Clause.

     (b)  DELETED TEXT

*    Delete as applicable.

24.  DELETED TEXT

25.  Requisition/Acquisition

     (a)  Without prejudice to Clause 32E in the event of the Requisition for
          Hire of the Vessel by any governmental or other competent authority
          (hereinafter referred to as "Requisition for Hire") irrespective of
          the date during the Charter Period when "Requisition for Hire" may
          occur and irrespective of the length thereof and whether or not N be
          for an Indefinite or a limited period of time, and irrespective of
          whether it may or will remain in force for the remainder of the
          Charter Period, this Charter shall not be deemed thereby or thereupon
          to be frustrated or otherwise terminated and the Charterers shall
          continue to pay the stipulated hire in the manner provided by this
          Charter until the time when the Charter would have terminated pursuant
          to any of the provisions hereof.

     (b)  Without prejudice to Clause 32E in the event of the Owners being
          deprived of their ownership in the Vessel by any Compulsory
          Acquisition of the Vessel or requisition kidlike by any governmental
          or other competent authority (hereinafter referred to as
          (degree)Compulsory Acquisition"), then, irrespective of the date
          during the Charter Period when "Compulsory Acquisition" may occur,
          this Charter shall not be deemed thereby or thereupon to be frustrated
          or otherwise terminated and the Charterers shall continue to pay the
          stipulated hire until the time when the Charter would have been
          terminated pursuant to any of the provisions hereof.

26.  War

     (a)  For the purpose of this Clause, the words "War Risks" shall include
          any war (whether actual or threatened), act of war. civil war,
          hostilities, revolution, rebellion, civil commotion, warlike
          operations, the laying of mines (whether actual or reported), acts of
          piracy, acts of terrorists, acts of hostility or malicious damage,
          blockades (whether imposed against all vessels or . Imposed
          selectively against vessels of certain flags or ownership, or against
          certain cargoes or crews or otherwise howsoever), by any person, body,
          terrorist or political group, or the Government of any state
          whatsoever, which may be dangerous or are likely to be or to become
          dangerous to the Vessel, her cargo, crew or other persons on board the
          Vessel.

     (b)  The Vessel, unless the express written consent of the Owners be first
          obtained, shall not continue to or go through any port, place, area or
          zone (whether of land or sea), or any waterway or canal, where it
          reasonably appears that the Vessel, her cargo, crew or other persons
          on board the Vessel, in the reasonable judgement of the Owners, may
          be, or are likely to be, exposed to War Risks. Should the Vessel be
          within any such place as aforesaid, which only becomes dangerous, or
          is likely to be or to become dangerous, after her entry into it, the
          Owners shall have the right to require the Vessel to immediately leave
          such area.

     (c)  The Vessel shall not load contraband cargo, nor shall pass through any
          blockade, whether such blockade be imposed on all vessels, or is
          imposed selectively in any way whatsoever against vessels of certain
          flags or ownership, or against certain cargoes or crews or otherwise
          howsoever, nor shall proceed to an area where she shall be subject, or
          is likely to be subject to a belligerent's right of search and/or
          confiscation.

     (d)  If the insurers of the war risks Insurance, should require payment of
          premiums and/or calls because, pursuant to the Charterers' orders, the
          Vessel Is within, or is due to enter and remain within, any area or
          areas which are specified by such Insurers as being subject to
          additional premiums because of War Risks, then such premiums and/or
          calls shall be promptly paid by the Charterers to the as required by
          the respective insurers.

     (e)  The Charterers shall have the liberty:

          (i)  to comply with all orders, directions, recommendations or advice
               as to departure, arrival, routes. sailing in convoy, ports of
               call, stoppages, destinations, discharge of cargo, delivery, or
               in any other way whatsoever, which are given by the Government of
               the Nation under whose flag the Vessel sails, or any other
               Government, body or group whatsoever acting with the power to
               compel compliance with their orders or directions;

          (ii) to comply with the orders, directions or recommendations of any
               war risks underwriters who have the authority to give the same
               under the terms of the war risks insurance;

          (iii) to comply with the terms of any resolution of the Security
               Council of the United Nations, any directives of the European
               Community, the effective orders of any other Supranational body
               which has the right to Issue and give the same, and with national
               laws aimed at enforcing the same to which the Owners are subject,
               and to obey the orders and directions of those who are charged
               with their enforcement.

     (f)  Without prejudice to Clause 32E in any and all events of outbreak of
          war (whether there be a declaration of war or not) the stipulated hire
          shall continue to be paid in accordance with Clause 11.

27.  DELETED TEXT

28.  Termination

     (a)  Charterers' Default

     Subject to the Financial Instruments, Me Owners shall be entitled to
     withdraw the Vessel from the service of the Charterers and terminate the
     Charter with immediate effect by written notice to the Charterers if:

          (i)  the Charterers fail to pay hire in accordance with Clause 11.
               However, where there Is a failure to Make punctual payment of
               hire due to oversight, negligence, errors or omissions on the
               part of the Charterers'- bankers, the Owners shall give the
               Charterers written notice of the number of clear banking days
               stated in Box 34 (as recognised at the agreed place of payment)
               in which to rectify the failure, and when so rectified within
               such number of days following the Owners' notice, the payment
               shall stand as regular and punctual. Failure by the Charterers to
               pay hire within the number of days stated in Box 34 of their
               receiving the Owners' notice as provided herein, shall entitle
               the Owners to withdraw the Vessel from the service of the
               Charterers and terminate the Charter without further notice;

          (ii) the Charterers fail to comply with the requirements of.

               (1)  Clause 6 (Trading Restrictions)
               (2)  Clause 13(a) (Insurance and Repairs) provided that the
                    Owners shall have the option, by written notice to the
                    Charterers, to give the Charterers a specified number of
                    days grace within which to rectify the failure without
                    prejudice to the Owners' right to withdraw and terminate
                    under this Clause If the Charterers fall to comply with such
                    notice:

          (iii) the Charterers fat to rectify any failure to comply with the
               requirements of sub-clause 10(a)(i) (Maintenance and Repairs) as
               soon as practically possible after the Owners have requested them
               in writing so to do and in any event so that the Vessel's
               insurance cover is not prejudiced.

          (iv) the Charter Guarantor (as defined in Clause 33) breaches or fails
               to meet any of the Financial Undertakings provided in Clause 7.2
               of each of the First Quadripartite Agreement and the Second
               Quadripartite Agreement or Clause 10 0 the Charter Guarantee (as
               same is defined In Clause 32A(a).

     (b)  Owners' Default

     If the Owners shall by any act or omission be in breath of their
     obligations under this Charter to the extent that the Charterers are
     deprived of the use of the Vessel and such breath continues for a period of
     forty five (45) naming days after written notice thereof has been given by
     the Charterers to the Owners, the Charterers shall be entitled to terminate
     this Charter with immediate effect by written notice to the Owners.

     (c)  Loss of Vessel

     Without prejudice to Clauses 11(e) and 32E, Mils Charter shall be deemed to
     be terminated if the Vessel becomes a total loss or is declared as a
     constructive or compromised or arranged total loss. For the purpose of this
     sub-clause, the Vessel shall not be Deemed to be lost unless she has either
     become an actual total loss or agreement has been reached with her
     underwriters in respect of her constructive, compromised or arranged total
     loss or if such agreement with her underwriters is not reached it Is
     adjudged by a competent tribunal that a constructive loss of the Vessel has
     occurred.

     (d)  Subject to the Mortgagees' prior approval, either party shall be
          entitled to terminate this Charter with immediate effect by written
          notice to the other party in the event of: (i) an order being made or
          resolution passed for the winding up, dissolution, liquidation or
          bankruptcy of the other party (otherwise than for the purpose of
          reconstruction or amalgamation) or if a receiver Is appointed, or if
          ft suspends payment, Ceases to carry on business or makes any special
          arrangement or composition with its creditors , or (ii) the Charter
          Guarantor, as defined in Clause 33, breaches any of the financial
          undertakings stated in the Charter Guarantee and/or the Financial
          Instruments.

     (e)  The termination of this Charter shall be without prejudice to all
          rights accrued due between the parties prior to the date of
          termination and to any claim that either party might have.

29.  Repossession

     In the event of the termination of this Charter in accordance with the
     applicable provisions of Clause 211. the Owners shall have the right to
     repossess the Vessel from the Charterers at her current or next port of
     call, or at any other port or place convenient to thorn without hindrance
     or interference by the Charterers, courts or local authorities. Pending
     physical repossession of the Vessel in accordance with this Clause 29, the
     Charterers shall hold the Vessel as gratuitous bailee only to the Owners.
     The Owners shall arrange for an authorised representative to board the
     Vessel as soon as reasonably practicable following the lamination of the
     Charter. The Vessel shall be deemed to be repossessed by the Owners from
     the Charterers upon the boarding of the Vessel by the Owners'
     representative. AU arrangements and expenses relating to the settling of
     wages, disembarkation and repatriation of the Charterers' Master, officers
     and crew shall be the sole responsibility of the Charterers.

30.  Dispute Resolution

*)   (a)  This Contract shall be governed by and construed in accordance with
          English law and any dispute arising out of or In connection with this
          Contract shall be referred to arbitration in London in accordance with
          the Arbitration Act 1896 or any statutory modification or re-enactment
          thereof save to the extent necessary to give effect to the provisions
          of this Clause.

     The arbitration shall be conducted in accordance with the London Maritime
     Arbitrators Association (LMAA) Terms current at the time when the
     arbitration proceedings are commenced.

     The reference shall be to three arbitrators. A party wishing to refer a
     dispute to arbitration shall appoint its arbitrator and send notice of such
     appointment in writing to the other party requiring the other party to
     appoint its own arbitrator within 14 calendar days of that notice and
     stating that it will appoint its arbitrator as sole arbitrator unless the
     other patty appoints its own arbitrator and gives notice that it has done
     so within the 14 days specified. lithe other party does not appoint its own
     arbitrator and give notice that ft has done so within the 14 days
     specified, the party referring a dispute to arbitration may, without the
     requirement of any further prior notice to the other party, appoint its
     arbitrator as sole arbitrator and shall advise the other party accordingly.
     The award of a sole arbitrator shall be binding on both parties as If he
     had been appointed by agreement.

     Nothing herein shall prevent the parties agreeing in writing to vary these
     provisions to provide for the appointment of a sole arbitrator.

     In cases where neither the claim nor any counterclaim exceeds the sum of
     US$50,000 (or such other sum as the parties may agree) the arbitration
     shall be conducted In accordance with the LMAA Small Claims Procedure
     current at the time when the arbitration proceedings are commenced.

     (b)  DELETED TEXT

     (c)  DELETED TEXT

     (d)  Notwithstanding (a), (b) or (c) above, the parties may agree at any
          time to refer to mediation any difference and/or dispute arising out
          of or in connection with this Contract.

     In the case of a dispute in respect of which arbitration has been commenced
     under (a), (b) or (c) above, the following shall apply:-

          (i)  Either party may at any time and from time to time elect to refer
               the dispute or part of the dispute to mediation by service on the
               other party of a written notice (the "Mediation Notice") calling
               on the other party to agree to mediation.

          (ii) The other party shall thereupon within 14 calendar days of
               receipt of the Mediation Notice confirm that they agree to
               mediation, in which case the parties shall thereafter agree a
               mediator within a further 14 calendar days, failing which on the
               application of either party a mediator MI be appointed promptly
               by the Arbitration Tribunal ("the Tribunal, or such person as the
               Tribunal may designate for that purpose. The mediation shall be
               conducted in such place and in accordance with such procedure and
               on such terms as the parties may agree or, In the event of
               disagreement, as may be set by the mediator.

          (iii) If the other party does not agree to mediate, that fact may be
               brought to the attention of the Tribunal and may be taken into
               account by the Tribunal when allocating the costs of the
               arbitration as between the parties.

          (iv) The mediation shall not affect the right of either party to seek
               such relief or take such steps as it considers necessary to
               protect its interest.

          (v)  Either party may advise the Tribunal that they have agreed to
               mediation. The arbitration procedure shah continue during the
               conduct of the mediation but the Tribunal may take the mediation
               timetable into account when setting the timetable for steps in
               the arbitration.

          (vi) Unless otherwise agreed or specified in the mediation terms, each
               party shall bear its own costs incurred In the mediation and the
               parties shall share equally the mediator's costs and expenses.

          (vii) The mediation process shall be without prejudice and
               confidential and no information or documents disclosed during it
               shall be revealed to the Tribunal except to the extent that they
               are disclosable under the law and procedure governing the
               arbitration.

     (Note: The parties should be aware that the mediation process may not
     necessarily interrupt time limits.)

     (e)  If Box 35 in Part I is not appropriately filled in, sub-clause 30(a)
          of this Clause shall apply. Sub-clause 30(d) shall apply in ail cases.

     *    Sub-clauses 30(a), 30(b) and 30(c) are alternatives; indicate
          alternative agreed in Box 35.

31.  Notices

     (a)  Any notice to be given by either party to the other party shall be in
          writing and may be sent by fax, telex, registered or recorded mail or
          by personal service.

     (b)  The address of the Parties for service of such communication shell be
          as stated in Boxes 3 and 4 respectively.

         DELETED TEXT

<PAGE>

                            Continuation of Part II

32.  Special Provisions

A.   Additional Securities

a.   Charter Guarantee

     The Charterers shall procure and ensure that the Charter Guarantor, shall
     unconditionally and irrevocably guarantee the performance of the Charterers
     under this Charter as a primary obligor and not merely as a surety, the
     relevant guarantee agreement to be in form and substance acceptable to the
     Owners and the Mortgagees and to include the Financial Undertakings
     provided in Clause 7.2 of each of the First Quadripartite Agreement and the
     Second Quadripartite Agreement. This guarantee shall remain in place
     throughout the whole duration of this Charter, even in case of the sale of
     the Vessel under Clause 22(b) hereof.

b.   Collateral Guarantees

     Without prejudice to the provisions of Clause 32A(a) hereinabove and in
     addition to the relevant security provided thereby, the Charterers shall
     procure that the charterers of the m/ts "FAITHFUL", "SPOTLESS" and
     "VANGUARD" ("the Collateral Guarantors") shall unconditionally and
     irrevocably guarantee on a joint and several basis the performance of the
     Charterers under this Charter as primary obligors and not merely as surety,
     the relevant guarantee agreements to be in form and substance acceptable to
     the Owners and the Mortgagees. In addition the Charterers hereby undertake
     to unconditionally and irrevocably guarantee on a joint and several basis
     with the Collateral Guarantors the performance of each respective charter
     party of the m/ts "FAITHFUL", "SPOTLESS" and "VANGUARD" by the respective
     charterer, the relevant guarantee agreement to be in form and substance
     acceptable to the Owners and the Mortgagees. The guarantees provided in
     this sub-Clause 32A(b) shall not be assignable by the Owners to the buyer
     of the Vessel under Clause 22(b) hereof.

     For the avoidance of any doubt all the securities provided in this Clause
     32A shall be on a joint and several basis.

B.   Extension of the Charter Period

     At the request of the Owners which must be notified to the Charterers not
     later than three (3) months before the fifth anniversary of the date of
     delivery of the Vessel to the Charterers under this Charter and for the
     purpose of assisting the Owners to sell the Vessel, the Charter Period
     shall be extended for a period not longer than three (3) months at the
     option of the Owners. In such case the hire throughout such 3-month
     extended period shall be USD 5,000 per day. However in case the redelivery
     of the Vessel would have in any event delayed as a result of the Vessel not
     having completed a voyage, the hire shall be until the completion of such
     voyage at the rate provided in Clause 15 whilst the three months period
     provided under this sub-Clause 32B shall commence after the termination of
     such voyage. For any period of delay in the redelivery of the Vessel
     following the lapse of the said 3-month period extension, hire shall be
     payable in accordance with Clause 15.

     The Charterers shall make their best efforts to assist the Owners in
     selling the Vessel if and when the Owners require them to provide such
     assistance.

C.   Assignment of Sub-Charters

     The sub-charters of the Vessel during the Charter Period as well as all
     hire and freight payable to the Charterers thereunder shall be assigned to
     the Owners and the Mortgagees as provided by the Financial Instruments.

D.   Charterers' Compliance with the Financial Instruments

     The Charterers shall timely and promptly comply with all the terms and
     conditions of the Financial Instruments and/or as may be required by the
     Mortgagees by virtue thereof.

E.   "Hell and Highwater" Clause

     This Charter is a "hell and highwater" bareboat charter and the Charterers'
     obligation for payments hereunder shall be absolute and unconditional under
     any and all circumstances and shall not be affected by any circumstances of
     any character, including (i) any setoff, counterclaim, recoupment, defence
     or other right which the Charterers or any other person may have against
     the-Owners or any other person for any reason whatsoever, including any
     default by the Owners or any other person in its respective obligations
     hereunder or under any other agreement, (ii) any unavailability of the
     Vessel, after its delivery and acceptance by the Charterers hereunder, for
     any reason, including any lack or invalidity of title or any other defect
     in the title, seaworthiness, condition, design, operation or fitness for
     use of the Vessel, or the ineligibility of the Vessel for documentation or
     for a particular trade, (iii) any failure or delay on the part of the
     Owners or any other person, whether with or without fault on its part, in
     performing or complying with any of the terms or covenants hereunder, or
     any other agreement, (iv) any damage to the Vessel or interruption or
     cessation in the use or possession thereof by the Charterers or any
     subcharterer for any reason whatsoever and of whatever duration including
     an actual, constructive, compromised or arranged total loss or requisition
     of title, (v) any insolvency, bankruptcy, reorganization, arrangement,
     readjustment of debt, dissolution, liquidation or similar proceeding by or
     against the Owners, the Charterers, any subcharterer or any other person,
     (vi) any breach of any representation or warranty of, or any act or
     omission of, the Owners under this Charter or any other agreement at any
     time existing between the Owners and the Charterers, (vii) any breach of
     any representation or warranty of, or any act or omission of the Owners
     under, any agreement at any time existing between the Owners and the
     Charterers and/or any subcharterer, (viii) any deprivation of use of the
     Vessel by reason of any act or omission of the Owners, (ix) any claims as a
     result of any other business dealings by the Owners, the Charterers, any
     subcharterer or any other person, (x) the requisitioning, seizure or other
     taking of title to or use of the Vessel by any governmental or other
     competent authority or otherwise whether or not by reason of any act or
     omission of the Owners, the Charterers, or any subcharterer, or any other
     deprivation or limitation of use of the Vessel in any respect or for any
     length of time, whether or not resulting from accident and whether or not
     without fault on the part of the Charterers or any subcharterer, (xi) any
     embargo on the shipment of any products or any prohibition against the
     loading or discharging of vessels containing the same, (xii) the
     interference with or prohibition of the Charterers' or any subcharterer's
     use of the Vessel, (xiii) the invalidity or unenforceability or lack of due
     authorization or other infirmity of this Charter or any other subcharter,
     (xiv) the lack of right, power or authority of the Owners to enter into
     this Charter, (xv) any ineligibility of the Vessel for any particular trade
     or activity, whether due to any failure of the Owners, the Charterers, any
     subcharterer or any other person to comply with any applicable law or
     otherwise, (xvi) any event of force majeure or any frustration, (xvii) any
     applicable law or (xviii) any war or any other event that automatically or
     by election cancels any available insurance cover or (xix) for any other
     cause, circumstance or happening, whether similar or dissimilar to the
     foregoing, any present or future applicable law to the contrary
     notwithstanding. The Charterers hereby waive, to the extent permitted by
     applicable law, any and all rights which they may now have or which at any
     time hereafter may be conferred upon them, by statute or otherwise, to
     terminate, cancel, quit or surrender this Charter or to any abatement,
     suspension, deferment, return or reduction of hire except in accordance
     with the express terms hereof. If for any reason whatsoever this Charter
     shall be terminated in whole or in part by operation of law or otherwise as
     specifically provided herein, the Charterers nonetheless agree to pay to
     the Owners or to the person entitled thereto an amount equal to each
     payment of hire at the time such payment would have become due and payable
     in accordance with the terms hereof had this Charter not been terminated in
     whole or in part; each payment of hire made by. the. Charterers .shall be
     final, and the Charterers will not seek to recover all or any part of such
     payment from the Owners for any reason whatsoever, except for manifest
     error.

