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<SEC-DOCUMENT>0000950157-07-000706.txt : 20070522
<SEC-HEADER>0000950157-07-000706.hdr.sgml : 20070522
<ACCEPTANCE-DATETIME>20070522162614
ACCESSION NUMBER:		0000950157-07-000706
CONFORMED SUBMISSION TYPE:	F-3
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20070522
DATE AS OF CHANGE:		20070522

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Double Hull Tankers, Inc.
		CENTRAL INDEX KEY:			0001331284
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		F-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-143157
		FILM NUMBER:		07871420

	BUSINESS ADDRESS:	
		STREET 1:		26 NEW STREET
		CITY:			ST. HELIER, JERSEY, CHANNEL IS
		STATE:			X0
		ZIP:			JE23RA
		BUSINESS PHONE:		00 44 1534 639759

	MAIL ADDRESS:	
		STREET 1:		26 NEW STREET
		CITY:			ST. HELIER, JERSEY, CHANNEL IS
		STATE:			X0
		ZIP:			JE23RA
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3
<SEQUENCE>1
<FILENAME>f-3.htm
<DESCRIPTION>FORM F-3
<TEXT>
<html>

  <head>
    <title>f-3.htm</title>
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  <body bgcolor="#ffffff">
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>As
      filed with the Securities and Exchange Commission on May <font style="DISPLAY: inline; FONT-SIZE: 10pt;">22</font>, 2007</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Registration
      No.
      333-</strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
      <hr style="COLOR: black" align="left" noshade size="1" width="100%">
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman;"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>WASHINGTON,
      D.C. 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">______<font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#173;&#173;</font>_______________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 20pt; FONT-FAMILY: Times New Roman;"><strong>FORM
      F-3</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>REGISTRATION
      STATEMENT UNDER THE SECURITIES ACT OF 1933</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">______<font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#173;&#173;</font>_______________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 20pt; FONT-FAMILY: Times New Roman;"><strong>DOUBLE
      HULL TANKERS, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman;">(Exact
      name of registrant as specified in its charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">______<font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#173;&#173;</font>_______________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="middle" width="22%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Republic
                of the Marshall&#160;Islands</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(State
                or other jurisdiction of incorporation or organization)</font></div>
            </td>
            <td valign="middle" width="30%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>26
                New Street</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>St.
                Helier, Jersey JE23RA</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Channel
                Islands</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>+44
                (0) 1534 639759</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Address
                and&#160;&#160;telephone number of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">registrant&#8217;s
                principal executive offices)</font></div>
            </td>
            <td valign="middle" width="22%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>N/A</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(I.R.S.
                Employer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Identification
                Number)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">______<font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#173;&#173;</font>_______________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>CT
      Corporation</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>111
      Eighth Avenue</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>New
      York, New York 10011</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>(212)
      550-9100</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Name,
      address and telephone</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">number
      of
      agent for service)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">With
      copies to:</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="37%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>John
                T. Gaffney, Esq.</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Cravath,
                Swaine &amp; Moore LLP</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Worldwide
                Plaza</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>825
                Eighth Avenue</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>New
                York, New York 10019</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>(212)
                474-1000</strong></font></div>
            </td>
            <td valign="top" width="36%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Gary
                L. Sellers, Esq.</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Simpson
                Thacher &amp; Bartlett LLP</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>425
                Lexington Avenue</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>New
                York, New York 10017-3954</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>(212)
                455-2000</strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">______<font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#173;&#173;</font>_______________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Approximate
      date of commencement of proposed sale to the public:&#160;&#160;From time to
      time after the effective date of this registration
      statement.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">______<font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#173;&#173;</font>_______________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      the
      only securities being registered on this Form are being offered pursuant to
      dividend or interest reinvestment plans, please check the following
      box.&#160;&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      any of
      the securities being registered on this Form are to be offered on a delayed
      or
      continuous basis pursuant to Rule 415 under the Securities Act of 1933, please
      check the following box.&#160;&#160;<font style="DISPLAY: inline;" face="Wingdings">x</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      this
      Form is filed to register additional securities for an offering pursuant to
      Rule
      462(b) under the Securities Act, please check the following box and list the
      Securities Act registration statement number of the earlier effective
      registration statement for the same offering.&#160;&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      this
      Form is a post-effective amendment filed pursuant to Rule 462(c) under the
      Securities Act, check the following box and list the Securities Act registration
      statement number of the earlier effective registration statement for the same
      offering.&#160;&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      this
      Form is a registration statement pursuant to General Instruction I.C. or a
      post-effective amendment thereto that shall become effective upon filing with
      the Commission pursuant to Rule&#160;462(e) under the Securities Act, check the
      following box.&#160;&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      this
      Form is a post-effective amendment to a registration statement filed pursuant
      to
      General Instruction I.C. filed to register additional securities or additional
      classes of securities pursuant to Rule&#160;413(b) under the Securities Act,
      check the following box.&#160;&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">______<font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#173;&#173;</font>_______________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>CALCULATION
      OF REGISTRATION FEE</strong></font><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="bottom" width="27%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Title
                  of Each Class of</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Securities
                  to be Registered</font></div>
              </div>
            </td>
            <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Amount
                  to be <br>Registered</font></div>
              </div>
            </td>
            <td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Proposed
                  Maximum <br>Offering Price per <br>Unit(1)</font></div>
              </div>
            </td>
            <td valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Proposed
                  Maximum <br>Aggregate Offering <br>Price(2)</font></div>
              </div>
            </td>
            <td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Amount
                  of <br>Registration Fee</font></div>
              </div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="27%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Common
                Stock, par value $.01 per share</font></div>
            </td>
            <td align="justify" valign="bottom" width="12%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">8,751,500</font></div>
            </td>
            <td valign="bottom" width="13%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$16.35</font></div>
            </td>
            <td valign="bottom" width="16%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$143,087,025</font></div>
            </td>
            <td valign="bottom" width="13%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$4,392.77</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(1)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Amount
                of proposed maximum offering price per unit was calculated in accordance
                with Rule 457(c) based on the average of the high and low price traded
                on
                the New York Stock Exchange on May 21,
                2007.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(2)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Estimated
                solely for the purposes of calculating the registration fee pursuant
                to
                Rule 457(o) of Regulation C under the Securities Act of 1933, as
                amended.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">______<font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#173;&#173;</font>_______________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman;"><strong>The
      registrant hereby amends this registration statement on such date or dates
      as
      may be necessary to delay its effective date until the registrant shall file
      a
      further amendment which specifically states that this registration statement
      shall thereafter become effective in accordance with Section 8(a) of the
      Securities Act of 1933, or until the registration statement shall become
      effective on such date as the Securities and Exchange Commission, acting
      pursuant to said Section 8(a), may determine.</strong>&#160; </font></div>
    <div>
      <hr style="COLOR: black" align="left" noshade size="1" width="100%">
    </div>
    <div><br>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>The
      information in this preliminary prospectus is not complete and may be changed.
      The selling stockholder may not sell these securities until the registration
      statement filed with the Securities and Exchange Commission is effective. This
      preliminary prospectus is not an offer to sell these securities and is not
      soliciting an offer to buy these securities in any state where the offer or
      sale
      is not permitted.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Subject
      to Completion. Preliminary Prospectus dated May 22, 2007.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Prospectus</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>8,751,500
      Shares</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><img src="doublehulllogo.jpg" alt=""></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>Common
      Stock</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">___________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">This
      prospectus relates to an aggregate of 8,751,500 shares of common stock of Double
      Hull Tankers, Inc. that the selling stockholder named in this prospectus may
      offer for sale from time to time. These shares were purchased by the selling
      stockholder on October 18, 2005 from us in a transaction that was exempt from
      the registration requirements of the Securities Act of 1933, as
      amended.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      will
      not receive any of the proceeds from the sale of any shares of our common stock
      by the selling stockholder. The selling shareholder will pay all expenses in
      connection with the offering under this prospectus. The selling stockholder
      from
      time to time may offer and sell the shares held by it directly or through
      agents, underwriters or broker-dealers at prices and on terms to be determined
      at the time of sale. These sales may be made on the New York Stock Exchange
      or
      other national security exchanges on which our common stock is then traded,
      in
      the over-the-counter market, or in negotiated transactions. See the section
      entitled &#8220;Plan of Distribution&#8221; on page 10 of this prospectus. To the extent
      required, the names of any agent, underwriter or broker-dealer and applicable
      commissions or discounts and any other required information with respect to
      any
      particular offer will be set forth in a prospectus supplement, which will
      accompany this prospectus. A prospectus supplement may also add, update or
      change information contained in this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Our
      common stock is listed on the New York Stock Exchange under the symbol &#8220;DHT.&#8221;
The last reported sale price on May 21, 2007 was $16.44 per share.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Investing
      in our common stock involves a high degree of risk. Before buying any shares
      you
      should carefully read the section entitled &#8220;Risk Factors&#8221; on page 7 of this
      prospectus.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Neither
      the Securities and Exchange Commission nor any state securities commission
      has
      approved or disapproved of these securities or determined if this prospectus
      is
      truthful or complete. Any representation to the contrary is a criminal
      offense.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="88%">

            <tr bgcolor="white">
              <td colspan="2" width="100%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>The
                  date of this prospectus is May 22, 2007.</strong></font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td width="50%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;<strong>Merrill
                  Lynch &amp; Co.</strong></font></div>
              </td>
              <td width="50%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;<strong>UBS
                  Investment Bank</strong></font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>

        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>______________________</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">You
      should rely only on the information contained in this prospectus. We have not
      authorized anyone to provide you with additional or different information.
      We
      are not making an offer of these securities in any jurisdiction or state where
      the offer is not permitted. You should not assume that the information in this
      prospectus is accurate as of any date other than the date on the cover of this
      prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>TABLE
      OF CONTENTS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="90%">

            <tr>
              <td align="justify" valign="top" width="74%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="#about_this_prospectus">ABOUT
                  THIS PROSPECTUS</a></font></div>
              </td>
              <td align="justify" valign="top" width="2%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">1</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="74%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="#prospectus_summary">PROSPECTUS
                  SUMMARY</a></font></div>
              </td>
              <td align="justify" valign="top" width="2%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">2</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="74%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="#risk_factors">RISK
                  FACTORS</a></font></div>
              </td>
              <td align="justify" valign="top" width="2%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">7</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="74%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="#use_of_proceeds">USE
                  OF PROCEEDS</a></font></div>
              </td>
              <td align="justify" valign="top" width="2%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">8</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="74%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="#principal_and_selling">PRINCIPAL
                  AND SELLING
                  STOCKHOLDERS</a></font></div>
              </td>
              <td align="justify" valign="top" width="2%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">8</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="74%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="#plan_of_distribution">PLAN
                  OF DISTRIBUTION</a></font></div>
              </td>
              <td align="justify" valign="top" width="2%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="74%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="#experts">EXPERTS</a></font></div>
              </td>
              <td align="justify" valign="top" width="2%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">13</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="74%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="#legal_matters">LEGAL
                  MATTERS</a></font></div>
              </td>
              <td align="justify" valign="top" width="2%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">13</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="74%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="#disclosure">DISCLOSURE
                  OF COMMISSION POSITION ON INDEMNIFICATION
                  FOR SECURITIES ACT ISSUES</a></font></div>
              </td>
              <td align="justify" valign="top" width="2%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">13</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="74%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="#tax_considerations">TAX
                  CONSIDERATIONS</a></font></div>
              </td>
              <td align="justify" valign="top" width="2%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">14</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="74%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="#where_you">WHERE
                  YOU CAN FIND ADDITIONAL
                  INFORMATION</a></font></div>
              </td>
              <td align="justify" valign="top" width="2%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">23</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="74%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="#where_you">CAUTIONARY
                  STATEMENT REGARDING FORWARD-LOOKING
                  STATEMENTS</a></font></div>
              </td>
              <td align="justify" valign="top" width="2%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">25</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font><a name="ABOUT_THIS_PROSPECTUS">ABOUT
      THIS PROSPECTUS</a></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">This
      prospectus is part of a registration statement we filed with the Securities
      Exchange Commission, or the &#8220;Commission&#8221;, using a shelf registration process.
      Under the shelf registration process, the selling stockholder named in this
      prospectus may, from time to time, sell the securities described in this
      prospectus in one or more offerings. This prospectus provides you with a general
      description of the securities that may be offered by the selling stockholder.
      Each time the selling stockholder sells securities, the selling stockholder
      is
      required to provide you with this prospectus and, in certain cases, a prospectus
      supplement containing specific information about the selling stockholder and
      the
      terms of the securities being offered. That prospectus supplement may include
      additional risk factors or other special considerations applicable to those
      securities. Any prospectus supplement may also add, update, or change
      information in this prospectus. If there is any inconsistency between the
      information contained in this prospectus and any prospectus supplement, you
      should rely on the information contained in that particular prospectus
      supplement. You should read both this prospectus and any prospectus supplement,
      together with all additional information described in the section entitled
      &#8220;Where You Can Find Additional Information&#8221; on page 23 of this
      prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">This
      prospectus does not contain all the information provided in the registration
      statement we filed with the Commission. For further information about us or
      the
      securities offered hereby, you should refer to that registration statement,
      which you can obtain from the Commission as described in the section entitled
      &#8220;Where You Can Find Additional Information&#8221; on page 23 of this
      prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font><a name="PROSPECTUS_SUMMARY">PROSPECTUS
      SUMMARY</a></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Before
      investing in our common stock you should read this entire prospectus carefully,
      including the section entitled &#8220;Risk Factors&#8221; and our financial statements and
      related notes for a more complete understanding of our business and this
      offering. Unless we specify otherwise, all references and data in this
      prospectus to our &#8220;business,&#8221; our &#8220;vessels&#8221; and our &#8220;fleet&#8221; refer to our initial
      fleet of seven vessels that we acquired simultaneously with the closing of
      our
      initial public offering, or &#8220;IPO,&#8221; on October 18, 2005. Unless we specify
      otherwise, all references in this prospectus to &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us&#8221; and &#8220;our
      company&#8221; refer to Double Hull Tankers, Inc. and its subsidiaries. The shipping
      industry&#8217;s functional currency is the U.S. dollar. All of our revenues and most
      of our operating costs are in U.S. dollars. All references in this prospectus
      to
&#8220;$&#8221; and &#8220;dollars&#8221; refer to U.S. dollars.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Our
      Company</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      operate a fleet of double hull tankers. Our fleet currently consists of three
      very large crude carriers, or &#8220;VLCCs&#8221;, which are tankers ranging in size from
      200,000 to 320,000 deadweight tons, or &#8220;dwt&#8221;, and four Aframax tankers, or
&#8220;Aframaxes&#8221;, which are tankers ranging in size from 80,000 to 120,000 dwt. Our
      fleet principally operates on international routes and had a combined carrying
      capacity of 1,342,372 dwt and a weighted average age of 7.2 years as of March
      31, 2007, compared with a weighted average age of 9.4 years for the world tanker
      fleet.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      acquired the seven vessels in our fleet from subsidiaries of Overseas
      Shipholding Group, Inc., a Delaware corporation, or &#8220;OSG&#8221;, on October 18, 2005
      in exchange for cash and shares of our common stock, and we have chartered
      these
      vessels back to certain subsidiaries of OSG. As one of the world&#8217;s largest
      bulk-shipping companies, OSG owns and operates a modern fleet of 104 vessels
      (including the seven vessels that comprise our fleet) that have a combined
      carrying capacity of 12.0 million dwt as of March 31, 2007. OSG&#8217;s fleet consists
      of both internationally flagged and U.S. flagged vessels that transport crude
      oil, petroleum products and dry bulk commodities. As of the date of this
      prospectus, OSG beneficially owned approximately 29.17% of our outstanding
      common stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Our
      strategy is to charter our fleet of seven vessels primarily pursuant to
      multi-year time charters so as to take advantage of the stable cash flow
      associated with long-term time charters. In addition, our time charter
      arrangements include a profit sharing component that gives us the opportunity
      to
      earn additional hire when vessel earnings exceed the basic hire amounts set
      forth in the charters. Our vessels are operated in the Tankers International
      Pool and the Aframax International Pool, as described below, and we expect
      our
      potential to earn additional hire will benefit from the higher utilization
      rates
      realized by these pools. In a pooling arrangement, the net revenues generated
      by
      all of the vessels in a pool are aggregated and distributed to pool members
      pursuant to a pre-arranged weighting system that recognizes each vessel&#8217;s
      earnings capacity based on its cargo capacity, speed and consumption, and actual
      on-hire performance.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">With
      effect from October 18, 2005, we time chartered our vessels to subsidiaries
      of
      OSG for terms ranging from five to six and one-half years. Each time charter
      may
      be renewed by the charterer on one or more successive occasions for periods
      of
      one, two or three years, up to an aggregate of five, six or eight years,
      depending on the vessel. If a time charter is renewed, the charter terms
      providing for profit sharing will remain in effect and the charterer, at the
      time of exercise, will have the option to select a basic charter rate that
      is
      equal to (i) 5% above the published one-, two- or three-year time charter rate
      (corresponding to the extension length) for the vessel&#8217;s class, as decided by a
      shipbrokers panel, or (ii) the basic hire rate set forth in the applicable
      charter. The shipbrokers panel, or &#8220;Broker Panel&#8221;, will be The Association of
      Shipbrokers and Agents Tanker Broker Panel or another panel of brokers mutually
      acceptable to us and the charterer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      maintain our principal executive offices at 26 New Street, St. Helier, Jersey
      JE23RA, Channel Islands. Our telephone number at that address is +44 (0) 1534
      639759.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Our
      Fleet</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      purchased three VLCCs and four Aframaxes from certain subsidiaries of OSG in
      connection with the IPO. Our three VLCCs, due to their large size, principally
      operate on long-haul routes from the Middle East or West Africa to the Far
      East,
      Northern Europe, the Caribbean and the U.S. Gulf, trading through the Tankers
      International Pool. Although our four Aframaxes are also designed for global
      trading, they typically trade through the Aframax International Pool in the
      Atlantic Basin on shorter-haul routes between Northern Europe, the Caribbean,
      the United States and the Mediterranean Sea.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      following table presents certain information concerning the vessels in our
      fleet
      and their associated charters, each of which commenced on October 18,
      2005:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="#cceeff">
              <td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Vessel</strong></font></div>
                </div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Type</strong></font></div>
                </div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Dwt</strong></font></div>
                </div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="5%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Year
                    Built</strong></font></div>
                </div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Term
                    of Initial Charter</strong></font></div>
                </div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Year
                    2 Basic Charter Rate(1)</strong></font></div>
                </div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Term
                    of Extension Periods</strong></font></div>
                </div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Maximum
                    Aggregate Extension Term</strong></font></div>
                </div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" width="15%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="9%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="7%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="5%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>(years)</strong></font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="13%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>($/day)</strong></font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>(years)</strong></font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>(years)</strong></font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="bottom" width="15%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Overseas
                  Ann</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">VLCC&#160;
                  &#160;&#160; &#160; &#160;&#160;&#160;</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="7%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">309,327&#160;&#160;&#160;&#160;&#160;&#160;
                  </font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="5%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">2001</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">6&#189;</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="13%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$37,400</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">1,
                  2 or 3</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">8</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="bottom" width="15%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Overseas
                  Chris</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">VLCC&#160;
                  &#160;&#160; &#160; &#160;&#160;&#160; </font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="7%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">309,285&#160;&#160;&#160;&#160;&#160;&#160;
                  </font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="5%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">2001</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">6</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="13%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$37,400</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">1,
                  2 or 3</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">8</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="bottom" width="15%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Overseas
                  Regal</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">VLCC&#160;
                  &#160;&#160; &#160; &#160;&#160;&#160; </font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="7%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">309,966&#160;&#160;&#160;&#160;&#160;&#160;
                  </font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="5%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">1997</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">5&#189;</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="13%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$37,400</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">1,
                  2 or 3</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">6</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="bottom" width="15%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Overseas
                  Cathy</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Aframax&#160;
                  &#160;&#160; &#160;&#160;&#160; </font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;
                &#160;</font></td>
              <td align="justify" valign="bottom" width="7%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">112,028&#160;&#160;&#160;&#160;&#160;&#160;
                  </font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="5%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">2004</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">6&#188;</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="13%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$24,700</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">1,
                  2 or 3</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">8</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="bottom" width="15%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Overseas
                  Sophie</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Aframax&#160;
                  &#160;&#160;&#160;&#160;&#160;&#160; </font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="7%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">112,045&#160;&#160;&#160;&#160;&#160;&#160;
                  </font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="5%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">2003</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">5&#190;</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="13%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$24,700</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">1,
                  2 or 3</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">8</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="bottom" width="15%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Overseas
                  Rebecca</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Aframax&#160;
                  &#160;&#160;&#160;&#160;&#160;&#160; </font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="7%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">94,873&#160;&#160;&#160;&#160;&#160;&#160;
                  </font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="5%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">1994</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">5</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="13%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$18,700</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">1,
                  2 or 3</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">5</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="bottom" width="15%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Overseas
                  Ania</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Aframax&#160;&#160;
                  &#160;&#160;&#160;&#160;&#160; </font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="7%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">94,848&#160;&#160;&#160;&#160;&#160;&#160;
                  </font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="5%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">1994</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">5</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="13%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$18,700</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">1,
                  2 or 3</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">5</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(1)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Amounts
                represent basic hire charter rates, which increase annually by amounts
                that vary by vessel class and year.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Our
      Competitive Strengths</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      believe that we have a number of strengths that provide us with a competitive
      advantage in the tanker industry, including:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>A
                modern, high quality fleet</em>.&#160;&#160;As of March 31, 2007, our
                current fleet of three VLCCs and four Aframaxes had a weighted average
                age
                of 7.2 years, compared with a weighted average age for the world
                tanker
                fleet of 9.4 years. All of our vessels are of double hull construction
                and
                were designed and built to OSG&#8217;s specifications and, prior to the IPO,
                were only operated by OSG. We believe that owning and maintaining
                a
                modern, high quality fleet reduces off hire time and operating costs,
                improves safety and environmental performance and provides us with
                a
                competitive advantage in securing employment for our
                vessels.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Participation
                in OSG&#8217;s pooling arrangements</em>.&#160;&#160;We believe that we benefit
                from OSG&#8217;s membership in the Tankers International Pool in respect of our
                three VLCCs and the Aframax International Pool in respect of our
                four
                Aframaxes, and we expect OSG&#8217;s subsidiaries to continue to operate our
                vessels in these pools. We believe that, over a longer period of
                time, our
                potential to earn additional hire will be enhanced by the higher
                utilization rates and lower overhead costs that a vessel operating
                inside
                a pool can achieve compared with a vessel operating independently
                outside
                of a pool.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>An
                experienced management team</em>.&#160;&#160;Our management team is led by
                Ole Jacob Diesen, our chief executive officer, who has over 30 years
                of
                experience in the shipping industry. Mr. Diesen has been an independent
                corporate and financial management consultant since 1997 and has
                extensive
                experience in the shipping industry, including advising on a broad
                range
                of shipping transactions such as vessel sales and financings, vessel
                charters, pooling and technical management
                agreements.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Our
      Strategy</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      key
      elements of our strategy are to:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Charter
                a substantial portion of our fleet under multi-year, fixed-rate time
                charters that provide for profit sharing</em>.&#160;&#160;Currently we
                have time chartered all of our vessels to subsidiaries of OSG, one
                of the
                world&#8217;s largest bulk-shipping companies, for terms ranging from five to
                six and one-half years under charters that provide for fixed monthly
                payments, plus the potential to earn additional profit sharing payments.
                We believe that these long-term charters will generate stable and
                predictable cash flow and provide us with the opportunity to earn
                significant additional hire as market rates exceed our basic hire
                rates.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Fix
                a substantial portion of our operating costs under our ship management
                agreements</em>.&#160;&#160;Currently, all of our vessels are managed by
                Tanker Management Ltd., referred to herein as &#8220;Tanker Management&#8221; or our
                &#8220;technical manager&#8221;, which is a wholly owned indirect subsidiary of OSG,
                pursuant to ship management agreements that became effective at the
                completion of our IPO. Under these ship management agreements, Tanker
                Management has assumed all responsibilities for the technical management
                of each of our vessels and for most of the operating costs (excluding
                insurance premiums and vessel taxes). The fee payable to Tanker Management
                under these ship management agreements is fixed through October 2007,
                after which it increases by 2.5% and remains fixed through October
                2008.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Strategically
                expand our current fleet</em>.&#160;&#160;We intend to grow our fleet
                through timely and selective acquisitions of, or chartering in of,
                additional vessels. Although our fleet consists of our three VLCCs
                and
                four Aframaxes as at the date of this prospectus, we intend to consider
                potential acquisitions of additional tankers, as well as vessels
                other
                than tankers. In connection with any such acquisitions, we may charter
                such vessels out either for multi-year or voyage-based
                periods.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Our
      Time Charters</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      have
      time chartered our fleet of three VLCCs and four Aframaxes to certain
      subsidiaries of OSG for terms ranging five to six and one-half years. The daily
      base time charter rate for each of our vessels, which we refer to as basic
      hire,
      is payable to us monthly in advance and increases annually by amounts set forth
      in each charter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
      addition to the basic hire, the charterers and OSG International, Inc., or
      &#8220;OIN&#8221;, the charterers&#8217; parent company, have agreed to pay us an additional
      payment, quarterly in arrears, which we refer to as &#8220;additional hire&#8221;. The
      additional hire payable, if any, in respect of any given quarter will be equal
      to 40% of the average revenue that our vessels earn, or are deemed to earn,
      for
      the charterers during that quarter (averaged on a rolling four quarter basis)
      in
      excess of the basic hire paid by the charterers to us during that quarter.
      Revenue is calculated on an aggregate fleetwide basis, and depends on whether
      our vessels are operated in a pool:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">if
                a vessel is operated in a pool, revenue earned by that vessel equals
                the
                share of actual pool net earnings allocated to the charterer, as
                determined by a formula administered by the pool
                manager;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">if
                a vessel is operated outside of a
                pool:</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">for
                periods that the charterer subcontracts the vessel under a time charter,
                revenue earned by that vessel equals the time charter hire earned
                by the
                charterer, net of specified fees incurred by the charterer;
                and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">for
                periods that the charterer does not subcontract the vessel in the
                time
                charter market, revenue deemed to be earned by that vessel is based
                on
                average spot market rates, which are rates for the immediate chartering
                of
                a vessel (usually for a single voyage), determined by a shipbrokers&#8217; panel
                for a series of routes commonly served by vessels of the same
                class.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">A
      pool
      constitutes a collection of similar vessels under various ownerships that are
      placed for operation under one administrator, which we refer to as the &#8220;pool
      manager&#8221;. The pool manager markets the vessels as a single, cohesive fleet and
      collects, or pools, their net earnings prior to distributing them to the
      individual owners under a pre-arranged weighting system that recognizes each
      vessel&#8217;s earnings capacity based on its cargo capacity, speed and consumption,
      and actual on-hire performance. Pools offer their participants more
      opportunities to enter into multi-legged charters and contracts of
      affreightment, which can reduce non-earning days through scheduling
      efficiencies.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      three
      VLCCs in our fleet currently participate in the Tankers International Pool,
      in
      which OSG and seven other tanker companies participate. As of March 31, 2007,
      the Tankers International Pool consists of 43&#160;VLCCs and V&#160;Pluses,
      making it one of the world&#8217;s largest VLCC fleets. The four Aframaxes in our
      fleet currently participate in the Aframax International Pool, the world&#8217;s
      second largest Aframax fleet, which, as of March 31, 2007, operates
      36&#160;Aframaxes and has seven members, including OSG (which is one of the pool
      managers).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Technical
      Management of Our Fleet</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
      connection with each of our vessels, we have entered into ship management
      agreements with Tanker Management with effect from October 18, 2005, which
      we
      refer to as the &#8220;Ship Management Agreements&#8221;. Under the Ship Management
      Agreements, Tanker Management is responsible for the technical management and
      for most of the operating costs of our vessels, including crewing, maintenance,
      ordinary repairs, scheduled drydockings, insurance deductibles (subject to
      the
      limits set forth in the Ship Management Agreements) and other vessel operating
      expenses, excluding insurance premiums. In exchange for these services, we
      pay
      Tanker Management a daily fee, which we refer to as the &#8220;technical management
      fee&#8221;, for each vessel under management. The technical management fee for each
      vessel is payable monthly in advance based on the actual number of days in
      the
      month. The fee is fixed for the first two years of the agreement and will,
      unless cancelled by us or Tanker Management, increase by 2.5% per year
      thereafter. Neither us nor Tanker Management is able to cancel any Ship
      Management Agreement (as currently amended) prior to the third anniversary
      of
      the effective date of such agreement (eg. October 18, 2008), except for cause.
      Beginning on the third anniversary, the Ship Management Agreements (as currently
      amended) are cancelable by us or Tanker Management for any reason at any time
      upon 90 days' advance notice. Each charterer has the right to approve the
      replacement manager that we select.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Dividend
      Policy</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      intend
      to pay quarterly dividends to the holders of our common stock in March, June,
      September and December of each year, in amounts substantially equal to the
      available cash from our operations during the previous quarter, less cash
      expenses and any reserves established by our board of directors. Our board
      of
      directors may review and amend our dividend policy from time to time in
      accordance with any future growth of our fleet or for other
      reasons.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Our
      Credit Facility</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
      October 18, 2005, we entered into a $401 million secured credit facility with
      The Royal Bank of Scotland that has a term of ten years, with no principal
      amortization for the first five years. This credit facility consists of a $236
      million term loan, a $150 million vessel acquisition facility and a $15 million
      working capital facility. The credit facility is secured by mortgages on all
      of
      our vessels, assignments of earnings and insurances and pledges over our bank
      accounts. We are the borrower under the credit facility, and each of our vessel
      owning subsidiaries have guaranteed our obligations under the credit
      facility.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      borrowed the entire amount available under the term loan upon the completion
      of
      our IPO to fund a portion of the purchase price for the seven vessels that
      we
      acquired from certain subsidiaries of OSG. Subject to the satisfaction of a
      number of conditions, we are permitted to borrow up to the full amount of the
      vessel acquisition facility and up to the full amount of the working capital
      facility for a period of five years from the closing of the credit facility.
      Commencing on the fifth anniversary of the closing of the credit facility,
      the
      term loan will become repayable in quarterly installments over a five year
      period and the committed amounts of the vessel acquisition facility and the
      working capital facility will be reduced quarterly over a five year period
      (with
      any excess borrowings becoming repayable at the time of reduction).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Borrowings
      under the term loan and the working capital facility will bear interest at
      an
      annual rate of LIBOR plus a margin of 0.70%. Borrowings under the vessel
      acquisition facility will bear interest at an annual rate of LIBOR plus a margin
      of 0.85%. To reduce our exposure to fluctuations in interest rates, we entered
      an interest rate swap on October 18, 2005, pursuant to which we fixed the
      interest rate for five years on the full amount of our term loan at 5.60%.
      We
      were required to pay a $1.5 million fee in connection with the arrangement
      of
      our credit facility (which we funded with a portion of the net proceeds from
      the
      IPO) and a commitment fee of 0.3% per annum, which will be payable quarterly
      in
      arrears, on the undrawn portion of the facility.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font><a name="RISK_FACTORS">RISK
      FACTORS</a></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">You
      should carefully consider the following information about risks, together with
      the other information contained in this prospectus, before making an investment
      in our common stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Our
      vessels call on ports located in countries that are subject to restrictions
      imposed by the U.S. government, which could be viewed negatively by investors
      and adversely affect the trading price of our common
      stock.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">From
      time
      to time, vessels in our fleet call on ports located in countries subject to
      sanctions and embargoes imposed by the U.S. government and countries identified
      by the U.S. government as state sponsors of terrorism. From January 1, 2006
      through March 31, 2007, vessels in our fleet have, while operating in pools,
      made five calls to ports in Iran and three calls to ports in Libya out of a
      total of 454 calls on worldwide ports. On June 30, 2006, Libya was removed
      from
      the U.S. government&#8217;s list of state sponsors of terrorism and is not subject to
      sanctions or embargoes, while Iran continues to be subject to sanctions and
      embargoes imposed by the U.S. government and is identified by the U.S.
      government as a state sponsor of terrorism. Although these sanctions and
      embargoes do not prevent our vessels from making calls to ports in these
      countries, potential investors could view such port calls negatively, which
      could adversely affect our reputation and the market for our common stock.
      Investor perception of the value of our common stock may be adversely affected
      by the consequences of war, the effects of terrorism, civil unrest and
      governmental actions in these and surrounding countries.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      have
      identified a number of other risk factors which you should consider before
      buying shares of our common stock. These risk factors are incorporated by
      reference into this prospectus from our annual report on Form 20-F filed with
      the Commission on April 5, 2007. For further details, see the section entitled
      &#8220;Where You Can Find Additional Information&#8221; on page 23 of this prospectus. In
      addition, you should also consider carefully the risks set forth under the
      heading &#8220;Risk Factors&#8221; in any prospectus supplement before investing in the
      shares of common stock offered by this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      the
      events discussed in the risk factors referred to above occur, our business,
      financial condition, results of operations or cash flows could be materially
      and
      adversely affected. In such a case, the market price of our common stock could
      decline. The risks described above, in our Annual Report and any prospectus
      supplement are not the only ones that may exist. Additional risks not currently
      known by us or that we deem immaterial may also impair our business
      operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font><a name="USE_OF_PROCEEDS">USE
      OF
      PROCEEDS</a></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      shares of our common stock being offered by this prospectus are solely for
      the
      account of the selling stockholder. We will not receive any proceeds from the
      sale of these shares of our common stock by the selling stockholder. The selling
      stockholder will pay brokerage fees, selling commission and underwriting
      discounts, if any, incurred in connection with disposing of the shares pursuant
      to this prospectus. Pursuant to a registration rights agreement that we entered
      into with the selling stockholder, the selling stockholder will also bear our
      costs, fees and expenses incurred in effecting the registration of the shares
      covered by this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font><a name="PRINCIPAL_AND_SELLING">PRINCIPAL
      AND SELLING STOCKHOLDERS</a></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      following table sets forth certain information regarding (i) the owners of
      more
      than 5% of our common stock that we are aware of, including the selling
      stockholder, OIN, and (ii) the total amount of common stock owned by all of
      our
      officers and directors, both individually and as a group.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Although
      the selling stockholder may offer for sale from time to time all, or a portion
      of, the shares pursuant to this prospectus, or an amendment or supplement
      thereto, the tabular information below assumes that all of the shares registered
      will be offered and sold by the selling stockholder. In addition, the selling
      stockholder may have sold, transferred or otherwise disposed of all or a portion
      of its shares since the date on which it provided us with information regarding
      its shares in transactions exempt from the registration requirements of the
      Securities Act of 1933, as amended. Information concerning the selling
      stockholder may change from time to time and, to the extent required, will
      be
      set forth in supplements or amendments to this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="#cceeff">
              <td valign="bottom" width="31%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td colspan="3" valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Shares
                    of</strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Common
                    Stock</strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Prior
                    to the Offering</strong></font></div>
                </div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Shares
                    of</strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Common
                    Stock</strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Offered
                    Hereby</strong></font></div>
                </div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td colspan="3" valign="bottom" width="21%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Shares
                    of</strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Common
                    Stock</strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Following
                    the Offering</strong></font></div>
                </div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" width="31%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Name</strong></font></div>
                </div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Number
                    of Shares</strong></font></div>
                </div>
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              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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                </div>
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              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Number
                    of Shares</strong></font></div>
                </div>
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              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Number
                    of Shares</strong></font></div>
                </div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Percent</strong></font></div>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="bottom" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Persons
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                  securities.</strong></font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="10%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="8%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="10%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="9%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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            <tr>
              <td align="justify" valign="bottom" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">OSG
                  International, Inc.(1)</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  8,751,500</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="8%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  29.17</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="11%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,751,500</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  0</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  0</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="bottom" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Scott
                  A. Bommer(2)</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  1,705,527</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="8%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  5.68</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="11%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  0</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  1,705,527</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  5.68</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="bottom" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Directors</strong></font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="10%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="8%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="10%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="9%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="bottom" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Erik
                  A. Lind(3)</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  7,976</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="8%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  *</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="11%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  0</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  7,976</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  *</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="bottom" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Randee
                  Day(3)</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  7,976</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="8%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  *</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="11%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  0</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  7,976</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  *</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="bottom" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Rolf
                  A. Wikborg(3)</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  7,976</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="8%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  *</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="11%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  0</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  7,976</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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            <tr>
              <td align="justify" valign="bottom" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Executive
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              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="10%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="8%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="10%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="9%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="bottom" width="31%" style="BORDER-BOTTOM: black">
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                  Jacob Diesen(4)</font></div>
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              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  33,383</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="8%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  *</font></div>
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              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="11%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  0</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  33,383</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  *</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="bottom" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Eirik
                  Ub&#248;e(5)</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  24,663</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="8%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  *</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="11%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  0</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  24,663</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  *</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="bottom" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Tom
                  R. Kjeldsberg(6)</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  8,218</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="8%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  *</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="11%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  0</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  8,218</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  *</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="bottom" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Directors
                  and executive officers as a group (6 persons)(7)</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  90,192</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="8%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  *</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="11%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  0</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="10%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  90,192</font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="bottom" width="9%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                  *</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">________________</font></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 27pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">*</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Less
                  than 1%</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(1)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
                were incorporated on April 14, 2005 in the Marshall Islands as a
                wholly
                owned subsidiary of OIN, which is a wholly owned subsidiary of OSG.
                The
                principal address of OIN is Trust Company Complex, Ajeltake Island,
                Ajeltake Road, Majuro, Marshall Islands
                MH96960.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(2)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Based
                on a Schedule 13G filed with the Commission on February 26, 2007
                by Scott
                A. Bommer, individually and (a) as managing member of SAB Capital
                Advisors, L.L.C., for itself and as the general partner of (i) SAB
                Capital
                Partners, L.P. and (ii) SAB Capital Partners II, L.P.; and (iii)
                SAB
                Overseas Master Fund, L.P.; and (b) as managing member of SAB Capital
                Management, L.L.C., for itself and as the general partner of SAB
                Capital
                Management, L.P. The address of the principal business office of
                each of
                these reporting persons is 712 Fifth Avenue, 42nd Floor, New York,
                NY
                10019.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">8</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(3)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Includes
                5,697 shares of restricted stock subject to vesting
                conditions.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(4)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Does
                not include 23,148 options with an exercise price of $12 per share
                and
                expiring on October 18, 2015 subject to vesting conditions. Includes
                25,129 shares of restricted stock subject to vesting
                conditions.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(5)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Does
                not include 23,148 options with an exercise price of $12 per share
                and
                expiring on October 18, 2015 subject to vesting conditions. Includes
                18,009 shares of restricted stock subject to vesting
                conditions.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(6)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Consists
                solely of 8,218 shares of restricted stock subject to vesting
                conditions.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(7)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Includes
                68,447 shares of restricted stock subject to vesting
                conditions.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      are
      registering the securities offered in this prospectus pursuant to the
      registration rights agreement with OIN, pursuant to which OIN has demand
      registration rights relating to the common stock that it holds, subject to
      the
      requirement that any demand registration made by OIN must cover at least 5%
      of
      our outstanding common stock. The registration rights agreement provides that
      OIN has the right to assign its rights under that agreement in connection with
      a
      transfer of its shares of common stock, provided that the transferee purchases
      at least 5% of our outstanding common stock in such transfer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">9</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font><a name="PLAN_OF_DISTRIBUTION">PLAN
      OF
      DISTRIBUTION</a></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      are
      registering for sale by the selling stockholder, from time to time, 8,751,500
      shares of our common stock. The selling stockholder may offer and sell, from
      time to time, some or all of the shares covered by this prospectus. We have
      registered the shares covered by this prospectus for offer and sale by the
      selling stockholder so that those shares may be freely sold to the public by
      the
      selling stockholder. Registration of the shares covered by this prospectus
      does
      not mean, however, that those shares necessarily will be offered or
      sold.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      selling stockholder may pledge or grant a security interest in some or all
      of
      the shares of common stock owned by it and, if it defaults in the performance
      of
      its secured obligations, the pledgees or secured parties may offer and sell
      the
      shares of common stock from time to time pursuant to this prospectus, or any
      amendment to this prospectus amending, if necessary, the list of selling
      stockholders to include the pledgee, transferee or other successors in interest
      as selling stockholders under this prospectus. The selling stockholder may
      also
      transfer and donate the shares of common stock in other circumstances, in which
      case the transferees, donees, pledgees or other successors in interest will
      be
      the selling beneficial owners for purposes of this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      selling stockholder will act independently of us in making decisions with
      respect to the timing, manner and size of each sale of shares pursuant to this
      prospectus. The selling stockholder may sell its shares covered by this
      prospectus from time to time, in one or more transactions, at market prices
      prevailing at the time of sale, at prices related to market prices, at a fixed
      price or prices subject to change, at varying prices determined at the time
      of
      sale or at negotiated prices, by a variety of methods including the
      following:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">on
                the New York Stock Exchange or any other national securities exchange
                or
                U.S. inter-dealer system of a registered national securities association
                on which our common stock may be listed or quoted at the time of
                sale;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">in
                the over-the-counter market;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">in
                privately negotiated transactions;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">in
                an exchange distribution in accordance with the rules of the applicable
                exchange;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">as
                settlement of short sales entered into after the date of the
                prospectus;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">through
                the writing or settlement of options or other hedging transactions,
                whether through an options exchange or
                otherwise;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">through
                broker-dealers, who may act as agents or
                principals;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">through
                sales &#8220;at the market&#8221; to or through a
                market-maker;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">in
                a block trade, in which a broker-dealer will attempt to sell a block
                of
                shares of common stock as agent but may position and resell a portion
                of
                the block as principal to facilitate the
                transaction;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">through
                one or more underwriters on a firm commitment or best-efforts
                basis;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">directly
                to one or more purchasers;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">through
                agents;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">10</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">in
                options transactions;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">over
                the internet;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">any
                other method permitted pursuant to applicable law;
                or</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">in
                any combination of the above.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
      effecting sales, brokers or dealers engaged by the selling stockholder may
      arrange for other brokers or dealers to participate. Broker-dealer transactions
      may include:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">purchases
                of the shares by a broker-dealer as principal and resales of the
                shares by
                the broker-dealer for its account pursuant to this
                prospectus;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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          <tr valign="top">
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              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ordinary
                brokerage transactions; or</font></div>
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          </tr>

