GEARED SHIPS LIMITED

Us $3,500,000 and all other monies due or to become due from the company to chargee under the terms of the charge.

All monies due or to become due from the company to the chargee assigned from tyling limited under the falcon arrow agreement dated 22.12.87 on an account current and under the terms of a deed of covenant dated 22/12/87

All monies due or to become due from the company to the chargee assigned from tyling limited under the falcon arrow agreement dated 22/12/87 and secured by a charge dated 22/12/87

All monies due or to become due from the company to the chargee under the terms of the charge and the security documents named therein

$16,716,431.16 and all other monies due or to become due from the company to the chargee secured by a mortgage dated 30.9.87.

All monies due or to become due from the company to the chargee on an account current under the terms of a deed of covenants dated 30.9.87.

All monies due or to become due from thecompany to the chargee as defined in the sixth statutory mortgage and in the manner and at the times set forth in a deed of covenants d/d 30/9/87 between the company and the mortgagees as the same may ffom time-to-time be amended

All monies due or to become due from the company to the chargee secured by a mortgage dated 21 may 1987.

All monies due or to become due from the company to the chargee on an account current under the terms of a deed of covenant dated 21 may 87.

Us $3,681,432.75 and all monies due or to become due from the company to the chargee secured by a mortgage dated 28.11.86.

$6,000,000 and all monies due or to become due from the company to the chargee secured by a mortgage dated 28.11.86.

$4,311,432.75 and all monies due or to become due from the company to the chargee secured by a mortgage dated 28.11.86

All monies due or to become due from the company to the chargee on any account current under the terms of a deed of charge dated 28.11.86

Us $12,000,000 and all monies due or to become due from the company to the chargee secured by a mortgage dated 28.11.86.

All monies due or to become due from the company to the chargee on an account current under the terms of a deed of charge dated 28.11.86.

Us $ 8,000,000 due from the company to the chargee under the terms of a mortgage & deed of covenant d/d 19/10/81 executed in favour of bank of america national trust and savings associations and tranfered by way of endorsement ON27/8/85 in favour of bergen bank a/s

All monies due or to become due from the company to the chargee an account current under the terms fo a deed of covenant dated 29TH 1981

All monies due or to become due from the company to the chargee in connection with a guarnatee dated 5TH june 1979 between the company and liberian paramount inc., As amended and as may from time to time be amended supplementala to a mortgage dated 29TH december 1881.

For further securing all monies due or to become due from the company to the chargee secured by a mortgage dated 19TH october, 1981 and an agreement dated 29 april, 1981.

All monies due or to become due from the company to the chargee on any account current regulated by an ageement dated 29TH april, 1981 and a deed of covenants dated 19TH october, 1981

For further securing all monies due or to become due from the company to the chargee secured by a mortgage dated 13-5-81 & a loan agreement dated 29-4-81

All monies due or to become due from the company to the chargee on any account current under the terms of an agreement & dated 29.4.81 & deed of covenants dated 13.5.81

For securing the amount of us $12,000,000 and all amounts which may at any time and from time to time be or become due under the loan agreement dated 7/6/79 and secured by a mortgage dated 14/6/79

All monies due or to become due from the company to chargee on an account current pursuant to a loan agreement dated 7/6/79 and the deed of covenant dated 14/6/79.

For securing the amount of us $4,311,432.75 and all amounts which may at any time and from time to time be or become due under the said loan agreement dated 6TH december 1976 as amended and supplemented as aforesaid, the deed of covenant and any other security documents and secured by a mortgage dated 14TH june, 1979