33.  Definitions

     "Charter Guarantor" means Top Tankers Inc. of Trust Company Complex,
     Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960;

     "First Mortgagee" means Fortis Bank (NEDERLAND) N.V. of Coolsingel 93,
     3012AE (or of such other address as may be notified to the relevant
     parties) and includes its successors in title as well as any person that
     may replace the First Mortgagee;

     "First Mortgage" means the first preferred ship mortgage on the Vessel to
     be executed by the Owners in favour of the First Mortgagee;

     "First Quadripartite Agreement" means the deed of assignment to be executed
     by the Owners, the Charterers and the Charter Guarantor in favour of the
     First Mortgagee;

     "MOA" means the Memorandum of Agreement dated 14.3.2006 and made between
     the Charterers, as sellers and the Owners, as buyers, pursuant to which the
     Owners have agreed to buy and the Charterers have agreed to sell the Vessel
     on the terms and conditions mentioned therein;

     "Second Mortgage" means the second preferred ship mortgage on the Vessel to
     be executed by the Owners in favour of the Second Mortgagee;

     "Second Mortgagee" means Maas Capital Investments B.V., a company
     incorporated under the laws of The Netherlands whose registered office is
     at Coolsingel 93, 3112AE, Rotterdam, The Netherlands and includes its
     successors in title, assignees or transferees;

     "Second Quadripartite Agreement" means the deed of assignment to be
     executed by the Owners, the Charterers and the Charter Guarantor in favour
     of the Second Mortgagee;

     "Sellers' Credit" means the amount of USD 2,420,000 as provided in Clause
     17 of the MOA.

     "Financial Instrument" means:

     (a)  in the case of the First Mortgagee, the First Quadrapartite Agreement,
          and the First Mortgage; or

     (b)  in the case of the Second Mortgagee, the Second Quadrapartite
          Agreement and the Second Mortgage,

     and "Financial Instruments" means both of them; and

     "Mortgagees" means, together, the First Mortgagee and the Second Mortgagee.

34.  Insured Amount [for the purposes of Clause 13(f)]

     For the purposes of Clause 13(0 and at any relevant time, the insured
     amount for the relevant insurances effected or, as the case may be, to be
     effected for the Vessel will be an amount in United States Dollars equal to
     the higher of (i) the market value of the Vessel at such relevant time (as
     such market value is determined by an independent firm of shipbrokers
     appointed by the Owners in their sole discretion) and (ii) the amount
     required under the relevant terms of either Financial Instrument, if any.

     Each valuation made for the purposes of this Box, shall be made without
     physical inspection, and on the basis of a sale for prompt delivery for
     cash at arm's length, on normal commercial terms as between a willing buyer
     and a willing seller, without taking into account the benefit of any
     charterparty or other engagement concerning the Vessel. The value of the
     Vessel determined in accordance with the provisions hereof shall be binding
     upon the parties hereto until such time as any further such valuation shall
     be obtained.Exhibit 4.42

Private & Confidential

                               Dated 15 March 2006

                              TUCKER NAVIGATION CO.
                                    as Owner

                        FALAKRO SHIPPING COMPANY LIMITED
                                  as Charterer

                      TOP TANKERS INC. as Charter Guarantor

                                       and

                          FORTIS BANK (NEDERLAND) N.V.

               --------------------------------------------------

                               QUADRIPARTITE DEED
                           relating to m.v. Doubtless

               --------------------------------------------------

                                                        NORTON ROSE

<PAGE>

                                    Contents

Clause                                                                      Page

1     Definitions............................................................. 2

2     Representations and warranties.......................................... 7

3     Assignment..............................................................11

4     Owner's Assignment......................................................12

5     Continuing security and other matters...................................13

6     Charterer's undertakings................................................16

7     Charter Guarantor's undertakings........................................17

8     Covenants concerning insurance and operational matters..................22

9     Powers of Mortgagee to protect security and remedy defaults.............28

10    Powers of Mortgagee on Event of Default.................................29

11    Application of moneys...................................................30

12    Remedies cumulative and other provisions................................31

13    Costs and indemnity.....................................................32

14    Attorney................................................................32

15    Further assurance.......................................................33

16    Consent, Termination of Charter and Quiet Enjoyment.....................33

17    Continuation of Charter Period..........................................35

18    Notices.................................................................35

19    Counterparts............................................................36

20    Severability of provisions..............................................36

21    Law and jurisdiction....................................................36

Schedule 1 Forms of Loss Payable Clauses......................................38

Schedule 2 Forms of Notices of Assignment of Insurances.......................39

<PAGE>

THIS QUADRIPARTITE DEED is dated 15 March 2006

BETWEEN:

(1)    TUCKER  NAVIGATION CO. a company  incorporated in the Republic of Liberia
       whose  registered  office is at 80 Broad  Street,  Monrovia,  Republic of
       Liberia (the "Owner");

(2)    FALAKRO SHIPPING COMPANY LIMITED, a company  incorporated in the Republic
       of  Liberia  whose  registered  office is at 80 Broad  Street,  Monrovia,
       Republic of Liberia (the "Charterer");

(3)    TOP TANKERS INC., a company  incorporated  in The Marshall  Islands whose
       registered  office is at Trust Company Complex,  Ajeltake Road,  Ajeltake
       Island, Majuro, Marshall Islands MH96960 (the "Charter Guarantor"); and

(4)    FORTIS BANK (NEDERLAND)  N.V., a company  incorporated  under the laws of
       The  Netherlands  acting for the purposes of this Deed through its office
       at Coolsingel 93, 3012 AE Rotterdam, The Netherlands (the "Mortgagee").

WHEREAS:

(A)    the Owner is the sole,  absolute and  unencumbered,  legal and beneficial
       owner of sixty-four  sixty-fourth  shares in the Ship described in clause
       1.2;

(B)    by a loan agreement (the "Loan  Agreement")  dated 14 March 2006 and made
       between (1) the Owner,  Starcraft  Marine Co.,  Kemp  Maritime  S.A.  and
       Comoros Shipping Limited (therein and herein together  referred to as the
       "Borrowers"),  (2) the banks and financial  institutions  whose names are
       set out at schedule 1 thereto as lenders (the "Banks"), (3) the Mortgagee
       as agent,  arranger,  account  bank,  security  agent and trustee and (4)
       Fortis Bank  (Nederland)  N.V. as swap provider (the "Swap  Provide?" and
       together with the Agent (as defined in the Loan Agreement) and the Banks,
       the "Secured Creditors"), the Banks agreed (inter alia) to advance by way
       of loan to the  Borrowers,  upon the  terms  and  conditions  therein,  a
       maximum aggregate amount of up to $80,000,000;

(C)    by a 1992 ISDA Master  Agreement  dated 14 March 2006 (the  "Master  Swap
       Agreement") made between (1) the Borrowers and (2) the Swap Provider, the
       Swap Provider  agreed the terms and conditions  upon which it would enter
       into (inter alia) interest rate swap  transactions  with the Borrowers in
       respect of the Loan  (whether in whole or in part as the case may be from
       time to time);

(D)    pursuant  to  clause  16.14 of the Loan  Agreement,  each of the  Secured
       Creditors has  appointed the Mortgagee as its security  agent and trustee
       and  pursuant  to a deed of trust  dated 14 March  2006  executed  by the
       Mortgagee (as trustee) in favour of the Creditors,  the Mortgagee  agreed
       to hold,  receive,  administer and enforce this Deed for and on behalf of
       itself and the Secured Creditors;

(E)    pursuant to the Loan  Agreement and the Master Swap  Agreement  there has
       been or will be  executed  by the Owner in favour  of the  Mortgagee  (as
       security agent and trustee for and on behalf of the Secured  Creditors) a
       first  preferred  ship  mortgage  (the  "Mortgage")  on the  Ship and the
       Mortgage of even date herewith has been or will be  registered  under the
       provisions  of Chapter 3 of title 21 of the Liberian Code of Laws of 1956
       as  amended  as  security  for  the  payment  by  the  Borrowers  of  the
       Outstanding  Indebtedness (which expression,  for the avoidance of doubt,
       includes the Master Swap Agreement Liabilities) (as those expressions are
       defined in the Mortgage);

(F)    by a "Barecon 2001" bareboat  charter (the "Charter") dated 14 March 2006
       made  between the Owner and the  Charterer,  the Owner has agreed to let,
       and the  Charterer has agreed to take,  the Ship on demise  charter for a
       period of sixty (60)  months from the date of delivery of the Ship to the
       Charterer thereunder upon the terms and conditions therein mentioned;

(G)    as security for the obligations of the Charterer  under the Charter,  the
       Charter Guarantor has or, as the case may be, will execute a guarantee in
       favour of the Owner (the "Charter Guarantee");

(H)    the Loan Agreement  provided (inter alia) that, as a condition  precedent
       to the advance of the Loan, the Owner and the Charterer should enter into
       a deed  supplemental  to the Mortgage  substantially  in the form of this
       Deed, to secure (inter alia) all sums of money from time to time owing to
       the Mortgagee and/or the Secured Creditors under the Loan Agreement,  the
       Master Swap Agreement and the other Security Documents; and

(I)    this Deed is  supplemental  to the Loan Agreement and the Mortgage and to
       the security  thereby  created and is the  Doubtless  Quadripartite  Deed
       referred to in the Loan Agreement but shall nonetheless  continue in full
       force and effect notwithstanding any discharge of the Mortgage.

NOW THIS DEED WITNESSES AND IT IS HEREBY AGREED as follows:

1      Definitions

1.1    Definitions

       In this Deed, unless the context otherwise requires:

       "Approved Brokers" means such firm of insurance brokers, appointed by the
       Charterer during the Charter Period, as may from time to time be approved
       in writing by the Mortgagee for the purposes of this Deed;

       "Casualty Amount' means Five hundred thousand Dollars  ($500,000) (or the
       equivalent in any other currency);

       "Charter"  means the  "Barecon  2001" demise  charter  entered or (as the
       context may  require) to be entered  into by the Owner and the  Charterer
       referred to in recital (F);

       "Charter  Earnings" means all moneys whatsoever from time to time payable
       by the Charterer to the Owner under or pursuant to the Charter and/or any
       moneys  payable to the Owner under or  pursuant to the Charter  Guarantee
       and/or any guarantee,  security or other  assurance given to the Owner at
       any time in respect of the Charterer's  obligations  under or pursuant to
       the Charter;

       "Charterer"  includes the successors in title and permitted  assignees of
       the  Charterer;   "Charterer's   Assigned  Property"  means  all  of  the
       Charterer's rights, title and interest in and to:

       (a)    the Insurances; and

       (b)    any Requisition Compensation;

       "Charter  Guarantee" means the guarantee  executed or (as the context may
       require) to be executed by the Charter  Guarantor  in favour of the Owner
       as referred to in recital (G);

       "Charter  Guarantor"  includes  the  successors  in title  and  permitted
       assignees of the Charter Guarantor;

       "Charter  Guarantor's  Account' means the interest bearing Dollar account
       of the Charter  Guarantor  opened or (as the  context may  require) to be
       opened with the Mortgagee  (acting as account  bank) with account  number
       24.07.56.150 and includes any sub-accounts  thereof and any other account
       designated  in writing by the  Mortgagee  to be the  Charter  Guarantor's
       Account for the purposes of this Deed;

       "Charter  Period"  means such part of the period of the  Charter as falls
       within  the  Security   Period  or,  in  the  event  of   expiration   or
       determination of the period of the Charter prior to the expiration of the
       Security  Period,  the period down to the expiration or  determination of
       the period of the Charter;

       "Charter  Rights"  means all of the rights of the Owner under or pursuant
       to the Charter,  the Charter Guarantee and any other guarantee,  security
       or other  assurance  given to the  Owner  at any time in  respect  of the
       Charterer's  obligations  under  or  pursuant  to the  Charter  including
       (without limitation) the right to receive the Charter Earnings;

       "Collateral Instruments" means notes, bills of exchange,  certificates of
       deposit and other negotiable and non-negotiable instruments,  guarantees,
       indemnities  and other  assurances  against  financial loss and any other
       documents or instruments which contain or evidence an obligation (with or
       without  security)  to  pay,  discharge  or be  responsible  directly  or
       indirectly  for, any  indebtedness or liabilities of the Borrowers or any
       of  them or any  other  person  liable  and  includes  any  documents  or
       instruments  creating or evidencing a mortgage,  charge (whether fixed or
       floating), pledge, lien, hypothecation,  assignment, trust arrangement or
       security interest of any kind;

       "Code" means the International  Management Code for the Safe Operation of
       Ships and for Pollution  Prevention  Constituted pursuant to Resolution A
       741 (18) of the International Maritime Organisation and incorporated into
       the  International  Convention on Safety of Life at Sea 1974 (as amended)
       and  includes  any  amendment or  extensions  thereto and any  regulation
       issued pursuant thereto;

       "Compulsory  Acquisition" means requisition for title or other compulsory
       acquisition,  requisition,  appropriation,   expropriation,  deprivation,
       forfeiture or  confiscation  for any reason of the Ship by any Government
       Entity or other  competent  authority,  whether de jure or de facto,  but
       shall exclude  requisition  for use or hire not involving  requisition of
       title;

       "DOC" means a document of compliance  issued to an Operator in accordance
       with rule 13 of the Code;

       "Default' means any Event of Default or any event or  circumstance  which
       with thE.  giving of notice or lapse of time or the  satisfaction  of any
       other condition (or any combination thereof) would constitute an Event of
       Default;

       "Delivery"  means  the  delivery  of the  Ship  by  the  Owner,  and  the
       acceptance of the Ship by the Charterer, pursuant to the Charter;

       "Delivery Date" means the date on which Delivery occurs;

       "Encumbrance"  means any mortgage,  charge  (whether  fixed or floating),
       pledge, lien,  hypothecation,  assignment,  trust arrangement or security
       interest or other  encumbrance of any kind securing any obligation of any
       person  or  any  type  of  preferential  arrangement  (including  without
       limitation title transfer and/or retention  arrangements having a similar
       effect);

       "Environmental Affiliate" means any agent or employee of the Charterer or
       any other Relevant Party or any person having a contractual  relationship
       with the Charterer or any other  Relevant  Party in  connection  with any
       Relevant Ship or its operation or the carriage of cargo and/or passengers
       thereon  and/or the  provision  of goods  and/or  services on or from the
       Relevant Ship;

       "Environmental  Approval"  means any consent,  authorisation,  licence or
       approval  of any  governmental  or public body or  authorities  or courts
       applicable to any Relevant Ship or its operation or the carriage of cargo
       and/or  passengers  thereon and/or the provision of goods and/or services
       on or from such Relevant Ship required under any Environmental Law;

       "Environmental Claim" means any and all enforcement, clean-up, removal or
       other   governmental  or  regulatory  actions  or  orders  instituted  or
       completed pursuant to any Environmental Law or any Environmental Approval
       together  with  claims  made  by any  third  party  relating  to  damage,
       contribution,  loss or injury,  resulting  from any actual or  threatened
       emission,  spill,  release or discharge of a Pollutant  from any Relevant
       Ship;

       "Environmental  Laws" means all national,  international  and state laws,
       rules,  regulations,  treaties and conventions applicable to any Relevant
       Ship  pertaining  to the  pollution or  protection of human health or the
       environment including, without limitation, the carriage of Pollutants and
       actual  or  threatened  emissions,  spills,  releases  or  discharges  of
       Pollutants;

       "Event of Default" means any of the events or circumstances  described in
       clause 10.1 of the Loan Agreement;

       "Expenses"  means the  aggregate at any relevant time (to the extent that
       the same have not been received or recovered by the Mortgagee) of:

       (a)    all losses,  liabilities,  costs, charges,  expenses,  damages and
              outgoings  of  whatever  nature  (including,  without  limitation,
              Taxes,   registration  fees  and  insurance   premiums)  suffered,
              incurred or paid by the Mortgagee in connection  with the exercise
              of the powers  referred to in or granted by this Deed or otherwise
              payable by the Owner in accordance with clause 13; and

       (b)    interest  on  all  such  losses,   liabilities,   costs,  charges,
              expenses,  damages and  outgoings  from the date on which the same
              were suffered, incurred or paid by the Mortgagee until the date of
              receipt or recovery  thereof (whether before or after judgment) at
              a rate per annum  calculated in accordance  with clause 3.4 of the
              Loan Agreement (as conclusively certified by the Mortgagee);

       "Government  Entity" means and includes  (whether having a distinct legal
       personality or not) any national or local  government  authority,  board,
       commission, department, division, organ, instrumentality, court or agency
       and any  association,  organisation  or  institution  of which any of the
       foregoing is a member or to whose  jurisdiction  any of the  foregoing is
       subject or in whose activities any of the foregoing is a participant;