      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">transactions
                in which the broker-dealer solicits
                purchasers.</font></div>
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          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
      addition, the selling stockholder may sell any shares covered by this prospectus
      in private transactions or under Rule 144 of the Securities Act of 1933, as
      amended, rather than pursuant to this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
      connection with the sale of shares covered by this prospectus, broker-dealers
      may receive commissions or other compensation from the selling stockholder
      in
      the form of commissions, discounts or concessions. Broker-dealers may also
      receive compensation from purchasers of the shares for whom they act as agents
      or to whom they sell as principals or both. Compensation as to a particular
      broker-dealer may be in excess of customary commissions or in amounts to be
      negotiated. In connection with any underwritten offering, underwriters may
      receive compensation in the form of discounts, concessions or commissions from
      the selling stockholder or from purchasers of the shares for whom they act
      as
      agents. Underwriters may sell the shares to or through dealers, and such dealers
      may receive compensation in the form of discounts, concessions or commissions
      from the underwriters and/or commissions from the purchasers for whom they
      may
      act as agents. The selling stockholder and any underwriters, broker-dealers
      or
      agents that participate in the distribution of the common shares may be deemed
      to be &#8220;underwriters&#8221; within the meaning of the Securities Act of 1933, as
      amended, and any profit on the sale of the shares by them and any discounts,
      commissions or concessions received by any of those underwriters, broker-dealers
      or agents may be deemed to be underwriting discounts and commissions under
      the
      Securities Act of 1933, as amended.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
      connection with the distribution of the shares covered by this prospectus or
      otherwise, the selling stockholder may enter into hedging transactions with
      broker-dealers or other financial institutions. In connection with such
      transactions, broker-dealers or other financial institutions may engage in
      short
      sales of our common stock in the course of hedging the positions they assume
      with the selling stockholder. The selling stockholder may also sell shares
      of
      our common stock short and deliver the shares offered by this prospectus to
      close out its short positions. The selling stockholder may also enter into
      option or other transactions with broker-dealers or other financial
      institutions, which require the delivery to such broker-dealer or other
      financial institution of shares offered by this prospectus, which shares such
      broker-dealer or other financial institution may resell pursuant to this
      prospectus, as supplemented or amended to reflect such transaction. The selling
      stockholder may also from time to time pledge its common shares pursuant to
      the
      margin provisions of its customer agreements with its brokers. Upon default
      by
      the selling shareholder, the broker may offer and sell such pledged common
      shares from time to time pursuant to this prospectus, as supplemented or amended
      to reflect such transaction.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">11</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">At
      any
      time a particular offer of the common shares covered by this prospectus is
      made,
      a revised prospectus or prospectus supplement, if required, will be distributed
      which will set forth the aggregate amount of shares covered by this prospectus
      being offered and the terms of the offering, including the name or names of
      any
      underwriters, dealers, brokers or agents, any discounts, commissions,
      concessions and other items constituting compensation from the selling
      stockholder and any discounts, commissions or concessions allowed or reallowed
      or paid to dealers. Such prospectus supplement, and, if necessary, a
      post-effective amendment to the registration statement of which this prospectus
      is a part, will be filed with the Commission to reflect the disclosure of
      additional information with respect to the distribution of the common shares
      covered by this prospectus. In order to comply with the securities laws of
      certain states, if applicable, the shares sold under this prospectus may only
      be
      sold through registered or licensed broker-dealers. In addition, in some states
      the shares may not be sold unless they have been registered or qualified for
      sale in the applicable state or an exemption from registration or qualification
      requirements is available and is complied with. We have informed the selling
      stockholder that the anti-manipulative provisions of Regulation M promulgated
      under the Securities Exchange Act of 1934, as amended, may apply to its sales
      of
      shares in the market and to the activities of the selling stockholder and its
      respective affiliates. The selling stockholder has advised us that it has not
      entered into any agreements, understandings or arrangements with any
      underwriters or broker-dealers regarding the sale of the shares, nor is there
      an
      underwriter or coordinating broker acting in connection with the proposed sale
      of the shares by the selling stockholder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
      connection with an underwritten offering, we and the selling stockholder would
      execute an underwriting agreement with an underwriter or underwriters. Unless
      otherwise indicated in the revised prospectus or applicable prospectus
      supplement, such underwriting agreement would provide that the obligations
      of
      the underwriter or underwriters are subject to certain conditions precedent
      and
      that the underwriter or underwriters with respect to a sale of the covered
      shares will be obligated to purchase all of the covered shares if any such
      shares are purchased. The selling stockholder may grant to the underwriter
      or
      underwriters an option to purchase additional shares of common stock at the
      public offering price, as may be set forth in the revised prospectus or
      applicable prospectus supplement. If the selling stockholder grants any such
      option, the terms of the option will be set forth in the revised prospectus
      or
      applicable prospectus supplement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Underwriters,
      agents, brokers or dealers may be entitled, pursuant to relevant agreements
      entered into with us and the selling stockholder, to indemnification by us
      and
      the selling stockholder against certain civil liabilities, including liabilities
      under the Securities Act of 1933, as amended, that may arise from any untrue
      statement or alleged untrue statement of a material fact, or any omission or
      alleged omission to state a material fact in this prospectus, any supplement
      or
      amendment hereto, or in the registration statement of which this prospectus
      forms a part, or to contribution with respect to payments which the
      underwriters, agents, brokers or dealers may be required to make.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Under
      our
      registration rights agreement with the selling stockholder, the selling
      stockholder has agreed to pay all of our expenses incident to the offering
      and
      sale of the shares covered by this prospectus. We have agreed to indemnify
      the
      selling stockholder, its controlling persons and its respective officers,
      directors, partners, employees, representatives and agents against certain
      losses, claims, damages, actions, expenses and other liabilities arising under
      the securities laws in connection with this offering. The selling stockholder
      has agreed, severally, to indemnify us, our officers and directors who sign
      the
      registration statement of which this prospectus forms a part against any losses,
      claims, damages, actions, expenses and other liabilities, arising under the
      securities laws in connection with this offering with respect to written
      information furnished to us by the selling stockholder for inclusion in the
      registration statement of which this prospectus forms a part (and up to the
      amount of the net proceeds received by the selling shareholder from sales of
      the
      shares giving rise to such obligations).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">12</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font><a name="EXPERTS">EXPERTS</a></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Our
      consolidated and predecessor combined financial statements appearing in our
      annual report on Form 20-F for the year ended December 31, 2006, have been
      audited by Ernst &amp; Young LLP, an independent registered public accounting
      firm, as set forth in their report thereon, included therein, and incorporated
      herein by reference. Such consolidated financial statements are incorporated
      herein by reference in reliance upon such report given on the authority of
      such
      firm as experts in accounting and auditing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font><a name="LEGAL_MATTERS">LEGAL
      MATTERS</a></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      validity of our common stock offered hereby and certain other matters relating
      to Marshall Islands law will be passed upon for us by Reeder &amp; Simpson P.C.
      Certain other legal matters relating to United States law will be passed upon
      for us by Cravath, Swaine &amp; Moore LLP, New York, New York. Certain legal
      matters will be passed upon for any underwriters, dealers or agents by Simpson
      Thacher &amp; Bartlett LLP, New York, New York.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font><a name="DISCLOSURE">DISCLOSURE
      OF
      COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT
      ISSUES</a></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Our
      bylaws provide that we shall, subject to the limitations contained in the
      Marshall Islands Business Corporation Act, as amended from time to time,
      indemnify all persons whom it may indemnify pursuant thereto.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      form
      of underwriting agreement, which is filed as Exhibit 1.1 to the registration
      statement of which this prospectus forms a part, provides that the underwriters
      to be named therein agree to indemnify us and hold us harmless, together with
      each of our directors, officers or controlling persons from and against certain
      liabilities, including liabilities arising under the Securities Act of 1933,
      as
      amended. This form of underwriting agreement also provides that such
      underwriters will contribute to amounts paid or payable by such indemnified
      persons as a result of certain liabilities under the Securities Act of 1933,
      as
      amended.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Insofar
      as indemnification for liabilities arising under the Securities Act of 1933,
      as
      amended, may be permitted to directors, officers or persons controlling the
      registrant pursuant to the foregoing provisions, the registrant has been
      informed that in the opinion of the Securities and Exchange Commission such
      indemnification is against public policy as expressed in the Act and is
      therefore unenforceable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">13</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font><a name="TAX_CONSIDERATIONS">TAX
      CONSIDERATIONS</a></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      following is a discussion of the material Marshall Islands and United States
      federal income tax considerations relevant to an investment decision by a
&#8220;United States Holder&#8221;, as that term is defined below, with respect to the
      acquisition, ownership and disposition of our common stock. This discussion
      does
      not purport to deal with the tax consequences of owning common stock to all
      categories of investors, some of which (such as financial institutions,
      regulated investment companies, real estate investment trusts, tax-exempt
      organizations, insurance companies, persons holding our common stock as part
      of
      a hedging, integrated, conversion or constructive sale transaction or a
      straddle, traders in securities that have elected the mark-to-market method
      of
      accounting for their securities, persons liable for alternative minimum tax,
      persons who are investors in pass-through entities, dealers in securities or
      currencies and investors whose functional currency is not the United States
      dollar) may be subject to special rules.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">WE
      RECOMMEND THAT YOU CONSULT YOUR OWN TAX ADVISORS CONCERNING THE OVERALL TAX
      CONSEQUENCES ARISING IN YOUR OWN PARTICULAR SITUATION UNDER UNITED STATES
      FEDERAL, STATE, LOCAL OR FOREIGN LAW OF THE OWNERSHIP OF COMMON
      STOCK.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Marshall
      Islands Tax Considerations</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      following are the material Marshall Islands tax consequences of our activities
      to us and stockholders of our common stock. We are incorporated in the Marshall
      Islands. Under current Marshall Islands law, we are not subject to tax on income
      or capital gains, and no Marshall Islands withholding tax will be imposed upon
      payments of dividends by us to our stockholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>United
      States Federal Income Tax Considerations</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">This
      discussion is based on the Internal Revenue Code of 1986, as amended (the
&#8220;Code&#8221;), Treasury regulations issued thereunder, published administrative
      interpretations of the Internal Revenue Service, or &#8220;IRS&#8221;, and judicial
      decisions as of the date hereof, all of which are subject to change at any
      time,
      possibly on a retroactive basis.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Taxation
      of Operating Income: In General</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Our
      subsidiaries have elected to be treated as disregarded entities for U.S. federal
      income tax purposes. As a result, for purposes of the discussion below, our
      subsidiaries are treated as branches of us rather than as separate
      corporations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Unless
      exempt from United States federal income taxation under the rules contained
      in
      Section&#160;883 of the Code (discussed below), a foreign corporation is subject
      to United States federal income taxation on its shipping income that is treated
      as derived from sources within the United States, referred to as &#8220;United States
      source shipping income.&#8221; For these purposes &#8220;shipping income&#8221; means any income
      that is derived from the use of vessels, from the hiring or leasing of vessels
      for use on a time, voyage or bareboat charter basis, from the participation
      in a
      pool, partnership, strategic alliance, joint operating agreement, code sharing
      arrangement or other joint venture it directly or indirectly owns or
      participates in that generates such income, or from the performance of services
      directly related to those uses. For tax purposes, United States source shipping
      income includes (i)&#160;50% of shipping income that is attributable to
      transportation that begins or ends, but that does not both begin and end, in
      the
      United States and (ii)&#160;100% of shipping income that is attributable to
      transportation that both begins and ends in the United States.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Shipping
        income attributable to transportation exclusively between non-United States
        ports will be considered to be 100% derived from sources outside the United
        States. Shipping income derived from sources outside the United States will
        not
        be subject to any United States federal income tax.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">14</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
      the
      absence of exemption from tax under Section&#160;883, our gross United States
      source shipping income would be subject to a 4% tax imposed without allowance
      for deductions as described below. We have not, nor do we believe we will engage
      in transportation that produces income which is considered to be 100% from
      sources within the United States.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Exemption
      of operating income from United States federal income taxation</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Under
      Section&#160;883 of the Code and the regulations thereunder, we will be exempt
      from United States federal income taxation on its United States source shipping
      income if:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">we
                are organized in a foreign country (the &#8220;country of organization&#8221;) that
                grants an &#8220;equivalent exemption&#8221; to corporations organized in the United
                States; and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">$</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">either</font></div>
            </td>
          </tr>

