Deutsche Schiffsbank

EXHIBIT 10.15

Deutsche Schiffsbank

TELEFAX Staloudi Shipping Corporation c/o Safety Management Overseas S.A., Voula Attn.: Mr. Xxxxxx Xxxxxxxxxxxx	Xxxx-Xxxxxx Xxxxxxx / st International Loans Direct Line x00 000 0000-000 Telefax        x00 000 0000-000 xxxx-xxxxxxx.xxxxxxx@xxxxxxxxxxx.xxx
Fax 0000 000 000 0000
	3rd December 2007
Page(s): 1 (incl. address page)

MT “STALO”

Loan Agreement dated 29 May 2006

We refer to your today’s telephone conversation with Xx. Xxxxxxx and herewith confirm that as per your request and according to clause 2 of the Loan Agreement we agreed to have Tranche A of the Loan, i.e. CHF 29,247,000 converted into USD for value 30.11.2007 at the rate of 1 USD = 1.1135 CHF. Therefore the balance outstanding of the Loan of 30.11.2007 is as follows:

Tranche A	USD 26,265,828.47
Tranche B	USD   4,162,500.00

Interest rate for the next interest period has been confirmed separately.

Without prejudice to our rights under the Loan Agreement the Loan shall be repaid as follows:

		Tranche A			Tranche B			Total Loan
		USD			USD			USD
Balance outstanding			26,265,828.47			4,162,500			30,428,328.47
Intalment 4th–20th			687,500.00			112,500			800,000.00
Ballon			14,578,328.47			2,250,000			16,828,328.47

Following your request we further confirm:

-        to waive the requirement of the Pledged Deposit and

-        to have the margin increased from 0.55% p.a to 0.65% p.a. as of 30.11.2007.

The Loan Agreement and as far as applicable the Security Documents shall be deemed to be amended accordingly.

2

Please confirm by return fax.

Best regards,

Deutsche Schiffsbank

Aktiengesellschaft

Deutsche Schiffsbank Aktiengesellschaft

Domshof 17 D-28195 Bremen X.X. Xxx 000000 X-00000 Bremen Telephone x00 000 0000-0 Telefax x00 000 0000-000 Telex 24 48 70 SWIFT XXXXXX00 Head Offices Bremen and Hamburg Commercial Register Local Court Bremen HRB 0000 Xxxxx Xxxxx Xxxxxxx XXX 00000 VAT Reg. No. DB153094769 Chairman of the Supervisory Board Xxxxxxxx Xxxxxx Board of Managing Directors Jürgen Bentiaga W. Ellerback Xxxxxx Xxxxxx Xxxxxx