       "Incapacity"  means,  in  relation  to a person,  the death,  bankruptcy,
       unsoundness of mind, insolvency,  liquidation,  dissolution,  winding-up,
       administration,   receivership,  amalgamation,  reconstruction  or  other
       incapacity of that person  whatsoever (and, in the case of a partnership,
       includes  the   termination   or  change  in  the   composition   of  the
       partnership);

       "Insurances"  means  all  policies  and  contracts  of  insurance  (which
       expression includes all entries of the Ship in a protection and indemnity
       or war risks association) which are from time to time during the Security
       Period in place or taken out or entered  into by or for the  benefit  of,
       among others, the Owner and/or the Charterer (whether in the sole name of
       the Owner,  or in the joint  names of the Owner,  the  Charterer  and the
       Mortgagee or otherwise) in respect of the Ship (but not loss of earnings)
       or  otherwise  howsoever  in  connection  with the Ship and all  benefits
       thereof (including claims of whatsoever nature and return of premiums);

       "ISPS Code" means the International  Ship and Port Facility Security Code
       constituted   pursuant  to  resolution  A.924(22)  of  the  International
       Maritime  Organization  now set out in Chapter XI-2 of the  International
       Convention  for the Safety of Life at Sea 1974 (as amended) as adopted by
       a Diplomatic  Conference of the  International  Maritime  Organisation on
       Maritime  Security  in  December  2002 and  includes  any  amendments  or
       extensions thereto and any regulation issued pursuant thereto;

       "ISSC" means an International Ship Security Certificate issued in respect
       of the Ship pursuant to the ISPC Code;

       "Loan" means the aggregate  principal amount owing to the Banks or any of
       them pursuant to the Loan Agreement at any relevant time;

       "Loan Agreement" means the agreement referred to in recital (B) hereto as
       the same may from time to time be supplemented and/or amended;

       "Loss Payable  Clauses"  means the  provisions  regulating  the manner of
       payment  of  sums  receivable  under  the  Insurances  which  are  to  be
       incorporated  in the  relevant  insurance  documents,  such Loss  Payable
       Clauses  to be in the  forms set out in  Schedule  1 during  the  Charter
       Period (which shall, during the Charter Period, replace the forms of Loss
       Payable Clauses  specified in the Doubtless  General  Assignment (as such
       term is defined  in the Loan  Agreement))  or in such other  forms as may
       from time to time be required or agreed in writing by the Mortgagee;

       "Master Swap Agreement" means the 1992 ISDA Master Agreement made between
       the Swap  Provider and the  Borrowers  dated ice March 2006  mentioned in
       recital  (C)  hereto,  comprising  a 1992 ISDA  Master  Agreement  (and a
       Schedule  thereto),  together with any Confirmations (as defined therein)
       supplemental thereto;

       "Master  Swap  Agreement  Liabilities"  means at any relevant  time,  all
       liabilities  actual or contingent,  present or future,  owing to the Swap
       Provider under the Master Swap Agreement;

       "Mortgage"  means the first preferred  mortgage  mentioned in recital (E)
       hereto; "Mortgagee" includes the successors in title and assignees of the
       Mortgagee;  "Notice  of  Assignment  of  Insurances"  means a  notice  of
       assignment  in the form set out in Schedule 2 during the  Charter  Period
       (which shall,  during the Charter  Period,  replace the form of Notice of
       Assignment of Insurances  specified in the Doubtless General Assignment),
       or in such other form as may from time to time be  required  or agreed in
       writing by the Mortgagee;

       "Operator"  means any person who is from time to time during the Security
       Period  concerned  in the  operation  of the Ship and  falls  within  the
       definition of "Company" set in rule 1.1.2 of the Code;

       "Other Ships" means together,  Faithful, Spotless and Vanguard and "Other
       Ship" means any of them;

       "Outstanding  Indebtedness"  means the aggregate of the Loan and interest
       accrued and accruing thereon, the Master Swap Agreement Liabilities,  the
       Expenses  and all  other  sums of money  from  time to time  owing by the
       Borrowers to the Mortgagee and/or any of the Secured  Creditors,  whether
       actually  or  contingently,  present or future,  under or pursuant to the
       Loan Agreement,  the Master Swap Agreement, the Security Documents or any
       of them;

       "Owner"  includes the successors in title and permitted  assignees of the
       Owner;  "Owner's  Assigned  Property"  means:  (a) the  Charter;  (b) the
       Charter  Guarantee;  (c) the Charter Earnings;  and (d) all other Charter
       Rights;

       "Pollutant"   means  and   includes   pollutants,   contaminants,   toxic
       substances, oil as defined in the United States Oil Pollution Act of 1990
       and  all   hazardous   substances   as  defined  in  the  United   States
       Comprehensive  Environmental  Response,  Compensation  and  Liability Act
       1980;

       "Related  Company" of a person means any  Subsidiary of such person,  any
       company or other  entity of which  such  person is a  Subsidiary  and any
       Subsidiary of any such company or entity;

       "Relevant  Party" means the Owner,  the Owner's  Related  Companies,  any
       other Security Party and any other Security Party's Related Companies;

       "Relevant  Ship"  means the Ship and any other  vessel  from time to time
       (whether before or after the date of this Deed) owned,  managed or crewed
       by, or chartered to, any Relevant Party;

       "Requisition  Compensation" means all sums of money or other compensation
       from time to time  payable  during the  Security  Period by reason of the
       Compulsory Acquisition of the Ship;

       "Security  Documents"  means the Loan Agreement,  this Deed, the Mortgage
       and any other such  document  as is defined  in the Loan  Agreement  as a
       Security  Document  or as may have been or may  hereafter  be executed to
       guarantee  and/or  secure  all or any  part  of the  Loan,  any  interest
       thereon,  the Master Swap Agreement  Liabilities and the moneys from time
       to time  owing by the Owner  pursuant  to the Loan  Agreement  and/or the
       Master Swap Agreement (whether or not such documents,  also secure moneys
       from time to time owing pursuant to any other document or agreement);

       "Security  Party"  means any person who may at any time be a party to any
       of the Security Documents (other than the Secured Creditors);

       "Security  Period"  means the period  commencing  on the date  hereof and
       terminating  upon  discharge  of the  security  created  by the  Security
       Documents by payment of all moneys payable thereunder;

       "Ship" means the vessel m.v.  "Doubtless"  registered  as a Liberian ship
       under Official Number 9363 and includes any share or interest therein and
       her engines,  machinery,  boats, tackle, outfit,  equipment,  spare gear,
       fuel, consumable or other stores, belongings and appurtenances whether on
       board or ashore and whether now owned or hereafter  acquired and also any
       and all additions,  improvements and replacements hereafter made in or to
       such  vessel  or  any  part  thereof  or  in  or  to  her  equipment  and
       appurtenances aforesaid;

       "SMC" means a safety management  certificate  issued in respect of a ship
       in accordance with rule 13 of the Code;

       "Subsidiary"  of a  person  means  any  company  or  entity  directly  or
       indirectly  controlled  by such person,  and for this  purpose  "control"
       means either the  ownership of more than 50% of the voting share  capital
       (or  equivalent  rights of  ownership)  of such  company or entity or the
       power to direct its  policies  and  management,  whether by  contract  or
       otherwise; and

       "Total Loss" means:

       (a)    the actual,  constructive,  compromised  or arranged total loss of
              the Ship; or

       (b)    the Compulsory Acquisition of the Ship; or

       (c)    the hijacking,  theft,  condemnation,  capture,  seizure,  arrest,
              detention or  confiscation  of the Ship (other than where the same
              amounts  to  the  Compulsory  Acquisition  of  the  Ship)  by  any
              Government  Entity,  or by persons  acting or purporting to act on
              behalf of any Government  Entity,  unless the Ship be released and
              restored to the Owner or (during the Charter Period) the Charterer
              (as the case may be) from  such  hijacking,  theft,  condemnation,
              capture,  seizure, arrest, detention or confiscation within thirty
              (30) days after the occurrence thereof.

1.2    Insurance  terms  In  clause  8.1.1:   1.2.1  "excess  risks"  means  the
       proportion  (if any) of claims for general  average,  salvage and salvage
       charges  and under the  ordinary  collision  clause  not  recoverable  in
       consequence of the value at which the Ship is assessed for the purpose of
       such claims exceeding her insured value;

1.2.2  "protection  and indemnity  risks" means the usual risks  (including  oil
       pollution and freight,  demurrage and defence  cover) covered by a United
       Kingdom  protection  and  indemnity   association  or  a  protection  and
       indemnity  association  which is  managed in London  (including,  without
       limitation,  the  proportion  (if any) of any sums  payable  to any other
       person or persons in case of collision  which are not  recoverable  under
       the hull and machinery  policies by reasons of the  incorporation in such
       policies of clause 8 of the Institute Time Clauses  (Hulls)  (1/11/95) or
       the Institute  Amended  Running Down Clause  (1/10/71) or any  equivalent
       provision); and

1.2.3  "war risks"  includes those risks covered by the standard form of English
       marine  policy  with  Institute  War  and  Strikes  Clauses  Hulls - Time
       (1/11/95) attached or similar cover.

1.3    Headings

       Clause headings and the table of contents are inserted for convenience of
       reference only and shall be ignored in the interpretation of this Deed.

1.4    Construction of certain terms

       In this Deed, unless the context otherwise requires:

1.4.1  references  to clauses and Schedules are to be construed as references to
       clauses  of, and  Schedules  to,  this Deed and  references  to this Deed
       include its Schedules;

1.4.2  references to (or to any  specified  provision of) this Deed or any other
       document shall be construed as references to this Deed, that provision or
       that document as in force for the time being and as amended in accordance
       with the terms thereof, or, as the case may be, with the agreement of the
       relevant parties;

1.4.3  words importing the plural shall include the singular and vice versa;

1.4.4  references to a person shall be construed as references to an individual,
       firm,  company,  corporation,  unincorporated  body  of  persons  or  any
       Government Entity;

1.4.5  references to a "guarantee"  shall include  references to an indemnity or
       other assurance against financial loss including,  without limitation, an
       obligation to purchase  assets or services as a consequence  of a default
       by any other person to pay any  Indebtedness  and  "guaranteed"  shall be
       construed accordingly; and

1.4.6  references  to statutory  provisions  shall be construed as references to
       those provisions as replaced or amended or re-enacted from time to time.

1.5    Conflict with Loan Agreement

       As between the Owner and the Mortgagee,  this Deed shall be read together
       with the  Loan  Agreement  but in case of any  conflict  between  the two
       instruments, the provisions of the Loan Agreement shall prevail.

1.6    Conflict with Charter

       If and to the extent that any of the covenants and undertakings  given by
       the Charterer in this Deed may conflict with any of the provisions of the
       Charter,  such covenants and undertakings shall (as between the Mortgagee
       on the one hand and the Owner and the Charterer on the other hand but not
       otherwise) prevail over such provisions.

2      Representations and warranties

2.1    Charterer's continuing representations and warranties

       The Charterer represents and warrants to the Mortgagee (as security agent
       and  trustee for and on behalf of the  Secured  Creditors)  and the Owner
       that:

2.1.1  Due incorporation

       it is duly  incorporated  and validly existing in good standing under the
       laws of the Republic of Liberia as a Liberian  corporation  and has power
       to carry on its  business  as it is now  being  conducted  and to own its
       property and other assets;

2.1.2  Corporate power

       it has power to execute,  deliver and perform its  obligations  under the
       Charter and such of the Security Documents to which it is, or is to be, a
       party and all necessary corporate,  shareholder and other action has been
       taken to authorise the execution, delivery and performance of the same;

2.1.3  Binding obligations

       the Charter  and the  Security  Documents  to which it is, or is to be, a
       party constitute or will, when executed, constitute its valid and legally
       binding  obligations  enforceable  in  accordance  with their  respective
       terms;

2.1.4  No conflict with other obligations

       the execution and delivery of, the performance of its obligations  under,
       and  compliance  with the  provisions  of the  Charter  and the  Security
       Documents  to  which  it is,  or is to be,  a party  by it  will  not (a)
       contravene,  any existing applicable law, statute,  rule or regulation or
       any judgment,  decree or permit to which it is subject, or (b) contravene
       or conflict with any provision of its constitutional documents;

2.1.5  No filings required

       it is not necessary to ensure the legality,  validity,  enforceability or
       admissibility in evidence of the Charter or any of the Security Documents
       to which it is, or is to be, a party that they or any other instrument be
       notarised,  filed, recorded,  registered or enrolled in any court, public
       office or  elsewhere  in any  Relevant  Jurisdiction  or that any  stamp,
       registration   or  similar  tax  or  charge  be  paid  in  any   Relevant
       Jurisdiction  on or in relation  to the  Charter or any of such  Security
       Documents  and the Charter  and each of such  Security  Documents  are in
       proper  form  for  its   enforcement  in  the  courts  of  each  Relevant
       Jurisdiction;

2.1.6  Choice of law

       the  choice  of  English  law to  govern  the  Charter  and the  Security
       Documents to which it is, or is to be, a party and the  submission by the
       Charterer to the  non-exclusive  jurisdiction  of the English  courts are
       valid and binding;

2.1.7  No immunity

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

2.1.8  Consents obtained

       every  consent,  authorisation,  licence or approval of, or  registration
       with or declaration  to,  governmental or public bodies or authorities or
       courts required by it to authorise, or required by it in connection with,
       the execution,  delivery,  validity,  enforceability  or admissibility in
       evidence of the Charter and the Security  Documents to which it is, or is
       to be, a party or the  performance  by it of its  obligations  under  the
       Charter and such Security Documents have been obtained or made and are in
       full force and effect and there has been no default in the  observance of
       any  of the  conditions  or  restrictions  (if  any)  imposed  in,  or in
       connection with, any of the same.

2.2    Charter Guarantor's continuting representations and warranties

       The  Charter  Guarantor  represents  and  warrants to the  Mortgagee  (as
       security  agent and trustee  for and on behalf of the Secured  Creditors)
       and the Owner that:

2.2.1  Due incorporation

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

2.2.2  Corporate power

       it has power to execute,  deliver and perform its  obligations  under the
       Charter  Guarantee and this Deed and has power to execute and deliver and
       perform its  obligations  under the Charter  Guarantee and this Deed, and
       all necessary  corporate,  shareholder and other action has been taken to
       authorise  the  execution,  delivery and  performance  of the same and no
       limitation on the powers of the Charter  Guarantor to give  guarantees or
       security  will be exceeded  as a result of the  execution,  delivery  and
       performance  of  the  Charter   Guarantee  or  the  Charter   Guarantor's
       obligations under this Deed;

2.2.3  Binding obligations

       the Charter  Guarantee and this Deed  constitute or will,  when executed,
       constitute  its valid and  legally  binding  obligations  enforceable  in
       accordance with their respective terms;

2.2.4  No conflict with other obligations

       the execution and delivery of, the performance of its obligations  under,
       and compliance with the provisions of the Charter Guarantee and this Deed
       by it will not (a) contravene, any existing applicable law, statute, rule
       or regulation or any judgment, decree or permit to which it is subject or
       (b)  contravene  or conflict  with any  provision  of its  constitutional
       documents;

2.2.5  No filings required

       it is not necessary to ensure the legality,  validity,  enforceability or
       admissibility in evidence of the Charter Guarantee or this Deed that they
       or any other  instrument be  notarised,  filed,  recorded,  registered or
       enrolled  in any  court,  public  office  or  elsewhere  in any  Relevant
       Jurisdiction or that any stamp,  registration or similar tax or charge be
       paid  in any  Relevant  Jurisdiction  on or in  relation  to the  Charter
       Guarantee or this Deed and both the Charter  Guarantee  and this Deed are
       in  proper  form for their  enforcement  in the  courts of each  Relevant
       Jurisdiction;

2.2.6  Choice of law

       the choice of English law to govern the Charter  Guarantee  and this Deed
       and  the  submission  by  the  Charter  Guarantor  to  the  non-exclusive
       jurisdiction of the English courts are valid and binding;

2.2.7  No immunity

       neither it nor any of its assets is  entitled  to immunity on the grounds
       of sovereignty  or otherwise  from any legal action or proceeding  (which
       shall include,  without limitation,  suit, attachment prior to judgement,
       execution or other enforcement); and

2.2.8  Consents obtained

       every  consent,  authorisation,  licence or approval of, or  registration
       with or declaration  to,  governmental or public bodies or authorities or
       courts required by the Charter Guarantor to authorise, or required by the
       Charter Guarantor in connection with, the execution,  delivery, validity,
       enforceability  or admissibility in evidence of the Charter Guarantee and
       this Deed or the performance by the Charter  Guarantor of its obligations
       under the Charter  Guarantee  and this Deed has been obtained or made and
       is in full  force  and  effect  and  there  has  been no  default  in the
       observance of any of the conditions or restrictions  (if any) imposed in,
       or in connection with, any of the same.

2.3    Charterer's initial representations and warranties

       The Charterer represents and warrants to the Mortgagee (as security agent
       and  trustee for and on behalf of the  Secured  Creditors)  and the Owner
       that:

2.3.1  No withholding Taxes

       no Taxes are imposed by  withholding  or  otherwise  on any payment to be
       made by it under the Charter or the Security Documents to which it is, or
       is to be, a party or are  imposed  on or by  virtue of its  execution  or
       delivery of the Charter or any of such  Security  Documents  or any other
       document or instrument  to be executed or delivered  under the Charter or
       any of such Security Documents;

2.3.2  Ship's employment

       (save for the Charter) the Ship is not and will not on the Delivery  Date
       be subject to any charter or contract or to any  agreement  to enter into
       any charter or contract  entered into by the Charterer  which, if entered
       into by it after the date of this Deed,  would have  required the consent
       of the Mortgagee;

2.3.3  Freedom from Encumbrances

       the Charterer is the sole, legal and beneficial owner of the whole of the
       Charterer's  Assigned  Property  and  neither  the  Charterer's  Assigned
       Property nor any part thereof are or will be on the Delivery Date subject
       to any Encumbrance created by it or arising due to its act or omission or
       its use or  operation  of the Ship and it has not (save as  disclosed  in
       writing to the Mortgagee)  received notice of any Encumbrance (other than
       pursuant to this Deed) in respect thereof created by any other person;

2.3.4  Commissions etc.

       there  are  no  commissions,  rebates,  premiums  or  other  payments  in
       connection  with the Charter  other than as disclosed to the Mortgagee in
       writing prior to the date hereof;

2.3.5  Compliance with Environmental Laws and Approvals

       except as may  already  have been  disclosed  by it in  writing  to,  and
       acknowledged in writing by, the Mortgagee:

       (a)    the Charterer and to the best of its knowledge and belief  (having
              made due enquiry) its Environmental  Affiliates have complied with
              the provisions of all Environmental Laws;

       (b)    the Charterer and to the best of its knowledge and belief  (having
              made due enquiry) its  Environmental  Affiliates have obtained all
              Environmental  Approvals  and  are in  compliance  with  all  such
              Environmental Approvals; and

       (c)    neither the  Charterer nor to the best of its knowledge and belief
              (having made due enquiry) any of its Environmental  Affiliates has
              received notice of any  Environmental  Claim that the Charterer or
              any such  Environmental  Affiliate is not in  compliance  with any
              Environmental Law or any Environmental Approval;

2.3.6  No Environmental Claims

       except as may  already  have been  disclosed  by it in  writing  to,  and
       acknowledged  in writing  by, the  Mortgagee,  there is no  Environmental
       Claim pending or, to the best of its  knowledge  and belief  (having made
       due enquiry),  threatened  against the Charterer or the Ship or any other
       ship owned,  managed or crewed by, or chartered  to, the Charterer or, to
       the best of its knowledge and belief (having made due enquiry) any of its
       Environmental Affiliates; and

2.3.7  No potential Environmental Claims

       except as may  already  have been  disclosed  by it in  writing  to,  and
       acknowledged  in writing by, the  Mortgagee,  there has been no emission,
       spill,  release or  discharge  of a Pollutant  from the Ship or any other
       ship owned by,  managed or crewed by, or chartered  to, the Charterer nor
       to the best of its  knowledge  and belief  (having made due enquiry) from
       any other ship  owned by,  managed  or crewed  by, or  chartered  to, the
       Charterer which could give rise to an Environmental Claim.