      </table>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>

      </table>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(A)
              <font style="DISPLAY: inline; FONT-SIZE: 10pt;">more than 50% of the
              value
              of our stock is owned, directly or indirectly, by individuals who are
              &#8220;residents&#8221; of our country of organization or of another foreign country
              that grants an &#8220;equivalent exemption&#8221; to corporations organized in the
              United States, referred to as the &#8220;50% Ownership Test,&#8221;
              or</font>&#160;</font></td>
          </tr>

      </table>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>

      </table>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(B)
              our stock is &#8220;primarily and regularly traded on an established securities
              market&#8221; in our country of organization, in another country that grants an
              &#8220;equivalent exemption&#8221; to United States corporations, or in the United
              States, referred to as the &#8220;Publicly-Traded
              Test&#8221;.&#160;</font></td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      Marshall Islands, the jurisdiction where we and our ship-owning subsidiaries
      are
      incorporated, grants an &#8220;equivalent exemption&#8221; to United States corporations.
      Therefore, we will be exempt from United States federal income taxation with
      respect to our United States source shipping income if either the 50% Ownership
      Test or the Publicly-Traded Test is met. As a result of the IPO, it is difficult
      to satisfy the 50% Ownership Test due to the widely-held ownership of our
      stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">As
      to the
      Publicly-Traded Test, the regulations under Code Section&#160;883 provide, in
      pertinent part, that stock of a foreign corporation will be considered to be
      &#8220;primarily traded&#8221; on an established securities market in a country if the
      number of shares of each class of stock that is traded during any taxable year
      on all established securities markets in that country exceeds the number of
      shares in each such class that is traded during that year on established
      securities markets in any other single country. We believe that our common
      stock, which is, and will continue to be, the sole class of our issued and
      outstanding stock, is, and will continue to be, &#8220;primarily traded&#8221; on the New
      York Stock Exchange, which is an established securities market for these
      purposes.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      Publicly-Traded Test also requires our common stock be &#8220;regularly traded&#8221; on an
      established securities market. Under the regulations, our common stock is
      considered to be &#8220;regularly traded&#8221; on an established securities market if one
      or more classes of our stock representing more than 50% of our outstanding
      shares, by both total combined voting power of all classes of stock entitled
      to
      vote and total value, are listed on the market, referred to as the &#8220;listing
      threshold.&#8221; The regulations further require that with respect to each class of
      stock relied upon to meet the listing threshold, (i)&#160;such class of stock is
      traded on the market, other than in minimal quantities, on at least 60&#160;days
      during the taxable year or 1/6 of the days in a short taxable year; and
      (ii)&#160;the aggregate number of shares of such class of stock traded on such
      market during the taxable year is at least 10% of the average number of shares
      of such class of stock outstanding during such year (as appropriately adjusted
      in the case of a short taxable year). We believe we satisfy, and will continue
      to satisfy, the <a name="page_dc4565_1_95">trading frequency and trading
      volume
      tests. However, even if we do not satisfy both tests, the regulations provide
      that the trading frequency and trading volume tests will be deemed satisfied
      if
      our common stock is traded on an established market in the United States and
      such stock is regularly quoted by dealers making a market in such stock. We
      believe this is, and will continue to be, the case.</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">15</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Notwithstanding
      the foregoing, a class of our stock will not be considered to be &#8220;regularly
      traded&#8221; on an established securities market for any taxable year in which 50% or
      more of the vote and value of the outstanding shares of such class are owned,
      actually or constructively under certain stock attribution rules, on more than
      half the days during the taxable year by persons who each own 5% or more of
      the
      value of such class of our outstanding stock, referred to as the &#8220;5 Percent
      Override Rule.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
      order
      to determine the persons who actually or constructively own 5% or more of our
      stock, or &#8220;5% Stockholders,&#8221; we are permitted to rely on those persons that are
      identified on Schedule&#160;13G and Schedule&#160;13D filings with the
      Commission as having a 5% or more beneficial interest in our common stock.
      In
      addition, an investment company identified on a Schedule&#160;13G or
      Schedule&#160;13D filing which is registered under the Investment Company Act of
      1940, as amended, will not be treated as a 5% Stockholder for such
      purposes.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
      the
      event the 5 Percent Override Rule is triggered, the 5 Percent Override Rule
      will
      nevertheless not apply if we can establish that among the closely-held group
      of
      5% Stockholders, there are sufficient 5% Stockholders that are considered to
      be
&#8220;qualified stockholders&#8221; for purposes of Section&#160;883 to preclude
      non-qualified 5% Stockholders in the closely-held group from owning 50% or
      more
      of each class of our stock for more than half the number of days during the
      taxable year.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">As
      of
      December 31, 2006, OIN owned approximately 44.5% of our common stock and was
      a
      5% Stockholder. Based on OIN's ownership and our review of the Commission
      filings discussed above, we believe that we satisfied the Publicly-Traded Test
      and were not subject to the 5 Percent Override Rule during 2006. We currently
      believe that we will continue to satisfy the Publicly-Traded Test, although
      no
      assurances can be given that this will be the case.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
      any
      year that the 5 Percent Override Rule is triggered with respect to us, we are
      eligible for the exemption from tax under Section&#160;883 only if we can
      nevertheless satisfy the Publicly-Traded Test (which requires, among other
      things, showing that the exception to the 5 Percent Override Rule applies)
      or if
      we can satisfy the 50% Ownership Test. In either case, we would have to satisfy
      certain substantiation requirements regarding the identity of our stockholders
      in order to qualify for the Section&#160;883 exemption. These requirements are
      onerous and there is no assurance that we would be able to satisfy
      them.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To
      the
      extent the benefits of Section&#160;883 are unavailable, our United States
      source shipping income, to the extent not considered to be &#8220;effectively
      connected&#8221; with the conduct of a United States trade or business, as described
      below, would be subject to a 4% tax imposed by Section&#160;887 of the Code on a
      gross basis, without the benefit of deductions. Since under the sourcing rules
      described above, no more than 50% of our shipping income would be treated as
      being United States source shipping income, the maximum effective rate of United
      States federal income tax on its shipping income would never exceed 2% under
      the
      4% gross basis tax regime.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To
      the
      extent the benefits of the Section&#160;883 exemption are unavailable and our
      United States source shipping income is considered to be &#8220;effectively connected&#8221;
with the conduct of a United States trade or business, as described below,
      any
      such &#8220;effectively connected&#8221; United States source shipping income, net of
      applicable deductions, would be subject to the United States federal corporate
      income tax currently imposed at rates of up to 35%. In addition, we may be
      subject to the 30% &#8220;branch profits&#8221; taxes on earnings effectively connected with
      the conduct of such trade or business, as determined after allowance for certain
      adjustments, and on certain interest paid or deemed paid attributable to the
      conduct of our United States trade or business.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">16</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Our
      United States source shipping income would be considered &#8220;effectively connected&#8221;
with the conduct of a United States trade or business only if:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">$</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">we
                had, or were considered to have, a fixed place of business in the
                United
                States involved in the earning of United States source shipping income;
                and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">substantially
                all of our United States source shipping income was attributable
                to
                regularly scheduled transportation, such as the operation of a vessel
                that
                followed a published schedule with repeated sailings at regular intervals
                between the same points for voyages that begin or end in the United
                States.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      do not
      have, nor will we permit circumstances that would result in having, any vessel
      sailing to or from the United States on a regularly scheduled basis. Based
      on
      the foregoing and on the expected mode of our shipping operations and other
      activities, we believe that none of our United States source shipping income
      is
      or will be &#8220;effectively connected&#8221; with the conduct of a United States trade or
      business.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>United
      States taxation of gain on sale of vessels</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Regardless
      of whether we qualify for exemption under Section&#160;883, we will not be
      subject to United States federal income taxation with respect to gain realized
      on a sale of a vessel, provided the sale is considered to occur outside of
      the
      United States under United States federal income tax principles. In general,
      a
      sale of a vessel will be considered to occur outside of the United States for
      this purpose if title to the vessel, and risk of loss with respect to the
      vessel, pass to the buyer outside of the United States. It is expected that
      any
      sale of a vessel will be considered to occur outside of the United
      States.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>United
      States Federal Income Taxation of &#8220;United States Holders&#8221;</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">As
      used
      herein, the term &#8220;United States Holder&#8221; means a beneficial owner of common stock
      that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">$</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">is
                an individual United States citizen or resident, a United States
                corporation or other United States entity taxable as a corporation,
                an
                estate the income of which is subject to United States federal income
                taxation regardless of its source, or a trust if a court within the
                United
                States is able to exercise primary jurisdiction over the administration
                of
                the trust and one or more United States persons have the authority
                to
                control all substantial decisions of the
                trust;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">owns
                our common stock as a capital asset;
                and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">owns
                less than 10% of our common stock for United States federal income
                tax
                purposes.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      a
      partnership holds our common stock, the tax treatment of a partner will
      generally depend upon the status of the partner and upon the activities of
      the
      partnership. If you are a partner in a partnership holding our common stock,
      we
      suggest that you consult your tax advisor.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Distributions</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Subject
      to the discussion of passive foreign investment companies (&#8220;PFICs&#8221;) below, any
      distributions made by us with respect to our common stock to a United States
      Holder will generally constitute dividends to the extent of its current or
      accumulated earnings and profits, as determined under United States federal
      income tax principles. Distributions in excess of such earnings and profits
      will
      be treated first as a nontaxable return of capital to the extent of the United
      States Holder's tax basis in his common stock on a dollar-for-dollar basis
      and
      thereafter as capital gain. Because we are not a United States corporation,
      United States Holders that are corporations will not be entitled to claim a
      dividends received deduction with respect to any distributions they receive
      from
      us. Dividends paid with respect to our common stock will generally be treated
      as
&#8220;passive income&#8221; for purposes of computing allowable foreign tax credits for
      United States foreign tax credit purposes.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">17</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Dividends
      paid on our common stock to a United States Holder who is an individual, trust
      or estate (a &#8220;United States Non-Corporate Holder&#8221;) will generally be treated as
&#8220;qualified dividend income&#8221; that is taxable to such United States Non-Corporate
      Holder at a preferential tax rate of 15% (through 2010) provided that
      (1)&#160;the common stock is readily tradable on an established securities
      market in the United States (such as the New York Stock Exchange); (2)&#160;we
      are not a PFIC for the taxable year during which the dividend is paid or the
      immediately preceding taxable year (see discussion below); (3)&#160;the United
      States Non-Corporate Holder has owned the common stock for more than
      60&#160;days in the 121-day period beginning 60&#160;days before the date on
      which the common stock becomes ex-dividend; and (4)&#160;the United States
      Non-Corporate Holder is not under an obligation to make related payments with
      respect to positions in substantially similar or related property. Special
      rules
      may apply to any &#8220;extraordinary dividend&#8221;&#8212;generally, a dividend in an amount
      which is equal to or in excess of 10% of a stockholder's adjusted basis in
      a
      share of common stock&#8212;paid by us. If we pay an &#8220;extraordinary dividend&#8221; on our
      common stock that is treated as &#8220;qualified dividend income,&#8221; then any loss
      derived by a United States Non-Corporate Holder from the sale or exchange of
      such common stock will be treated as long-term capital loss to the extent of
      such dividend. There is no assurance that any dividends paid on our common
      stock
      will be eligible for these preferential rates in the hands of a United States
      Non-Corporate Holder, although we believe that they will be so eligible provided
      that we are not a PFIC, as discussed below. Any dividends out of earnings and
      profits we pay which are not eligible for these preferential rates will be
      taxed
      at ordinary income rates in the hands of a United States Non-Corporate
      Holder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
      addition, even if we are not a PFIC, under proposed legislation, dividends
      of a
      corporation incorporated in a country without a &#8220;comprehensive income tax
      system&#8221; paid to United States Non-Corporate Holders would not be eligible for
      the 15% tax rate. Although the term &#8220;comprehensive income tax system&#8221; is not
      defined in the proposed legislation, we believe this rule would apply to us
      because we are incorporated in the Marshall Islands.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Sale,
      exchange or other disposition of common stock</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Provided
      that we are not a PFIC for any taxable year, a United States Holder generally
      will recognize taxable gain or loss upon a sale, exchange or other disposition
      of our common stock in an amount equal to the difference between the amount
      realized by the United States Holder from such sale, exchange or other
      disposition and the United States Holder's tax basis in such stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Such
      gain
      or loss will be treated as long-term capital gain or loss if the United States
      Holder's holding period is greater than one year at the time of the sale,
      exchange or other disposition. Such capital gain or loss will generally be
      treated as United States source income or loss, as applicable, for United States
      foreign tax credit purposes. Long-term capital gains of United States
      Non-Corporate Holders are eligible for reduced rates of taxation. A United
      States Holder's ability to deduct capital losses against ordinary income is
      subject to certain limitations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">18</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>PFIC
      status and significant tax consequences</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Special
      United States federal income tax rules apply to a United States Holder that
      holds stock in a foreign corporation classified as a PFIC for United States
      federal income tax purposes. In particular, United States Non-Corporate Holders
      will not be eligible for the 15% tax rate on qualified dividends. In general,
      we
      will be treated as a PFIC with respect to a United States Holder if, for any
      taxable year in which such holder held its common stock, either:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">$</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">at
                least 75% of our gross income for such taxable year consists of passive
                income (e.g., dividends, interest, capital gains and rents derived
                other
                than in the active conduct of a rental business),
                or</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">at
                least 50% of the average value of our assets during such taxable
                year
                produce, or are held for the production of, passive
                income.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Income
      earned, or deemed earned, by us in connection with the performance of services
      would not constitute passive income. By contrast, rental income would generally
      constitute &#8220;passive income&#8221; unless we were treated under specific rules as
      deriving our rental income in the active conduct of a trade or
      business.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Cravath,
      Swaine &amp; Moore LLP (&#8220;Tax Counsel&#8221;) provided us with an opinion dated January
      29, 2007, stating that it was more likely than not that we are not a PFIC.
      This
      opinion was based on our operations and certain representations made by OSG
      and
      ourselves, including representations that the terms of each Ship Management
      Agreement and time charter, taken as a whole, as well as certain specific terms
      in each agreement, were in accordance with normal commercial practice for
      agreements made at arm's length between unrelated parties. Based on the
      foregoing, Tax Counsel concluded that, although there was no legal authority
      directly on point, the gross income we derived from the time chartering
      activities of our subsidiaries more likely than not constituted services income,
      rather than rental income. Consequently, such income more likely than not did
      not constitute passive income, and the assets that we or our wholly owned
      subsidiaries owned and operated in connection with the production of such
      income, in particular, the vessels, more likely than not did not constitute
      passive assets for purposes of determining whether we were a PFIC. Tax Counsel
      stated that there was legal authority supporting its position, consisting of
      case law and IRS pronouncements, concerning the characterization of income
      derived from time charters as services income for other tax purposes. However,
      there was no legal authority specifically relating to the statutory provisions
      governing PFICs or relating to circumstances substantially similar to that
      of
      us. In addition, the opinion of Tax Counsel was based on representations of
      OSG
      and ourselves that were not reviewed by the IRS. As a result, the IRS or a
      court
      could disagree with our position. No assurance can be given that this result
      will not occur. We have not materially changed our operations since the time
      the
      opinion was given, and believe that the representations given to Tax Counsel
      at
      the time of the opinion remain true and accurate. We expect that, in connection
      with the closing of each offering under this prospectus, Tax Counsel will issue
      an opinion in form and substance substantially similar to the opinion issued
      by
      Tax Counsel on January 29, 2007. We therefore believe that we have not been,
      and
      are not currently, a PFIC. In addition, although we intend to conduct our
      affairs in a manner to avoid, to the extent possible, being classified as a
      PFIC
      with respect to any taxable year, we cannot assure you that the nature of our
      operations will not change in the future, or that we can avoid PFIC status
      in
      the future.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">As
      discussed more fully below, if we were treated as a PFIC for any taxable year,
      a
      United States Holder would be subject to different taxation rules depending
      on
      whether the United States Holder made an election to treat us as a &#8220;Qualified
      Electing Fund,&#8221; which election is referred to as a &#8220;QEF election.&#8221; As an
      alternative to making a QEF election, a United States Holder should be able
      to
      make a "mark-to-market" election with respect to our common stock, as discussed
      below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">19</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Taxation
      of United States Holders making a timely QEF election</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      we
      were a PFIC and a United States Holder made a timely QEF election, which United
      States Holder is referred to as an &#8220;Electing Holder,&#8221; the Electing Holder would
      report each year for United States federal income tax purposes its pro rata
      share of our ordinary earnings and our net capital gain (which gain shall not
      exceed our earnings and profits for the taxable year), if any, for our taxable
      year that ends with or within the taxable year of the Electing Holder,
      regardless of whether or not distributions were received from us by the Electing
      Holder. Any such ordinary income would not be eligible for the preferential
      tax
      rates applicable to qualified dividend income as discussed above. The Electing
      Holder's adjusted tax basis in the common stock would be increased to reflect
      taxed but undistributed earnings and profits. Distributions of earnings and
      profits that had been previously taxed would, pursuant to this election, result
      in a corresponding reduction in the adjusted tax basis in the common stock
      and
      would not be taxed again once distributed. An Electing Holder would not,
      however, be entitled to a deduction for its pro rata share of any losses that
      we
      incurred with respect to any year. An Electing Holder would generally recognize
      capital gain or loss on the sale, exchange or other disposition of our common
      stock. A United States Holder would make a QEF election with respect to any
      year
      that we are a PFIC by filing one copy of IRS Form&#160;8621 with his United
      States federal income tax return. If we were treated as a PFIC for any taxable
      year, we would provide each United States Holder with all necessary information
      in order to make the QEF election described above. Even if a United States
      Holder makes a QEF election for one of our taxable years, if we were a PFIC
      for
      a prior taxable year during which the holder was a stockholder and for which
      the
      holder did not make a timely QEF election, different and more adverse tax
      consequences would apply.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Taxation
      of United States Holders making a "mark-to-market" election</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Alternatively,
      if we were treated as a PFIC for any taxable year and, as we believe, our stock
      is treated as &#8220;marketable stock,&#8221; a United States Holder would be allowed to
      make a &#8220;mark-to-market&#8221; election with respect to our common stock, provided the
      United States Holder completes and files IRS Form&#160;8621 in accordance with
      the relevant instructions and related Treasury regulations. If that election
      is
      made, the United States Holder generally would include as ordinary income in
      each taxable year the excess, if any, of the fair market value of the common
      stock at the end of the taxable year over such holder's adjusted tax basis
      in
      the common stock. The United States Holder would also be permitted an ordinary
      loss in respect of the excess, if any, of the United States Holder's adjusted
      tax basis in the common stock over its fair market value at the end of the
      taxable year, but only to the extent of the net amount previously included
      in
      income as a result of the mark-to-market election. A United States Holder's
      tax
      basis in his common stock would be adjusted to reflect any such income or loss
      amount. Gain realized on the sale, exchange or other disposition of our common
      stock would be treated as ordinary income, and any loss realized on the sale,
      exchange or other disposition of the common stock would be treated as ordinary
      loss to the extent that such loss does not exceed the net mark-to-market gains
      previously included by the United States Holder in income.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Taxation
      of United States Holders not making a timely QEF or <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman;">&#8220;</font>mark-to-market&#8221;
      election</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Finally,
      if we were treated as a PFIC for any taxable year, a United States Holder who
      does not make either a QEF election or a "mark-to-market" election for that
      year, referred to as a &#8220;Non-Electing Holder,&#8221; would be subject to special rules
      with respect to (1)&#160;any excess distribution (i.e., the portion of any
      distributions received by the Non-Electing Holder on our common stock in a
      taxable year in excess of 125% of the average annual distributions received
      by
      the Non-Electing Holder in the three preceding taxable years, or, if shorter,
      the Non-Electing Holder's holding period for the common stock), and (2)&#160;any
      gain realized on the sale, exchange or other disposition of our common stock.
      Under these special rules:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">$</font>&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">the
                excess distribution or gain would be allocated ratably over the
                Non-Electing Holder's aggregate holding period for the common
                stock;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">20</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      <div id="HDR">
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">the
                amount allocated to the current taxable year and any taxable year
                prior to
                the first taxable year in which we were a PFIC during the Non-Electing
                Holder's holding period, would be taxed as ordinary income;
                and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">the
                amount allocated to each of the other taxable years would be subject
                to
                tax at the highest rate of tax in effect for the applicable class
                of
                taxpayer for that year, and an interest charge for the deemed deferral
                benefit would be imposed with respect to the resulting tax attributable
                to
                each such other taxable year.</font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">These
      penalties would not apply to a qualified pension, profit sharing or other
      retirement trust or other tax-exempt organization that did not borrow money
      or
      otherwise utilize leverage in connection with its acquisition of our common
      stock. If we were a PFIC and a Non-Electing Holder who was an individual died
      while owning our common stock, such holder's successor generally would not
      receive a step-up in tax basis with respect to such stock. Certain of these
      rules would apply to a United States Holder who made a QEF election for one
      of
      our taxable years if it were a PFIC in a prior taxable year during which the
      holder was a stockholder and for which the holder did not make a QEF
      election.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>United
      States Federal Income Taxation of "Non-United States
      Holders"</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">A
      beneficial owner of common stock (other than a partnership) that is not a United
      States Holder is referred to herein as a "Non-United States
      Holder."</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Dividends
      on common stock</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Non-United
      States Holders generally will not be subject to United States federal income
      tax
      or withholding tax on dividends received from us with respect to our common
      stock, unless that dividend income is effectively connected with the Non-United
      States Holder's conduct of a trade or business in the United States. If the
      Non-United States Holder is entitled to the benefits of a United States income
      tax treaty with respect to those dividends, that income is taxable only if
      it is
      attributable to a permanent establishment maintained by the Non-United States
      Holder in the United States.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Sale,
      exchange or other disposition of common stock</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Non-United
      States Holders generally will not be subject to United States federal income
      tax
      or withholding tax on any gain realized upon the sale, exchange or other
      disposition of our common stock, unless:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">$</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">the
                gain is effectively connected with the Non-United States Holder's
                conduct
                of a trade or business in the United States (and, if the Non-United
                States
                Holder is entitled to the benefits of an income tax treaty with respect
                to
                that gain, that gain is attributable to a permanent establishment
                maintained by the Non-United States Holder in the United States);
                or</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">the
                Non-United States Holder is an individual who is present in the United
                States for 183&#160;days or more during the taxable year of disposition
                and other conditions are met.</font></div>
            </td>
          </tr>

