Contract

Exhibit 4.32

13 January  2017

Taka Shipping Company Inc c/o Approved Manager 00 Xxxxxxxx Xxxxxx 000 00 Xxxxx Xxxxxx Xxxxxx Xxxxxx   Attn: Chief Financial Officer   Email: xxxxxxxxxxxxxx@xxxxxxxxxxxxxxxx.xxx Fayo Shipping Company Inc c/o Approved Manager 00 Xxxxxxxx Xxxxxx 000 00 Xxxxx Xxxxxx Xxxxxx Xxxxxx   Attn: Chief Financial Officer   Email: xxxxxxxxxxxxxx@xxxxxxxxxxxxxxxx.xxx

Xxxxx Shipping Inc 00 Xxxxxxxx Xxxxxx 175 64 Paleo Faliro Athens

Greece

(the "Guarantor")

Dear Xxxxxxx,

Loan Agreement between Taka Shipping Company Inc, Fayo Shipping Company Inc, and Commonwealth Bank of Australia dated 9 January 2014 ("Loan Agreement")

We refer to the Loan Agreement and we further refer to our letter of 15 February 2016 in which we agreed to a temporary amendment to clause 14.1 (Minimum required security cover) of the Loan Agreement only for the period from 31 December 2015 up to and including 31 December 2D16 by the replacement of "125 per cent." with "110 per cent." ("Temporary Amendment"). Any capitalised term that is used in this letter but not defined in this letter shall have the meaning given to it in the Loan Agreement.

You have represented to us that (i) the aggregate Market Value of the my Artemis & my Melite based on a valuation provided by Braemar ACM Valuations Limited dated 15 December 2016 is still less than 125% of the outstanding Loan under the Loan Agreement, and that (ii) such valuation represents a fair reflection of the Market Value. On the basis of your representations, we agree to extend the duration of the Temporary Amendment to 30 June 2017.

For the avoidance of doubt, unless we agree otherwise in writing, the Temporary Amendment shall cease to apply from 30 June 2017 and from this date, clause 14.1 of the Loan Agreement shall again be read to include "125 per cent" as the relevant percentage in the last line of this clause.

Please note that a breach of the terms of this letter by you shall constitute an Event of Default entitling the Lenders to take any action pursuant to and in accordance with clause 18 of the Loan Agreement.

This letter and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law.

Yours sincerely,

/s/Xxxxx Xxxxx

Xxxxx Xxxxx

Director

For and on behalf of

Commonwealth Bank of Australia

We have read and understood the terms of your letter dated 13 January 2017 and hereby irrevocably and unconditionally confirm our agreement to the terms of the same and also agree that failure by us to satisfy timely the conditions referred to in the letter shall constitute an Event of Default.

/s/ X. Xxxxxx		/s/ X. Xxxxxx
X. Xxxxxx Director and President		X. Xxxxxx Director and President
/s/ X. Xxxxxxxxxxxxx		/s/ X. Xxxxxxxxx
X. Xxxxxxxxxxxxx Director and Treasurer		X. Xxxxxxxxx Director and Treasurer
For and on behalf of Taka Shipping Company Inc		For and on behalf of Fayo Shipping Company Inc
/s/ X. Xxxxxx
X. Xxxxxx Director, Chief Executive Officer & Chairman of the Board
/s/ X. Xxxxxxxxxxxxx
Chief Financial Officer & Treasuer

For and behalf of

Xxxxx Shipping Inc. as the Guarantor