2.4    Charter Guarantor's initial representations and warranties

       The  Charter  Guarantor  represents  and  warrants to the  Mortgagee  (as
       security  agent and trustee  for and on behalf of the Secured  Creditors)
       and the Owner that no Taxes are imposed by  withholding  or  otherwise on
       any payment to be made by it under the Charter  Guarantee  or are imposed
       on or by virtue of its execution or delivery of the Charter  Guarantee or
       this Deed or any other document or instrument to be executed or delivered
       under the Charter Guarantee or this Deed.

2.5    Repetition of representations and warranties

       On  and  as  of  the  Delivery  Date  and  (except  in  relation  to  the
       representations  and  warranties in clauses 2.3, 2.4 and 5) each Interest
       Payment Date during the Charter  Period,  the  Charterer  and the Charter
       Guarantor shall be deemed to repeat the representations and wa'ranfies in
       clauses 2.1, 2.2, 2.3 and 2.4 as if made with  reference to the facts and
       circumstances existing on such day.

3      Assignment

3.1    Charterer's Assignment

       By way of security for the Outstanding  Indebtedness  (which  expression,
       for  the  avoidance  of  doubt,   includes  the  Master  Swap   Agreement
       Liabilities)  the Charterer with full title guarantee  hereby assigns and
       agrees to assign to the Mortgagee  absolutely  all its rights,  title and
       interest in and to the Charterer's Assigned Property and all its benefits
       and interests  present and future therein.  Provided  however that unless
       and until a Default shall occur (whereupon all insurance recoveries shall
       be receivable by the Mortgagee and applied in accordance with clause 11.1
       or clause 11.3 (as the case may be)):

3.1.1  any moneys payable under the  Insurances,  shall be payable in accordance
       with the terms of the relevant Loss Payable Clause and the Mortgagee will
       not in the meantime give any notification to the contrary to the insurers
       as contemplated by the Loss Payable Clauses; and

3.1.2  any  insurance  moneys  received by the Mortgagee in respect of any major
       casualty (as specified in the relevant Loss Payable Clause) shall, unless
       prior to receipt or whilst such moneys are in the hands of the  Mortgagee
       there shall have  occurred a Default  (whereupon  such  insurance  monies
       shall be applied in  accordance  with  clause 11.1 or clause 11.3 (as the
       case  may  be)),  be  paid  over  to the  Charterer  upon  the  Charterer
       furnishing  evidence  satisfactory  to the  Mortgagee  that  all loss and
       damage  resulting  from such  casualty  has been  properly  made good and
       repaired,  and that all repair accounts and other liabilities  whatsoever
       in connection  with the casualty  have been fully paid and  discharged by
       the Charterer,  provided however that the insurers with whom the fire and
       usual marine risks  insurances  are effected  may, in the case of a major
       casualty, and with the previous consent in writing of the Mortgagee, make
       payment on account of repairs in the course of being effected.

3.2    Use of Charterer's name

       The Charterer covenants and undertakes with the Mortgagee to do or permit
       to be done each and every act or thing which the  Mortgagee may from time
       to time require to be done for the purpose of enforcing  the  Mortgagee's
       rights  under  this  Deed  and to  allow  its name to be used as and when
       required by the Mortgagee for that purpose.

3.3    Reassignment

       Upon payment and discharge in full to the  satisfaction  of the Mortgagee
       of the Outstanding Indebtedness,  the Mortgagee shall, at the request and
       cost of the Charterer, re-assign the Charterer's Assigned Property to the
       Charterer or as it may direct.

3.4    Liability of Charterer

       The Charterer shall remain liable to perform all the obligations  assumed
       by it in relation to the  Assigned  Property and the  Mortgagee  shall be
       under no obligation of any kind whatsoever in respect thereof or be under
       any liability  whatsoever in the event of any failure by the Charterer to
       perform its obligations in respect thereof.

4      Owner's Assignment

4.1    By way of security  for payment of the  Outstanding  Indebtedness  (which
       expression,  for  the  avoidance  of  doubt,  includes  the  Master  Swap
       Agreement Liabilities) the Owner with full title guarantee hereby assigns
       and agrees to assign to the Mortgagee  (as security  agent and trustee on
       behalf of the Secured  Creditors)  absolutely  all its rights,  title and
       interest  in  and to the  Owner'*  Assigned  Property  and  all  benefits
       accruing  to the  Owner  thereunder  Provided  however  that the  Charter
       Earnings  shall be payable to the  Doubtless  Operating  Account (as such
       term is defined in the Loan Agreement) until such time as a Default shall
       occur and the Mortgagee shall direct to the contrary  whereupon the Owner
       shall forthwith,  and the Mortgagee may at any time thereafter,  instruct
       the persons  from whom the Charter  Earnings  are then payable to pay the
       same to the  Mortgagee  (as  security  agent and trustee on behalf of the
       Secured  Creditors) or as it may direct and any Charter  Earnings then in
       the hands of the Owner's  brokers or other agents shall be deemed to have
       been received by them for the use and on behalf of the Agent.

4.2    Use of Owner's name

       The Owner  covenants and undertakes with the Mortgagee to do or permit to
       be done each and every act or thing which the  Mortgagee may from time to
       time  require to be done for the  purpose of  enforcing  the  Mortgagee's
       rights  under  this  Deed  and to  allow  its name to be used as and when
       required by the Mortgagee for that purpose.

4.3    Reassignment

       Upon payment and discharge in full to the  satisfaction  of the Mortgagee
       of the Outstanding Indebtedness,  the Mortgagee shall, at the request and
       cost of the Owner,  re-assign the Owner's Assigned  Property to the Owner
       or as it may direct.

4.4    Liability of Owner

       The Owner shall remain liable to perform all the  obligations  assumed by
       it in relation to the Mortgaged Property and the Mortgagee shall be under
       no obligation of any kind  whatsoever in respect  thereof or be under any
       liability  whatsoever in the event of any failure by the Owner to perform
       its obligations in respect thereof.

4.5    Acknowledgement by Charterer

       By its  execution  of this Deed,  each of the  Charterer  and the Charter
       Guarantor has received written notice of, and consents to, the assignment
       to the Mortgagee of the Charter, the Charter Earnings,  the other Charter
       Rights and the Charter Guarantee.

5      Continuing security and other matters

5.1    Continuing security

       The security created by this Deed shall:

5.1.1  be held by the Mortgagee (as security agent and trustee for and on behalf
       of the Secured Creditors) as a continuing security for the payment of the
       Outstanding  Indebtedness (which expression,  for the avoidance of doubt,
       includes the Master Swap Agreement  Liabilities)  and the performance and
       observance  of  and  compliance  with  all of the  covenants,  terms  and
       conditions  contained in the Security Documents,  express or implied, and
       that the security so created  shall not be satisfied by any  intermediate
       payment  or  satisfaction  of any part of the amount  hereby and  thereby
       secured (or by any settlement of accounts  between the Owner or any other
       person who may be liable to the Mortgagee and/or the Secured Creditors in
       respect  of the  Outstanding  Indebtedness  (which  expression,  for  the
       avoidance of doubt,  includes the Master Swap Agreement  Liabilities)  or
       any part  thereof and the  Mortgagee  and/or the Secured  Creditors)  and
       shall remain in full force and effect until the Outstanding  Indebtedness
       (which expression,  for the avoidance of doubt,  includes the Master Swap
       Agreement  Liabilities)  has been  discharged  in full (which  expression
       shall not embrace  payment or a dividend in  liquidation or bankruptcy of
       less than 100%);

5.1.2  be in addition to, and shall not in any way prejudice or affect,  and may
       be enforced by the  Mortgagee  without  prior  recourse  to, the security
       created  by any other of the  Security  Documents  or by any  present  or
       future  Collateral  Instruments,  right or remedy held by or available to
       the  Mortgagee  and/or the Secured  Creditors or any of them any right or
       remedy of the  Mortgagee  and/or the Secured  Creditors or any of them or
       any right or remedy of the Mortgagee thereunder;

5.1.3  not be in any way  prejudiced  or affected by the existence of any of the
       other Security  Documents or any such  Collateral  Instrument,  rights or
       remedies  or by the same  becoming  wholly or in part void,  voidable  or
       unenforceable  on any ground  whatsoever or by the  Mortgagee  and/or the
       Secured  Creditors or any of them dealing  with,  exchanging,  varying or
       failing to perfect or enforce any of the same, or giving time for payment
       or performance or indulgence or compounding with any other person liable;
       and

5.1.4  not  in  any  way  be  prejudiced  or  affected  by  any  change  in  the
       constitution of, or any amalgamation or  reconstruction of the Owner, the
       Mortgagee  or any other  person or by any legal  limitation,  disability,
       incapacity  or other  circumstances  relating  to the  Owner or any other
       person,  whether  or  not  known  to the  Mortgagee  and/or  the  Secured
       Creditors,  by any invalidity in or irregularity or  unenforceability  of
       the obligations of the Owner or any other person under the Loan Agreement
       or any of the other  Security  Documents or otherwise  and so that in the
       event that any  obligation  or purported  obligation  of the Owner or any
       other person  which,  if  enforceable  or valid or  continuing,  would be
       secured by this Deed is or  becomes  wholly or in part  unenforceable  or
       invalid or terminated for any reason whatsoever,  the Owner will keep the
       Mortgagee and the Secured  Creditors fully  indemnified  against any loss
       suffered by the Mortgagee and/or the Secured Creditors as a result of any
       failure by the Owner or such other party to perform  any such  obligation
       or purported obligation.

5.2    Rights additional

       All the rights,  remedies and powers vested in the Mortgagee (as security
       agent and trustee on behalf of the Secured Creditors)  hereunder shall be
       in addition to and not a limitation  of any and every other right,  power
       or remedy vested in the Mortgagee and/or the Secured  Creditors or any of
       them under the Loan Agreement,  this Deed, the Master Swap Agreement, the
       other Security Documents or any such Collateral  Instrument or at law and
       that all the  powers  so  vested  in the  Mortgagee  and/or  the  Secured
       Creditors or any of them may be exercised  from time to time and as often
       as the  Mortgagee  and/or the Secured  Creditors  or any of them may deem
       expedient.

5.2.1  No enquiry

       The  Mortgagee  shall not be obliged to make any enquiry as to the nature
       or sufficiency  of any payment  received by it under this Deed or to make
       any claim or take any action to collect any moneys hereby  assigned or to
       enforce any rights or benefits  hereby  assigned to the  Mortgagee  or to
       which the  Mortgagee  (as  security  agent and  trustee  on behalf of the
       Creditors) may at any time be entitled under this Deed.

5.3    Obligations of Owner, Charterer and Mortgagee

       The Owner and the  Charterer  shall each remain liable to perform all the
       obligations  assumed by it in relation to the Owner's  Assigned  Property
       and the Charterer's Assigned Property and the Mortgagee shall be under no
       obligation  of any kind  whatsoever  in  respect  thereof or be under any
       liability  whatsoever  in the  event of any  failure  by the Owner or the
       Charterer to perform its obligations in respect thereof.

5.4    Discharge of Mortgage

       This Deed shall  continue in full force and effect after any discharge of
       the Mortgage.

5.5    Liability unconditional

       The rights,  remedies and powers vested in the Mortgagee  under this Deed
       shall not be  affected  nor shall this Deed be  discharged  or reduced by
       reason of:

5.5.1  the Incapacity or any charige in the name,  style or  constitution of the
       Owner or any other person liable;

5.5.2  the  Mortgagee  granting  any  time,  indulgence  or  concession  to,  or
       compounding with, discharging,  releasing or varying the liability of the
       Owner or any other  person  liable or renewing,  determining,  varying or
       increasing  any  accommodation,  facility  or  transaction  or  otherwise
       dealing  with  the  same  in any  manner  whatsoever  or  concurring  in,
       accepting  or  varying  any  compromise,  arrangement  or  settlement  or
       omitting to claim or enforce  payment  from the Owner or any other person
       liable; or

5.5.3  any act or omission  which  would not have  discharged  or  affected  the
       security  constituted  by the  Charterer  under  this  Deed had it been a
       principal  debtor  instead of a guarantor or by anything  done or omitted
       which but for this provision might operate to exonerate such security.

5.6    Waiver of Charterers rights

       Until the Outstanding  Indebtedness (which expression,  for the avoidance
       of doubt, includes the Master Swap Agreement  Liabilities) has been paid,
       discharged  or  satisfied  in  full  (and  notwithstanding  payment  of a
       dividend in any liquidation or under any compromise or  arrangement)  and
       notwithstanding  that the  security  created  by this  Deed and the other
       Security  Documents may have been  realised,  the Charterer  agrees that,
       without the prior written consent of the Mortgagee, it will not:

5.6.1  exercise its rights of subrogation,  reimbursement  and indemnity against
       the Owner, the other Borrowers or any other person liable;

5.6.2  demand or accept repayment in whole or in part of any indebtedness now or
       hereafter due to the  Charterer  from the Owner,  the other  Borrowers or
       from  any  other  person  liable  or  demand  or  accept  any  Collateral
       Instrument in respect of the same or dispose of the same;

5.6.3  take any step to enforce any right against the Owner, the other Borrowers
       or any other  person  liable in respect of any  Outstanding  Indebtedness
       (which expression,  for the avoidance of doubt,  includes the Master Swap
       Agreement Liabilities); or

5.6.4  claim any set-off or counterclaim  against the Owner, the other Borrowers
       or any  other  person  liable or claim or prove in  competition  with the
       Mortgagee and/or the Secured  Creditors or any of them in the liquidation
       of the Owner,  the other Borrowers or any other person liable or have the
       benefit of, or share in, any payment from or composition with, the Owner,
       the other  Borrowers or any other person  liable or any other  Collateral
       Instrument  now or  hereafter  held by the  Mortgagee  and/or the Secured
       Creditors  or  any  of  them  for  the  Outstanding  Indebtedness  (which
       expression,  for  the  avoidance  of  doubt,  includes  the  Master  Swap
       Agreement Liabilities) or for the obligations or liabilities of any other
       person liable but so that, if so directed by the Mortgagee, it will prove
       for the whole or any part of its claim in the liquidation of the Owner on
       terms that the  benefit of such proof and of all money  received by it in
       respect  thereof  shall be paid to the Mortgagee  for  application  in or
       towards discharge of the Outstanding Indebtedness (which expression,  for
       the avoidance of doubt,  includes the Master Swap Agreement  Liabilities)
       in such manner as the Mortgagee shall deem appropriate.

5.7    Suspense account

       Any moneys received in connection with this Deed (whether before or after
       any Incapacity of the Owner or the  Charterer)  which would (but for this
       Deed) have been payable to the Charterer  may, if an Event of Default has
       happened,  be placed to the credit of a suspense  account  with a view to
       preserving  the rights of the Mortgagee to prove for the whole of its and
       the Secured  Creditors'  claims against the Owner, the other Borrowers or
       any other person liable or may be applied in or towards  satisfaction  of
       the  Outstanding  Indebtedness  (which  expression,  for the avoidance of
       doubt, includes the Master Swap Agreement Liabilities).

5.8    Settlements conditional

       Any  release,  cischarge  or  settlement  between the  Charterer  and the
       Mortgagee shall be conditional  upon no security,  disposition or payment
       to the  Mortgagee  and/or  the  Secured  Creditors  or any of them by the
       Owner,  the other  Borrowers or any other person  liable being void,  set
       aside or ordered to be refunded pursuant to any enactment or law relating
       to bankruptcy, liquidation, administration or insolvency or for any other
       reason  whatsoever  and if such  condition  shall  not be  fulfilled  the
       Mortgagee shall be entitled to enforce this Deed  subsequently as if such
       release,  discharge or  settlement  had not occurred and any such payment
       had not been made.

5.9    Delivery of certain property

       If,  contrary to the  provisions  of this Deed,  the  Charterer  takes or
       receives the benefit of any security or receives or recovers any money or
       other property,  such security,  money or other property shall be held on
       trust for the Mortgagee  (as security  agent and trustee on behalf of the
       Secured Creditors) and shall be delivered to the Mortgagee on demand.

5.10   Certificates conclusive

       Any  certificate  submitted by the  Mortgagee to the  Charterer as to the
       amount or any part  thereof  hereby  secured  shall,  in the  absence  of
       manifest error, be conclusive and binding on the Charterer.

5.11   Collateral Instruments

       The  Mortgagee  shall not be  obliged  to make any claim or demand on the
       Owner or to resort to any Collateral Instrument or other means of payment
       now or hereafter  held by or available to it before  enforcing  this Deed
       and no action taken or omitted by the  Mortgagee in  connection  with any
       such  Collateral  Instrument or other means of payment  shall  discharge,
       reduce,  prejudice or affect the security  created by the Charterer under
       this Deed nor shall the  Mortgagee be obliged to apply any money or other
       property  received or  recovered in  consequence  of any  enforcement  or
       realisation of any such  Collateral  Instrument or other means of payment
       in reduction of the Outstanding Indebtedness.