      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      the
      Non-United States Holder is engaged in a United States trade or business for
      United States federal income tax purposes, the income from the common stock,
      including dividends and the gain from the sale, exchange or other disposition
      of
      the stock, that is effectively connected with the conduct of that trade or
      business will generally be subject to regular United States federal income
      tax
      in the same manner as discussed in the previous section relating to the taxation
      of United States Holders. In addition, if you are a corporate Non-United States
      Holder, your earnings and profits that are attributable to the effectively
      connected income, which are subject to certain adjustments, may be subject
      to an
      additional branch profits tax at a rate of 30%, or at a lower rate as may be
      specified by an applicable income tax treaty.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">21</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Backup
      Withholding and Information Reporting</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
      general, dividend payments, or other taxable distributions, made within the
      United States to you will be subject to information reporting requirements
      if
      you are a non-corporate United States Holder. Such payments or distributions
      may
      also be subject to backup withholding tax if you are a non-corporate United
      States Holder and you:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">$</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">fail
                to provide an accurate taxpayer identification
                number;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">are
                notified by the IRS that you have failed to report all interest or
                dividends required to be shown on your federal income tax returns;
                or</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">in
                certain circumstances, fail to comply with applicable certification
                requirements.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Non-United
      States Holders may be required to establish their exemption from information
      reporting and backup withholding by certifying their status on IRS
      Form&#160;W-8BEN, W-8ECI or W-8IMY, as applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      you
      are a Non-United States Holder and you sell our common stock to or through
      a
      United States office of a broker, the payment of the proceeds is subject to
      both
      United States backup withholding and information reporting unless you certify
      that you are a non-United States person, under penalties of perjury, or you
      otherwise establish an exemption. If you sell our common stock through a
      non-United States office of a non-United States broker and the sales proceeds
      are paid to you outside the United States, then information reporting and backup
      withholding generally will not apply to that payment. However, United States
      information reporting requirements, but not backup withholding, will apply
      to a
      payment of sales proceeds, even if that payment is made to you outside the
      United States, if you sell our common stock through a non-United States office
      of a broker that is a United States person or has some other contacts with
      the
      United States. Such information reporting requirements will not apply, however,
      if the broker has documentary evidence in its records that you are a non-United
      States person and certain other conditions are met, or you otherwise establish
      an exemption.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Backup
      withholding tax is not an additional tax. Rather, you generally may obtain
      a
      refund of any amounts withheld under backup withholding rules that exceed your
      income tax liability by filing a refund claim with the IRS.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">22</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font><a name="WHERE_YOU">WHERE
      YOU CAN FIND
      ADDITIONAL INFORMATION</a></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      filed
      with the Commission a registration statement on Form F-3 under the Securities
      Act of 1933, as amended, with respect to the offer and sale of common stock
      pursuant to this prospectus. This prospectus, filed as a part of the
      registration statement, does not contain all of the information set forth in
      the
      registration statement or the exhibits and schedules thereto in accordance
      with
      the rules and regulations of the Commission and no reference is hereby made
      to
      such omitted information. Statements made in this prospectus concerning the
      contents of any contract, agreement or other document filed as an exhibit to
      the
      registration statement are summaries of all of the material terms of such
      contracts, agreements or documents, but do not repeat all of their terms.
      Reference is made to each such exhibit for a more complete description of the
      matters involved and such statements shall be deemed qualified in their entirety
      by such reference. The registration statement and the exhibits and schedules
      thereto filed with the Commission may be inspected, without charge, and copies
      may be obtained at prescribed rates, at the public reference facility maintained
      by the Commission at its principal office at 100 F Street, N.E., Washington,
      D.C. 20549. You may obtain information on the operation of the public reference
      facility by calling 1-800-SEC-0330. The Commission also maintains a website
      (http://www.sec.gov) that contains reports, proxy and information statements
      and
      other information regarding registrants that file electronically with the
      Commission. For further information pertaining to the common stock offered
      by
      this prospectus and Double Hull Tankers, Inc. reference is made to the
      registration statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      are
      subject to the information and periodic reporting requirements of the Securities
      Exchange Act of 1934, as amended, and we file periodic reports and other
      information with the Commission. These periodic reports and other information
      are available for inspection and copying at the Commission&#8217;s public reference
      facilities and the web site of the Commission referred to above. As a &#8220;foreign
      private issuer&#8221;, we are exempt from the rules under the Securities Exchange Act
      of 1934, as amended, prescribing the furnishing and content of proxy statements
      to stockholders, but we are required to furnish certain proxy statements to
      stockholders under New York Stock Exchange rules. Those proxy statements are
      not
      expected to conform to Schedule 14A of the proxy rules promulgated under the
      Securities Exchange Act of 1934, as amended. In addition, as a &#8220;foreign private
      issuer&#8221;, we are exempt from the rules under the Securities Exchange Act of 1934,
      as amended, relating to short swing profit reporting and liability.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      Commission allows us to &#8220;incorporate by reference&#8221; information that we file with
      it. This means that we can disclose important information to you by referring
      you to those filed documents. The information incorporated by reference is
      considered to be a part of this prospectus, and information that we file later
      with the Commission prior to the termination of this offering will also be
      considered to be part of this prospectus and will automatically update and
      supersede previously filed information, including information contained in
      this
      document.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      incorporate by reference the documents listed below and any future filings
      made
      with the Commission under Section 13(a), 13(c), 14 or 15(d) of the Securities
      Exchange Act of 1934, as amended: (i)&#160;Annual Report on Form 20-F for the
      year ended December 31, 2006, filed with the Commission on April 5, 2007, which
      contains audited consolidated financial statements for the most recent fiscal
      year for which those statements have been filed, (ii) Financial Statements
      for
      the quarter ended March 31, 2007, filed with the Commission on Form 6-K on
      May
      22, 2007, (iii) Amendments to the Ship Management Agreements on Form 6-K, filed
      with the Commission on May 17, 2007 and (iv) the Registration Statement on
      Form
      8-A, filed with the Commission on October 7, 2005.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      are
      also incorporating by reference all subsequent annual reports on Form 20-F
      that
      we file with the Commission and certain reports on Form 6-K that we furnish
      to
      the Commission after the date of this prospectus (if they state that they are
      incorporated by reference into this prospectus) until we file a post-effective
      amendment indicating that the offering of the securities made by this prospectus
      has been terminated. In all cases, you should rely on the later information
      over
      different information included in this prospectus or the prospectus
      supplement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">23</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      will
      provide, free of charge upon written or oral request, to each person to whom
      this prospectus is delivered, including any beneficial owner of the securities,
      a copy of any or all of the information that has been incorporated by reference
      into this prospectus, but which has not been delivered with the
      prospectus.&#160;&#160;Requests for such information should be made to us at the
      following address:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">26
      New
      Street</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">St.
      Helier</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Jersey
      JE23RA</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Channel
      Islands</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Phone
      +44
      (0) 1534 639759</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Email
      info@dhtankers.com</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">You
      should assume that the information appearing in this prospectus and any
      accompanying prospectus supplement as well as the information we previously
      filed with the Commission and incorporated by reference, is accurate as of
      the
      dates on the front cover of those documents only. Our business, financial
      condition and results of operations and prospects may have changed since those
      dates.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">24</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font><a name="CAUTIONARY">CAUTIONARY
      STATEMENT
      REGARDING FORWARD-LOOKING STATEMENTS</a></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">This
      prospectus contains assumptions, expectations, projections, intentions and
      beliefs about future events. When used in this document, words such as
&#8220;believe,&#8221; &#8220;intend,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;forecast,&#8221; &#8220;plan,&#8221;
&#8220;potential,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; and &#8220;expect&#8221; and similar expressions are
      intended to identify forward-looking statements, but are not the exclusive
      means
      of identifying such statements. These statements are intended as
&#8220;forward-looking statements.&#8221; We may also from time to time make forward-looking
      statements in our periodic reports that we will file with the Commission, other
      information sent to our security holders, and other written materials. We
      caution that assumptions, expectations, projections, intentions and beliefs
      about future events may and often do vary from actual results and the
      differences can be material. The reasons for this include the risks,
      uncertainties and factors described under the section of this prospectus
      entitled &#8220;Risk Factors&#8221; on page 7 of this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">All
      statements in this document that are not statements of historical fact are
      forward-looking statements. Forward-looking statements include, but are not
      limited to, such matters as:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

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            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">future
                payments of dividends and the availability of cash for payment of
                dividends;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">future
                operating or financial results, including with respect to the amount
                of
                basic hire and additional hire that we may
                receive;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">statements
                about future, pending or recent acquisitions, business strategy,
                areas of
                possible expansion and expected capital spending or operating
                expenses;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">statements
                about tanker industry trends, including charter rates and vessel
                values
                and factors affecting vessel supply and
                demand;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

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            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">expectations
                about the availability of vessels to purchase, the time which it
                may take
                to construct new vessels or vessels&#8217; useful
                lives;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">expectations
                about the availability of insurance on commercially reasonable
                terms;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

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            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">our
                ability to repay our credit facility, to obtain additional financing
                and
                to obtain replacement charters for our
                vessels;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">assumptions
                regarding interest rates;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">changes
                in production of or demand for oil and petroleum products, either
                globally
                or in particular regions;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

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            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">greater
                than anticipated levels of newbuilding orders or less than anticipated
                rates of scrapping of older
                vessels;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">changes
                in trading patterns for particular commodities significantly impacting
                overall tonnage requirements;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

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            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">change
                in the rate of growth of the world and various regional
                economies;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">risks
                incident to vessel operation, including discharge of pollutants;
                and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">25</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="WP TypographicSymbols">$&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">unanticipated
                changes in laws and regulations.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      undertake no obligation to publicly update or revise any forward-looking
      statements contained in this prospectus, whether as a result of new information,
      future events or otherwise, except as required by law. In light of these risks,
      uncertainties and assumptions, the forward-looking events discussed in this
      prospectus might not occur, and our actual results could differ materially
      from
      those anticipated in these forward-looking statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">26</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>PART
      II</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>INFORMATION
      NOT REQUIRED IN PROSPECTUS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      8.&#160;&#160;Indemnification of Directors and Officers.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Our
      bylaws provide that we shall, subject to the limitations contained in the
      Marshall Islands Business Corporation Act, as amended from time to time,
      indemnify all persons whom it may indemnify pursuant thereto.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      form
      of underwriting agreement, which is filed as Exhibit 1.1 to this registration
      statement, provides that the underwriters to be named therein agree to indemnify
      us and hold us harmless, together with each of our directors, officers and
      controlling persons from and against certain liabilities, including liabilities
      arising under the Securities Act of 1933, as amended. This form of underwriting
      agreement also provides that such underwriters will contribute to amounts paid
      or payable by such indemnified persons as a result of certain liabilities under
      the Securities Act of 1933, as amended.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt;">II-1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      9.&#160;&#160;Exhibits.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      exhibits listed in the following table have been filed as part of this
      registration statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white" style="LINE-HEIGHT: 1.5;">
            <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Number</strong></font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Exhibit
                Description</strong></font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="ex1-1.htm">1.1</a></font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="ex1-1.htm">&#160;</a></font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="ex1-1.htm">Form
                of Underwriting Agreement</a>*</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">3.1</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Amended
                and Restated Articles of Incorporation of Double Hull Tankers,
                Inc.**</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">3.2</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Bylaws
                of Double Hull Tankers, Inc.***</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">4.2</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Registration
                Rights Agreement**</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="ex5-1.htm">5.1</a></font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="ex5-1.htm">&#160;</a></font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="ex5-1.htm">Opinion
                of Reeder &amp; Simpson
                P.C.</a>*</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="ex8-1.htm">8.1</a></font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="ex8-1.htm">&#160;</a></font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="ex8-1.htm">Tax
                Opinion of Cravath, Swaine &amp; Moore
                LLP*</a></font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.1</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Form
                of Credit Agreement**</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.2.1</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Time
                Charter&#8212;<em>Overseas Ann</em>**</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.2.2</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Time
                Charter&#8212;<em>Overseas Chris</em>**</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.2.3</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Time
                Charter&#8212;<em>Overseas Regal</em>**</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.2.4</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Time
                Charter&#8212;<em>Overseas Cathy</em>**</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.2.5</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Time
                Charter&#8212;<em>Overseas Sophie</em>**</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.2.6</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Time
                Charter&#8212;<em>Overseas Rebecca</em>**</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.2.7</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Time
                Charter&#8212;<em>Overseas Ania</em>**</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.3.1</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Ship
                Management Agreement&#8212;<em>Overseas Ann</em>**</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.3.3</font></div>
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                Management Agreement &#8212;<em>Overseas Regal</em>**</font></div>
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          <tr style="LINE-HEIGHT: 1.5;">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.3.5</font></div>
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          <tr bgcolor="white" style="LINE-HEIGHT: 1.5;">
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          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.3.7</font></div>
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                Management Agreement &#8212;<em>Overseas Ania</em>**</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
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            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.4.2</font></div>
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            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Amendment
                to Ship Management Agreement&#8212;<em>Overseas
                Chris</em>*****</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.4.3</font></div>
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            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                to Ship Management Agreement&#8212;<em>Overseas
                Regal</em>*****</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.4.4</font></div>
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            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                to Ship Management Agreement&#8212;<em>Overseas
                Cathy</em>*****</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.4.5</font></div>
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            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                to Ship Management Agreement&#8212;<em>Overseas
                Sophie</em>*****</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.4.6</font></div>
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            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Amendment
                to Ship Management Agreement&#8212;<em>Overseas
                Rebecca</em>*****</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.4.7</font></div>
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            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Amendment
                to Ship Management Agreement&#8212;<em>Overseas
                Ania</em>*****</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.5</font></div>
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            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Charter
                Framework Agreement**</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.6</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">OSG
                Guaranty of Charterers&#8217; Payments under Charters and Charter Framework
                Agreement**</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt;">II-2</font></div>
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      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Number</strong>&#160;</font></div>
            </td>
            <td width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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              Description</strong>&#160;</font></td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.7</font></div>
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            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
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            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.8</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Double
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                Charters**</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.9</font></div>
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            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
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                of Indemnity Agreement among OSG, OIN and certain subsidiaries of
                DHT
                related to existing recommendations**</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.10</font></div>
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            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Employment
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            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.10.1</font></div>
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            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Indemnification
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            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.11</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Employment
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            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.11.1</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Indemnification
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            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.12</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Employment
                Agreement of Tom R. Kjeldsberg***</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.13</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">2005
                Incentive Compensation Plan**</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">21.1</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">List
                of subsidiaries of Double Hull Tankers, Inc.**</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="ex23-1.htm">23.1</a></font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="ex23-1.htm">&#160;</a></font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="ex23-1.htm">Consent
                of Ernst &amp; Young LLP, independent registered
                public accounting firm*</a></font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">23.2</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Consent
                of Cravath, Swaine &amp; Moore LLP (contained in Exhibit
                8.1)*</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">23.3</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Consent
                of Reeder &amp; Simpson P.C. (contained in Exhibit
                5.1)*</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">24.1</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Powers
                of Attorney (included on signature page)*</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">*</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Filed
                herewith.</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">**</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Incorporated
                by reference to the Registration Statement filed on Form F-1 originally
                filed on September 21, 2005 (Registration No.&#160;333-128460), as
                amended.</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">***</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Incorporated
                by reference to the Annual Report on Form&#160;20-F for the fiscal year
                ended December 31, 2006 filed on April&#160;5, 2007.</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">****</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Incorporated
                by reference to the Annual Report on Form 20-F for the fiscal year
                ended
                December 31, 2005 filed on May&#160;19, 2006.</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.5;">
            <td align="right" valign="top" width="7%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">*****</font></div>
            </td>
            <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="60%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Incorporated
                by reference to the Form&#160;6-K filed on May&#160;17,
                2007.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt;">II-3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      10.&#160;&#160;Undertakings.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      undersigned registrant hereby undertakes:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(1)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To
                file, during any period in which offers or sales are being made,
                a
                post-effective amendment to this registration statement, unless the
                information required to be included is contained in reports filed
                with or
                furnished to the Commission <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">b</font>y
                the registrant pursuant to section 13 or section 15(d) of the Securities
                Exchange Act of 1934 that are incorporated by reference in this
                registration statement or is contained in a form of prospectus filed
                pursuant to Rule 424(b) under the Securities Act of 1933, as amended,
                that
                is part of this registration
                statement:</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(i)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To
                include any prospectus required by Section 10(a)(3) of the Securities
                Act
                of 1933, as amended;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(ii)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To
                reflect in the prospectus any facts or events arising after the effective
                date of the registration statement (or the most recent post-effective
                amendment thereof) which, individually or in the aggregate, represent
                a
                fundamental change in the information set forth in the registration
                statement. Notwithstanding the foregoing, any increase or decrease
                in
                volume of securities offered (if the total dollar value of securities
                offered would not exceed that which was registered) and any deviation
                from
                the low or high end of the estimated maximum offering range may be
                reflected in the form of prospectus filed with the Commission pursuant
                to
                Rule 424(b) if, in the aggregate, the changes in volume and price
                represent no more than 20 percent change in the maximum aggregate
                offering
                price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the
                effective registration statement;
                and;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(iii)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To
                include any material information with respect to the plan of distribution
                not previously disclosed in the registration statement or any material
                change to such information in the registration
                statement.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(2)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">That,
                for the purpose of determining any liability under the Securities
                Act of
                1933, as amended, each such post-effective amendment shall be deemed
                to be
                a new registration statement relating to the securities offered therein,
                and the offering of such securities at that time shall be deemed
                to be the
                initial bona fide offering thereof.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(3)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To
                remove from registration by means of a post-effective amendment any
                of the
                securities being registered which remain unsold at the termination
                of the
                offering.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(4)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To
                file a post-effective amendment to the registration statement to
                include
                any financial statements required by Item 8.A. of Form 20-F at the
                start
                of any delayed offering or throughout a continuous offering. Financial
                statements and information otherwise required by Section 10(a)(3)
                of the
                Securities Act of 1933, as amended, need not be furnished, provided,
                that
                the registrant includes in the prospectus, by means of a post-effective
                amendment, financial statements required pursuant to this paragraph
                (a)(4)
                and other information necessary to ensure that all other information
                in
                the prospectus is at least as current as the date of those financial
                statements. Notwithstanding the foregoing, with respect to registration
                statements on Form F-3, a post-effective amendment need not be filed
                to
                include financial statements and information required by Section
                10(a)(3)
                of the Securities Act of 1933, as amended, or Rule 3-19 under the
                Securities Act of 1933, as amended, if such financial statements
                and
                information are contained in periodic reports filed with or furnished
                to
                the Commission by the registrant pursuant to Section 13 or Section
                15(d)
                of the Securities Exchange Act of 1934, as amended, that are incorporated
                by reference in the Form&#160;F-3.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt;">II-4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(5)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">That,
                for the purpose of determining liability under the Securities Act
                of 1933,
                as amended, to any purchaser:</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 71.5pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(i)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Each
                prospectus filed by the registrant pursuant to Rule 424(b)(3) shall
                be
                deemed to be part of this registration statement as of the date the
                filed
                prospectus was deemed part of and included in this registration
                statement.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 71.5pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 45pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(ii)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Each
                prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5),
                or
                (b)(7) as part of this registration statement for the purpose of
                providing
                the information required by section 10(a) of the Securities Act of
                1933,
                as amended, shall be deemed to be part of and included in this
                registration statement as of the earlier of the date such form of
                prospectus is first used after effectiveness or the date of the first
                contract of sale of securities in the offering described in the
                prospectus. As provided in Rule 430B, for liability purposes of the
                issuer
                and any person that is at that date an underwriter, such date shall
                be
                deemed to be a new effective date of the registration statement relating
                to the securities in the registration statement to which that prospectus
                relates, and the offering of such securities at that time shall be
                deemed
                to be the initial bona fide offering thereof. Provided, however,
                that no
                statement made in a registration statement or prospectus that is
                part of
                the registration statement or made in a document incorporated or
                deemed
                incorporated by reference into the registration statement or prospectus
                that is part of the registration statement will, as to a purchaser
                with a
                time of contract of sale prior to such effective date, supersede
                or modify
                any statement that was made in the registration statement or prospectus
                that was part of the registration statement or made in any such document
                immediately prior to such effective
                date.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(6)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">That,
                for the purpose of determining liability of the registrant under
                the
                Securities Act of 1933, as amended, to any purchaser in the initial
                distribution of the securities: the undersigned registrant undertakes
                that
                in a primary offering of securities of the undersigned registrant
                pursuant
                to this registration statement, regardless of the underwriting method
                used
                to sell the securities to the purchaser, if the securities are offered
                or
                sold to such purchaser by means of any of the following communications,
                the undersigned registrant will be a seller to the purchaser and
                will be
                considered to offer or sell such securities to such
                purchaser:</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(i)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Any
                preliminary prospectus or prospectus of the undersigned registrant
                relating to the offering required to be filed pursuant to Rule
                424;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(ii)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Any
                free writing prospectus relating to the offering prepared by or on
                behalf
                of the undersigned registrant or used or referred to by the undersigned
                registrant;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(iii)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
                portion of any other free writing prospectus relating to the offering
                containing material information about the undersigned registrant
                or its
                securities provided by or on behalf of the undersigned registrant;
                and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(iv)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Any
                other communication that is an offer in the offering made by the
                undersigned registrant to the
                purchaser.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt;">II-5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(7)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
                undersigned registrant hereby undertakes that, for purposes of determining
                any liability under the Securities Act of 1933, as amended, each
                filing of
                the registrant&#8217;s annual report pursuant to Section 13(a) or 15(d) of the
                Securities Exchange Act of 1934, as amended, (and, where applicable,
                each
                filing of an employee benefit plan&#8217;s annual report pursuant to Section
                15(d) of the Securities Exchange Act of 1934, as amended) that is
                incorporated by reference in the registration statement shall be
                deemed to
                be a new registration statement relating to the securities offered
                therein, and the offering of such securities at that time shall be
                deemed
                to be the initial bona fide offering
                thereof.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(8)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
                undersigned registrant hereby undertakes to deliver or cause to be
                delivered with the prospectus, to each person to whom the prospectus
                is
                sent or given, the latest annual report to security holders that
                is
                incorporated by reference in the prospectus and furnished pursuant
                to and
                meeting the requirements of Rule 14a-3 or Rule 14c-3 under the Securities
                Exchange Act of 1934, as amended; and, where interim financial information
                required to be presented by Article 3 of Regulation S-X is not set
                forth
                in the prospectus, to deliver, or cause to be delivered to each person
                to
                whom the prospectus is sent or given, the latest quarterly report
                that is
                specifically incorporated by reference in the prospectus to provide
                such
                interim financial information.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt;">II-6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
      to the requirements of the Securities Act of 1933, as amended, the registrant
      certifies that it has reasonable grounds to believe that it meets all of the
      requirements for filing on Form F-3 and has duly caused this registration
      statement to be signed on its behalf by the undersigned, thereunto duly
      authorized, in Oslo, Norway, on<strong>&#160;</strong>May 22, 2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
      <table cellpadding="0" cellspacing="0" width="40%">

          <tr>
            <td align="justify" colspan="2" valign="top" width="40%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">DOUBLE
                HULL TANKERS, INC.</font></div>
            </td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="40%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="5%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">By:</font></div>
            </td>
            <td align="justify" valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">/s/
                Eirik Ub&#248;e</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="5%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="35%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a name="signor">Eirik
                Ub&#248;e</a></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Chief
                Financial Officer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Principal
                Financial and Accounting Officer)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">KNOW
      ALL
      PERSONS BY THESE PRESENTS, that each person whose signature appears below
      constitutes and appoints each of Ole Jacob Diesen and Eirik Ub&#248;e his or her true
      and lawful attorney-in-fact and agent, with full powers of substitution and
      resubstitution, for him or her and in his or her name, place and stead, in
      any
      and all capacities, to sign any or all amendments (including post-effective
      amendments) to this registration statement, and to file the same, with all
      exhibits thereto, and other documents in connection therewith, with the
      Securities and Exchange Commission, granting unto said attorney-in-fact and
      agent full power and authority to do and perform each and every act and thing
      requisite and necessary to he done, as fully for all intents and purposes as
      he
      or she might or could do in person, hereby ratifying and confirming all that
      said attorney-in-fact and agent, or his substitute, may lawfully do or cause
      to
      be done by virtue hereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
      to the requirements of the Securities Act of 1933, as amended, this registration
      statement has been signed by the following persons in the capacities and on
      the
      date indicated.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="85%">

            <tr>
              <td valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Signature</strong></font></div>
              </td>
              <td valign="top" width="3%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="35%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Title</strong></font></div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="17%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Date</strong></font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" width="22%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="3%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="35%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="bottom" width="17%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif;">/s/
                    </font>Ole Jacob Diesen</font></div>
                </div>
              </td>
              <td valign="top" width="3%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="35%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="17%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
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              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                  22, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
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                <div>&#160;</div>
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              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                  22, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
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              <td valign="top" width="3%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="35%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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            <tr>
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              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">May
                  22, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
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              <td valign="top" width="3%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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            <tr>
              <td valign="top" width="22%" style="BORDER-BOTTOM: black">
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              </td>
              <td valign="top" width="3%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                <div>&#160;</div>
              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="top" width="17%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">May
                  22, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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                </div>
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              <td valign="top" width="3%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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            <tr>
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              </td>
              <td valign="top" width="3%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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              </td>
              <td valign="top" width="2%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                  22, 2007</font></div>
              </td>
            </tr>

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>ex1-1.htm
<DESCRIPTION>FORM OF UNDERWRITING AGREEMENT
<TEXT>
<html>

