EX-10.15 47 c52273_ex10-15.htm
EXHIBIT 10.15

Deutsche Schiffsbank
 
TELEFAX
 
Staloudi Shipping Corporation
c/o Safety Management Overseas S.A., Voula
Attn.: Mr. George Papadopoulos
Hans-Jürgen Schulte / st
International Loans
 
Direct Line +49 421 3609-255
Telefax        +49 421 3609-329
hans-juergen.schulte@schiffsbank.com
Fax 0030 210 895 6900
 
 
3rd December 2007
Page(s): 1 (incl. address page)
 
 
MT “STALO”
Loan Agreement dated 29 May 2006

We refer to your today’s telephone conversation with Mr. Schulte and herewith confirm that as per your request and according to clause 2 of the Loan Agreement we agreed to have Tranche A of the Loan, i.e. CHF 29,247,000 converted into USD for value 30.11.2007 at the rate of 1 USD = 1.1135 CHF. Therefore the balance outstanding of the Loan of 30.11.2007 is as follows:

Tranche A
USD 26,265,828.47
Tranche B
USD   4,162,500.00

Interest rate for the next interest period has been confirmed separately.

Without prejudice to our rights under the Loan Agreement the Loan shall be repaid as follows:

   
Tranche A
 
Tranche B
 
Total Loan
 
   
USD 
 
USD
 
USD
 
Balance outstanding
   
26,265,828.47
   
4,162,500
   
30,428,328.47
 
Intalment 4th–20th
   
687,500.00
   
112,500
   
800,000.00
 
Ballon
   
14,578,328.47
   
2,250,000
   
16,828,328.47
 

Following your request we further confirm:

-        to waive the requirement of the Pledged Deposit and
-        to have the margin increased from 0.55% p.a to 0.65% p.a. as of 30.11.2007.

The Loan Agreement and as far as applicable the Security Documents shall be deemed to be amended accordingly.
 

 
2
 
Please confirm by return fax.

Best regards,
Deutsche Schiffsbank
Aktiengesellschaft

Deutsche Schiffsbank Aktiengesellschaft

Domshof 17
D-28195 Bremen
P.O. Box 106269
D-28062 Bremen
Telephone +49 421 3609-0
Telefax +49 421 3609-326
Telex 24 48 70
SWIFT DESBDE22
Head Offices
Bremen and Hamburg
Commercial Register
Local Court Bremen HRB 4062
Local Court Hamburg HRB 42653
VAT Reg. No. DB153094769
Chairman of the Supervisory Board
Nicholas Teller
Board of Managing Directors
Jürgen Bentiaga
W. Ellerback Ulrich
Tobias Müller