6      Charterer's undertakings

       The Charterer  hereby covenants with the Mortgagee (as security agent and
       trustee for and on behalf of the Secured  Creditors) and undertakes  that
       throughout the Charter Period:

6.1.1  Notice

       it will from time to time upon the request of the Mortgagee  give written
       notice (in such form and to such persons as the Mortgagee may  reasonably
       require)  of the  assignment  contained  in clause 3.1 to any person from
       whom any part of the Charterer's  Assigned  Property is or may be due and
       will procure that the interest of the Mortgagee in the  Insurances  shall
       be endorsed on the  instruments  of insurance from time to time issued in
       connection with the Insurances as are placed with the Approved Brokers by
       reason of a Notice of Assignment of Insurances  (signed by the Charterer,
       the Owner and by any other  assured who shall have  assigned its interest
       in the Insurances to the Mortgagee);

6.1.2  Negative undertakings relating to Charter

       it will not without the prior written consent of the Mortgagee:

       (a)    Assignments

              assign  or  otherwise  dispose  of  the  Charterer's   rights  and
              obligations under the Charter;

       (b)    Variations

              agree to any variation of the Charter;

6.1.3  Performance of Charter  obligations it will perform its obligations under
       the Charter;

6.1.4  Total Loss recovery

       it will, in the event that,  upon a Total Loss of the Ship, the Mortgagee
       is disabled from  recovering  under the  Insurances or any of them or the
       amount of the recovery  thereunder is diminished and such  disablement or
       diminution  results  from  any  breach  by  the  Charterer  of any of its
       obligations  under this Deed and/or the Charter,  pay to the Mortgagee on
       demand a sum (which shall be applied in accordance with clause 11.1 as if
       the same had been a  recovery  under the  Insurances  in  respect of such
       Total Loss) equal to the amount which would but for such disablement have
       been recoverable under the Insurances or (as the case may be) a sum equal
       to the amount hereby the insurance recovery has been diminished;

6.1.5  Compliance with Environmental Laws

       it will comply with,  and procure that all its  Environmental  Affiliates
       comply  with,  all  Environmental  Laws  including,  without  limitation,
       requirements   relating  to  manning  and   establishment   of  financial
       responsibility  and will obtain and comply with, and procure that all its
       Environmental  Affiliates  obtain  and  comply  with,  all  Environmental
       Approvals;

6.1.6  Abandonment

       it will not without the prior written  consent of the Mortgagee (and then
       only subject to any  conditions  the  Mortgagee  may impose)  abandon the
       Ship;

6.1.7  Charterer's Manager

       it will not without the prior written  consent of the Mortgagee (and then
       only on and subject to such terms as the Mortgagee  may agree)  appoint a
       commercial  or  technical  manager of the Ship other than the Managers or
       terminate or amend the terms of either of the Management Agreements;

6.1.8  Encumbrances

       it will not without the prior written  consent of the Mortgagee (and then
       only subject to such  conditions as the  Mortgagee may impose)  create or
       purport or agree to create or permit to arise or subsist any  Encumbrance
       over or in  respect  of any  part of the  Charterer's  Assigned  Property
       otherwise than to or in favour of the Mortgagee; and

6.1.9  Notification of certain events

       it will notify the Mortgagee  forthwith by facsimile  confirmed by letter
       of: (a) any petition or notice of meeting to consider any  resolution  to
       wind up the Charterer (or any event  analogous  thereto under the laws of
       the place of its  incorporation);  (b) the  occurrence  of any Default of
       which it is  aware;  or (c) the  occurrence  of any  Environmental  Claim
       against the  Charterer,  the Ship,  any other Relevant Party or any other
       Relevant Ship or any incident, event or circumstances which may give rise
       to any such Environmental Claim.

7      Charter Guarantor's undertakings

7.1    General Undertakings

       The Charter  Guarantor  hereby agrees and undertakes to the Mortgagee (as
       security  agent and trustee  for and on behalf of the Secured  Creditors)
       that it will at all times throughout the Security Period:.

7.1.1  deliver  to the  Mortgagee  sufficient  copies  of each of the  following
       documents:

       (a)    not later than one hundred and eighty  (180) days after the end of
              each financial year, the audited balance sheet and profit and loss
              account of the  Charter  Guarantor  and the  audited  consolidated
              balance sheet and the consolidated  profit and loss account of the
              Group for such  financial  year and a cash flow  statement for the
              Group for such  financial  year  together  with the  report of the
              auditors  thereon,  the notes  thereto and the  directors'  report
              thereon, if any;

       (b)    at the time of issue  thereof every  report,  circular,  notice or
              like document issued by the Charter  Guarantor to its shareholders
              or creditors generally;

       (c)    at the  time  of the  delivery  of the  annual  audited  financial
              statements,  a  statement  from the Charter  Guarantor's  auditors
              stating  the  respective  amounts  of the Net  Asset  Value,  Book
              Equity, the Total Debt and the Total Market Value Adjusted Assets,
              in  respect  of or,  as the  case  may  be,  as at the  end of the
              financial   year  to  which  such  financial   statements   relate
              indicating  the manner in which the same have been  calculated and
              whether or not the limits  imposed  by  clauses  7.2.1,  7.2.4 and
              7.2.5 have or have not been exceeded at such time and so that each
              such  statement  shall (in the absence of manifest error or in the
              absence  of  the  Mortgagee  reaching  a  different  determination
              pursuant to clause 7.2.8) be  conclusive  evidence of such amounts
              or facts for the purposes of this Deed; and

7.1.2  comply with its obligations under the Charter Guarantee.

7.2    Financial Undertakings

       The Charter  Guarantor  hereby agrees and undertakes to the Mortgagee (as
       security  agent and trustee  for and on behalf of the Secured  Creditors)
       that it will at all times throughout the Security Period:

7.2.1  ensure that:

       (a)    a minimum amount of Twenty million Dollars  ($20,000,000) shall be
              standing to the credit of the Charter  Guarantor's Account for the
              period  commencing  on the first  Drawdown  Date and  ending on 31
              December  2006 and  thereafter  and until  the  final  date of the
              Security  Period a minimum  amount of Twenty Five million  Dollars
              ($25,000,000)  shall be  standing  to the  credit  of the  Charter
              Guarantor's   Account  and  further   ensure  that  there  are  no
              Encumbrances  whatsoever  existing  over  or in  relation  to such
              minimum  amount;  and (b) it maintains  cash  balances of at least
              Fifty million Dollars  ($50,000,000)  in bank accounts in its name
              or in  the  name  of a  member  of the  Group  and  agreed  by the
              Mortgagee  in writing  from time to time and for the  purposes  of
              this clause 7.2.1(b) the expression  "bank accounts" shall exclude
              any bank accounts which are subject to an Encumbrance;

7.2.2  endeavour  that any Excess Cash Flow in relation to the Ship will be paid
       into the Charter Guarantor's Account;

7.2.3  provide details to the Mortgagee at three (3) monthly intervals  starting
       from the date of this Deed  evidencing  the  operating  expenses  and the
       Earnings of the Ship;

7.2.4  ensure  that its Net Asset  Value at all times  exceeds  One  hundred and
       twenty five million Dollars ($125,000,000); and

7.2.5  ensure  that its Book  Equity  shall at all  times  exceed  Seventy  five
       million Dollars ($75,000,000).

7.2.6  For the purpose of this clause 7, the  following  expressions  shall have
       the following meanings:

       "Applicable Accounting Principles" means accounting principles, concepts,
       bases and policies generally adopted and accepted in the United States of
       America consistently applied;

       "Book Equity"  means the aggregate of the amounts  paid-up or credited as
       paid-up on the Charter Guarantor's issued share capital and the amount of
       the consolidated capital and revenue reserves of the Group (including any
       share premium  account,  capital  redemption  reserve fund and any credit
       balance on the consolidated  profit and loss account of the Group) all as
       shown by the latest  audited  consolidated  balance  sheet and profit and
       loss account of the Group delivered under this Deed but after:

       (a)    deducting any debit balance on such  consolidated  profit and loss
              account;

       (b)    deducting any amount shown in such  consolidated  balance sheet in
              respect of goodwill  (including goodwill arising on consolidation)
              and other intangible assets;

       (c)    deducting (so far as not  otherwise  excluded as  attributable  to
              minority  interests) a sum equal to the aggregate of the amount by
              which  the book  value of any fixed  assets  of any  member of the
              Group has been written up after 31 December  2005 (or, in the case
              of a company  becoming a subsidiary  after that date,  the date on
              which that company became a subsidiary) by way of revaluation. For
              the purposes of this  paragraph (c) any increase in the book value
              of any fixed asset  resulting  from its  transfer by one member of
              the Group to another member of the Group shall be deemed to result
              from a writing up of its book value by way of revaluation;

       (d)    excluding  amounts  set aside for  taxation as at the date of such
              balance sheet and making such adjustments as may be appropriate in
              respect of any significant  additional taxation expected to result
              from  transactions  carried  out by any member of the Group  after
              such date and not reflected in that balance sheet;

       (e)    deducting  all  amounts  attributable  to  minority  interests  in
              Subsidiaries;

       (f)    making such  adjustments  as may be  appropriate in respect of any
              variation in the amount of such paid up share  capital or any such
              reserves after the date of the relevant balance sheet (but so that
              no such  adjustment  shall be made in respect of any  variation in
              profit  and loss  account  except to the  extent of any  profit or
              loss,   calculated  on  a  cumulative   basis,   recorded  in  the
              consolidated profit and loss account of the Group delivered to the
              Mortgagee  before the date of this Deed,  or under clause 7.1.1 in
              respect of any subsequent period);

       (g)    making such  adjustments  as may be  appropriate in respect of any
              distribution  declared,  recommended  or made by any member of the
              Group (otherwise than  attributable  directly or indirectly to the
              Charter  Guarantor)  out of profits earned up to and including the
              date of the latest  audited  balance  sheet of that  member of the
              Group to the extent that such  distribution is not provided for in
              that balance sheet;

       (h)    making such  adjustments  as may be  appropriate in respect of any
              variation  in  the  interests  of  the  Charter  Guarantor  in its
              Subsidiaries  since  the  date  of the  latest  published  audited
              consolidated balance sheet of the Group;

       (i)    if the calculation is required for the purpose of or in connection
              with a transaction  under or in connection  with which any company
              is to become or cease to be a Suhsidiary of the Charter Guarantor,
              making  all  such  adjustments  as would  be  appropriate  if that
              transaction had been carried into effect; and

       (j)    making such  adjustments  as may be  appropriate in the opinion of
              the  Mortgagee in order that the above  amounts are  calculated in
              accordance with the Original Accounting Principles;

       "Earnings"  means all earnings of the Ship  payable  under or pursuant to
       any charters  entered into by the Charterer in respect of the  employment
       of the Ship;

       "Encumbrance"  means any mortgage,  charge  (whether  fixed or floating),
       pledge, lien,  hypothecation,  assignment,  trust arrangement or security
       interest or other  encumbrance of any kind securing any obligation of any
       person  or  any  type  of  preferential  arrangement  (including  without
       limitation title transfer and/or retention  arrangements having a similar
       effect);

       "Excess Cash Flow" means any Earnings of the Ship minus (a) the aggregate
       of the Charter Earnings and (b) the operating expenses in relation to the
       Ship;

       "Finance  Lease" means a lease treated as a finance lease pursuant to the
       Applicable Accounting Principles.

       "Group" means,  together,  the Charter Guarantor and its Subsidiaries and
       "member of the Group" means any of them;

       "Net Asset  Value"  means,  at any relevant  time,  the amount in Dollars
       resulting  after  deducting  the Total Debt from the Total  Market  Value
       Adjusted Assets, in either case at such time;

       "Original  Accounting  Principles"  means  those  accounting  principles,
       standards  and  practices  which  were  used  in the  preparation  of the
       consolidated  audited financial statements of the Group as at 31 December
       2005,  and for the year then  ended and,  to the extent  that they do not
       conflict  with those  principles,  standards  and  practices,  such other
       accounting   principles,   standards  and  practices  as  were  generally
       acceptable in the United States of America on 31 December 2005;

       "Total Debt" means the aggregate principal amount (including any fixed or
       minimum premium payable on final repayment) of:

       (a)    moneys  borrowed  or  raised  by the  Charter  Guarantor  and  its
              Subsidiaries;

       (b)    bonds,  notes, loan stock,  debentures,  commercial paper or other
              debt  securities  issued by the  Charter  Guarantor  or any of its
              Subsidiaries  not for the  time  being  beneficially  owned by the
              Charter Guarantor or any of its Subsidiaries;

       (c)    sums outstanding under acceptances by the Charter Guarantor or any
              of its  Subsidiaries  or by any  bank or  acceptance  house  under
              acceptance  credits  opened on behalf of the Charter  Guarantor or
              any Subsidiary;

       (d)    deferred  indebtedness  of  the  Charter  Guarantor  or any of its
              Subsidiaries for payment of the acquisition or construction  price
              for assets or services acquired or constructed;

       (e)    rental payments under Finance Leases;

       (f)    receivables  sold or  discounted  with a right of  recourse to the
              Charter Guarantor or any of its Subsidiaries;

       (g)    the nominal  amount of any issued and paid up share capital (other
              than equity  share  capital) of any  Subsidiary  not  beneficially
              owned by the Charter Guarantor or another Subsidiary;

       (h)    preference  share capital  redeemable prior to the last day of the
              period of the Charter;

       (i)    indebtedness  secured by any  Encumbrance  over all or any part of
              the  undertaking,  property,  assets,  rights or  revenues  of the
              Charter  Guarantor  or  any of its  Subsidiaries  irrespective  of
              whether  or not  such  indebtedness  is  supported  by a  personal
              covenant  on the  part  of  the  Charter  Guarantor  or any of its
              Subsidiaries;

       (j)    indebtedness  incurred  in  respect  of  swaps,  forward  exchange
              contracts,  futures or other derivatives;  (k) any other liability
              arising  from a  transaction  having  the  commercial  effect of a
              borrowing or the raising of money;

       (k)    obligations  under guarantees in respect of the obligations of any
              other person which, if such person were the Charter Guarantor or a
              Subsidiary, would fall within paragraphs (a) to (k) above,

       PROVIDED THAT:

              (i)    moneys owing by the Charter Guarantor to a Subsidiary or by
                     a  Subsidiary  to  the  Charter  Guarantor  or  to  another
                     Subsidiary shall not be taken into account;

              (ii)   the principal amount of Total Debt deemed to be outstanding
                     in relation to Finance  Leases or hire purchase  agreements
                     shall be the  present  value of the  minimum  lease or hire
                     payments  discounted  at the interest  rate implicit in the
                     relevant lease or hire purchase agreement; and

       "Total Market Value Adjusted Assets" means the aggregate of:

       (a)    the value (less depreciation computed in accordance with generally
              accepted international accounting principles consistently applied)
              on a consolidated basis of all tangible fixed assets of the Group,
              as stated in the relevant consolidated financial statements of the
              Group,  but  excluding  any ships at the  relevant  time  owned by
              members of the Group which, for the purposes of such  consolidated
              financial  statements,  are included in the consolidated  tangible
              fixed  assets of the Group (for the  purposes  of clauses  7.2 and
              7.3, the "Relevant Ships"); and

       (b)    the aggregate of the market value of the Relevant  Ships,  as such
              market value shall have been most recently  determined  (as of the
              date of the relevant  calculation)  pursuant to the  provisions of
              clause  7.3 of this Deed by means of  valuations  obtained  by the
              Mortgagee in accordance  with the provisions of clause 7.3 of this
              Deed  (and not the  value of the  Relevant  Ships as stated in the
              relevant consolidated financial statements of the Group).

7.2.7  All the terms  defined in this clause 7.2 and used in this Deed are to be
       determined on a consolidated basis in respect of the Group and (except as
       items are  expressly  included or excluded in the relevant  definition or
       clause) are used and shall be construed  in  accordance  with  Applicable
       Accounting  Principles  and as  determined  from the latest  consolidated
       financial  statements of the Group delivered to the Mortgagee pursuant to
       clause 7.1.1.

7.2.8  The  compliance  of the Charter  Guarantor  with the covenants set out in
       clauses  7.2.1,  7.2.4  and  7.2.5  shall be  determined  on the basis of
       calculations  made by the  Mortgagee  at any  time by  reference  to then
       latest  consolidated  financial  statements of the Group delivered to the
       Mortgagee  pursuant to clause 7.1.1.  For the  avoidance of doubt,  it is
       hereby  agreed  that  the  Mortgagee  shall  be  entitled  to  make  such
       determinations  and/or  calculations at any time when, and in relation to
       any period in relation to which,  the Charter  Guarantor shall be obliged
       to comply  with each of the  covenants  out in clauses  7.2.1,  7.2.4 and
       7.2.5 without regard to when any such financial  statements are due to be
       delivered or have been actually  delivered to the  Mortgagee  pursuant to
       clause 7.1.

7.2.9  For the purposes of this clause 7.2:

       (a)    no item  shall be  deducted  or  credited  more  than  once in any
              calculation; and

       (b)    any amount  expressed in a currency  other than  Dollars  shall be
              converted into Dollars in accordance  with  Applicable  Accounting
              Principles.

7.3    Valuation of Relevant Ships

7.3.1  Valuations

       Each of the Relevant  Ships shall,  for the purposes of this clause 7, be
       valued in  Dollars as and when the  Mortgagee  shall  require.  Each such
       valuation  of a  Relevant  Ship shall be made by an  independent  firm of
       shipbrokers  appointed by the  Mortgagee.  Such  valuation  shall be made
       without,  unless required by the Mortgagee,  physical inspection,  and on
       the basis of a sale for  prompt  delivery  for cash at arm's  length,  on
       normal  commercial  terms as between a willing buyer and a willing seller
       and without taking into account the benefit of any  charterparty or other
       employment of such Relevant Ship. The value of each of the Relevant Ships
       determined in accordance  with the provisions of this clause 7.3 shall be
       binding upon the parties hereto for the purposes of calculating the Total
       Market  Value  Adjusted  Assets  until  such  time  as any  further  such
       valuations shall be obtained.

7.3.2  Information

       The  Charter  Guarantor  undertakes  to the  Mortgagee  to  supply to the
       Mortgagee and to any such  shipbroker  such  information  concerning  any
       Relevant  Ship  and its  condition  as such  shipbrokers  may  reasonably
       require for the purpose of making any such valuation.