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    <title>ex1-1.htm</title>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Exhibit
      1.1</strong></font></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 22pt; FONT-FAMILY: Times New Roman;">DOUBLE
        HULL TANKERS, INC.</font></div>
      <div><br></div>
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        Shares</font></div>
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        Stock</font></div>
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        par value per Share)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman;">UNDERWRITING
        AGREEMENT</font></div>
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      <div><br></div>
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        2007</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;">UNDERWRITING
        AGREEMENT</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">_________,
        2007</font></div>
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        and Gentlemen:</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>OSG
        International, Inc., a Marshall
        Islands corporation (the &#8220;<u>Selling Stockholder</u>&#8221;), proposes to sell to
        ___________________ (the &#8220;<u>Underwriter</u>&#8221;) an aggregate of ________ shares
        (the &#8220;<u>Shares</u>&#8221;) of common stock, $0.01 par value per share (the &#8220;<u>Common
        Stock</u>&#8221;), of Double Hull Tankers, Inc., a Marshall Islands corporation (the
        &#8220;<u>Company</u>&#8221;). As used in this Agreement, the term &#8220;<u>business day</u>&#8221;
means a day on which the New York Stock Exchange (the &#8220;<u>NYSE</u>&#8221;) is open for
        trading and the terms &#8220;herein,&#8221; &#8220;hereof&#8221; and &#8220;hereto&#8221; refer in each case to this
        Agreement as a whole and not to any particular section, paragraph, sentence
        or
        other subdivision of this Agreement.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>The
        Company has prepared and filed, in
        accordance with the provisions of the Securities Act of 1933, as amended,
        and
        the rules and regulations thereunder (collectively, the &#8220;<u>Act</u>&#8221;), with the
        Securities and Exchange Commission (the &#8220;<u>Commission</u>&#8221;) a registration
        statement on Form F-3 (File No. 333-________) under the Act, including a
        base
        prospectus, relating to Common Stock to be sold by the Selling Stockholder,
        including the Shares. Except where the context otherwise requires,
&#8220;<u>Registration Statement</u>,&#8221; as used herein, means the registration
        statement, as amended at the time of such registration statement&#8217;s effectiveness
        for purposes of Section 11 of the Act, as such section applies to the
        Underwriter (the &#8220;<u>Effective Time</u>&#8221;), including (i) all documents filed as
        a part thereof, (ii) all material then incorporated by reference therein
        and any
        information deemed to be part of the registration statement at the Effective
        Time pursuant to Rule 430A or Rule 430C under the Act, and (iii) any
        registration statement filed to register the offer and sale of Shares pursuant
        to Rule 462(b) under the Act (a &#8220;<u>Rule 462(b) Registration Statement</u>&#8221;).
        Except where the context otherwise requires, the base prospectus filed as
        part
        of the Registration Statement, in the form in which it was most recently
        filed
        with the Commission and furnished to the Underwriter prior to the execution
        of
        this Agreement, is referred to herein as the &#8220;<u>Base Prospectus</u>,&#8221; and the
        Base Prospectus, as supplemented by the final prospectus supplement specifically
        relating to the offer and sale of the Shares, in the form filed or to be
        filed
        with the Commission pursuant to Rule 424(b) under the Act, is referred to
        herein
        as the &#8220;<u>Prospectus</u>.&#8221; Except where the context otherwise requires, the
        term &#8220;<u>Preliminary Prospectus</u>&#8221; shall refer to the Base Prospectus, as
        supplemented by any preliminary prospectus supplement specifically relating
        to
        the offer and sale of the Shares and furnished to the Underwriter prior to
        the
        execution of this Agreement or, if the Base Prospectus shall not have been
        supplemented by such a preliminary prospectus supplement, such term shall
        refer
        to the Base Prospectus. For the purposes of this Agreement, any &#8220;issuer free
        writing prospectus&#8221; (as defined in Rule 433 under the Act) relating to the
        Shares is referred to as an &#8220;<u>Issuer Free Writing Prospectus</u>.&#8221; The
        Underwriter has not offered or sold and will not offer or sell, without the
        consent of the Company, any Shares by means of any &#8220;free writing prospectus&#8221; (as
        defined in the Rule 405 under the Act) that is or would be required to be
        filed
        by the Underwriter with the Commission pursuant to Rule 433 under the Act,
        other
        than an Issuer Free Writing Prospectus listed on <u>Schedule A</u> hereto (each,
        a &#8220;<u>Permitted Free Writing Prospectus</u>&#8221;).</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
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          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
        <div id="HDR">
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        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>The
        Company, the Selling Stockholder
        and the Underwriter agree as follows:</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Sale
        and Purchase.</u>&#160;&#160;Upon the basis of the representations and
        warranties and subject to the terms and conditions set forth herein, the
        Selling
        Stockholder agrees to sell to the Underwriter and the Underwriter agrees
        to
        purchase from the Selling Stockholder an aggregate of _________ Shares, in
        each
        case at a purchase price of $____ per Share. The Company and the Selling
        Shareholder have been advised that the Underwriter intends (i) to make a
        public
        offering of the Shares and (ii) initially to offer the Shares upon the terms
        set
        forth in the Prospectus.&#160;&#160;The Underwriter may from time to time
        increase or decrease the public offering price after the public offering
        to such
        extent as it may determine.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Payment
        and Delivery</u>.&#160;&#160;Payment of the purchase price for the Shares shall
        be made to the Selling Stockholder by Federal Funds wire transfer against
        delivery of the certificates for the Shares to the Underwriter through the
        facilities of The Depository Trust Company (&#8220;<u>DTC</u>&#8221;) for the account of the
        Underwriter. Such payment and delivery shall be made at 10:00 A.M., New York
        City time, on ________, 2007, unless another time shall be agreed to by the
        Underwriter, the Company and the Selling Stockholder. The time at which such
        payment and delivery are to be made is sometimes referred to herein as the
        &#8220;<u>time of purchase</u>.&#8221;&#160;&#160;Electronic transfer of the Shares shall be
        made to the Underwriter at the time of purchase in such names and in such
        denominations as the Underwriter shall specify.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Deliveries
        of the documents described
        in Section 9 hereof with respect to the purchase of the Shares shall be made
        at
        the offices of Simpson Thacher &amp; Bartlett LLP at 425 Lexington Avenue, New
        York, New York 10017, at 9:00 A.M., New York City time, at or prior to the
        time
        of purchase for the Shares.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Representations
        and Warranties of the Company</u>.&#160;&#160;The Company represents and
        warrants to and agrees with the Underwriter that:</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Registration Statement has heretofore become effective under the Act or,
        with
        respect to any Rule 462(b) Registration Statement, will be filed with the
        Commission and become effective under the Act no later than 10:00 P.M., New
        York
        City time, on the date of this Agreement; no stop order of the Commission
        preventing or suspending the use of any Preliminary Prospectus or any Issuer
        Free Writing Prospectus nor any similar order directed to any document
        incorporated by reference in the Preliminary Prospectus or the Final Prospectus,
        or the effectiveness of the Registration Statement, has been issued, and
        no
        proceedings for such purpose have been instituted or, to the Company&#8217;s
        knowledge, are contemplated by the Commission.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Registration Statement complied when it became effective, complies as of
        the
        date hereof and, as amended or supplemented, at the time of purchase and
        at all
        times during which a prospectus is required by the Act to be delivered (whether
        physically or through compliance with Rule 172 under the Act or any similar
        rule) in connection with any sale of Shares, will comply, in all material
        respects, with the requirements of the Act; the Registration Statement did
        not,
        as of the Effective Time, contain an untrue statement of a material fact
        or omit
        to state a material fact required to be stated therein or necessary to make
        the
        statements therein not misleading; each Preliminary Prospectus, if any,
        complied, at the time it was filed with the Commission, and complies as of
        the
        date hereof, in all material respects with the requirements of the Act; each
        Preliminary Prospectus (including the Exchange Act Documents incorporated
        by
        reference therein) and any amendment or supplement thereto, as of its date
        and
        the date it was filed with the Commission, and the most recent Preliminary
        Prospectus (including the Exchange Act Documents incorporated by reference
        therein), as then amended or supplemented (the &#8220;<u>Pricing Prospectus</u>&#8221;), as
        of 4:30 p.m. on the date hereof (the &#8220;<u>Applicable Time</u>&#8221;), in each case
        when read together with the then issued Issuer Free Writing Prospectuses,
        if
        any, and the information included on <u>Schedule B</u> hereto,</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            2 -</font></div>
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          </div>
        </div>
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          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">did
        not
        include an untrue statement of a material fact or omit to state a material
        fact
        necessary in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading; the Prospectus
        will
        comply, as of its date, the date that it is filed with the Commission, the
        time
        of purchase and at all times during which a prospectus is required by the
        Act to
        be delivered (whether physically or through compliance with Rule 172 under
        the
        Act or any similar rule) in connection with any sale of Shares, in all material
        respects, with the requirements of the Act; at no time during the period
        that
        begins on the earlier of the date of the Prospectus and the date the Prospectus
        is filed with the Commission and ends at the later of the time of purchase
        and
        the end of the period during which a prospectus is required by the Act to
        be
        delivered (whether physically or through compliance with Rule 172 under the
        Act
        or any similar rule) in connection with any sale of Shares did or will the
        Prospectus, as then amended or supplemented, include an untrue statement
        of a
        material fact or omit to state a material fact necessary in order to make
        the
        statements therein, in the light of the circumstances under which they were
        made, not misleading; each Issuer Free Writing Prospectus, when read together
        with the Pricing Prospectus, any other Issuer Free Writing Prospectuses then
        issued and the information included on <u>Schedule B</u> hereto, as of the
        Applicable Time, did not include an untrue statement of a material fact or
        omit
        to state a material fact necessary in order to make the statements therein,
        in
        the light of the circumstances under which they were made, not misleading;
        <u>provided</u>, <u>however</u>, that the Company makes no representation or
        warranty in this Section 3(b) with respect to any statement contained in
        the
        Registration Statement, any Preliminary Prospectus, the Prospectus or any
        Issuer
        Free Writing Prospectus in reliance upon and in conformity with information
        concerning the Underwriter and furnished in writing by or on behalf of the
        Underwriter to the Company expressly for use in the Registration Statement,
        such
        Preliminary Prospectus, the Prospectus or such Issuer Free Writing
        Prospectus.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        documents incorporated by reference in the Registration Statement and the
        Prospectus, when they became effective or at the time they were or hereafter
        are
        filed with the Commission, complied and will comply in all material respects
        with the requirements of the 1934 Act and the rules and regulations of the
        Commission thereunder (the &#8220;1934 Act Regulations&#8221;) and, when read together with
        the other information in the Prospectus, at the date of the Prospectus and
        at
        the closing time, if any, did not and will not include an untrue statement
        of a
        material fact or omit to state a material fact necessary in order to make
        the
        statements therein, in the light of the circumstances under which they were
        made, not misleading.</font></div>
    </div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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            3 -</font></div>
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          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Company has not, directly or indirectly, offered or sold any Shares by means
        of
        any &#8220;prospectus&#8221; (within the meaning of the Act) or used any &#8220;prospectus&#8221;
(within the meaning of the Act) in connection with the offer or sale of the
        Shares other than the Preliminary Prospectus and the Permitted Free Writing
        Prospectuses, if any; the Company is not and will continue not to be an
&#8220;ineligible issuer&#8221; (as defined in Rule 405 under the Act) for the purposes of
        Rules 164 and Rule 433 under the Act in connection with the offer or sale
        of the
        Shares; and the Company has complied, and will comply, with the requirements
        of
        Rules 164 and Rule 433 under the Act applicable to any Issuer Free Writing
        Prospectus, including in respect of timely filing with the Commission, legending
        and record-keeping;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Company has an authorized and outstanding capitalization as set forth in
        the
        Registration Statement, the Pricing Prospectus and the Prospectus; all of
        the
        issued and outstanding shares of capital stock of the Company, including
        the
        Shares, have been duly authorized and validly issued and are fully paid and
        non-assessable, have been issued in compliance with all applicable federal
        and
        state securities laws and were not issued in violation of any preemptive
        right,
        resale right, right of first refusal or similar right; and the Shares are
        duly
        listed and admitted and authorized for trading on the NYSE;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Company has been duly incorporated and is validly existing as a corporation
        in
        good standing under the laws of the Marshall Islands, with full corporate
        power
        and authority to own, lease and operate its properties and conduct its business
        as described in the Registration Statement, the Pricing Prospectus and the
        Prospectus and to execute and deliver this Agreement;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Company is duly qualified to do business as a foreign corporation and is
        in good
        standing in each jurisdiction where the ownership or leasing of its properties
        or the conduct of its business requires such qualification, except where
        the
        failure to be so qualified and in good standing would not, individually or
        in
        the aggregate, have a material adverse effect on the business, properties,
        financial condition, results of operations or prospects of the Company and
        the
        subsidiaries of the Company named in <u>Schedule C</u> hereto (the
&#8220;<u>Subsidiaries</u>&#8221;) taken as a whole (a &#8220;<u>Material Adverse
        Effect</u>&#8221;);</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Company has no &#8220;subsidiaries&#8221; (as defined under the Act) other than the
        Subsidiaries; the Company owns all of the issued and outstanding capital
        stock
        of each of the Subsidiaries; other than the capital stock of the Subsidiaries,
        the Company does not own, directly or indirectly, any shares of stock or
        any
        other equity or long-term debt securities of any corporation or have any
        equity
        interest in any firm, partnership, joint venture, association or other entity;
        complete and correct copies of the articles of incorporation and bylaws of
        the
        Company and each Subsidiary and all amendments and restatements thereto have
        been delivered to the Underwriter or its counsel, and, except as set forth
        in
        the exhibits to the Registration Statement, no changes therein will be made
        on
        or after the date hereof or on or before the time of purchase; each Subsidiary
        has been duly incorporated and is validly existing as a corporation in good
        standing under the laws of the Marshall Islands, with full corporate power
        and
        authority to own, lease and operate its properties and to conduct its business
        as described in the Registration Statement, the Pricing Prospectus and the
        Prospectus; each Subsidiary is duly qualified to do business as a foreign
        corporation and is in good standing in each jurisdiction where the ownership
        or
        leasing of its properties or the conduct of its business requires such
        qualification, except where the failure to be so qualified and in good standing
        would not, individually or in the aggregate, have a Material Adverse Effect;
        each Subsidiary is in compliance in all respects with the laws, orders, rules,
        regulations and directives issued or administered by such jurisdictions,
        except
        where the failure to be in compliance would not, individually or in the
        aggregate, have a Material Adverse Effect; all of the outstanding shares
        of
        capital stock of each of the Subsidiaries have been duly authorized and validly
        issued, are fully paid and non-assessable, have been issued in compliance
        with
        all applicable federal and state securities laws, were not issued in violation
        of any preemptive right, resale right, right of first refusal or similar
        right
        and are owned by the Company subject to no security interest, other encumbrance
        or adverse claims; and no options, warrants or other rights to purchase,
        agreements or other obligations to issue or other rights to convert any
        obligation into shares of capital stock or ownership interests in the
        Subsidiaries are outstanding;</font></div>
      <div>&#160;</div>
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            4 -</font></div>
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          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        capital stock of the Company, including the Shares, conforms in all material
        respects to the description thereof contained in the Registration Statement,
        the
        Pricing Prospectus and the Prospectus; the certificates for the Shares comply
        with the applicable requirements of the Company&#8217;s articles of incorporation and
        bylaws, any applicable laws and the rules of the NYSE; and the holders of
        the
        Shares will not be subject to personal liability for the debt or other
        obligations of the Company by reason of being such holders;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;this
        Agreement has been duly authorized, executed and delivered by the
        Company;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;neither
        the Company nor any of the Subsidiaries is in breach or violation of or in
        default under (nor has any event occurred which with notice, lapse of time
        or
        both would result in any breach or violation of, constitute a default under
        or
        give the holder of any indebtedness (or a person acting on such holder&#8217;s behalf)
        the right to require the repurchase, redemption or repayment of all or a
        part of
        such indebtedness under) (i) its respective articles of incorporation or
        bylaws,
        (ii) any indenture, mortgage, deed of trust, bank loan or credit agreement
        or
        other evidence of indebtedness, or any license, lease, contract or other
        agreement or instrument to which the Company or any of the Subsidiaries is
        a
        party or by which any of them or any of their respective properties may be
        bound
        or affected, (iii) any federal, state, local or foreign law, regulation or
        rule,
        (iv) any rule or regulation of any self-regulatory organization or other
        non-governmental regulatory authority (including, without limitation, the
        rules
        and regulations of the NYSE) or (v) any decree, judgment or order applicable
        to
        the Company or any of the Subsidiaries or any of their respective properties,
        except in the case of the foregoing clauses (ii), (iii), (iv) and (v) above
        as
        would, individually or in the aggregate,&#160;have a Material Adverse
        Effect;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        execution, delivery and performance of this Agreement and the consummation
        of
        the transactions contemplated hereby will not conflict with, result in any
        breach or violation of or constitute a default under (or constitute any event
        which with notice, lapse of time or both would result in any breach or violation
        of or constitute a default under or give the holder of any indebtedness (or
        a
        person acting on such holder&#8217;s behalf) the right to require the repurchase,
        redemption or repayment of all or a part of such indebtedness under) (or
        result
        in the creation or imposition of a lien, charge or encumbrance on any property
        or assets of the Company or any Subsidiary pursuant to) (i) the articles
        of
        incorporation or bylaws of the Company or any of the Subsidiaries, (ii) any
        indenture, mortgage, deed of trust, bank loan or credit agreement or other
        evidence of indebtedness, or any license, lease, contract or other agreement
        or
        instrument to which the Company or any of the Subsidiaries is a party or
        by
        which any of them or any of their respective properties may be bound or
        affected, (iii) any federal, state, local or foreign law, regulation or rule,
        (iv) any rule or regulation of any self-regulatory organization or other
        non-governmental regulatory authority (including, without limitation, the
        rules
        and regulations of the NYSE) or (v) any decree, judgment or order applicable
        to
        the Company or any of the Subsidiaries or any of their respective properties,
        except in the case of the foregoing clauses (ii), (iii), (iv) and (v) as
        would
        not, individually or in the aggregate, have a Material Adverse
        Effect;</font></div>
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            5 -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;no
        approval, authorization, consent or order of or filing with any federal,
        state,
        local or foreign governmental or regulatory commission, board, body, authority
        or agency, or of or with any self-regulatory organization, other
        non-governmental regulatory authority (including, without limitation, the
        NYSE),
        is required in connection with the execution, delivery and performance of
        this
        Agreement or the consummation by the Company of the transactions contemplated
        hereby, other than registration of the Shares under the Act, which has been
        effected (or, with respect to a Rule 462(b) Registration Statement, will
        be
        effected in accordance herewith), any necessary qualification under the
        securities or blue sky laws of the various jurisdictions in which the Shares
        are
        being offered by the Underwriter or under the rules and regulations of the
        National Association of Securities Dealers, Inc. (the &#8220;<u>NASD</u>&#8221;) and such
        approvals, authorizations, consents, orders or filings that have been obtained
        or made and are in full force and effect;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;except
        as expressly set forth in the Registration Statement, the Pricing Prospectus
        and
        the Prospectus, (i) no person has the right, contractual or otherwise, to
        cause
        the Company to issue or sell to it any shares of Common Stock or shares of
        any
        other capital stock or other equity interests of the Company, (ii) no person
        has
        any preemptive rights, resale rights, rights of first refusal or other rights
        to
        purchase any shares of Common Stock or shares of any other capital stock
        of or
        other equity interests in the Company and (iii) no person has the right to
        act
        as an underwriter or as a financial advisor to the Company in connection
        with
        the offer and sale of the Shares, in the case of each of the foregoing clauses
        (i), (ii) and (iii), whether as a result of the filing or effectiveness of
        the
        Registration Statement or the sale of the Shares as contemplated thereby
        or
        otherwise; except as expressly set forth in the Registration Statement, the
        Pricing Prospectus and the Prospectus, no person has the right, contractual
        or
        otherwise, to cause the Company to register under the Act any shares of Common
        Stock or shares of any other capital stock of or other equity interests in
        the
        Company, or to include any such shares or interests in the Registration
        Statement or the offering contemplated thereby, whether as a result of the
        filing or effectiveness of the Registration Statement or the sale of the
        Shares
        as contemplated thereby or otherwise;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;each
        of the Company and the Subsidiaries has all necessary licenses, authorizations,
        consents and approvals and has made all necessary filings required under
        any
        federal, state, local or foreign law, regulation or rule, and has obtained
        all
        necessary licenses, authorizations, consents and approvals from other persons,
        in order to conduct its respective business as described in the Registration
        Statement, the Pricing Prospectus and the Prospectus, except where the failure
        to have such licenses, authorizations, consents and approvals or to have
        made
        such filings would not, individually or in the aggregate, have a Material
        Adverse Effect; neither the Company nor any of the Subsidiaries is in violation
        of, or in default under, or has received notice of any proceedings relating
        to
        revocation or modification of any such license, authorization, consent or
        approval or any filing required under any federal, state, local or foreign
        law,
        regulation or rule or any decree, order or judgment applicable to the Company
        or
        any of the Subsidiaries, except where such violation, default, revocation
        or
        modification would not, individually or in the aggregate, have a Material
        Adverse Effect;</font></div>
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          </div>
        </div>
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          </div>
        </div>
        <div>&#160;</div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;all
        legal or governmental proceedings, affiliate transactions, off-balance sheet
        transactions (including, without limitation, transactions related to, and
        the
        existence of, &#8220;variable interest entities&#8221; within the meaning of Financial
        Accounting Standards Board Interpretation No. 46), contracts, licenses,
        agreements, properties, leases or documents required to be described in the
        Registration Statement, the Pricing Prospectus or the Prospectus or the
        documents incorporated by reference therein or to be filed as an exhibit
        to the
        Registration Statement have been so described or filed as required;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;there
        are no actions, suits, claims, investigations or proceedings pending or,
        to the
        knowledge of the Company, threatened to which the Company or any of the
        Subsidiaries or any of their respective directors or officers is or would
        be a
        party, or of which any of their respective properties, including any vessel
        named in Schedule C hereto (each, a &#8220;<u>Vessel</u>&#8221;), is or would be subject, at
        law or in equity, before or by any federal, state, local or foreign governmental
        or regulatory commission, board, body, authority or agency, or before or
        by any
        self-regulatory organization or other non-governmental regulatory authority,
        except any such action, suit, claim, investigation or proceeding which would
        not
        result in a judgment, decree or order having, individually or in the aggregate,
        a Material Adverse Effect and would not prevent the consummation of the
        transactions contemplated hereby;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Ernst
        &amp; Young LLP, whose audit reports on (i) the consolidated financial
        statements of the Company as of December 31, 2005 and 2006 and for the period
        from October 18, 2005 to December 31, 2005 (the &#8220;<u>Company Financial
        Statements</u>&#8221;) and (ii) the combined financial statements of the predecessor
        of the Company as of December 31, 2004 and for the period from January 1,
        2005
        to October 17, 2005 (the &#8220;<u>Predecessor Financial Statements</u>&#8221;) are included
        in the Registration Statement, the Pricing Prospectus and the Prospectus,
        are
        independent registered public accountants as required by the Act and by the
        rules of the Public Company Accounting Oversight Board;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(s)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Company Financial Statements and the Predecessor Financial Statements included
        in the Registration Statement, the Pricing Prospectus and the Prospectus,
        together with the related notes thereto, present fairly in all material respects
        the financial position of the Company and its predecessor, as the case may
        be,
        as of the dates indicated and the results of operations and cash flows of
        the
        Company and its predecessor, as the case may be, for the periods specified
        and
        have been prepared in compliance with the requirements of the Act and Securities
        Exchange Act of 1934, as amended (the &#8220;<u>Exchange Act</u>&#8221;), and in conformity
        with United States generally accepted accounting principles applied on a
        consistent basis during the periods involved; all pro forma financial statements
        or data included in the Registration Statement, the Pricing Prospectus or
        the
        Prospectus and indicated as being such comply with the requirements of
        Regulation S-X of the Act, including, without limitation, Article 11 thereof,
        and the assumptions used in the preparation of such pro forma financial
        statements and data are reasonable, the pro forma adjustments used therein
        are
        appropriate to give effect to the transactions or circumstances described
        therein and the pro forma adjustments have been properly applied to the
        historical amounts in the compilation of those statements and data; the other
        historical financial and related statistical data set forth in the Registration
        Statement, the Pricing Prospectus or the Prospectus are accurately and fairly
        presented and prepared on a basis consistent with the financial statements
        and
        books and records of the Company or its predecessor, as the case may be;
        there
        are no financial statements (historical or pro forma) that are required to
        be
        included in the Registration Statement, the Pricing Prospectus or the Prospectus
        (including, without limitation, as required by Rules 3-12 or 3-05 or Article
        11
        of Regulation S-X under the Act) that are not included as required; neither
        the
        Company nor any of the Subsidiaries has any material liabilities or obligations,
        direct or contingent (including any off-balance sheet obligations), not
        disclosed in the Registration Statement, the Pricing Prospectus and the
        Prospectus; and all disclosures contained in the Registration Statement,
        the
        Pricing Prospectus or the Prospectus regarding &#8220;non-GAAP financial measures&#8221; (as
        such term is defined by the rules and regulations of the Commission) comply
        with
        Regulation G of the Exchange Act and Item 10 of Regulation S-K under the
        Act, to
        the extent applicable;</font></div>
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          </div>
        </div>
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          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(t)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;subsequent
        to the time of execution of this Agreement or, if earlier, the respective
        dates
        as of which information is given in the Registration Statement, the Pricing
        Prospectus and the Prospectus (in each case excluding any amendments or
        supplements thereto made after the execution of this Agreement), there has
        not
        been (i) any material adverse change, or any development involving a prospective
        material adverse change, in the business, properties, financial condition,
        results of operations or prospects of the Company and the Subsidiaries taken
        as
        a whole, (ii) any obligation, direct or contingent (including any off-balance
        sheet obligations), incurred by the Company or any Subsidiary, which is material
        to the Company and the Subsidiaries taken as a whole, (iii) any change in
        the
        capital stock or outstanding indebtedness of the Company or any Subsidiary
        or
        (iv) any dividend or distribution of any kind declared, paid or made on the
        capital stock of the Company;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(u)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Company has obtained for the benefit of the Underwriter the agreement (a
        &#8220;<u>Lock-Up Agreement</u>&#8221;), in the form set forth as <u>Exhibit A</u> hereto,
        of each of its directors, officers and stockholders named in <u>Schedule D</u>
        hereto;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Company is a &#8220;foreign private issuer&#8221; (as defined in Rule 405) of the
        Act;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(w)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Company is not and, after giving effect to the offer and sale of the Shares
        and
        at all times during which a prospectus is required by the Act to be delivered
        (whether physically or through compliance with Rule 172 under the Act or
        any
        similar rule) in connection with any sale of Shares, will not be an &#8220;investment
        company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are
        defined in the Investment Company Act of 1940, as amended (the &#8220;<u>Investment
        Company Act</u>&#8221;) or a &#8220;passive foreign investment company&#8221; or a &#8220;controlled
        foreign corporation,&#8221; as such terms are defined in the Internal Revenue Code of
        1986, as amended (the &#8220;<u>Internal Revenue Code</u>&#8221;);</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Company and each of the Subsidiaries has good and marketable title to all
        property (real and personal), if any, described in the Registration Statement,
        the Pricing Prospectus or the Prospectus as being owned by each of them,
        free
        and clear of all liens, claims, security interests or other encumbrances
        with
        such exceptions as are not material and do not interfere with the intended
        use
        to be made of such property by the Company or its Subsidiaries as described
        in
        the Registration Statement, the Pricing Prospectus and the Prospectus; and
        all
        the property described in the Registration Statement, the Pricing Prospectus
        or
        the Prospectus as being held under lease by the Company or a Subsidiary is
        held
        thereby under valid, subsisting and enforceable leases with such exceptions
        as
        are not material and do not interfere with the intended use to be made of
        such
        property by the Company or its Subsidiaries as described in the Registration
        Statement, the Pricing Prospectus and the Prospectus;</font></div>
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          </div>
        </div>
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          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(y)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Company and the Subsidiaries own, or have obtained valid and enforceable
        licenses for, or other rights to use, the inventions, patent applications,
        patents, trademarks (both registered and unregistered), trade names, service
        names, copyrights, trade secrets and other proprietary information described
        in
        the Registration Statement, the Pricing Prospectus or the Prospectus as being
        owned or licensed by them or which are necessary for the conduct of their
        respective businesses as currently conducted or as proposed to be conducted,
        except where the failure to own, license or have such rights would not,
        individually or in the aggregate, have a Material Adverse Effect (collectively,
        &#8220;<u>Intellectual Property</u>&#8221;); (i) there are no third parties who have or, to
        the Company&#8217;s knowledge, will be able to establish rights to any Intellectual
        Property, except for, and to the extent of, the ownership rights of the owners
        of the Intellectual Property is licensed to the Company; (ii) to the Company&#8217;s
        knowledge, there is no infringement by third parties of any Intellectual
        Property; (iii) there is no pending or, to the Company&#8217;s knowledge, threatened
        action, suit, proceeding or claim by others challenging the Company&#8217;s rights in
        or to any Intellectual Property, and the Company is unaware of any facts
        which
        could form a reasonable basis for any such action, suit, proceeding or claim;
        (iv) there is no pending or, to the Company&#8217;s knowledge, threatened action,
        suit, proceeding or claim by others challenging the validity, enforceability
        or
        scope of any Intellectual Property, and the Company is unaware of any facts
        which could form a reasonable basis for any such action, suit, proceeding
        or
        claim; (v) there is no pending or, to the Company&#8217;s knowledge, threatened
        action, suit, proceeding or claim by others that the Company or any Subsidiary
        infringes or otherwise violates any patent, trademark, trade name, service
        name,
        copyright, trade secret or other proprietary rights of others, and the Company
        is unaware of any facts which could form a reasonable basis for any such
        action,
        suit, proceeding or claim; (vi) to the Company&#8217;s knowledge, there is no patent
        or patent application that contains claims that interfere with the issued
        or
        pending claims of any of the Intellectual Property; (viii) to the Company&#8217;s
        knowledge, there is no prior art that may render any patent application owned
        by
        the Company or any Subsidiary of the Intellectual Property unpatentable that
        has
        not been disclosed to the U.S. Patent and Trademark Office;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(z)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;neither
        the Company nor any of the Subsidiaries is engaged in any unfair labor practice;
        except for matters which would not, individually or in the aggregate, have
        a
        Material Adverse Effect, (i) there is (A) no unfair labor practice complaint
        pending or, to the Company&#8217;s knowledge, threatened against the Company or any of
        the Subsidiaries before the National Labor Relations Board, and no grievance
        or
        arbitration proceeding arising out of or under collective bargaining agreements
        is pending or, to the Company&#8217;s knowledge, threatened, (B) no strike, labor
        dispute, slowdown or stoppage pending or, to the Company&#8217;s knowledge, threatened
        against the Company or any of the Subsidiaries and (C) no union representation
        dispute currently existing concerning the employees of the Company or any
        of the
        Subsidiaries, and (ii) to the Company&#8217;s knowledge, (A) no union organizing
        activities are currently taking place concerning the employees of the Company
        or
        any of the Subsidiaries and (B) there has been no violation of any federal,
        state, local or foreign law relating to discrimination in the hiring, promotion
        or pay of employees, any applicable wage or hour laws or any provision of
        the
        Employee Retirement Income Security Act of 1974 (&#8220;<u>ERISA</u>&#8221;) or the rules
        and regulations promulgated thereunder concerning the employees of the Company
        or any of the Subsidiaries;</font></div>
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      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(aa)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;each
        of the Company and the Subsidiaries and their respective properties, assets
        and
        operations is in compliance with, and each of the Company and the Subsidiaries
        holds all permits, authorizations and approvals required under, Environmental
        Laws (as hereinafter defined), except to the extent that failure to so comply
        or
        to hold such permits, authorizations or approvals would not, individually
        or in
        the aggregate, have a Material Adverse Effect; there are no past, present
        or, to
        the Company&#8217;s knowledge, reasonably anticipated future events, conditions,
        circumstances, actions, omissions or plans that could reasonably be expected
        to
        give rise to any material costs or liabilities to the Company or any Subsidiary
        under, or to materially interfere with or prevent compliance by the Company
        or
        any Subsidiary with, Environmental Laws; except as would not, individually
        or in
        the aggregate, have a Material Adverse Effect, neither the Company nor any
        of
        the Subsidiaries (i) has received any notice that it is the subject of any
        investigation, (ii) has received any notice or claim, (iii) is a party to
        or
        affected by any pending or, to the Company&#8217;s knowledge, threatened action, suit
        or proceeding, (iv) is bound by any judgment, decree or order or (v) has
        entered
        into any written indemnification or settlement agreement, in each case relating
        to any alleged violation of any Environmental Law or any actual or alleged
        release or threatened release or cleanup at any location of any Hazardous
        Materials (as hereinafter defined) (as used herein, &#8220;<u>Environmental Law</u>&#8221;
means any applicable federal, state, local or foreign law, statute,
        ordinance,
        rule, regulation, order, decree, judgment, injunction, permit, license,
        authorization or other binding requirement or common law (including any
        applicable regulations and standards adopted by the International Maritime
        Organization) relating to health, safety or the protection, cleanup or
        restoration of the environment or natural resources, and &#8220;<u>Hazardous
        Materials</u>&#8221; means any material (including, without limitation, pollutants,
        contaminants, hazardous or toxic substances or wastes) that in relevant form
        and
        concentration is regulated by or may give rise to liability under any
        Environmental Law);</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(bb)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Subsidiaries have arranged for the technical manager of the Vessels (the
        &#8220;<u>Technical Manager</u>&#8221;) to conduct a periodic review of the effect of the
        Environmental Laws on their respective businesses, operations and properties
        for
        the purposes of identifying and evaluating associated costs and liabilities
        (including, without limitation, any capital or operating expenditures required
        for cleanup or compliance with the Environmental Laws or any permit, license
        or
        approval, any related constraints on operating activities and any potential
        liabilities to third parties);</font></div>
      <div>&#160;</div>
      <div><br>&#160;</div>
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            10 -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
