ADDENDUM AGREEMENT NO. 3 (the “Addendum Agreement”) TO MANAGEMENT AGREEMENTS BETWEEN CARDIFF MARINE INC. OF MONROVIA, LIBERIA, LAWFULLY REPRESENTED (HEREINAFTER “CARDIFF”) AND OCEANRESOURCES OWNERS LIMITED (M/V JUNEAU) OCEANCLARITY OWNERS LIMITED (M/T...

Exhibit 4.14

ADDENDUM AGREEMENT NO. 3

(the “Addendum Agreement”)

TO MANAGEMENT AGREEMENTS

BETWEEN CARDIFF MARINE INC.
OF MONROVIA, LIBERIA, LAWFULLY REPRESENTED (HEREINAFTER
“CARDIFF”)

AND

OCEANRESOURCES OWNERS LIMITED (M/V JUNEAU)
OCEANCLARITY OWNERS LIMITED (M/T PINK SANDS)
OCEANFIGHTER OWNERS INC. (M/T OLINDA)
HEREINAFTER COLLECTIVELY THE “OWNERS”

Whereas the Owners have been engaged in the ownership and operation of cargo vessels trading worldwide.

Whereas Oceanresources Owners Limited as Owners and CARDIFF as Managers have entered into a management agreement dated 21st June, 2007 as further amended on 15^th May, 2008 and 21^st October, 2008

Whereas Oceanclarity Owners Limited as Owners and CARDIFF as Managers have entered into a management agreement dated 28^th November, 2007 as further amended on 15^th May, 2008 and 21^st October, 2008;

Whereas Oceanfighter Owners Limited as Owners and CARDIFF as Managers have entered into a management agreement dated 4^th January, 2008 as further amended on 15^th May, 2008 and 21^st October, 2008;

IT IS HEREBY AGREED AS FOLLOWS:

That the Euro equivalent of 90 days management fees (the “Security”) will be paid to CARDIFF in cash as security for the due, punctual, proper and correct performance by the Owners of their obligations under the Management Agreements, such payment to be made to CARDIFF upon written demand by CARDIFF to a bank account as designated by the CARDIFF;

That the Security to be paid by Oceanresources Owners Limited to CARDIFF with respects to technical management services for M/V Juneau shall be € 51.750 in cash (€ 575 per day x 90 days);

That the Security to be paid by Oceanclarity Owners Limited to CARDIFF with respects to technical management services for M/T Pink Sands shall be € 60.750 in cash (€ 675 per day x 90 days);

That the Security to be paid by Oceanfighter Owners Limited to CARDIFF with respects to technical management services for M/T Olinda shall be € 60.750 in cash (€ 675 per day x 90 days);

That the Security to be paid by Oceanresources Owners Limited to CARDIFF with respects to commercial management services for M/V Juneau shall be € 13.500 in cash (€ 150 per day x 90 days);

That the Security to be paid by Oceanclarity Owners Limited to CARDIFF with respects to commercial management services for M/T Pink Sands shall be € 13.500 in cash (€ 150 per day x 90 days);

That the Security to be paid by Oceanfighter Owners Limited to CARDIFF with respects to technical management services for M/T Olinda shall be € 13.500 in cash (€ 150 per day x 90 days);

That upon the valid effective termination of the Management Agreements CARDIFF shall only be required to return the Security amount or any portion thereof, if the amounts due to CARDIFF pursuant with the obligations set forth in the Management Agreements and their addenda is less than the Security amount paid as per above, it being understood that in any event of default from the part of the Owners, the Security is forfeited in favor of CARDIFF without prejudice to any rights which CARDIFF may have against the Owner in law or in equity’

That a working capital reserve (Three Month Reserve) be paid to CARDIFF equal to three months running expenses per vessel. For calculation purposes the reserve will be based on the agreed budgeted daily average cost as per the respective management agreements;

That the Security amount and the Three Month Reserve shall be non-refundable by CARDIFF in the event of: (i) a Change of Control of OceanFreight Inc. and (ii) any public disclosure that OceanFreight Inc is in default of any of its agreements including but not limited to Loan Agreements and Charter Party Agreements and such default impairs the Company’s ability to continue its operations. Change of Control shall have the same term and meaning as set forth in the Services Agreement dated 15th May, 2008 between CARDIFF and OceanFreight Inc.

All other terms and conditions of each respective Management Agreement and the Addendum Agreement dated 15^th May, 2008 and 21^st October, 2008 remain unaltered and in full force and effect, save as may have been amended by the parties, such as with regard to a the payable as above

[SIGNATURE PAGE FOLLOWS]

Signed this 14th day of January 2009.

/s/ Xxxxxxx Xxxxxx
ON BEHALF OF OCEANRESOURCES OWNERS LIMITED

By: Xxxxxxx Xxxxxx

Title: COO

/s/ Xxxxxxx Xxxxxx
ON BEHALF OF OCEANCLARITY OWNERS LIMITED

By: Xxxxxxx Xxxxxx

Title: COO

/s/ Xxxxxxx Xxxxxx
ON BEHALF OF OCEANFIGHTER OWNERS LIMITED

By: Xxxxxxx Xxxxxx

Title: COO

/s/ Xxxxxxxxxxx Xxxxxxxxxx
ON BEHALF OF CARDIFF MARINE INC.

By: Xxxxxxxxxxx Xxxxxxxxxx

Title: Legal Representative