7.3.3  Costs

       All costs in  connection  with the  Mortgagee  obtaining any valuation of
       each of the Relevant  Ships referred to in clause 7.3.1 shall be borne by
       the Owner.

8      Covenants concerning insurance and operational matters

8.1    Covenants

       The Charterer  hereby covenants with the Mortgagee (as security agent and
       trustee  for and on  behalf  of the  Secured  Creditors)  and  undertakes
       throughout the Charter Period:

8.1.1  Insurance

       (a)    Insured risks, amounts and terms

              to insure and keep the Ship  insured  free of cost and  expense to
              the  Mortgagee  and in the joint  names  only of the Owner and the
              Charterer or, if so required by the Mortgagee,  in the joint names
              of the  Owner,  the  Mortgagee  and  the  Charterer  (but  without
              liability on the part of the Mortgagee for premiums or calls):

              (i)    against  fire and  usual  marine  risks  (including  excess
                     risks) and war risks,  on an agreed  value  basis,  in such
                     amounts  and upon such  terms as shall from time to time be
                     acceptable  to the  Mortgagee.  For the avoidance of doubt,
                     the  Charterer  hereby  covenants  with the  Mortgagee  and
                     undertakes  throughout  the Security  Period to ensure that
                     the Ship will be insured for not less than the greater of:

                     (A)    the  value  of the  Ship  for  the  time  being  (as
                            determined by the Mortgagee pursuant to clause 8.2.2
                            of the Loan Agreement); and

                     (B)    such  amount  as  will,  when  aggregated  with  the
                            amounts  of the  equivalent  insurance  of the Other
                            Ships,  be at least  equal to one hundred and thirty
                            per cent (130%) of the aggregate of the Loan and the
                            Swap Exposure (as such  expression is defined in the
                            Loan Agreement);

              (ii)   and upon such terms as should from time to time be approved
                     in writing by the Mortgagee;

              (iii)  against protection and indemnity risks (including pollution
                     risks for the  highest  amount in respect of which cover is
                     or may become  available for ships of the same type,  size,
                     age and  flag as the  Ship  and a  freight,  demurrage  and
                     defence  cover) for the full value and  tonnage of the Ship
                     (as  approved  in writing by the  Mortgagee)  and upon such
                     terms as shall from time to time be  approved in writing by
                     the Mortgagee; and

              (iv)   in respect of such other matters of  whatsoever  nature and
                     howsoever  arising in respect of which  insurance  would be
                     maintained by a prudent owner of the Ship.

              and to pay to the Mortgagee the cost (as conclusively certified by
              the  Mortgagee)  of  (A)  any   mortgagee's   interest   insurance
              (including,  if  the  Mortgagee  shall  so  require,   mortgagee's
              additional  perils  (including all P&I risks)  coverage) which the
              Mortgagee may from time to time effect in respect of the Ship upon
              such terms in such amounts as it shall deem  desirable and (B) any
              other  insurance  cover which the  Mortgagee may from time to time
              effect in respect of the Ship and/or in respect of its interest or
              potential  third party  liability  as mortgagee of the Ship as the
              Mortgagee shall deem desirable having regard to any limitations in
              respect  of amount or extent of cover  which may from time to time
              be applicable to any of the other  insurances  referred to in this
              clause 8.1.1(a);

       (b)    Approved brokers, insurers and associations

              to  effect  the  insurances  aforesaid  in  such  currency  as the
              Mortgagee  may approve and through the  Approved  Brokers and with
              such insurance companies and/or underwriters as shall from time to
              time be approved  in writing by the  Mortgagee;  provided  however
              that the insurances against war risks and protection and indemnity
              risks may be effected by the entry of the Ship with such war risks
              and  protection and indemnity  associations  as shall from time to
              time be approved in writing by the Mortgagee;

       (c)    Fleet liens, set-off and cancellation

              if any of the insurances  referred to in clause 8.1.1(a) form part
              of a fleet  cover,  to procure  that the  Approved  Brokers  shall
              undertake to the Mortgagee that they shall neither set off against
              any claims in respect of the Ship any  premiums  due in respect of
              other vessels under such fleet cover or any premiums due for other
              insurances,  nor cancel the insurance for reason of non-payment of
              premiums for other  vessels  under such fleet cover or of premiums
              for such other insurances, and shall undertake to issue a separate
              policy  in  respect  of the Ship if and when so  requested  by the
              Mortgagee; (d) Payment of premiums and calls

              punctually to pay all premiums, calls, contributions or other sums
              payable  in  respect of all such  insurances  and to  produce  all
              relevant receipts or other evidence of payment when so required by
              the Mortgagee;

       (e)    Renewal

              at  least 14 days  before  the  relevant  policies,  contracts  or
              entries  expire,  to  notify  the  Mortgagee  of the  names of the
              brokers   and/or  the  war  risks  and  protection  and  indemnity
              associations proposed to be employed by the Charterer or any other
              party for the  purposes of the renewal of such  insurances  and of
              the amounts in which such  insurances  are  proposed to be renewed
              and the risks to be covered and,  subject to  compliance  with any
              requirements  of the Mortgagee  pursuant to this clause 8.1.1,  to
              procure  that  appropriate  instructions  for the  renewal of such
              insurances  on the terms so  specified  are given to the  Approved
              Brokers  and/or  to the  approved  war risks  and  protection  and
              indemnity  associations  at  least  10 days  before  the  relevant
              policies,  contracts  or  entries  expire,  and that the  Approved
              Brokers and/or the approved war risks and protection and indemnity
              associations  will at least 7 days  before  such expiry (or within
              such shorter  period as the Mortgagee may from time to time agree)
              confirm in writing to the Mortgagee as and when such renewals have
              been effected in accordance with the instructions so given;

       (f)    Guarantees

              to arrange for the  execution  and delivery of such  guarantees or
              indemnities as may from time to time be required by any protection
              and indemnity or war risks association;

       (g)    Hull policy documents,  notices, loss payable clauses and brokers'
              undertakings

              to deposit with the  Approved  Brokers (or procure the deposit of)
              all slips, cover notes,  policies,  certificates of entry or other
              instruments  of insurance  from time to time issued in  connection
              with such of the insurances  referred to in clause 8.1.1(a) as are
              effected  through  the  Approved  Brokers  and  procure  that  the
              interest  of  the   Mortgagee   shall  be   endorsed   thereon  by
              incorporation  of the relevant Loss Payable  Clause and, where the
              Insurances  have been  assigned  to the  Mortgagee,  by means of a
              Notice of Assignment  of  Insurances  (signed by the Owner and the
              Charterer  and by any other  assured who shall have  assigned  its
              interest  in  the  Insurances  to  the  Mortgagee)  and  that  the
              Mortgagee  shall be furnished  with pro forma copies thereof and a
              letter or letters of undertaking from the Approved Brokers in such
              form as shall from time to time be required by the Mortgagee;

       (h)    Associations' loss payable clauses, undertakings and certificates

              to procure  that any  protection  and  indemnity  and/or war risks
              associations in which the Ship is for the time being entered shall
              endorse  the  relevant   Loss  Payable   Clause  on  the  relevant
              certificate  of entry or policy and shall  furnish  the  Mortgagee
              with a copy of such certificate of entry or policy and a letter or
              letters of  undertaking in such form as shall from time to time be
              required by the Mortgagee;

       (i)    Extent of cover and exclusions

              to take all  necessary  action  and comply  with all  requirements
              which  may  from  time  to time be  applicable  to the  Insurances
              (including,  without  limitation,  the  making  of  all  requisite
              declarations  within any prescribed time limits and the payment of
              any  additional  premiums  or  calls)  so as to  ensure  that  the
              Insurances   are  not   made   subject   to  any   exclusions   or
              qualifications  to which  the  Mortgagee  has not  given its prior
              written  consent  and  are  otherwise   maintained  on  terms  and
              conditions from time to time approved in writing by the Mortgagee;

       (j)    Correspondence with brokers and associations

              to   provide  to  the   Mortgagee,   at  the  time  of  each  such
              communication,  copies of all written  communications  between the
              Charterer  and the  Approved  Brokers and  approved  war risks and
              protection and indemnity  associations  which relate to compliance
              with  requirements  from time to time applicable to the Insurances
              including,  without  limitation,  all requisite  declarations  and
              payments of  additional  premiums  or calls  referred to in clause
              8.1.10);

       (k)    Collection of claims

              to do all things necessary and provide all documents, evidence and
              information  to enable the  Mortgagee  to  collect or recover  aoy
              moneys  which  shall  at any time  become  due in  respect  of the
              Insurances;

       (l)    Employment of Ship

              not to employ the Ship or suffer the Ship to be employed otherwise
              than in conformity with the terms of the Insurances (including any
              warranties express or implied therein) without first obtaining the
              consent of the insurers to such employment and complying with such
              requirements  as to extra premium or otherwise as the insurers may
              prescribe; and

       (m)    Application of recoveries

              to apply all sums receivable  under the Insurances  which are paid
              to it in accordance with the Loss Payable Clauses in repairing all
              damage  and/or in  discharging  the  liability in respect of which
              such sums shall have been received;

8.1.2  Ship's registration

              not to do or suffer to be done  anything,  or omit to do  anything
              the  doing or  omission  of which  could  or might  result  in one
              registration  of  Ship  as a  Liberian  ship  being  forfeited  or
              imperilled  or  which  could  or might  result  in the Ship  being
              required to be  registered  under any other flag than the Liberian
              flag and not to register the Ship or permit its registration under
              any other flag without the prior written consent of the Mortgagee;

8.1.3  Repair

              to keep the  Ship in a good and  efficient  state  of  repair  and
              procure that all repairs to or replacement of any damaged, worn or
              lost parts or  equipment  are  effected  in such  manner  (both as
              regards  workmanship  and quality of materials) as not to diminish
              the value of the Ship;

8.1.4  Modification;  removal of parts;  equipment  owned by third  parties

       not without the prior written  consent of the Mortgagee to, or suffer any
       other person to:

       (a)    make any  modification  to the Ship in  consequence  of which  her
              structure,  type or performance  characteristics could or might be
              materially altered or her value materially reduced; or

       (b)    remove any material part of the Ship or any equipment the value of
              which is such  that its  removal  from the Ship  would  materially
              reduce  the  value of the Ship  without  replacing  the same  with
              equivalent  parts or  equipment  which are owned by the Owner free
              from Encumbrances; or

       (c)    install on the Ship any  equipment  owned by a third  party  which
              cannot be  removed  without  causing  damage to the  structure  or
              fabric of the Ship;

8.1.5  Maintenance of class; compliance with regulations

       to  maintain  the  Classification  as the class of the Ship and to comply
       with and ensure that the Ship at all times  complies with the  provisions
       of the  Merchant  Shipping  Acts  and all  regulations  and  requirements
       (statutory  or  otherwise)  from  time  to  time  applicable  to  vessels
       registered  under  the  laws and  flag of the  Flag  State  or  otherwise
       applicable to the Ship;

8.1.6  Surveys

       to submit the Ship to  continuous  surveys and such  periodical  or other
       surveys as may be required for  classification  purposes and to supply to
       the Mortgagee copies of all survey reports issued in respect thereof;

8.1.7  Inspection

       to ensure that the Mortgagee,  by surveyors or other persons appointed by
       it for such purpose,  may board the Ship at all reasonable  times for the
       purpose of inspecting  her and to afford all proper  facilities  for such
       inspections and for this purpose to give the Mortgagee reasonable advance
       notice of any intended drydocking of the Ship (whether for the purpose of
       classification, survey or otherwise);

    8.1.8      Prevention of and release from arrest

       promptly  to pay  and  discharge  all  debts,  damages,  liabilities  and
       outgoings  whatsoever  which  have  given or may give  rise to  maritime,
       statutory or  possessory  liens on, or claims  enforceable  against,  the
       Ship,  her  Insurances or any part thereof and, in the event of a writ or
       libel being filed against the Ship,  her  Insurances or any part thereof,
       or of any of the same being arrested, attached or levied upon pursuant to
       legal process or purported  legal process or in the event of detention of
       the Ship in exercise or  purported  exercise of any such lien or claim as
       aforesaid,  to procure the release of the Ship, her Insurances  from such
       arrest,  detention  attachment  or levy  or,  as the  case  may  be,  the
       discharge of the writ or libel forthwith upon receiving notice thereof by
       providing bail or procuring the provision of security or otherwise as the
       circumstances may require;

8.1.9  Employment

       not to employ the Ship or permit her  employment in any manner,  trade or
       business  which is  forbidden  by  Liberian  law, or which is unlawful or
       illicit  under  the  law of any  relevant  jurisdiction,  or in  carrying
       illicit or prohibited goods, or in any manner whatsoever which may render
       her liable to condemnation in a prize court, or to destruction,  seizure,
       confiscation,  penalty or sanctions  and, in the event of  hostilities in
       any part of the world (whether war be declared or not), not to employ the
       Ship 'or permit her employment in carrying any contraband goods, or enter
       or trade to or to continue to trade in any zone which has been declared a
       war zone by any  Government  Entity or by the Ship's  war risks  insurers
       unless the prior  written  consent of the  Mortgagee is obtained and such
       special  insurance  cover as the  Mortgagee  may require  shall have been
       effected by the Charterer and at the expense of the Charterer;

8.1.10 Information

                promptly to furnish the Mortgagee with all such information as
               it may from time to time require regarding the Ship, her
               employment, position and engagements, particulars of all towages
               and salvages, and copies of all charters and other contracts for
               her employment, or otherwise howsoever concerning it;

8.1.11 Notification of certain events

               to notify the Mortgagee forthwith by facsimile thereafter
confirmed by letter of:

       (a)    any damage to the Ship requiring repairs the cost of which will or
              might exceed the Casualty Amount;

       (b)    any  occurrence in consequence of which the Ship has or may become
              a Total Loss;

       (c)    any  requisition  of the Ship for  hire;  (d) any  requirement  or
              recommendation  made by any insurer or the Classification  Society
              or by any competent authority which is not, or cannot be, complied
              with in accordance with its terms; or

       (e)    any arrest or  detention  of the Ship or any exercise or purported
              exercise of a lien or other claim on the Ship or the Insurances or
              any part thereof;

       (f)    any  petition or notice of meeting to consider any  resolution  to
              wind-up the  Charterer (or any event  analogous  thereto under the
              laws of the place of its incorporation); or

       (g)    the occurrence of any Default;

8.1.12 Payment of outgoings and evidence of payments

       promptly to pay all tolls, dues and other outgoings whatsoever in respect
       of the Ship and the Ship's Insurances and to keep proper books of account
       in respect of the Ship and, as and when the Mortgagee may so require,  to
       make such books available for inspection on behalf of the Mortgagee,  and
       to furnish  satisfactory  evidence that the wages and  allotments and the
       insurance  and  pension  contributions  of the  Master and crew are being
       promptly and regularly paid and that all deductions  from crew's wages in
       respect of any applicable tax liability are being properly  accounted for
       and that the  Master  has no claim for  disbursements  other  than  those
       incurred by him in the  ordinary  course of trading on the voyage then in
       progress;

8.1.13 Repairers' liens

       not without the prior  written  consent of the  Mortgagee to put the Ship
       into the possession of any person for the purpose of work being done upon
       her in an amount exceeding or likely to exceed the Casualty Amount unless
       such person shall first have given to the Mortgagee in terms satisfactory
       to it, a written undertaking not to exercise any lien on the Ship for the
       cost of such work or otherwise;

8.1.14 Chartering

       save for any charter  disclosed  by the  Charterer  to the  Mortgagee  in
       writing and agreed by the  Mortgagee in writing,  in either case prior to
       the date of this  Deed,  not  without  the prior  written  consent of the
       Mortgagee  (which the Mortgagee shall have full liberty to withhold) and,
       if  such  consent  is  given,  only  subject  to such  conditions  as the
       Mortgagee  may  impose,  to let the Ship:

       (a)    on demise charter for any period;

       (b)    by any time or consecutive voyage charter for a term which exceeds
              or which by virtue of any optional  extensions  therein  contained
              might exceed twelve (12) months' duration;

       (c)    on  terms   whereby  more  than  two  (2)  months'  hire  (or  the
              equivalent) is payable in advance; or

       (d)    below  the  market  rate  prevailing  at the time when the Ship is
              fixed or other than on arms' length terms;

8.1.15 Sharing of Earnings

       not without the prior  written  consent of the  Mortgagee  (and then only
       subject to such conditions as the Mortgagee may impose) to enter into any
       agreement  or  arrangement  whereby the  Earnings  may be shared with any
       other person;

8.1.16 Manager

       not  without  the prior  written  consent of the  Mortgagee  to appoint a
       manager of the Ship other than the  Commercial  Manager  (as such term is
       defined in the Loan  Agreement),  or  terminate or amend the terms of the
       Doubtless Commercial Management Agreement (as such term is defined in the
       Loan Agreement);

8.1.17 Notice of Mortgage

       to place and at all times and places to retain a properly  certified copy
       of the Mortgage (which shall form part of the Ship's  documents) on board
       the Ship with her papers and cause such certified copy of the Mortgage to
       be exhibited to any and all persons  having  business with the Ship which
       might create or imply any commitment or  encumbrance  whatsoever on or in
       respect of the Ship (other than a lien for crew's  wages and salvage) and
       to any  representative of the Mortgagee and to place and keep prominently
       displayed in the navigation  room and in the Master's cabin of the Ship a
       framed printed notice in plain type reading as follows:

                              "NOTICE OF MORTGAGE"

       This Ship is subject  to a first  priority  mortgage  in favour of FORTIS
       BANK  (NEDERLAND)   N.V.  of  Coolsingel  93,  3012  AE  Rotterdam,   The
       Netherlands. Under the said mortgage, neither the Owner nor any charterer
       nor the Master of this Ship has any right,  power or authority to create,
       incur  or  permit  to be  imposed  upon  this  Ship  any  commitments  or
       encumbrances whatsoever other than for crew's wages and salvage"

       and in terms of the said notice it is hereby agreed that save and subject
       as otherwise herein provided, neither the Owner nor the Charterer nor any
       other  charterer  nor the Master of the Ship nor any other person has any
       right,  power or authority to create,  incur or permit to be imposed upon
       the Ship any lien whatsoever other than for crew's wages and salvage;

8.1.18 Anti-drug abuse

       without  prejudice  to clause  8.1.9,  to take all  necessary  and proper
       precautions to prevent any  infringements  of the Anti-Drug  Abuse Act of
       1986  of  the  United  States  of  America  or  any  similar  legislation
       applicable to the Ship in any  jurisdiction in or to which the Ship shall
       be employed or located or trade or which may  otherwise be  applicable to
       the Ship and/or the Owner  and/or the  Charterer  and,  if the  Mortgagee
       shall so require, to enter into a "Carrier Initiative Agreement" with the
       United States Customs and Border  Protection and to procure that the same
       agreement  (or  any  similar  agreement   hereafter   introduced  by  any
       Government  Entity of the United States of America) is maintained in full
       force and effect and performed by the Charterer;

8.1.19 Compliance with environmental laws

       to comply with,  and procure  that all  Environmental  Affiliates  of the
       Charterer  comply  with,  all  Environmental   Laws  including,   without
       limitation,  requirements  relating to manning submission of oil response
       plans,   designations  of  qualified  individuals  and  establishment  of
       financial  responsibility and to obtain and comply with, and procure that
       all Environmental Affiliates of the Charterer obtain and comply with, all
       Environmental Approvals;

8.1.20 Compliance with Code

       comply and will  procure  that any  Operator  will comply with and ensure
       that the Ship and any Operator will comply with the  requirements  of the
       Code, including (but not limited to) the maintenance and renewal of valid
       certificates pursuant thereto throughout the Security Period;

8.1.21 Withdrawal of DOC and SMC

       procure that any Operator will, immediately inform the Mortgagee if there
       is any  threatened or actual  withdrawal of its DOC or the SMC in respect
       of the Ship;

8.1.22 Issuance of DOC and SMC

       procure that any Operator  will,  promptly  inform the Mortgagee upon the
       issue to the Owner or any  Operator of a DOC and to the Ship of an SMC or
       the  receipt  by the  Owner  or any  Operator  of  notification  that its
       application for the same has been refused; and

8.1.23 ISPS Code compliance

       and will procure that any Operator of the Ship will:

       (a)    maintain at all times a valid and current ISSC;

       (b)    in respect of such Ship;

       (c)    immediately  notify  the  Mortgagee  in  writing  of any actual or
              threatened withdrawal, suspension, cancellation or modification of
              the ISSC in respect of the Ship;

       (d)    procure that the Ship will comply at all times with the ISPS Code.