        <div>&#160;</div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(cc)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;all
        income and other material tax returns required to be filed by the Company
        or any
        of the Subsidiaries have been filed, and all taxes and other material
        assessments of a similar nature (whether imposed directly or through
        withholding) including any interest, additions to tax or penalties applicable
        thereto due or claimed to be due from such entities have been timely paid,
        other
        than those being contested in good faith and for which adequate reserves
        have
        been provided;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(dd)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Company and the Subsidiaries maintain or have caused the Technical Manager
        to
        maintain for its or their benefit, insurance or a membership in a mutual
        protection and indemnity association covering its properties, operations,
        personnel and businesses as deemed adequate by the Company; such insurance
        or
        membership insures or will insure against such losses and risks to an extent
        which is adequate in accordance with customary industry practice to protect
        the
        Vessels and, in the case of insurance or a membership maintained by or for
        the
        benefit of the Company and the Subsidiaries, their businesses; any such
        insurance or membership maintained by or for the benefit of the Company and
        its
        Subsidiaries is and will be fully in force at the time of purchase; there
        are no
        material claims by the Company or any Subsidiary under any insurance policy
        or
        instrument as to which any insurance company or mutual protection and indemnity
        association is denying liability or defending under a reservation of rights
        clause; neither the Company nor any of the Subsidiaries is currently required
        to
        make any material payment, or is aware of any facts that would require the
        Company or any Subsidiary to make any material payment, in respect of a call
        by,
        or a contribution to, any mutual protection and indemnity association; and
        neither the Company nor any Subsidiary has reason to believe that it will
        not be
        able to renew or cause to be renewed for its benefit any such insurance or
        membership in a mutual protection and indemnity association as and when such
        insurance or membership expires or is terminated;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(ee)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;since
        the date of the last audited Company Financial Statements included in the
        Registration Statement, the Pricing Prospectus and the Prospectus, (i) there
        has
        not been a material partial loss or total loss of or to any of the Vessels,
        whether actual or constructive, (ii) no Vessel has been arrested or
        requisitioned for title or hire and (iii) neither the&#160;&#160;Company nor any
        of the Subsidiaries has sustained any material loss or interference with
        its
        respective business from fire, explosion, flood or other calamity, whether
        or
        not covered by insurance, or from any labor dispute or court or governmental
        action, order or decree;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(ff)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;none
        of the contracts or agreements filed as an exhibit to the Registration Statement
        has been terminated, amended, modified, supplemented or waived; neither the
        Company nor any Subsidiary has sent or received any communication regarding
        the
        termination, amendment, modification, supplementation or waiver of, or an
        intention to terminate, amend, modify, supplement or waive, or not to consummate
        any transaction contemplated by, any such contract or agreement; and no such
        termination, amendment, modification, supplementation or waiver, or intention
        to
        terminate, amend, modify, supplement or waive, or not to consummate any
        transaction contemplated by, any such contract or agreement has been threatened
        by the Company or any Subsidiary or, to the Company&#8217;s knowledge, any other party
        to any such contract or agreement;</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
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            11 -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(gg)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Company and each of the Subsidiaries maintains a system of internal accounting
        controls sufficient to provide reasonable assurance that (i) transactions
        are
        executed in accordance with management&#8217;s general or specific authorization; (ii)
        transactions are recorded as necessary to permit preparation of financial
        statements in conformity with generally accepted accounting principles and
        to
        maintain accountability for assets; (iii) access to assets is permitted only
        in
        accordance with management&#8217;s general or specific authorization; and (iv) the
        recorded accountability for assets is compared with existing assets at
        reasonable intervals and appropriate action is taken with respect to any
        differences;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(hh)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Company has established and maintains and evaluates &#8220;disclosure controls and
        procedures&#8221; (as such term is defined in Rule 13a-15 and 15d-15 under the
        Exchange Act); such disclosure controls and procedures are designed to ensure
        that material information relating to the Company, including its consolidated
        subsidiaries, is made known to the Company&#8217;s Chief Executive Officer and its
        Chief Financial Officer by others within those entities, and such disclosure
        controls and procedures are effective to perform the functions for which
        they
        were established; the Company&#8217;s auditors and Board of Directors of the Company
        have been advised of: (i) any significant deficiencies and material weaknesses
        in the design or operation of internal controls which are reasonably likely
        to
        adversely affect the Company&#8217;s ability to record, process, summarize, and report
        financial data; and (ii) any fraud, whether or not material, that involves
        management or other employees who have a role in the Company&#8217;s internal
        controls; to date, the Company&#8217;s auditors have not identified any material
        weaknesses in internal controls; since the date of the most recent evaluation
        of
        such disclosure controls and procedures, there have been no changes in internal
        controls or in other factors within control of the Company that have materially
        affected, or are reasonably likely to materially affect, the Company&#8217;s internal
        controls; and the Company, the Subsidiaries and their respective officers
        and
        directors, in their capacities as such, are each in compliance in all material
        respects with the provisions of the Sarbanes-Oxley Act of 2002 and the rules
        and
        regulations promulgated thereunder that are applicable to the Company, the
        Subsidiaries or such officers and directors;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Company has not, directly or indirectly, including through any Subsidiary,
        extended credit, arranged to extend credit, or renewed any extension of credit,
        in the form of a personal loan, to or for any director or executive officer
        of
        the Company, or to or for any family member or affiliate of any director
        or
        executive officer of the Company;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(jj)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;each
        &#8220;forward-looking statement&#8221; (within the meaning of Section 27A of the Act or
        Section 21E of the Exchange Act) contained in the Registration Statement,
        the
        Pricing Prospectus, the Prospectus or any Issuer Free Writing Prospectus
        has
        been made with a reasonable basis and has been disclosed in good
        faith;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(kk)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;all
        statistical or market-related data included in the Registration Statement,
        the
        Pricing Prospectus, the Prospectus or any Issuer Free Writing Prospectus
        are
        based on or derived from sources that the Company believes to be reliable
        and
        accurate, and the Company has obtained the written consent to the use of
        such
        data from such sources to the extent required;</font></div>
      <div>&#160;</div>
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            12 -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
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          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(ll)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;neither
        the Company nor any of the Subsidiaries nor, to the knowledge of the Company,
        any director, officer, agent, employee or affiliate of the Company or any
        of the
        Subsidiaries is aware of or has taken any action, directly or indirectly,
        that
        would result in a violation by such persons of the Foreign Corrupt Practices
        Act
        of 1977, as amended, and the rules and regulations thereunder (the &#8220;<u>Foreign
        Corrupt Practices Act</u>&#8221;), including, without limitation, making use of the
        mails or any means or instrumentality of interstate commerce corruptly in
        furtherance of an offer, payment, promise to pay or authorization of the
        payment
        of any money, or other property, gift, promise to give, or authorization
        of the
        giving of anything of value to any &#8220;foreign official&#8221; (as such term is defined
        in the Foreign Corrupt Practices Act) or any foreign political party or official
        thereof or any candidate for foreign political office, in contravention of
        the
        Foreign Corrupt Practices Act; and the Company, the Subsidiaries and, to
        the
        Company&#8217;s knowledge, the affiliates of the Company have conducted their
        businesses in compliance with the Foreign Corrupt Practices Act and have
        instituted and maintain policies and procedures designed to ensure, and which
        are reasonably expected to continue to ensure, continued compliance
        therewith;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(mm)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        operations of the Company, the Subsidiaries and the Vessels are and have
        been
        conducted at all times in compliance with applicable financial recordkeeping
        and
        reporting requirements of the Currency and Foreign Transactions Reporting
        Act of
        1970, as amended, the money laundering statutes, rules and regulations of
        all
        jurisdictions and any related or similar rules, regulations or guidelines,
        issued, administered or enforced by any governmental agency that, in each
        case,
        are applicable to the Company, any of the Subsidiaries and any of the Vessels
        (collectively, the &#8220;<u>Money Laundering Laws</u>&#8221;); and no action, suit or
        proceeding by or before any court or governmental agency, authority or body
        or
        any arbitrator or non-governmental authority involving the Company, any of
        the
        Subsidiaries or any of the Vessels with respect to the Money Laundering Laws
        is
        pending or, to the Company&#8217;s knowledge, threatened;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(nn)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;neither
        the Company nor any of the Subsidiaries nor, to the knowledge of the Company,
        any director, officer, agent, employee or affiliate of the Company or any
        of the
        Subsidiaries is currently subject to any United States sanctions administered
        by
        the Office of Foreign Assets Control of the United States Treasury Department
        (&#8220;<u>OFAC</u>&#8221;);</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(oo)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;no
        Subsidiary is currently prohibited, directly or indirectly, from paying any
        dividends to the Company, from making any other distribution on such
        Subsidiary&#8217;s capital stock, from repaying to the Company any loans or advances
        to such Subsidiary from the Company or from transferring any of such
        Subsidiary&#8217;s property or assets to the Company or any other Subsidiary of the
        Company, except as described in the Registration Statement, the Pricing
        Prospectus and the Prospectus; all dividends and other distributions declared
        and payable on the shares of Common Stock of the Company and on the capital
        stock of each Subsidiary may under the current laws and regulations of the
        Marshall Islands be paid in United States dollars and freely transferred
        out of
        the Marshall Islands; and all such dividends and other distributions are
        not
        subject to withholding or other taxes under the current laws and regulations
        of
        the Marshall Islands and are otherwise free and clear of any withholding
        or
        other tax and may be declared and paid without the necessity of obtaining
        any
        consents, approvals, authorizations, orders licenses, registrations, clearances
        and qualifications of or with any court or governmental agency or body or
        any
        stock exchange authorities in the Marshall Islands.</font></div>
      <div>&#160;</div>
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            13 -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
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          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(pp)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;except
        pursuant to this Agreement, neither the Company nor any of the Subsidiaries
        has
        incurred any liability for any finder&#8217;s or broker&#8217;s fee or agent&#8217;s commission in
        connection with the execution and delivery of this Agreement or the consummation
        of the transactions contemplated hereby or by the Registration Statement,
        the
        Pricing Prospectus and the Prospectus;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(qq)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;neither
        the Company nor any of the Subsidiaries nor, to the Company&#8217;s knowledge, any of
        their respective directors, officers, affiliates or controlling persons has
        taken, directly or indirectly, any action designed, or which has constituted
        or
        might reasonably be expected to cause or result in, under the Exchange Act
        or
        otherwise, the stabilization or manipulation of the price of any security
        of the
        Company to facilitate the sale or resale of the Shares; and</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(rr)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to
        the Company&#8217;s knowledge, there are no affiliations or associations between (i)
        any member of the NASD and (ii) the Company or any of the Company&#8217;s officers,
        directors or 5% or greater securityholders or any beneficial owner of the
        Company&#8217;s unregistered equity securities that were acquired at any time on or
        after the 180th day immediately preceding the date the Registration Statement
        was initially filed with the Commission, except as set forth in the Registration
        Statement, the Pricing Prospectus and the Prospectus.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>In
        addition, any certificate signed by
        any officer of the Company and delivered to the Underwriter or counsel for
        the
        Underwriter in connection with the offering of the Shares shall be deemed
        to be
        a representation and warranty by the Company, as to matters covered thereby,
        to
        the Underwriter.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Representations
        and Warranties of the Selling Stockholder</u>.&#160;&#160;The Selling
        Stockholder represents and warrants to the Underwriter that:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Selling Stockholder is and at the time of purchase will be the lawful owner
        of
        the number of Shares to be sold by the Selling Stockholder and the Selling
        Stockholder has and at the time of purchase will have valid and marketable
        title
        to the Shares to be sold by the Selling Stockholder, and upon delivery of
        and
        payment for any Shares, the Underwriter will acquire valid and marketable
        title
        to such Shares free and clear of any claim, lien, encumbrance, security
        interest, community property right, restriction on transfer or other defect
        in
        title;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Selling Stockholder has been duly incorporated and is validly existing as
        a
        corporation in good standing under the laws of the Marshall Islands; the
        Selling
        Stockholder has and at the time of purchase will have full legal right, power
        and capacity, and all authorizations and approvals required by law (other
        than
        those imposed by the Act and state securities or blue sky laws), (i) to enter
        into this Agreement, (ii) to sell, assign, transfer and deliver the Shares
        pursuant to this Agreement in the manner provided in this Agreement and (iii)
        to
        make the representations, warranties and agreements made by the Selling
        Stockholder herein;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;this
        Agreement has been duly executed and delivered by the Selling Stockholder
        and is
        a legal, valid and binding agreement of the Selling Stockholder, enforceable
        in
        accordance with its terms;</font></div>
      <div>&#160;</div>
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            14 -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;all
        information with respect to the Selling Stockholder included in the Registration
        Statement, any Preliminary Prospectus or the Prospectus complied and will
        comply
        with all applicable provisions of the Act; the Registration Statement, as
        it
        relates to the Selling Stockholder, did not, as of the Effective Time, contain
        an untrue statement of a material fact or omit to state a material fact required
        to be stated therein or necessary to make the statements therein not misleading;
        each Preliminary Prospectus and any amendment or supplement thereto, as of
        its
        date and the date it was filed with the Commission, and the Pricing Prospectus,
        as of the Applicable Time, in each case as it relates to the Selling Stockholder
        and when read together with the then issued Issuer Free Writing Prospectuses,
        if
        any, and the information included in <u>Schedule B</u> hereto, did not include
        an untrue statement of a material fact or omit to state a material fact
        necessary in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading; at no time during
        the
        period that begins on the earlier of the date of the Prospectus and the date
        the
        Prospectus is filed with the Commission and ends at the later of the time
        of
        purchase and the end of the period during which a prospectus is required
        by the
        Act to be delivered (whether physically or through compliance with Rule 172
        under the Act or any similar rule) in connection with any sale of Shares
        did or
        will the Prospectus, as then amended or supplemented, as the Prospectus relates
        to the Selling Stockholder, include an untrue statement of a material fact
        or
        omit to state a material fact necessary in order to make the statements therein,
        in the light of the circumstances under which they were made, not misleading;
        each Issuer Free Writing Prospectus, as such Issuer Free Writing Prospectus
        relates to the Selling Stockholder and when read together with the Pricing
        Prospectus, any other Issuer Free Writing Prospectuses then issued and the
        information included on <u>Schedule B</u> hereto, as of the Applicable Time, did
        not include an untrue statement of a material fact or omit to state a material
        fact necessary in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        sale of the Shares by the Selling Stockholder pursuant to this Agreement
        is not
        prompted by any material information concerning the Company or any Subsidiary
        which is not set forth in the Registration Statement, the Pricing Prospectus
        and
        the Prospectus;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;neither
        the Selling Stockholder nor any of its affiliates has taken, directly or
        indirectly, any action designed to, or which has constituted or might reasonably
        be expected to cause or result in, under the Exchange Act or otherwise, the
        stabilization or manipulation of the price of any security of the Company
        to
        facilitate the sale or resale of the Shares;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to
        the Selling Stockholder&#8217;s knowledge, there are no affiliations or associations
        between any member of the NASD and the Selling Stockholder, except as set
        forth
        in the Registration Statement, the Pricing Prospectus and the Prospectus;
        and
        none of the proceeds received by the Selling Stockholder from the sale of
        the
        Shares to be sold by the Selling Stockholder pursuant to this Agreement will
        be
        paid to a member of the NASD or any affiliate of such member;</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
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            15 -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
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          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;at
        the time of purchase, all stock transfer or other taxes (other than income
        taxes), if any, that are required to be paid in connection with the sale
        and
        transfer of the Shares to the Underwriter will be fully paid or provided
        for by
        the Selling Stockholder, and all laws imposing such taxes will be fully complied
        with;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;no
        approval, authorization, consent or order of or filing with any federal,
        state,
        local or foreign governmental or regulatory commission, court, board, body,
        authority or agency, or of or with any self-regulatory organization or other
        non-governmental regulatory authority (including, without limitation, the
        NYSE)
        is required in connection with the sale of the Shares by the Selling Stockholder
        pursuant to this Agreement or the consummation by the Selling Stockholder
        of the
        transactions contemplated hereby, other than registration of such Shares
        under
        the Act, which has been effected (or, with respect to a Rule 462(b) Registration
        Statement, will be effected in accordance herewith), any necessary qualification
        under the securities or blue sky laws of the various jurisdictions in which
        such
        Shares are being offered by the Underwriter or under the rules and regulations
        of the NASD and such approvals, authorizations, consents, orders or filings
        that
        have been obtained or made and are in full force and effect;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        Selling Stockholder has not offered or sold any Shares by means of any
&#8220;prospectus&#8221; (within the meaning of the Act), or used any &#8220;prospectus&#8221; (within
        the meaning of the Act) in connection with the offer or sale of the Shares,
        in
        each case other than the then most recent Preliminary Prospectus;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
        execution, delivery and performance of this Agreement, the sale by the Selling
        Stockholder of the Shares pursuant to this Agreement and the consummation
        of the
        transactions contemplated hereby will not conflict with, result in any breach
        or
        violation of or constitute a default under (or constitute any event which
        with
        notice, lapse of time or both would result in any breach or violation of
        or
        constitute a default under) (i) the charter or bylaws of the Selling
        Stockholder, (ii) any indenture, mortgage, deed of trust, bank loan or credit
        agreement or other evidence of indebtedness, or any license, lease, contract
        or
        other agreement or instrument to which the Selling Stockholder is a party
        or by
        which the Selling Stockholder or any of its properties may be bound or affected,
        (iii) any federal, state, local or foreign law, regulation or rule, (iv)
        any
        rule or regulation of any self-regulatory organization or other non-governmental
        regulatory authority (including, without limitation, the rules and regulations
        of the NYSE) or (v) any decree, judgment or order applicable to the Selling
        Stockholder or its properties, except in the case of the foregoing clauses
        (ii),
        (iii), (iv) and (v) as would not, individually or in the aggregate, have
        a
        material adverse effect on the ability of the Selling Stockholder to consummate
        the transactions contemplated hereby;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;no
        stamp duty, stock exchange tax, value-added tax, withholding tax or any other
        similar duty or tax is payable by or on behalf of the Underwriter in the
        United
        States or the Marshall Islands or any political subdivision thereof or any
        authority thereof having power to tax in connection with the execution, delivery
        or performance of this Agreement by the Selling Stockholder or the sale or
        delivery of the Shares by the Selling Stockholder to or for the account of
        the
        Underwriter or the resales of the Shares by the Underwriter to the initial
        purchasers thereof; and</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
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            16 -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;certificates
        in negotiable form representing all of the Shares to be sold by the Selling
        Stockholder hereunder have been or will be at the applicable time of payment
        duly and properly endorsed in blank for transfer, accompanied by all documents,
        including stock powers, duly and properly executed that are necessary to
        validate the transfer of title to such Shares to the Underwriter, free of
        any
        legend, restriction on transferability, proxy, lien or claim
        whatsoever.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>In
        addition, any certificate signed by
        any officer of the Selling Stockholder or any of the Selling Stockholder&#8217;s
        affiliates or by the Selling Stockholder and delivered to the Underwriter
        or
        counsel for the Underwriter in connection with the offering of the Shares
        shall
        be deemed to be a representation and warranty by the Selling Stockholder,
        as to
        matters covered thereby, to the Underwriter.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certain
        Covenants of the Company</u>.&#160;&#160;The Company hereby agrees:</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to
        furnish such information as may be required and otherwise to cooperate in
        qualifying the Shares for offering and sale under the securities or blue
        sky
        laws of such states or other jurisdictions as the Underwriter may reasonably
        designate and to maintain such qualifications in effect so long as may be
        required for the distribution of the Shares; <u>provided</u>, <u>however</u>,
        that the Company shall not be required to qualify as a foreign corporation
        or
        subject itself to taxation in any such jurisdiction or consent to the service
        of
        process under the laws of any such jurisdiction (except service of process
        with
        respect to the offering and sale of the Shares); and to promptly advise the
        Underwriter of the receipt by the Company of any notification with respect
        to
        the suspension of the qualification of the Shares for offer or sale in any
        jurisdiction or the initiation or threatening of any proceeding for such
        purpose;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to
        make available to the Underwriter in New York City, as soon as practicable
        after
        the date of this Agreement, and thereafter from time to time to furnish to
        the
        Underwriter, as many copies of the Prospectus (or of the Prospectus as amended
        or supplemented if the Company shall have made any amendments or supplements
        thereto after the date of this Agreement) as the Underwriter may request
        for the
        purposes contemplated by the Act; in case the Underwriter is required to
        deliver
        (whether physically or through compliance with Rule 172 under the Act or
        any
        similar rule), in connection with the sale of the Shares, a prospectus after
        the
        nine-month period referred to in Section 10(a)(3) of the Act, the Company
        will
        prepare, at its expense, promptly upon request such amendment or amendments
        to
        the Registration Statement and the Prospectus as may be necessary to permit
        compliance with the requirements of Section 10(a)(3) of the Act;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;if,
        at the time this Agreement is executed and delivered, it is necessary for
        any
        post-effective amendment to the Registration Statement or a Rule 462(b)
        Registration Statement to be filed with the Commissions and become effective
        before the Shares may be sold, the Company will use its best efforts to cause
        such post-effective amendment or such Rule 462(b) Registration Statement
        to be
        filed and become effective, and will pay any fees in accordance with the
        Act as
        soon as possible, and the Company will advise the Underwriter promptly and,
        if
        requested by the Underwriter, will confirm such advice in writing, (i) when
        such
        post-effective amendment or such Rule 462(b) Registration Statement has become
        effective, and (ii) if Rule 430A or Rule 430C under the Act is used, when
        the
        Prospectus is filed with the Commission pursuant to Rule 424(b) under the
        Act
        (which the Company agrees to file in a timely manner in accordance with such
        Rules);</font></div>
      <div>&#160;</div>
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            17 -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to
        advise the Underwriter promptly, and, if requested by the Underwriter, to
        confirm such advice in writing, of any request by the Commission for amendments
        or supplements to the Registration Statement, any Preliminary Prospectus,
        the
        Prospectus or any Issuer Free Writing Prospectus or for additional information
        with respect thereto, or of notice of institution of proceedings for, or
        the
        entry of a stop order, suspending the effectiveness of the Registration
        Statement or preventing or suspending the use of any Preliminary Prospectus,
        the
        Prospectus or any Issuer Free Writing Prospectus and, if the Commission should
        enter a stop order suspending the effectiveness of the Registration Statement
        or
        preventing or suspending the use of any Preliminary Prospectus, the Prospectus
        or any Issuer Free Writing Prospectus, to use its best efforts to obtain
        the
        lifting or removal of such order as soon as possible; to advise the Underwriter
        promptly of any proposal to amend or supplement the Registration Statement,
        any
        Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus
        and
        to provide the Underwriter and its counsel copies of any such documents for
        review and comment a reasonable amount of time prior to any proposed filing
        and
        to file no such amendment or supplement to which the Underwriter shall
        reasonably object in writing;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;subject
        to Section 5(d) hereof, to file promptly all reports and documents and any
        information statement required to be filed by the Company with the Commission
        in
        order to comply with the Exchange Act for so long as the delivery of a
        prospectus is required by the Act (whether physically or through compliance
        with
        Rule 172 under the Act or any similar rule) in connection with any sale of
        Shares; and, during such period, to provide the Underwriter, for its review
        and
        comment, with a copy of such reports and statements and other documents to
        be
        filed by the Company pursuant to Section 13, 14 or 15(d) of the Exchange
        Act
        during such period a reasonable amount of time prior to any proposed filing,
        and
        to file no such report, statement or document to which the Underwriter shall
        reasonably object in writing; and to promptly notify the Underwriter of such
        filing;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to
        advise the Underwriter promptly of the happening of any event known to the
        Company within the period during which a prospectus is required by the Act
        to be
        delivered (whether physically or through compliance with Rule 172 under the
        Act
        or any similar rule) in connection with any sale of Shares, which event could
        require the making of any change in the Prospectus then being used so that
        the
        Prospectus would not include an untrue statement of a material fact or omit
        to
        state a material fact necessary in order to make the statements therein,
        in the
        light of the circumstances under which they are made, not misleading, and,
        during such time, subject to Section 5(d) hereof, to prepare and furnish,
        at the
        Company&#8217;s expense, to the Underwriter promptly such amendments or supplements to
        such Prospectus as may be necessary to reflect any such change;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to
        make generally available to its security holders, and to deliver to the
        Underwriter, an earnings statement of the Company and its Subsidiaries (which
        need not be audited but shall satisfy the provisions of Rule 158(a) under
        the
        Act) covering a period of twelve months beginning after the effective date
        of
        the Registration Statement (as defined in Rule 158(c) under the Act) as soon
        as
        is reasonably practicable after the termination of such twelve-month period
        but
        in any case not later than <strong>[<font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font>]</strong>.</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
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            18 -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to
        furnish to its stockholders as soon as practicable after the end of each
        fiscal
        year an annual report (including a consolidated balance sheet and statements
        of
        income, stockholders&#8217; equity and cash flow of the Company and the Subsidiaries
        for such fiscal year, accompanied by a copy of the certificate or report
        thereon
        of nationally recognized independent certified public accountants duly
        registered with the Public Company Oversight Accounting Board);</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to
        furnish to the Underwriter one copy of the Registration Statement, as initially
        filed with the Commission, and of all amendments thereto, including, if
        requested, all exhibits thereto;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to
        furnish to the Underwriter promptly for a period of three years from the
        date of
        this Agreement (i) copies of any reports, proxy statements, or other
        communications which the Company shall send to its stockholders, (ii) copies
        of
        all annual, quarterly and current reports filed with or furnished to the
        Commission on Forms 20-F or 6-K, or such other similar forms as may be
        designated by the Commission and (iii) copies of documents or reports filed
        with
        any national securities exchange on which any class of securities of the
        Company
        is listed; <u>provided</u>, <u>however</u>, that any information or documents
        filed with or furnished to the Commission pursuant to its Electronic Data
        Gathering, Analysis and Retrieval System shall be considered furnished for
        the
        purposes of this Section&#160;5(j);</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;for
        a period of 90 days after the date hereof (the &#8220;<u>Lock-Up Period</u>&#8221;), without
        the prior written consent of the Representatives, not to (i) sell, offer
        to
        sell, contract or agree to sell, hypothecate, pledge, grant any option to
        purchase or otherwise dispose of or agree to dispose of, directly or indirectly,
        or establish or increase a put equivalent position or liquidate or decrease
        a
        call equivalent position within the meaning of Section 16 of the Exchange
        Act
        and the rules and regulations of the Commission promulgated thereunder, with
        respect to, any Common Stock or securities convertible into or exchangeable
        or
        exercisable for Common Stock or warrants or other rights to purchase Common
        Stock or any other securities of the Company that are substantially similar
        to
        Common Stock, (ii) file or cause to be declared effective a registration
        statement under the Act relating to the offer and sale of any shares of Common
        Stock or securities convertible into or exercisable or exchangeable for Common
        Stock or warrants or other rights to purchase Common Stock or any other
        securities of the Company that are substantially similar to Common Stock,
        (iii)
        enter into any swap or other arrangement that transfers to another, in whole
        or
        in part, any of the economic consequences of ownership of Common Stock or
        any
        securities convertible into or exercisable or exchangeable for Common Stock,
        or
        warrants or other rights to purchase Common Stock or any such securities,
        whether any such transaction is to be settled by delivery of Common Stock
        or
        such other securities, in cash or otherwise or (iv) publicly announce an
        intention to effect any transaction specified in clause (i), (ii) or (iii),
        except, in each case, for (A) the registration of the Shares and the sales
        to
        the Underwriter pursuant to this Agreement, (B) issuances of Common Stock
        upon
        the exercise of options or warrants disclosed as outstanding in the Registration
        Statement, the Pricing Prospectus and the Prospectus, and (C) the issuance
        of
        employee stock options not exercisable during the Lock-Up Period pursuant
        to
        stock option plans described in the Registration Statement, the Pricing
        Prospectus and the Prospectus; <u>provided</u>, <u>however</u>, that if (a)
        during the period that begins on the date that is fifteen (15) calendar days
        plus three (3) business days before the last day of the Lock-Up Period and
        ends
        on the last day of the Lock-Up Period, the Company issues an earnings release
        or
        material news or a material event relating to the Company occurs; or (b)
        prior
        to the expiration of the Lock-Up Period, the Company announces that it will
        release earnings results during the sixteen (16) day period beginning on
        the
        last day of the Lock-Up Period, then the restrictions imposed by this Section
        5(k) shall continue to apply until the expiration of the date that is fifteen
        (15) calendar days plus three (3) business days after the date on which the
        issuance of the earnings release or the material news or material event
        occurs;</font></div>
      <div>&#160;</div>
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            19 -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;prior
        to the time of purchase, to issue no press release or other communication
        directly or indirectly and hold no press conferences with respect to the
        Company
        or any Subsidiary, the financial condition, results of operations, business,
        properties, assets, or liabilities of the Company or any Subsidiary or the
        offering of the Shares, without the Underwriter&#8217;s prior consent;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;not,
        at any time at or after the execution of this Agreement, to directly or
        indirectly, offer or sell any Shares by means of any &#8220;prospectus&#8221; (within the
        meaning of the Act) or use any &#8220;prospectus&#8221; (within the meaning of the Act) in
        connection with the offer or sale of the Shares, other than the Registration
        Statement and the then most recent Prospectus;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;not
        to, and to cause its Subsidiaries not to, take, directly or indirectly, any
        action designed, or which has constituted or might reasonably be expected
        to
        cause or result in, under the Exchange Act or otherwise, the stabilization
        or
        manipulation of the price of any security of the Company to facilitate the
        sale
        or resale of the Shares;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to
        use its reasonable best efforts either (i) to maintain the listing of the
        Shares
        on the NYSE, (ii) to list, and to maintain the listing of, the Shares on
        any
        other national securities exchange registered pursuant to Section 6(a) of
        the
        Exchange Act or (iii) to arrange for the quotation, and to maintain the
        quotation of, the Shares in an automated interdealer quotation system of
        a
        national securities association registered pursuant to Section 15A(a) of
        the
        Exchange Act; and</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to
        maintain a transfer agent and, if necessary under the jurisdiction of
        incorporation of the Company, a registrar for the Common Stock.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certain
        Covenants of the Selling Stockholder</u>.&#160;&#160;The Selling Stockholder
        hereby agrees:</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;not,
        at any time at or after the execution of this Agreement, to directly or
        indirectly, offer or sell any Shares by means of any &#8220;prospectus&#8221; (within the
        meaning of the Act) or use any &#8220;prospectus&#8221; (within the meaning of the Act) in
        connection with the offer or sale of the Shares, other than the Registration
        Statement and the then most recent Prospectus;</font></div>
      <div>&#160;</div>
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            20 -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
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          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;not
        to take, directly or indirectly, any action designed to or which may constitute
        or which might reasonably be expected to cause or result in, under the Exchange
        Act or otherwise, the stabilization or manipulation of the price of any security
        of the Company to facilitate the sale or resale of the Shares;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to
        pay or cause to be paid all taxes, if any, on the transfer and sale of the
        Shares being sold by the Selling Stockholder;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to
        deliver to the Underwriter prior to the time of payment a properly completed
        and
        executed United States Treasury Department Form W-8BEN or other applicable
        form
        or statement specified by Treasury Department regulations in lieu
        thereof;</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to
        advise the Underwriter promptly, and if requested by the Underwriter, to
        confirm
        such advice in writing, so long as the delivery of a prospectus is required
        by
        the Act (whether physically or through compliance with Rule 172 under the
        Act or
        any similar rule) in connection with any sale of Shares, of (i) any material
        change in the business, properties, financial condition, results of operations
        or prospects of the Company and the Subsidiaries taken as a whole, (ii) any
        change in material information in the Registration Statement, the Pricing
        Prospectus, the Prospectus or any Issuer Free Writing Prospectus relating
        to the
        Selling Stockholder or (iii) any new material information relating to the
        Company or any of its Subsidiaries or relating to any matter stated in the
        Registration Statement, the Pricing Prospectus, the Prospectus or any Issuer
        Free Writing Prospectus, in each case which comes to the attention of the
        Selling Stockholder; and</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;prior
        to or concurrently with the execution and delivery of this Agreement, to
        execute
        and deliver to the Underwriter a Lock-Up Agreement.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Covenant
        to Pay Costs</u>.&#160;&#160;The Selling Stockholder agrees to pay all costs,
        expenses, fees and taxes in connection with (i) the preparation and filing
        of
        the Registration Statement, any Preliminary Prospectus, the Prospectus, any
        Issuer Free Writing Prospectus and any amendments or supplements thereto,
        and
        the printing and furnishing of copies of each thereof to the Underwriter
        and to
        dealers (including costs of mailing and shipment), (ii) the registration,
        issue,
