from 10-Q 86 pages Dated July 30, 2007 Loan Agreement for a US$35,000,000 Loan to Grasmere Maritime Limited, Ullswater Maritime Limited and Windermere Maritime Limited Provided by the Banks and Financial Institutions Set Out in Schedule 1 Arranger Kfw Swap Bank Kfw Agent Kfw Security Trustee Kfw Contents

from 10-Q 8 pages Memorandum of Agreement Norwegian Shipbrokers’ Association’s Memo- Randum of Agreement for Sale and Purchase of Ships Adopted by the Baltic and International Maritime Council (Bimco) in 1956 Code-Name Saleform 1993 Revised 1966, 1983 and 1986/87 Dated: 12th June 2007 Snow Shipping Pte Ltd of Singapore Hereinafter Called the Sellers, Have Agreed to Sell, and MC Shipping Inc or It’s Guaranteed Nominee Hereinafter Called the Buyers, Have Agreed to Buy Name: ‘Grasmere’ Classification Society/Class: Nippon Kaiji Kyokai (Class Nk) Built: 1997 By: Asakawa Shipbuilding Co. Ltd. Flag: Singapore Place of Registration: Singapore Call Sign: S6oc Grt/Nrt: 5,961 Tons / 2,007 Tons Register Official Number: 386390 Hereinafter Called the Vessel, on the Following Terms and Conditions: Definitions 1. Purchase Price US$ 14,400,000 (United States Dollars Fourteen Million Four Hundred Thousand). 1 (One) Percent Sale Commission to Be Paid by Seller to E.A Gibson Shipbrokers Ltd. 2. Deposit

from 10-Q 8 pages Ullswater Shipping Pte Ltd of Singapore Hereinafter Called the Sellers, Have Agreed to Sell, and MC Shipping Inc or It’s Guaranteed Nominee Hereinafter Called the Buyers, Have Agreed to Buy Name: ‘Ullswater’ Classification Society/Class: Nippon Kaiji Kyokai (Class Nk) Built: 1996 By: Asakawa Shipbuilding Co. Ltd. Flag: Singapore Place of Registration: Singapore Call Sign: S6ej Grt/Nrt: 5,945 Tons / 2,007 Tons Register Official Number: 387172 Hereinafter Called the Vessel, on the Following Terms and Conditions: Definitions 1. Purchase Price US$ 13,900,000 (United States Dollars Thirteen Million Nine Hundred Thousand). 1 (One) Percent Sale Commission to Be Paid by Seller to E.A Gibson Shipbrokers Ltd. 2. Deposit

from 10-Q 8 pages Windermere Shipping Pte Ltd of Singapore Hereinafter Called the Sellers, Have Agreed to Sell, and MC Shipping Inc or It’s Guaranteed Nominee Hereinafter Called the Buyers, Have Agreed to Buy Name: ‘Windermere’ Classification Society/Class: Nippon Kaiji Kyokai (Class Nk) Built: 1995 By: Asakawa Shipbuilding Co. Ltd. Flag: Singapore Place of Registration: Singapore Call Sign: 9vre Grt/Nrt: 5,752 Tons / 1,763 Tons Register Official Number: 386200 Hereinafter Called the Vessel, on the Following Terms and Conditions: Definitions 1. Purchase Price US$ ,12,400,000 (United States Dollars Twelve Million Four Hundred Thousand). 1 (One) Percent Sale Commission to Be Paid by Seller to E.A Gibson Shipbrokers Ltd. 2. Deposit

from 10-Q 7 pages Name: ‘Keswick’ Classification Society/Class: Bureau Veritas (Bv) Built: 2003 By: Asakawa Shipbuilding Co. Ltd. Flag: Singapore Place of Registration: Singapore Call Sign: 9vgn7 Grt/Nrt: 7,884 Tons / 2,977 Tons Register Official Number: 389932 Hereinafter Called the Vessel, on the Following Terms and Conditions: Definitions 1. Purchase Price US$ 26,000,000 (United States Dollars Twenty Six Million). 1 (One) Percent Sale Commission to Be Paid by Seller to E.A Gibson Shipbrokers Ltd. 2. Deposit

from 10-Q ~1 page Management certification of annual or quarterly disclosure

from 10-Q ~1 page Management certification of annual or quarterly disclosure

from 10-Q 1 page Management certification of financial report

from 10-Q 1 page Management certification of financial report