8.2    Substitute performance of Mortgage

       To the extent that,  pursuant to the Charter or this Deed,  the Charterer
       duly performs and discharges (or procures the  performance  and discharge
       of) the duties and liabilities  undertaking by the Owner in the Mortgage,
       then such performance and discharge of the said duties and liabilities by
       the  Charterer  shall,  to that  extent,  be deemed to be proper  and due
       performance and discharge of the Owner's duties and liabilities under the
       Mortgage.

9      Powers of Mortgagee to protect security and remedy defaults

9.1    Protective action

       The  Mortgagee  (as  security  agent and trustee on behalf of the Secured
       Creditors)  shall,  without  prejudice  to its other  rights,  powers and
       remedies under any of the Security Documents, be entitled (but not bound)
       at any time, and as often as may be necessary, to take any such action as
       it may in its  discretion  think fit for the  purpose  of  protecting  or
       maintaining  the  security  created  by this Deed and the other  Security
       Documents,  and all Expenses attributable thereto shall be payable by the
       Owner on demand.

     9.2     Remedy of defaults

       Without prejudice to the generality of the provisions of clause 9.1:

       9.2.1  if the  Charterer  fails to comply with any of the  provisions  of
              clause 8.1.1 the  Mortgagee  shall be entitled  (but not bound) to
              effect and  thereafter  to maintain all such  insurances  upon the
              Ship as in its discretion it may think fit in order to procure the
              compliance with such provisions or  alternatively,  to require the
              Ship (at the  Charterers  risk) to remain in, or to proceed to and
              remain in a port designated by the Mortgagee until such provisions
              are fully complied with;

       9.2.2  if the  Charterer  fails to comply with any of the  provisions  of
              clauses  8.1.3,  8.1.5 or 8.1.6,  the Mortgagee  shall be entitled
              (but not bound) to arrange for the carrying  out of such  repairs,
              changes or surveys as it may deem  expedient or necessary in order
              to procure the compliance with such provisions; and

       9.2.3  if the  Charterer  fails to comply with any of the  provisions  of
              clause 8.1.8,  the Mortgagee  shall be entitled (but not bound) to
              pay  and  discharge  all  such  debts,  damages,  liabilities  and
              outgoings  as are  therein  mentioned  and/or  to  take  any  such
              measures as it may deem  expedient or necessary for the purpose of
              securing  the  release  of  the  Ship  in  order  to  procure  the
              compliance with such provisions,

              and the Expenses  attributable to the exercise by the Mortgagee of
              any such powers shall be payable by the Owner to the  Mortgagee on
              demand.

10     Powers of Mortgagee on Event of Default

10.1   Powers

       Upon the  happening of any Event of Default,  the  Mortgagee (as security
       agent  and  trustee  for and on behalf of the  Secured  Creditors)  shall
       become forthwith entitled by notice given to the Owner in accordance with
       the  provisions  of clause 10.2 of the Loan  Agreement or, as regards the
       Master Swap  Agreement,  in  accordance  with the  relevant  terms of the
       Master Swap  Agreement,  to declare the Outstanding  Indebtedness  (which
       expression,  for  the  avoidance  of  doubt,  includes  the  Master  Swap
       Agreement Liabilities) to be due and payable immediately or in accordance
       with  such  notice,   whereupon  the  Outstanding   Indebtedness   (which
       expression,  for  the  avoidance  of  doubt,  includes  the  Master  Swap
       Agreement  Liabilities)  shall  become so due and payable and (whether or
       not the Mortgagee  shall have given any such notice) the Mortgagee  shall
       become forthwith entitled,  as and when it may see fit, to put into force
       and  exercise in relation to the  Owner's  Assigned  Property  and/or the
       Charterer's  Assigned  Property  or any  part  thereof  all or any of the
       rights,  powers and remedies possessed by it as mortgagee and/or assignee
       of the Owner's Assigned Property and/or the Charterer's Assigned Property
       (whether at law, by virtue of the  Mortgage  and this Deed or  otherwise)
       and in particular (without limiting the generality of the foregoing):

10.1.1 to require that all policies, contracts,  certificates of entry and other
       records   relating   to  the   Insurances   (including   details  of  and
       correspondence  concerning  outstanding claims) be delivered forthwith to
       such adjusters  and/or brokers and/or other insurers as the Mortgagee may
       nominate;

10.1.2 to collect, recover, compromise and give a good discharge for, all claims
       then  outstanding  or thereafter  arising under the  Insurances or any of
       them or in  respect of any other part of the  Owner's  Assigned  Property
       and/or the Charterer's  Assigned Property,  and to take over or institute
       (if  necessary  using the name of the  Owner or, as the case may be,  the
       Charterer) all such proceedings in connection  therewith as the Mortgagee
       in  its  absolute  discretion  thinks  fit,  and,  in  the  case  of  the
       Insurances,  to permit the brokers through whom collection or recovery is
       effected to charge the usual brokerage therefore;

10.1.3 to discharge,  compound,  release or compromise  claims in respect of the
       Ship or any  other  part of the  Owner's  Assigned  Property  and/or  the
       Charterer's  Assigned  Property  which have given or may give rise to any
       charge  or lien or  other  claim  on the  Ship or any  other  part of the
       Owner's  Assigned  Property and/or the Charterer's  Assigned  Property or
       which are or may be enforceable  by  proceedings  against the Ship or any
       other  part of the  Owner's  Assigned  Property  and/or  the  Charterer's
       Assigned Property; and

10.1.4 to recover from the Owner on demand all Expenses  incurred or paid by the
       Mortgagee in connection  with the exercise of the powers (or any of them)
       referred to in this clause 10.1.

10.2   Liability of Mortgagee

       The  Mortgagee  shall not be liable as mortgagee in possession in respect
       of all or any of the Owner's  Assigned  Property  and/or the  Charterer's
       Assigned  Property to account or be liable for any loss upon  realisation
       or for any  neglect or default of any  nature  whatsoever  in  connection
       therewith for which a mortgagee in possession may be liable as such.

11     Application of moneys

11.1   Application

       All moneys  received by the Mortgagee (as security  agent and trustee for
       and on behalf of the Secured Creditors) in respect of:

11.1.1 recovery  under the  Insurances  (other  than under any loss of  earnings
       insurance  and any  such  sum or sums as may have  been  received  by the
       Mortgagee (as security agent and trustee for and on behalf of the Secured
       Creditors) in accordance with the relevant Loss Payable Clause in respect
       of a major casualty as therein  defined and paid over to the Charterer as
       provided  in clause  3.1.2 or which fall to be  otherwise  applied  under
       clause 11.3);

11.1.2 Requisition Compensation; and

11.1.3 the Owner's Assigned Property,

       shall be held by it upon trust in the first place to pay or make good the
       Expenses and the balance shall:

       (a)    in the case of moneys  received  in respect of sale of the Ship or
              recovery  under the  Insurances in relation to a Total Loss of the
              Ship or her Requisition Compensation:

              (i)    if no Default has occurred and is continuing, be applied in
                     making  such  prepayment  as the  Mortgagee  may require in
                     accordance  with clause 4.3 of the Loan Agreement and in or
                     towards any payments required pursuant to clause 4.4 of the
                     Loan  Agreement and the balance,  if any,  shall be paid to
                     the Owner; or

              (ii)   if a Default has occurred and is continuing but no Event of
                     Default has  occurred,  be retained by the  Mortgagee  on a
                     suspense  account  until  such  time  as  such  Default  is
                     remedied   and  no  other   Default  has  occurred  and  is
                     continuing  (whereupon  such  moneys  shall be  applied  in
                     accordance  with clause 4.3 of the Loan Agreement and in or
                     towards any payments required pursuant to clause 4.4 of the
                     Loan  Agreement) and the balance,  if any, shall be paid to
                     the Owner provided that,  until applied in accordance  with
                     clause  4.3 of the Loan  Agreement  and in or  towards  any
                     payments  required  pursuant  to  clause  4.4 of  the  Loan
                     Agreement or paragraph (b) below,  moneys so retained shall
                     be applied by the Mortgagee in or towards  satisfaction  of
                     any sums from time to time  accruing due and payable by the
                     Owner under the Security Documents or any of them by virtue
                     of  payment  demanded   thereunder  in  each  case  as  the
                     Mortgagee may in its absolute discretion determine; and

       (b)    in any case,  if an Event of Default has  occurred,  be applied by
              the  Mortgagee in the manner  specified in clause 13.1 of the Loan
              Agreement and/or (at the absolute  discretion of the Mortgagee) in
              accordance with sub-clause (a)(ii) above,

       and the surplus  (if any) shall be paid to the Owner,  the  Charterer  or
       such other person as may for the time being be entitled thereto.

11.2   Shortfalls

       In the event that the balance  referred to in clause 11.1 is insufficient
       to pay in full the whole of the Outstanding  Indebtedness,  the Mortgagee
       shall be entitled to collect  the  shortfall  from the Owner or any other
       person liable for the time being therefore.

11.3   Application of Insurances received by Mortgagee

       Any moneys received by the Mortgagee in respect of the Insurances  (other
       than in respect of recovery  under any loss of earnings  insurance  or in
       respect of a Total Loss) pursuant to the Mortgage  and/or the assignments
       by the Charterer contained in clause 3.1 shall:

11.3.1 if received by the Mortgagee,  or in the hands of the Mortgagee after the
       occurrence  of a  Default  but  prior  to the  occurrence  of an Event of
       Default,  be  retained  by the  Mortgagee  and  shall be paid over by the
       Mortgagee to the Charterer  (during the Charter Period) at such times, in
       such  amounts  and for  such  purposes  and/or  shall be  applied  by the
       Mortgagee  in or  towards  satisfaction  of any  sums  from  time to time
       accruing  due and payable by the Owner or the other  Borrowers  under the
       Security  Documents  or any of  them or by  virtue  of  payment  demanded
       thereunder,  in each case the  Mortgagee  may in its absolute  discretion
       determine; and

11.3.2 if received by the Mortgagee, or in the hands of the Mortgagee, after the
       occurrence  of an Event of Default,  be applied by the  Mortgagee  in the
       manner  specified in clause 11.1 and/or clause 11.3, as the Mortgagee may
       in its absolute discretion determine.

12     Remedies cumulative and other provisions

12.1   No implied waivers; remedies cumulative

       No  failure  or delay on the part of the  Mortgagee  and/or  the  Secured
       Creditors or any of them to exercise any right, power or remedy vested in
       it under any of the Security Documents shall operate as a waiver thereof,
       nor shall any  single or partial  exercise  by the  Mortgagee  and/or the
       Secured  Creditors  or any of them of any right,  power or remedy nor the
       discontinuance,  abandonment or adverse  determination of any proceedings
       taken by the  Mortgagee  and/or the Secured  Creditors  or any of them to
       enforce any right, power or remedy preclude any other or further exercise
       thereof or  proceedings  to enforce the same or the exercise of any other
       right,  power or  remedy  nor shall the  giving by the  Mortgagee  of any
       consent to any act which by the terms of this Deed  requires such consent
       prejudice  the right of the  Mortgagee to withhold or give consent to the
       doing of any other  similar act.  The  remedies  provided in the Security
       Documents are cumulative  and are not exclusive of any remedies  provided
       by law.

12.2   Delegation

       The  Mortgagee  shall  be  entitled,  at any  time and as often as may be
       expedient, to delegate all or any of the powers and discretions vested in
       it by the  Mortgage  and this Deed  (including  the power vested in it by
       virtue  of  clause  14) or any of the other  Security  Documents  in such
       manner,  upon such terms,  and to such  persons as the  Mortgagee  in its
       absolute discretion may think fit.

13     Costs and indemnity

13.1   Costs

       The Owner shall pay to the Mortgagee  (as security  agent and trustee for
       and on  behalf  of  the  Secured  Creditors)  and/or  any of the  Secured
       Creditors on demand on a full indemnity basis all expenses or liabilities
       of whatsoever nature  (including legal fees, fees of insurance  advisers,
       printing,  out-of-pocket  expenses,  stamp duties,  registration fees and
       other duties or charges) together with any value added tax or similar tax
       payable in respect  thereof,  incurred by the Mortgagee and/or any of the
       Secured  Creditors in connection with the enforcement of, or preservation
       of any rights under, this Deed or otherwise in respect of the Outstanding
       Indebtedness (which expression,  for the avoidance of doubt, includes the
       Master  Swap  Agreement  Liabilities)  and the  security  therefor  or in
       connection with the preparation, completion, execution or registration of
       this Deed.

13.2   Mortgagee's indemnity

       The Owner hereby  agrees and  undertakes  to indemnify  the Mortgagee and
       each of the  Secured  Creditors  against  all  losses,  actions,  claims,
       expenses,  demands,  obligations  and  liabilities  whatever and whenever
       arising  which may now or hereafter be incurred by the  Mortgagee  and/or
       any of the  Secured  Creditors,  or by any  manager,  agent,  officer  or
       employee for whose liability, act or omission it or he may be answerable,
       in respect of, in relation to, or in  connection  with  anything  done or
       omitted in the  exercise or  purported  exercise of the powers  contained
       this Deed or otherwise in  connection  therewith and herewith or with any
       part of the Owner and the Owner's  Assigned  Property or the  Charterer's
       Assigned Property or otherwise howsoever in relation to, or in connection
       with, any of the matters dealt with in this Deed.

14     Attorney

14.1   Power

       By way of security,  the Owner and the Charterer each hereby  irrevocably
       appoints the Mortgagee  (as security  agent and trustee for and on behalf
       of the Secured  Creditors)  to be its attorney  generally  for and in its
       name and on its behalf and as its act and deed or  otherwise  to execute,
       seal and deliver and otherwise perfect and do all such deeds, assurances,
       agreements,  instruments,  acts and things  which may be required for the
       full exercise of all or any of the rights,  powers or remedies  conferred
       by this Deed or which may be deemed proper in or in  connection  with all
       or any of the purposes  aforesaid.  The power hereby conferred shall be a
       general power of attorney  under the Powers of Attorney Act 1971, and the
       Owner and the Charterer  ratifies and confirms,  and agrees to ratify and
       confirm, any deed, assurance,  agreement,  instrument, act or thing which
       the Mortgagee may execute or do pursuant  thereto.  Provided  always that
       such  power  shall not be  exercisable  by or on behalf of the  Mortgagee
       until the happening of an Event of Default.

14.2   Exercise of power

       The exercise of such power by or on behalf of the Mortgagee shall not put
       any person  dealing with the Mortgagee upon any enquiry as to whether any
       Event of  Default  has  happened,  nor  shall  such  person be in any way
       affected by notice that no such Event of Default  has  happened,  and the
       exercise by the Mortgagee of such power shall be  conclusive  evidence of
       the Mortgagee's right to exercise the same.

14.3   Filings

       The  Owner  and  the  Charterer  each  hereby  irrevocably  appoints  the
       Mortgagee (as security agent and trustee for and on behalf of the Secured
       Creditors)  to be its  attorney  in its name and on its behalf and as its
       act and deed or  otherwise of it, to agree the form of and to execute and
       do all  deeds,  instruments,  acts and  things in order to file,  record,
       register  or enrol the  Mortgage  and/or  this Deed in any court,  public
       office or elsewhere  which the Mortgagee may in its  discretion  consider
       necessary or  advisable,  now or in the future,  to ensure the  legality,
       validity,  enforceability  or  admissibility  in evidence thereof and any
       other  assurance,  document,  act or thing required to be executed by the
       Owner and the Charterer pursuant to clause 15.

15     Further assurance

       The Charterer  hereby further  undertakes at its own expense from time to
       time to execute,  sign, perfect, do and (if required) register every such
       further  assurance,  document,  act or  thing  as in the  opinion  of the
       Mortgagee  may  be  necessary  or  desirable  for  the  purpose  of  more
       effectually  mortgaging and charging the Charterer's Assigned Property or
       perfecting the security constituted or intended to be constituted by this
       Deed.

16     Consent Termination of Charter and Quiet Enjoyment

16.1   Consent

       In  consideration  of the Charterer  executing  this Deed,  the Mortgagee
       consents to the entry by the Owner into the  Charter and the  performance
       of its obligations thereunder.