        sale and delivery of the Shares including any stock or transfer taxes and
        stamp
        or similar duties payable upon the sale, issuance or delivery of the Shares
        to
        the Underwriter, (iii)&#160;the qualification of the Shares for offering and
        sale under state or foreign laws and the determination of their eligibility
        for
        investment under state or foreign law (including the legal fees and filing
        fees
        and other disbursements of counsel for the Underwriter incurred in connection
        with such qualifications and determinations) and the printing and furnishing
        of
        copies of any blue sky surveys or legal investment surveys to the Underwriter
        and to dealers, (iv) any listing of the Shares on any securities exchange
        or
        qualification of the Shares for quotation on the NYSE and any registration
        thereof under the Exchange Act, (v) any filing for review of the public offering
        of the Shares by the NASD, including the legal fees and filing fees and other
        disbursements of counsel to the Underwriter relating to NASD matters,
        (vi)&#160;the fees and disbursements of any transfer agent or registrar for the
        Shares, (vii)&#160;unless otherwise agreed in writing, the costs and expenses of
        the Company and the Selling Stockholder relating to presentations or meetings
        undertaken in connection with the marketing of the offering and sale of the
        Shares to prospective investors and the Underwriter&#8217;s sales forces, including,
        without limitation, expenses associated with the production of road show
        slides
        and graphics, fees and expenses of any consultants engaged in connection
        with
        the road show presentations, travel, lodging and other expenses incurred
        by the
        officers of the Company or by the Selling Stockholder and any such consultants,
        and the cost of any aircraft chartered in connection with any road show and
        (ix)&#160;the performance of the Company&#8217;s and the Selling Stockholder&#8217;s other
        obligations hereunder. The Company hereby agrees with the Underwriter that
        it
        will pay any such amounts not so paid by the Selling Stockholder.</font></div>
      <div>&#160;</div>
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            21 -</font></div>
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          </div>
        </div>
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          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Reimbursement
        of Underwriter&#8217;s Expenses</u>.&#160;&#160;If the Shares are not delivered for
        any reason, the Selling Stockholder agrees that it shall, in addition to
        paying
        the amounts described in Section 7 hereof, reimburse the Underwriter for
        all of
        its properly documented out-of-pocket expenses, including the reasonable
        fees
        and disbursements of its counsel. The Company hereby agrees with the Underwriter
        that it will pay any such amounts not so paid by the Selling
        Stockholder.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Conditions
        of Underwriter&#8217;s Obligations</u>.&#160;&#160;The obligations of the Underwriter
        hereunder are subject to the accuracy of the representations and warranties
        on
        the part of the Company and the Selling Stockholder on the date hereof and
        at
        the time of purchase, the performance by the Company and the Selling Stockholder
        of each of their respective obligations hereunder and to the following
        additional conditions precedent:</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Company shall furnish to the Underwriter at the time of purchase an opinion
        of
        Cravath, Swaine &amp; Moore LLP, special United States counsel for the Company
        and the Selling Stockholder, addressed to the Underwriter and dated the time
        of
        purchase, substantially in the form set forth in <u>Exhibit B</u>
        hereto.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Company shall furnish to the Underwriter at the time of purchase a negative
        assurance letter of Cravath, Swaine &amp; Moore LLP, special United States
        counsel for the Company and the Selling Stockholder, addressed to the
        Underwriter and dated the time of purchase, substantially in the form set
        forth
        in <u>Exhibit C</u> hereto.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Company shall furnish to the Underwriter at the time of purchase an opinion
        of
        Cravath, Swaine &amp; Moore LLP, special United States counsel for the Company,
        as to certain tax matters, addressed to the Underwriter and dated the time
        of
        purchase, substantially in the form set forth in <u>Exhibit D</u>
        hereto.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Company and the Selling Stockholder shall furnish to the Underwriter at the
        time
        of purchase an opinion of Reeder &amp; Simpson, PC, Marshall Islands counsel for
        the Company and the Selling Stockholder, addressed to the Underwriter and
        dated
        the time of purchase, substantially in the form set forth in <u>Exhibit E</u>
        hereto.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Selling Stockholder shall furnish to the Underwriter at the time of purchase
        an
        opinion of James I. Edelson, General Counsel of Overseas Shipholding Group,
        Inc., addressed to the Underwriter and dated the time of purchase, substantially
        in the form set forth in <u>Exhibit F</u> hereto.</font></div>
      <div>&#160;</div>
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            22 -</font></div>
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        </div>
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          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Underwriter shall have received from Ernst &amp; Young LLP letters dated,
        respectively, the date of this Agreement and the time of purchase and addressed
        to the Underwriter, in the forms heretofore approved by the
        Underwriter.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Underwriter shall have received at the time of purchase the favorable opinion
        and negative assurance letter of Simpson Thacher &amp; Bartlett LLP, counsel for
        the Underwriter, dated the time of purchase, in form and substance satisfactory
        to the Underwriter.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No
        Prospectus or amendment or supplement to the Registration Statement or the
        Prospectus shall have been filed to which the Underwriter reasonably objects
        in
        writing.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Prospectus shall have been filed with the Commission pursuant to Rule 424(b)
        under the Act at or before 5:30 P.M., New York City time, on the second full
        business day after the date of this Agreement and any Rule 462(b) Registration
        Statement required by the Act in connection with the offer and sale of the
        Shares shall have been filed and become effective no later than 10:00 P.M.,
        New
        York City time, on the date of this Agreement.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Prior
        to and at the time of purchase, (i) no stop order of the Commission preventing
        or suspending the use of any Preliminary Prospectus or Issuer Free Writing
        Prospectus, or the effectiveness of the Registration Statement, shall have
        been
        issued, and no proceedings for such purpose shall have been instituted; (ii)
        the
        Registration Statement and all amendments thereto shall not contain an untrue
        statement of a material fact or omit to state a material fact required to
        be
        stated therein or necessary to make the statements therein not misleading;
        (iii)
        the Pricing Prospectus and all supplements and amendments thereto, when read
        together with the then issued Issuer Free Writing Prospectuses, if any, and
        the
        information included on <u>Schedule B</u> hereto, shall not include an untrue
        statement of a material fact or omit to state a material fact necessary in
        order
        to make the statements therein, in the light of the circumstances under which
        they were made, not misleading; (iii) the Prospectus and all supplements
        and
        amendments thereto shall not include an untrue statement of a material fact
        or
        omit to state a material fact necessary in order to make the statements therein,
        in the light of the circumstances under which they were made, not misleading;
        and (iv) the Issuer Free Writing Prospectuses, if any, when read together
        with
        the Pricing Prospectus and the information included on <u>Schedule B</u> hereto,
        shall not include an untrue statement of a material fact or omit to state
        a
        material fact necessary in order to make the statements therein, in the light
        of
        the circumstances under which they were made, not misleading.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Between
        the time of execution of this Agreement and the time of purchase, (i) there
        shall not have occurred or become known any material adverse change, or any
        development involving a prospective material adverse change, in the business,
        properties, financial condition, results of operations or prospects of the
        Company and the Subsidiaries taken as a whole and (ii) no transaction which
        is
        material and adverse to the Company and the Subsidiaries taken as a whole
        shall
        have been entered into by the Company or any of the Subsidiaries.</font></div>
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          </div>
        </div>
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          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Company will, at the time of purchase, deliver to the Underwriter a certificate
        of its Chief Executive Officer and its Chief Financial Officer, dated the
        time
        of purchase, in the form attached as <u>Exhibit G</u> hereto.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Selling Stockholder will, at the time of purchase, deliver to the Underwriter
        a
        certificate of the Chief Financial Officer of the Overseas Shipholding Group,
        Inc., dated the time of purchase, in the form attached as <u>Exhibit H</u>
        hereto.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Underwriter shall have received each of the signed Lock-Up Agreements referred
        to in Section 3(t) hereof, and each such Lock-Up Agreement shall be in full
        force and effect at the time of purchase.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Company and the Selling Stockholder shall have furnished to the Underwriter
        such
        other documents and certificates as to the accuracy and completeness of any
        statement in the Registration Statement, the Pricing Prospectus, the Prospectus
        and any Issuer Free Writing Prospectus as of the time of purchase as the
        Underwriter may reasonably request.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Shares shall be listed and admitted and authorized for trading on the
        NYSE.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        NASD shall not have raised any objection with respect to the fairness or
        reasonableness of the underwriting, or other arrangements of the transactions,
        contemplated hereby.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each
        Vessel shall be owned directly by a Subsidiary free and clear of all liens,
        claims, security interests or other encumbrances, except such as are described
        in the Registration Statement, the Pricing Prospectus and the Prospectus
        and
        such as are not material and do not interfere with the intended use to be
        made
        of such Vessel as described in the Registration Statement, the Pricing
        Prospectus and the Prospectus.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Effective
        Date of Agreement; Termination</u>.&#160;&#160;This Agreement shall become
        effective when the parties hereto have executed and delivered this Agreement.
        The obligations of the Underwriter hereunder shall be subject to termination
        in
        the absolute discretion of the Underwriter if (x) since the time of execution
        of
        this Agreement or the earlier respective dates as of which information is
        given
        in the Registration Statement, the Pricing Prospectus, the Prospectus and
        any
        Permitted Free Writing Prospectus, there has been any material adverse change
        or
        any development involving a prospective material adverse change in the business,
        properties, management, financial condition or results of operations of the
        Company and the Subsidiaries taken as a whole which would, in the judgment
        of
        the Underwriter, make it impracticable or inadvisable to proceed with the
        public
        offering or the delivery of the Shares on the terms and in the manner
        contemplated in the Registration Statement, the Pricing Prospectus, the
        Prospectus and the Permitted Free Writing Prospectuses, if any, (in each
        case
        excluding any amendments or supplements thereto made after the execution
        of this
        Agreement) or (y) since the time of execution of this Agreement, there shall
        have occurred: (i) a suspension or material limitation in trading in securities
        generally on the NYSE or the NASDAQ; (ii) a suspension or material limitation
        in
        trading in the Company&#8217;s securities on the NYSE; (iii) a general moratorium on
        commercial banking activities declared by either federal or New York State
        authorities or a material disruption in commercial banking or securities
        settlement or clearance services in the United States; (iv) an outbreak or
        escalation of hostilities or acts of terrorism involving the United States
        or a
        declaration by the United States of a national emergency or war (it being
        understood that, with respect to matters relating to the current conflicts
        in
        Afghanistan and Iraq occurring within Afghanistan and Iraq, respectively,
        this
        clause (iv) shall apply only to an escalation of hostilities or a declaration
        by
        the United States of a national emergency or a war which has not heretofore
        been
        declared); or (v) any other calamity or crisis or any change in financial,
        political or economic conditions in the United States or elsewhere, if the
        effect of any such event specified in clause (iv) or (v) in the judgment
        of the
        Underwriter makes it impracticable or inadvisable to proceed with the public
        offering or the delivery of the Shares on the terms and in the manner
        contemplated in the Registration Statement, the Pricing Prospectus, the
        Prospectus and the Permitted Free Writing Prospectuses, if any, (in each
        case
        excluding any amendments or supplements thereto made after the execution
        of this
        Agreement) or (z) since the time of execution of this Agreement, there shall
        have occurred any downgrading, or any notice or announcement shall have been
        given or made of (i) any intended or potential downgrading or (ii) any watch,
        review or possible change that does not indicate an affirmation or improvement
        in the rating accorded any securities of or guaranteed by the Company or
        any
        Subsidiary by any &#8220;nationally recognized statistical rating organization,&#8221; as
        that term is defined in Rule 436(g)(2) under the Act.</font></div>
      <div>&#160;</div>
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            24 -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
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        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>If
        the Underwriter elects to terminate
        this Agreement as provided in this Section 10, the Company and the Selling
        Stockholder shall be notified promptly in writing. If the sale to the
        Underwriter of the Shares, as contemplated by this Agreement, is not carried
        out
        by the Underwriter for any reason permitted under this Agreement, or if such
        sale is not carried out because the Company or the Selling Stockholder, as
        the
        case may be, shall be unable to comply with any of the terms of this Agreement,
        the Company or the Selling Stockholder, as the case may be, shall not be
        under
        any obligation or liability under this Agreement (except to the extent provided
        in Sections 7, 8 and 11 hereof), and the Underwriter shall be under no
        obligation or liability to the Company or the Selling Stockholder under this
        Agreement (except to the extent provided in Section 11 hereof) or to one
        another
        hereunder.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Indemnity
        and Contribution</u>.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Company agrees to indemnify, defend and hold harmless each Underwriter, its
        partners, directors and officers, and any person who controls the Underwriter
        within the meaning of Section 15 of the Act or Section 20 of the Exchange
        Act,
        and the successors and assigns of all of the foregoing persons, from and
        against
        any loss, damage, expense, liability or claim (including the reasonable cost
        of
        investigation) which, jointly or severally, the Underwriter or any such person
        may incur under the Act, the Exchange Act, the common law or otherwise, insofar
        as such loss, damage, expense, liability or claim arises out of or is based
        upon
        (i) any untrue statement or alleged untrue statement of a material fact
        contained in the Registration Statement (or in the Registration Statement
        as
        amended by any post-effective amendment thereof by the Company) or arises
        out of
        or is based upon any omission or alleged omission to state a material fact
        required to be stated therein or necessary to make the statements therein
        not
        misleading, except insofar as any such loss, damage, expense, liability or
        claim
        arises out of or is based upon any untrue statement or alleged untrue statement
        of a material fact contained in, and in conformity with information concerning
        the Underwriter furnished in writing by or on behalf of the Underwriter to
        the
        Company expressly for use in, the Registration Statement or arises out of
        or is
        based upon any omission or alleged omission to state a material fact in the
        Registration Statement in connection with such information, which material
        fact
        was not contained in such information and which material fact was required
        to be
        stated in such Registration Statement or was necessary to make such information
        not misleading or (ii) any untrue statement or alleged untrue statement of
        a
        material fact included in any Prospectus (the term Prospectus for the purpose
        of
        this Section 11 being deemed to include any Preliminary Prospectus, the
        Prospectus and any amendments or supplements to the foregoing), in any Issuer
        Free Writing Prospectus, in any &#8220;issuer information&#8221; (as defined in Rule 433
        under the Act) of the Company, which &#8220;issuer information&#8221; is required to be, or
        is, filed with the Commission, or in any Prospectus together with any
        combination of one or more Issuer Free Writing Prospectuses, if any, or arises
        out of or is based upon any omission or alleged omission to state a material
        fact necessary in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading, except, with respect
        to such Prospectus or Issuer Free Writing Prospectus, insofar as any such
        loss,
        damage, expense, liability or claim arises out of or is based upon any untrue
        statement or alleged untrue statement of a material fact contained in, and
        in
        conformity with information concerning such Underwriter furnished in writing
        by
        or on behalf of the Underwriter to the Company expressly for use in, such
        Prospectus or Issuer Free Writing Prospectus or arises out of or is based
        upon
        any omission or alleged omission to state a material fact in such Prospectus
        or
        Issuer Free Writing Prospectus in connection with such information, which
        material fact was not contained in such information and which material fact
        was
        necessary in order to make the statements in such information, in the light
        of
        the circumstances under which they were made, not misleading.</font></div>
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          </div>
        </div>
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          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Selling Stockholder agrees to indemnify, defend and hold harmless the
        Underwriter, its partners, directors and officers, and any person who controls
        the Underwriter within the meaning of Section 15 of the Act or Section 20
        of the
        Exchange Act, and the successors and assigns of all of the foregoing persons,
        from and against any loss, damage, expense, liability or claim (including
        the
        reasonable cost of investigation) which, jointly or severally, the Underwriter
        or any such person may incur under the Act, the Exchange Act, the common
        law or
        otherwise, insofar as such loss, damage, expense, liability or claim arises
        out
        of or is based upon (i) any untrue statement or alleged untrue statement
        of a
        material fact contained in the Registration Statement (or in the Registration
        Statement as amended by any post-effective amendment thereof by the Company)
        or
        arises out of or is based upon any omission or alleged omission to state
        a
        material fact required to be stated therein or necessary to make the statements
        therein not misleading, in each case as such Registration Statement relates
        to
        the Selling Stockholder, or (ii) any untrue statement or alleged untrue
        statement of a material fact included in any Prospectus, in any Issuer Free
        Writing Prospectus or in any Prospectus together with any combination of
        one or
        more Issuer Free Writing Prospectuses, if any, or arises out of or is based
        upon
        any omission or alleged omission to state a material fact necessary in order
        to
        make the statements therein, in the light of the circumstances under which
        they
        were made, not misleading; <em>provided, however, </em>that the Selling
        Stockholder will be liable in each case to the extent but only to the extent
        that any such loss, damage, expense, liability or claim arises out of or
        is
        based upon an untrue statement or alleged untrue statement or omission or
        alleged omission that relates to the Selling Stockholder; and provided further,
        however, that in no case shall the Selling Stockholder be liable for any
        amount
        in excess of the product of (i) the aggregate number of Shares sold by the
        Selling Stockholder hereunder and (ii) the purchase price per Share set forth
        in
        Section 1 hereof.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Underwriter agrees to indemnify, defend and hold harmless the Company, its
        directors and officers, the Selling Stockholder and any person who controls
        the
        Company within the meaning of Section 15 of the Act or Section 20 of the
        Exchange Act, and the successors and assigns of all of the foregoing persons,
        from and against any loss, damage, expense, liability or claim (including
        the
        reasonable cost of investigation) which, jointly or severally, the Company,
        the
        Selling Stockholder or any such person may incur under the Act, the Exchange
        Act, the common law or otherwise, insofar as such loss, damage, expense,
        liability or claim arises out of or is based upon (i) any untrue statement
        or
        alleged untrue statement of a material fact contained in, and in conformity
        with
        information concerning the Underwriter furnished in writing by or on behalf
        of
        the Underwriter to the Company expressly for use in, the Registration Statement
        (or in the Registration Statement as amended by any post-effective amendment
        thereof by the Company), or arises out of or is based upon any omission or
        alleged omission to state a material fact in such Registration Statement
        in
        connection with such information, which material fact was not contained in
        such
        information and which material fact was required to be stated in such
        Registration Statement or was necessary to make such information not misleading
        or (ii) any untrue statement or alleged untrue statement of a material fact
        contained in, and in conformity with information concerning the Underwriter
        furnished in writing by or on behalf of the Underwriter to the Company expressly
        for use in, a Prospectus or any Issuer Free Writing Prospectus, or arises
        out of
        or is based upon any omission or alleged omission to state a material fact
        in
        such Prospectus or Issuer Free Writing Prospectus in connection with such
        information, which material fact was not contained in such information and
        which
        material fact was necessary in order to make the statements in such information,
        in the light of the circumstances under which they were made, not
        misleading.</font></div>
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        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If
        any action, suit or proceeding (each, a &#8220;<u>Proceeding</u>&#8221;) is brought against
        a person (an &#8220;<u>indemnified party</u>&#8221;) in respect of which indemnity may be
        sought against the Company, the Selling Stockholder or the Underwriter (as
        applicable, the &#8220;<u>indemnifying party</u>&#8221;) pursuant to subsection (a), (b) or
        (c), respectively, of this Section 11, such indemnified party shall promptly
        notify such indemnifying party in writing of the institution of such Proceeding
        and such indemnifying party shall assume the defense of such Proceeding,
        including the employment of counsel reasonably satisfactory to such indemnified
        party and payment of all fees and expenses; <u>provided</u>, <u>however</u>,
        that the omission to so notify such indemnifying party shall not relieve
        such
        indemnifying party from any liability which such indemnifying party may have
        to
        any indemnified party or otherwise.&#160;&#160;The indemnified party or parties
        shall have the right to employ its or their own counsel in any such case,
        but
        the fees and expenses of such counsel shall be at the expense of such
        indemnified party or parties unless the employment of such counsel shall
        have
        been authorized in writing by the indemnifying party in connection with the
        defense of such Proceeding or the indemnifying party shall not have, within
        a
        reasonable period of time in light of the circumstances, employed counsel
        to
        defend such Proceeding or such indemnified party or parties shall have
        reasonably concluded, based on the advice of counsel, that there may be defenses
        available to it or them which are different from, additional to or in conflict
        with those available to such indemnifying party (in which case such indemnifying
        party shall not have the right to direct the defense of such Proceeding on
        behalf of the indemnified party or parties), in any of which events such
        fees
        and expenses shall be borne by such indemnifying party and paid as incurred
        (it
        being understood, however, that such indemnifying party shall not be liable
        for
        the expenses of more than one separate counsel (in addition to any local
        counsel) in any one Proceeding or series of related Proceedings in the same
        jurisdiction representing the indemnified parties who are parties to such
        Proceeding).&#160;&#160;The indemnifying party shall not be liable for any
        settlement of any Proceeding effected without its written consent but, if
        settled with its written consent, such indemnifying party agrees to indemnify
        and hold harmless the indemnified party or parties from and against any loss
        or
        liability by reason of such settlement.&#160;&#160;Notwithstanding the foregoing
        sentence, if at any time an indemnified party shall have requested an
        indemnifying party to reimburse the indemnified party for fees and expenses
        of
        counsel as contemplated by the second sentence of this Section 11(d), then
        the
        indemnifying party agrees that it shall be liable for any settlement of any
        Proceeding effected without its written consent if (i) such settlement is
        entered into more than 60 business days after receipt by such indemnifying
        party
        of the aforesaid request, (ii) such indemnifying party shall not have fully
        reimbursed the indemnified party in accordance with such request prior to
        the
        date of such settlement and (iii) such indemnified party shall have given
        the
        indemnifying party at least 30 days&#8217; prior notice of its intention to
        settle.&#160;&#160;No indemnifying party shall, without the prior written
        consent of the indemnified party, effect any settlement of any pending or
        threatened Proceeding in respect of which any indemnified party is or could
        have
        been a party and indemnity could have been sought hereunder by such indemnified
        party, unless such settlement includes an unconditional release of such
        indemnified party from all liability on claims that are the subject matter
        of
        such Proceeding and does not include an admission of fault or culpability
        or a
        failure to act by or on behalf of such indemnified party.</font></div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If
        the indemnification provided for in this Section 11 is unavailable to an
        indemnified party under subsections (a), (b) or (c) of this Section 11 or
        insufficient to hold an indemnified party harmless in respect of any losses,
        damages, expenses, liabilities or claims referred to therein, then each
        applicable indemnifying party shall contribute to the amount paid or payable
        by
        such indemnified party as a result of such losses, damages, expenses,
        liabilities or claims (i) in such proportion as is appropriate to reflect
        the
        relative benefits received by the Company and the Selling Stockholder on
        the one
        hand and the Underwriter on the other hand from the offering of the Shares
        or
        (ii) if the allocation provided by clause (i) above is not permitted by
        applicable law, in such proportion as is appropriate to reflect not only
        the
        relative benefits referred to in clause (i) above but also the relative fault
        of
        the Company and the Selling Stockholder on the one hand and of the Underwriter
        on the other in connection with the statements or omissions which resulted
        in
        such losses, damages, expenses, liabilities or claims, as well as any other
        relevant equitable considerations. The relative benefits received by the
        Company
        and the Selling Stockholder on the one hand and the Underwriter on the other
        shall be deemed to be in the same respective proportions as the total proceeds
        from the offering (net of underwriting discounts and commissions but before
        deducting expenses) received by the Company and the Selling Stockholder,
        and the
        total underwriting discounts and commissions received by the Underwriter,
        bear
        to the aggregate</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          </div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt;">-
            27 -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">public
        offering price of the Shares.&#160;&#160;The relative fault of the Company and
        the Selling Stockholder on the one hand and of the Underwriter on the other
        shall be determined by reference to, among other things, whether the untrue
        statement or alleged untrue statement of a material fact or omission or alleged
        omission relates to information supplied by the Company or the Selling
        Stockholder or by the Underwriter and the parties&#8217; relative intent, knowledge,
        access to information and opportunity to correct or prevent such statement
        or
        omission.&#160;&#160;The amount paid or payable by a party as a result of the
        losses, damages, expenses, liabilities and claims referred to in this subsection
        shall be deemed to include any legal or other fees or expenses reasonably
        incurred by such party in connection with investigating, preparing to defend
        or
        defending any Proceeding.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Company, the Selling Stockholder and the Underwriter agree that it would
        not be
        just and equitable if contribution pursuant to this Section 11 were determined
        by pro rata allocation or by any other method of allocation that does not
        take
        account of the equitable considerations referred to in subsection (e)
        above.&#160;&#160;Notwithstanding the provisions of this Section 11, (i) the
        Underwriter shall not be required to contribute any amount in excess of the
        amount by which the total price at which the Shares underwritten by the
        Underwriter and distributed to the public were offered to the public exceeds
        the
        amount of any damage which the Underwriter has otherwise been required to
        pay by
        reason of such untrue statement or alleged untrue statement or omission or
        alleged omission and (ii) the Selling Stockholder shall not be required to
        contribute any amount in excess of the product of (x) the aggregate number
        of
        Shares sold by the Selling Stockholder hereunder and (y) the purchase price
        per
        Share set forth in Section 1 hereof. No person guilty of fraudulent
        misrepresentation (within the meaning of Section 11(f) of the Act) shall
        be
        entitled to contribution from any person who was not guilty of such fraudulent
        misrepresentation.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        indemnity and contribution agreements contained in this Section 11 and the
        covenants, warranties and representations of the Company and the Selling
        Stockholder&#160;&#160;contained in this Agreement shall remain in full force
        and effect regardless of any investigation made by or on behalf of the
        Underwriter, its partners, directors or officers or any person (including
        each
        partner, officer or director of such person) who controls the Underwriter
        within
        the meaning of Section 15 of the Act or Section 20 of the Exchange Act, or
        by or
        on behalf of the Company or the Selling Stockholder, their respective directors
        or officers or any person who controls the Company or the Selling Stockholder
        within the meaning of Section 15 of the Act or Section 20 of the Exchange
        Act,
        and shall survive any termination of this Agreement or the issuance and delivery
        of the Shares pursuant hereto. The Company, the Selling Stockholder and the
        Underwriter agree promptly to notify each other of the commencement of any
        Proceeding against it and, in the case of the Company or the Selling
        Stockholder, against any of their officers or directors in connection with
        the
        issuance and sale of the Shares, or in connection with the Registration
        Statement, any Preliminary Prospectus, the Prospectus or any Issuer Free
        Writing
        Prospectus.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Company and the Selling Stockholder hereby acknowledge and agree between
        themselves that the offer and sale of the Shares contemplated hereby has
        been
        registered under the Act pursuant to the Registration Rights Agreement, dated
        October 18, 2005 (the &#8220;<u>Registration Rights Agreement</u>&#8221;), between the
        Company and the Selling Stockholder, and that the indemnification and
        contribution provisions contained in the Registration Rights Agreement shall
        apply to the Company and the Selling Stockholder with respect to such offer
        and
        sale. The Company, the Selling Stockholder and the Underwriter hereby agree
        that
        such indemnification and contributions provisions shall not in any way affect
        any obligations owed by the Company or the Selling Stockholder to the
        Underwriter under this Agreement.</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
        </div>
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            28 -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Information
        Furnished by the Underwriter</u>.&#160;&#160;The statements set forth in the
        Prospectus under &#8220;Underwriting&#8221; in the <strong>[<font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font>]</strong>
        paragraphs constitute the only information furnished by or on behalf of the
        Underwriter as such information is referred to in Section 3 and Section 11
        hereof.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notices</u>.&#160;&#160;Except
        as otherwise herein provided, all statements, requests, notices and agreements
        shall be in writing or by telegram or facsimile and, if to the Underwriter,
        shall be sufficient in all respects if delivered or sent to _________________
        and, if to the Company, shall be sufficient in all respects if delivered
        or sent
        to the Company at the offices of the Company at 26 New Street, St. Helier,
        Jersey JE23RA, Attention: Chief Executive Officer,&#160;&#160;and if to the
        Selling Stockholder, shall be sufficient in all respects if delivered or
        sent to
        the Selling Stockholder, c/o OSG Ship Management, Inc., 666 Third Avenue,
        New
        York, New York 10017, Attention: General Counsel.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Governing
        Law; Construction</u>.&#160;&#160;This Agreement and any claim, counterclaim or
        dispute of any kind or nature whatsoever arising out of or in any way relating
        to this Agreement (&#8220;<u>Claim</u>&#8221;), directly or indirectly, shall be governed
        by, and construed in accordance with, the laws of the State of New
        York.&#160;&#160;The section headings in this Agreement have been inserted as a
        matter of convenience of reference and are not a part of this
        Agreement.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Submission
        to Jurisdiction</u>.&#160;&#160;Except as set forth below, no Claim may be
        commenced, prosecuted or continued in any court other than the courts of
        the
        State of New York located in the City and County of New York or in the United
        States District Court for the Southern District of New York, which courts
        shall
        have jurisdiction over the adjudication of such matters, and the Company
        and the
        Selling Stockholder each consent to the jurisdiction of such courts and personal
        service with respect thereto.&#160;&#160;The Company and the Selling Stockholder
        each hereby consent to personal jurisdiction, service and venue in any court
        in
        which any Claim arising out of or in any way relating to this Agreement is
        brought by any third party against any Underwriter or any indemnified
        party.&#160;&#160;The Underwriter and the Company (on its behalf and, to the
        extent permitted by applicable law, on behalf of its stockholders and
        affiliates) and the Selling Stockholder (on its behalf and, to the extent
        permitted by applicable law, on behalf of its stockholders and affiliates)
        each
        waive all right to trial by jury in any action, proceeding or counterclaim
        (whether based upon contract, tort or otherwise) in any way arising out of
        or
        relating to this Agreement.&#160;&#160;The Company and the Selling Stockholder
        each agree that a final judgment in any such action, proceeding or counterclaim
        brought in any such court shall be conclusive and binding upon the Company
        and
        the Selling Stockholder and may be enforced in any other courts to the
        jurisdiction of which the Company or the Selling Stockholder is or may be
        subject, by suit upon such judgment.&#160;&#160;The Company hereby appoints,
        without power of revocation, CT Corporation as its agent to accept and
        acknowledge on its behalf of any and all process which may be served in any
        action, proceeding or counterclaim in any way relating to or arising out
        of this
        Agreement. The Selling Stockholder hereby appoints, without power of revocation,
        OSG Ship Management, Inc., at the address of the Selling Stockholder set
        forth
        above, as its agent to accept and acknowledge on its behalf of any and all
        process which may be served in any action, proceeding or counterclaim in
        any way
        relating to or arising out of this Agreement.</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
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            29 -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Parties
        at Interest</u>.&#160;&#160;The Agreement herein set forth has been and is made
        solely for the benefit of the Underwriter and the Company and the Selling
        Stockholder and to the extent provided in Section 11 hereof the controlling
        persons, partners, directors and officers referred to in such Section, and
        their
        respective successors, assigns, heirs, personal representatives and executors
        and administrators.&#160;&#160;No other person, partnership, association or
        corporation (including a purchaser, as such purchaser, from the Underwriter)
        shall acquire or have any right under or by virtue of this
        Agreement.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Counterparts</u>.&#160;&#160;This
        Agreement may be signed by the parties in one or more counterparts which
        together shall constitute one and the same agreement among the
        parties.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Successors
        and Assigns</u>.&#160;&#160;This Agreement shall be binding upon the
        Underwriter, the Company and the Selling Stockholder and their successors
        and
        assigns and any successor or assign of any substantial portion of the Company&#8217;s,
        the Selling Stockholder&#8217;s or any of the Underwriter&#8217;s respective businesses
        and/or assets.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No
        Fiduciary Relationship</u>. The Company and the Selling Stockholder hereby
        acknowledge that the Underwriter is acting solely as an underwriter in
        connection with the purchase and sale of the Company&#8217;s securities. The Company
        and the Selling Stockholder further acknowledges that the Underwriter is
        acting
        pursuant to a contractual relationship created solely by this Agreement entered
        into on an arm&#8217;s length basis and in no event do the parties intend that the
        Underwriter act or be responsible as a fiduciary to the Company, the Selling
        Stockholder, their respective management, stockholders or creditors or any
        other
        person in connection with any activity that the Underwriter may undertake
        or
        have undertaken in furtherance of the purchase and sale of the Company&#8217;s
        securities either before or after the date hereof. The Underwriter hereby
        expressly disclaims any fiduciary or similar obligations to the Company and
        the
        Selling Stockholder, either in connection with the transactions contemplated
        by
        this Agreement or any matters leading up to such transactions, and the Company
        and the Selling Stockholder hereby confirm their understanding and agreement
        to
        that effect. The Company, the Selling Stockholder and the Underwriter agree
        that
        they are each responsible for making their own independent judgments with
        respect to any such transactions, and that any opinions or views expressed
        by
        the Underwriter to the Company or the Selling Stockholder regarding such
        transactions, including but not limited to any opinions or views with respect
        to
        the price or market for the Company&#8217;s securities, do not constitute advice or
        recommendations to the Company or the Selling Stockholder. The Company and
        the
        Selling Stockholder hereby waive and release, to the fullest extent permitted
        by
        law, any claims that the Company and the Selling Stockholder may have against
        the Underwriter with respect to any breach or alleged breach of any fiduciary
        or
        similar duty to the Company or the Selling Stockholder in connection with
        the
        transactions contemplated by this Agreement or any matters leading up to
        such
        transactions.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[<em>The
        Remainder of This Page Intentionally Left Blank; Signature Pages
        Follow</em>]</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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            30 -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>If
        the foregoing correctly sets forth
        the understanding among the Company, the Selling Stockholder and the
        Underwriter, please so indicate in the space provided below for that purpose,
        whereupon this Agreement and the Underwriter&#8217;s acceptance shall constitute a
        binding agreement among the Company, the Selling Stockholder and the
        Underwriter.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 405pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Very
        truly yours,</font></div>
      <div><br></div>
      <div style="MARGIN-LEFT: 405pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table cellpadding="0" cellspacing="0" width="30%">

