EXHIBITS 10.20 AGREEMENT NO. 1 OF JULY 22, 2005 TO THE "SHIPMAN 98" AGREEMENT DATED JULY 1, 2004 BETWEEN ADVENTURE TWO S.A. & FREE BULKERS S.A. IT IS TODAY MUTUALLY AGREED THAT THE FOLLOWING AMENDMENTS ARE IN FORCE BOX 10 - YES, 1% OF GROSS AMOUNT BOX...

                                                                  EXHIBITS 10.20




         AGREEMENT NO. 1 OF JULY 22, 2005 TO THE "XXXXXXX 98" AGREEMENT
        DATED JULY 1, 2004 BETWEEN ADVENTURE TWO S.A. & FREE BULKERS S.A.


IT IS TODAY MUTUALLY AGREED THAT THE FOLLOWING AMENDMENTS ARE IN FORCE


XXX 00 - XXX, 0% XX XXXXX XXXXXX


XXX 00 - YES, 1.25 % OF GROSS FREIGHT, DEMURRAGE HIRE PAYABLE ON FIXTURES
AFTER REDELIVERY FROM CP DD JUNE 30, 2004





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