16.2   Quiet Enjoyment and termination

       In  consideration  of the  undertakings  of the  Charterer  contained  in
       clauses  6 and 8 and of the  Charter  Guarantor  contained  in  clause 7,
       provided  (a) the  Charterer  has not  committed  a breach of the Charter
       which would  entitle the Owner to terminate the Charter  (including,  but
       not  limited  to, a failure to pay  charterhire  in  accordance  with the
       Charter) or (b) the  Charterer has not committed a breach of this Deed or
       (c) the  Charterer  has not committed a breach of any of the terms of the
       co-ordination  deed  dated  March 2006 made  between,  inter  alios,  the
       Charterer  and  the  Mortgagee  (the  "Co-ordination  Deed")  or (d)  the
       Charterer has not failed to pay any  charterhire  in accordance  with the
       terms of a notice (the "Notice")  received by the Owner under the Charter
       Assignment  or (e) the Charter  Guarantor  has not  committed a breach of
       this  Deed,  the  Mortgagee  agrees  that it will not take any  action as
       mortgagee  against the Ship under (i) the Loan  Agreement and (ii) any of
       the other  Security  Documents,  which  action  would  have the effect of
       interfering  with the  Charterer's  quiet  enjoyment of the Ship PROVIDED
       ALWAYS THAT:

16.2.1 nothing in this clause 16 shall  prevent the  Mortgagee  and/or the other
       Creditors from exercising any of their  respective  rights under the Loan
       Agreement and/or the Security Documents  (including  without  limitation,
       rights thereunder to foreclose,  take possession of and sell the Ship) if
       those  rights  are  exercised  in such a way as to enable  the Ship to be
       available to the Charterer during the Charter Period; and

16.2.2 nothing in this clause 16 shall  prevent the  Mortgagee  and/or the other
       Creditors  from joining or  intervening  in or otherwise  supporting  any
       proceedings  arising  from or relating to the arrest or  detention of the
       Ship by any other  person with a view to  substantiating,  preserving  or
       protecting the Mortgagee and/or the other Creditors' interest in the Ship
       as mortgagee or otherwise.

16.3   Termination by Mortgagee On the occurrence of:

16.3.1 an Event of Default; and

16.3.2 if any event or circumstance  shall have occurred which would,  under the
       terms of the Charter, entitle the Owner to terminate the Charter; or

16.3.3 if the Charterer shall be in default of any of its obligations under this
       Deed;

16.3.4 if the  Charterer  is in breach of any of the terms of the  Co-ordination
       Deed;

16.3.5 if the Charterer shall be in breach of the terms of the Notice; or

16.3.6 if the Charter  Guarantor  shall be in default of its  obligations  under
       this Deed,

       the Mortgagee shall be entitled to terminate the Charter by notice to the
       Owner and the  Charterer,  which  notice shall  operate to terminate  the
       Charter  forthwith  if the  Ship is then in port _ and  free of  cargo or
       otherwise upon completion of the voyage (including discharge of cargo, if
       any) upon  which  the Ship was  engaged  at the time  when the  notice to
       determine was given and upon any  termination of the Charter  pursuant to
       this clause 16.3:

       (a)    all  obligations  whatsoever  of the  Owner  thereunder  shall  be
              absolutely discharged and extinguished;

       (b)    if the  Charterer  shall,  at any time prior to such  termination,
              have been in repudiatory breach of the terms of the Charter,  such
              termination by the Mortgagee  shall,  as between the Owner and the
              Charterer,   operate  as  an   acceptance  by  the  Owner  of  the
              Charterer's  repudiation  of the Charter and the Owner's  right to
              recover damages in respect of such  repudiation (as such right has
              been assigned to the Mortgagee by the Charter Assignment) shall be
              fully preserved; and

       (c)    the Charterer shall cease to be in possession of the Ship with the
              consent of the Owner (or with the consent of the  Mortgagee as the
              Owner's  assignee) and shall  forthwith  vacate  possession of the
              Ship  in an  orderly  fashion,  Provided  that  such  vacating  of
              possession  of the  Ship  by the  Charterer  shall  not of  itself
              constitute the Mortgagee a mortgagee-in-possession of the Ship.

16.4   Preservation of Owner's rights

       If the  circumstances  in which  the  Mortgagee  becomes  entitled  under
       clauses 16.2 or 16.3 to determine the Charter shall constitute or include
       grounds  on which the Owner  was  entitled  to  determine  the same,  any
       determination  by the  Mortgagee  shall  (as  between  the  Owner and the
       Charterer)  operate  as an  acceptance  by the  Owner of the  Charterer's
       repudiation  of the Charter and the Owner's  right to recover  damages in
       respect of such repudiation shall be fully preserved.

16.5   Remedy of Owner's breach

       Notwithstanding  anything herein contained, the Owner shall remain liable
       to perform  all the  obligations  assumed by it under the Charter and the
       Mortgagee shall have no obligations whatsoever thereunder or be under any
       liability  whatsoever  to the  Charterer  in event of any  failure by the
       Owner to perform its obligations thereunder or hereunder provided however
       that:

16.5.1 a notice in writing (which shall set out full  particulars of the matters
       complained of and which is hereinafter  called the "notice of complaint')
       shall be immediately  given by the Charterer to the Mortgagee in event of
       any  breach  or  alleged  breach  of the  Charter  by the Owner by reason
       whatsoever the Charterer claims to be entitled to determine the Charter;

16.5.2 within  fifteen (15) days after receipt by the Mortgagee of any notice of
       complaint by the  Mortgagee  shall be entitled  (but not bound) to notify
       the  Charterer  in  writing  of  its  intention  to  remedy  the  matters
       complained  of by such  notice of  complaint  and any  remedial  measures
       thereafter  taken by the  Mortgagee  shall be  without  prejudice  to the
       Charterer's  right to claim  against the Owner in respect of any loss and
       damage  suffered  by the  Charterer  by reason of such  breach  but in no
       circumstances shall the Mortgagee be under any liability therefore or for
       any loss or  damage  suffered  by the  Charterer  arising  from  delay or
       otherwise in effecting  such remedial  measures as the  Mortgagee  (whose
       decision shall be final) deems appropriate; and

16.5.3 all  expenses  whatsoever  incurred  by the  Mortgagee  in or about  such
       remedial  measures as may be undertaken on its behalf  pursuant to clause

16.5.2 shall be  recoverable  by the  Mortgagee  from the  Owner on  demand  but
       payment by the Owner to the  Mortgagee  pursuant to such demand shall not
       as between the Owner and the  Charterer  operate as an  admission  by the
       Owner of liability for the matters  complained of in the relevant  notice
       of complaint.

16.6   Sale free of or subject to Charter

       Notwithstanding  anything herein contained, in the event of a sale of the
       Ship  during the  Charter  Period  pursuant  to the power in that  behalf
       vested in the  Mortgagee by virtue of the Security  Documents,  such sale
       shall  be  free  of or  subject  to  the  Charter  at the  option  of the
       Mortgagee.

16.7   Sale subject to Charter

       If the Ship is sold subject to the Charter (which  expression  means that
       the  purchaser of the Ship or any other person  chartering  the Ship from
       the  purchaser  shall as from the date on which the Ship is registered in
       the name of the purchaser  assume all future  obligations and acquire all
       future  rights and  benefits  under the  Charter),  the Owner  and/or the
       Charterer  shall enter into such form of agreement  with the purchaser as
       the  Mortgagee  may  require to the intent that such  purchaser  or other
       person shall be  substituted  in place of the Owner as owner or disponent
       owner of the Ship for the purposes of the Charter.

     16.8     Sale free of Charter

       Without  prejudice to clauses 16.2 and 16.3,  if the Ship is sold free of
       the Charter,  the Owner and the  Charterer  shall enter into such form of
       agreement or agreements as the Mortgagee may require for determination of
       the Charter by mutual consent.

17     Continuation of Charter Period

       The Charterer shall continue to pay charterhire  under the Charter on the
       days and in the amounts required under the Charter  notwithstanding  that
       the  Ship  shall  become  a Toti.  Loss or that  the  Charterer  shall be
       permanently deprived of her use for any other reason prior tc. the end of
       the Charter Period,  provided that no further  instalments of charterhire
       shall  become due and payable on any date after the earlier of the expiry
       of the period for the  prepayment of the Loan  specified in clause 4.3 of
       the Loan  Agreement or the date upon which the Loan is prepaid in full in
       accordance with clauses 4.3 and 4.5 of the Loan Agreement.

18     Notices

18.1   Every  notice,  request,  demand or other  communication  under this Deed
       shall:

18.1.1 be in writing  delivered  personally  or by  first-class  prepaid  letter
       (airmail  if  available)  or  facsimile  transmission  or other  means of
       telecommunication in permanent written form;

18.1.2 be deemed to have been received in the case of a letter,  when  delivered
       personally or three (3) days after it has been put in to the post and, in
       the case of a facsimile  transmission or other means of telecommunication
       in permanent written form, at the time of despatch  (provided that if the
       date of despatch is not a business day in the country of the addressee or
       if the time of  despatch is after the close of business in the country of
       the  addressee it shall be deemed to have been received at the opening of
       business on the next such business day); and

18.1.3 be sent:

       (a)    to the Owner at:

              c/o V&P Law Firm
              61-65 Filonos Street
              185 35 Piraeus
              Greece

              Fax no:     30 210 413 5505
              Attention:  Ms Aleka Tatagia

       (b)    to the Charterer at:

              c/o Top Tanker Management Inc.
              109-111 Messogion
              Avenue 155 26 Athens
              Greece

              Fax no:     +30 210 6978 107
              Attention:  Legal Department

       (c)    to the Mortgagee at:

              Fortis Bank (Nederland) N.V.
              Coolsingel 93
              3012 AE Rotterdam
              The Netherlands

              Fax no:     +31 10 401 2353
              Attention:  Mr Tom van Vonderen

       or to such other  address  and/or  numbers as is notified by one party to
       the other parties under this Deed.

19     Counterparts

       This Deed may be  entered  into in the form of two or more  counterparts,
       each  executed  by one or  more of the  parties,  and,  provided  all the
       parties  shall so execute this Deed,  each of the executed  counterparts,
       when duly exchanged or delivered, shall be de.emed to be an original but,
       taken together, they shall constitute one instrument.

20     Severability of provisions

       Each of the  provisions  in this Deed are severable and distinct from the
       others,  and if at any time one or more  such  provisions  is or  becomes
       invalid,   illegal   or   enforceable,   the   validity,   legality   and
       enforceability of the remaining  provisions of this Deed shall not in any
       way be affected or impaired thereby.

21     Law and jurisdiction

21.1   Law

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

21.2   Submission to jurisdiction

       For the benefit of the Mortgagee,  the parties hereto  irrevocably  agree
       that any legal action or proceedings in connection  with this Deed may be
       brought in the  English  courts,  or in the  courts of any other  country
       chosen by the Mortgagee,  each of which shall have jurisdiction to settle
       any disputes  arising out of or in connection with this Deed. Each of the
       Owner,   the  Charter   Guarantor  and  the  Charterer   irrevocably  and
       unconditionally  submits to the  jurisdiction of the English courts,  and
       the courts of any  country  chosen by the  Mortgagee  and the Owner,  the
       Charter Guarantor and the Charterer  irrevocably  designate,  appoint and
       empower Atlas  Maritime  Services  Ltd. at present of  Enterprise  House,
       113-115 George Lane,  London E18 1AB,  England (in the case of the Owner)
       and Top Tankers (UK)  Limited at present of 50 Park  Street,  London W1 K
       2JJ,  United  Kingdom  (in the  case  of the  Charterer  and the  Charter
       Guarantor)  to  receive,  for it and on its  behalf,  service  of process
       issued  out of the  English  courts  in any legal  action or  proceedings
       arising out of or in connection  with this Deed.  The  submission to such
       jurisdiction  shall not (and shall not be  construed  so as to) limit the
       right of the Mortgagee to take  proceedings  against the Owner and/or the
       Charterer  and/or the Charter  Guarantor  in any other court of competent
       jurisdiction  nor shall  the  taking  of  proceedings  in any one or more
       jurisdictions   preclude   the  taking  of   proceedings   in  any  other
       jurisdiction, whether concurrently or not. The parties further agree that
       only the courts of England  and not those of any other  State  shall have
       jurisdiction  to  determine  any claim  which the Owner or the  Charterer
       and/or the Charter  Guarantor may have against the Mortgagee  arising out
       of or in connection with this Deed.

21.3   Contracts (Rights of Third Parties) Act 1999

       Save for clauses  5.6,  5.7 and 5.8 (which can be enforced by the Secured
       Creditors  although  they are not a party to this Deed),  no term of this
       Deed shall be  enforceable  pursuant  to the  Contracts  (Rights of Third
       Parties) Act 1999 by a person who is not a party to this Deed.

IN WITNESS  whereof this Deed has been duly  executed as a deed the day and year
first above written

<PAGE>

                                   Schedule 1
                          Forms of Loss Payable Clauses

(1)    Hull and machinery (marine and war risks)

     By a General  Assignment dated [__] 2006, TUCKER NAVIGATION CO. of 80 Broad
     Street, Monrovia,  Republic of Liberia (the "Owner") and by a Quadripartite
     Deed dated [__] 2006,  FALAKRO SHIPPING COMPANY LIMITED of 80 Broad Street,
     Monrovia,  Republic  of Liberia  (the  "Charterer")  have each  assigned to
     FORTIS BANK  (NEDERLAND)  N.V. of  Coolsingei  93, 3012 AE  Rotterdam,  The
     Netherlands  (the  "Mortgagee")  (as security  agent and trustee for and on
     behalf  of  the  Secured   Creditors  as  therein   defined  (the  "Secured
     Creditors")) all the Owner's and the Charterer's rights, title and interest
     in and to all policies and  contracts of insurance  from time to time taken
     out or entered into by or for the benefit of the Owner and/or the Charterer
     in respect of m.v. "Doubtless" and accordingly:

       (a)    all claims  hereunder in respect of an actual or  constructive  or
              compromised or arranged total loss, and all claims in respect of a
              major  casualty  (that is to say any casualty the claim in respect
              of which exceeds Five hundred thousand Dollars  ($500,000) (or the
              equivalent  in any other  currency)  inclusive  of any  deductible
              shall be paid in full to the  Mortgagee  (as  security  agent  and
              trustee  for and on behalf  of the  Secured  Creditors)  or to its
              order; and

       (b)    all other claims  hereunder shall be paid in full to the Charterer
              or to its  order,  unless  and  until  the  Mortgagee  shall  have
              notified  insurers  hereunder to the contrary,  whereupon all such
              claims  shall be paid to the  Mortgagee  (as  security  agent  and
              trustee  for and on behalf  of the  Secured  Creditors)  or to its
              order.

(2)    Protection and indemnity

       Payment of any recovery which TUCKER  NAVIGATION CO., of 80 Broad Street,
       Monrovia,  Republic of Liberia (the "Owner") or FALAKRO  SHIPPING COMPANY
       LIMITED of 80 Broad Street,  Monrovia,  Republic of (the  "Charterer") is
       entitled  to make out of the funds of the  Association  in respect of any
       liability,  costs or  expenses  incurred  by the Owner or the  Charterer,
       shall be made to the Owner or the  Charterer or to its order,  unless and
       until the  Association  receives  notice to the contrary from FORTIS BANK
       (NEDERLAND)  N.V. of Coolsingel  93, 3012 AE Rotterdam,  The  Netherlands
       (the  "Mortgagee") in which event all recoveries shall thereafter be paid
       to the Mortgagee or their order;  provided  that no liability  whatsoever
       shall attach to the Association, its Managers or their agents for failure
       to  comply  with the  latter  obligation  until  the  expiry of two clear
       business days from the receipt of such notice.

<PAGE>

                                   Schedule 2
                  Forms of Notices of Assignment of Insurances

                              Notice of Assignment
              (For attachment by way of endorsement to the Policy)

       TUCKER  NAVIGATION  CO.  (the  "Owner")  of 80  Broad  Street,  Monrovia,
       Republic  of  Liberia  and  FALAKRO   SHIPPING   COMPANY   LIMITED   (the
       "Charterer")  of 80 Broad  Street,  Monrovia,o  Republic of Liberia,  the
       owners and demise charterers respectively of the motor vessel "Doubtless"
       HEREBY  GIVE  NOTICE  that by a  General  Assignment  dated  [o] 2006 and
       entered  into  by the  Owner  with  FORTIS  BANK  (NEDERLAND)  N.V.  (the
       "Mortgagee")  (as  security  agent and  trustee  for and on behalf of the
       Secured Creditors as therein defined (the "Secured  Creditors")) and by a
       Quadripartite  Deed dated [o] 2006 and entered into by, inter alios,  the
       Charterer and the Owner with the Mortgagee (as security agent and trustee
       for and on behalf of the Secured  Creditors),  there has been assigned by
       us to the Mortgagee  (as security  agent and trustee for and on behalf of
       the Secured Creditors) as mortgagees of the said vessel all insurances in
       respect  thereof,  including  the  insurances  constituted  by the policy
       whereon this notice is endorsed.

----------------------------------
Signed
For and on behalf of
TUCKER NAVIGATION CO.

Dated [__] 2006

----------------------------------
Signed
For and on behalf of
FALAKRO SHIPPING COMPANY LIMITED

Dated [__] 2006

<PAGE>

EXECUTED as a DEED                )
by  Dimitri Glomelakis            )            /s/ Dimitri Glomelakis
for and on behalf of              )           ----------------------------------
TUCKER NAVIGATION CO.             )           Attorney-in-fact

    /s/ Helen Dawson
----------------------------------
in the presence of:

Witness Name:  Helen Dawson
Address:       Trainee Solicitor
Occupation:    Norton Rose

EXECUTED as a DEED                )
by  Andreas Louka                 )            /s/ Andreas Louka
for and on behalf of              )           ----------------------------------
FALAKRO SHIPPING COMPANY LIMITED  )           Attorney-in-fact

    /s/ Helen Dawson
----------------------------------
in the presence of:

Witness Name:  Helen Dawson
Address:       Trainee Solicitor
Occupation:    Norton Rose

<PAGE>

EXECUTED as a DEED                )
by   Andreas Louka                )            /s/ Andreas Louka
for and on behalf of              )           ----------------------------------
TOP TANKERS INC.                  )           Attorney-in-fact

    /s/ Helen Dawson
----------------------------------
in the presence of:

Witness Name:  Helen Dawson
Address:       Trainee Solicitor
Occupation:    Norton Rose

EXECUTED as a DEED                )
by   Helen Dawson                 )            /s/ Helen Dawson
for and on behalf of              )           ----------------------------------
FORTIS BANK (NEDERLAND) N.V.      )           Attorney-in-fact

    /s/ Vikki Madia
----------------------------------
in the presence of:

Witness Name:  Vikki Madia
Address:       Norton Rose
Occupation:    Piraeus

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}]]