Bank of Scotland®

                       CORPORATE

Marine Finance

Second Floor

New Uberior House

OBO Holdings Ltd                                                                                

Ajeltake  Island                                                                                                         EDINBURGH

PO Box 1405                                                                                            EH3 9BN

Majuro                                                                                Telephone:  0131 659 1194

Marshall Islands                                                                            Fax:             0131 659 1300

MH 96960                                                                                 E-mail:        

douglas.newton1@lloydsbanksing.com

 Our Ref:       DN

 Your Ref:

29 June 2011

Dear Sirs,

US$3.975M Junior Term Loan

I am pleased to confirm Bank of Scotland’s approval to the Company’s recent requests (detailed below) in respect of the captioned Facility subject to the undernoted conditions.

Requests

1)   Extension in Maturity Date to 15th Feb 2012

2)   Removal of the Vessel Employment Covenant

3)   Relation of the Consolidated Cash Minimum Requirement to US#2M until 30th

September 2011 and thereafter US$1M per vessel.

Conditions

1)   Restriction on payment of any dividends or capex (other than in the ordinary

course of busyness)

2)   Borrower to provide monthly reporting package consisting of operating cash flow

for past month, revised monthly projections for 6 month look ahead, vessel charter performance/employment update, update on refinancing discussions.

Yours faithfully,

/s/______________

For and on behalf of

BANK OF SCOTLAND PLC

Part of Lloyds Banking Group.

Bank of Scotland plc.

Registered in Scotland number SC327000.

Registered Office:  The Mound, Edinburgh EH1 1YZ

Authorised and regulated by the Financial Services Authority.

www.bankofscotland.co.uk/corporate