            <tr>
              <td align="left" colspan="2" valign="top" width="43%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">DOUBLE
                  HULL TANKERS, INC.</font></div>
              </td>
            </tr>
            <tr>
              <td colspan="2" valign="top" width="43%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="5%" style="BORDER-BOTTOM-WIDTH: 1px; BORDER-BOTTOM-COLOR: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">By:</font></div>
              </td>
              <td valign="top" width="38%" style="BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="5%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="38%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Name:</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="5%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="38%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Title:</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div><br></div>
      <div style="MARGIN-LEFT: 405pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table cellpadding="0" cellspacing="0" width="30%">

            <tr>
              <td align="left" colspan="2" valign="top" width="43%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">OSG
                  INTERNATIONAL, INC.</font></div>
              </td>
            </tr>
            <tr>
              <td colspan="2" valign="top" width="43%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="5%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">By:</font></div>
              </td>
              <td align="left" valign="top" width="38%" style="BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="5%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="38%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Name:</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="5%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="38%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Title:</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div><br>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Accepted
        and agreed as of the date</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">first
        written above:</font></div>
      <div><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="30%">

            <tr>
              <td align="left" valign="top" width="5%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">By:</font></div>
              </td>
              <td align="left" valign="top" width="38%" style="BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="30%">

            <tr>
              <td align="left" valign="top" width="5%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">By:</font></div>
              </td>
              <td align="left" valign="top" width="38%" style="BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="5%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="38%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Name:</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="5%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="38%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Title:</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div><br>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>SCHEDULE
        A</u></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">PERMITTED
        FREE WRITING PROSPECTUSES </font>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>[<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman;">&#9679;</font>]</strong></font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
        <div>&#160;</div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>SCHEDULE
        B</u></font></div>
      <div>&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">CERTAIN
        INFORMATION</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>[<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman;">&#9679;</font>]</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>SCHEDULE
        C</u></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">SUBSIDIARIES
        AND VESSELS</font></div>
      <div><br></div>
      <div align="center">
        <table cellpadding="0" cellspacing="0" width="80%">

            <tr>
              <td align="justify" valign="top" width="49%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>Subsidiary</u></font></div>
              </td>
              <td valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>Vessel
                  Owned</u></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="49%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="31%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="49%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Ann
                  Tanker Corporation</font></div>
              </td>
              <td align="left" valign="top" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>Overseas
                  Ann</em></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="49%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Chris
                  Tanker Corporation</font></div>
              </td>
              <td align="left" valign="top" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>Overseas
                  Chris</em></font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="49%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Regal
                  Unity Tanker Corporation</font></div>
              </td>
              <td align="justify" valign="top" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>Overseas
                  Regal</em></font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="49%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Cathy
                  Tanker Corporation</font></div>
              </td>
              <td align="justify" valign="top" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>Overseas
                  Cathy</em></font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="49%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Sophie
                  Tanker Corporation</font></div>
              </td>
              <td align="justify" valign="top" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>Overseas
                  Sophie</em></font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="49%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Rebecca
                  Tanker Corporation</font></div>
              </td>
              <td align="justify" valign="top" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>Overseas
                  Rebecca</em></font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="49%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Ania
                  Aframax Corporation</font></div>
              </td>
              <td align="justify" valign="top" width="31%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>Overseas
                  Ania</em></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>SCHEDULE
        D</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">PERSONS
        REQUIRED TO DELIVER LOCK-UP AGREEMENTS</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">1.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Erik
                  A. Lind</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">2.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Randee
                  Day</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">3.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Rolf
                  A. Wikborg</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">4.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Ole
                  Jacob Diesen</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">5.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Eirik
                  Ub&#248;e</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">6.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Tom
                  Kjeldsberg</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">7.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">OSG
                  International, Inc.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
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        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>EXHIBIT
        A</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">LOCK-UP
        AGREEMENT</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">_________,
        2007</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">___________________</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Ladies
        and Gentlemen:</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>This
        Lock-Up Agreement is being
        delivered to you in connection with the proposed Underwriting Agreement (the
        &#8220;<u>Underwriting Agreement</u>&#8221;) to be entered into among Double Hull Tankers,
        Inc. a Marshall Islands corporation (the &#8220;<u>Company</u>&#8221;), [the Selling
        Stockholder named therein]<sup>1</sup> and you with respect to the public
        offering (the &#8220;<u>Offering</u>&#8221;) of common stock, par value $0.01 per share, of
        the Company (the &#8220;<u>Common Stock</u>&#8221;).</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>In
        order to induce you to enter into
        the Underwriting Agreement, the undersigned agrees that, for a period (the
        &#8220;<u>Lock-Up Period</u>&#8221;) beginning on the date hereof and ending on, and
        including, the date that is 90 days after the date of the final prospectus
        relating to the Offering, the undersigned will not, without the prior written
        consent of ___________________, (i) sell, offer to sell, contract or agree
        to
        sell, hypothecate, pledge, grant any option to purchase or otherwise dispose
        of
        or agree to dispose of, directly or indirectly, or file (or participate in
        the
        filing of) a registration statement with the Securities and Exchange Commission
        (the &#8220;<u>Commission</u>&#8221;) in respect of, or establish or increase a put
        equivalent position or liquidate or decrease a call equivalent position within
        the meaning of Section 16 of the Securities Exchange Act of 1934, as amended,
        and the rules and regulations of the Commission promulgated thereunder (the
        &#8220;<u>Exchange Act</u>&#8221;) with respect to, any Common Stock or any securities
        convertible into or exercisable or exchangeable for Common Stock, or warrants
        or
        other rights to purchase Common Stock or any such securities, (ii) enter
        into
        any swap or other arrangement that transfers to another, in whole or in part,
        any of the economic consequences of ownership of Common Stock or any securities
        convertible into or exercisable or exchangeable for Common Stock, or warrants
        or
        other rights to purchase Common Stock or any such securities, whether any
        such
        transaction is to be settled by delivery of Common Stock or such other
        securities, in cash or otherwise or (iii) publicly announce an intention
        to
        effect any transaction specified in clause (i) or (ii). The foregoing sentence
        shall not apply to (a) the registration of or sale to the Underwriter (as
        defined in the Underwriting Agreement) of any Common Stock pursuant to the
        Offering and the Underwriting Agreement, (b) bona fide gifts, provided the
        recipient thereof agrees in writing with the Underwriter to be bound by the
        terms of this Lock-Up Agreement or (c) dispositions to any trust for the
        direct
        or indirect benefit of the undersigned and/or the immediate family of the
        undersigned, provided that such trust agrees in writing with the Underwriter
        to
        be bound by the terms of this Lock-Up Agreement.&#160;&#160;For purposes of this
        paragraph, &#8220;immediate family&#8221; shall mean the undersigned and the spouse, any
        lineal descendent, father, mother, brother or sister of the
        undersigned.</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>____________</div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><sup>1</sup><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;In
          the case
          of the Selling Stockholder, the bracketed language shall be replaced with
&#8220;the
          undersigned.&#8221;</font></div>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>In
        addition, the undersigned hereby
        waives any rights the undersigned may have to require registration of Common
        Stock in connection with the filing of a registration statement relating
        to the
        Offering.&#160;&#160;The undersigned further agrees that, for the Lock-Up
        Period, the undersigned will not, without the prior written consent of
        ___________________, make any demand for, or exercise any right with respect
        to,
        the registration of Common Stock or any securities convertible into or
        exercisable or exchangeable for Common Stock, or warrants or other rights
        to
        purchase Common Stock or any such securities.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Notwithstanding
        the above, if (a)
        during the period that begins on the date that is fifteen (15) calendar days
        plus three (3) business days before the last day of the Lock-Up Period and
        ends
        on the last day of the Lock-Up Period, the Company issues an earnings release
        or
        material news or a material event relating to the Company occurs; or (b)
        prior
        to the expiration of the Lock-Up Period, the Company announces that it will
        release earnings results during the sixteen (16) day period beginning on
        the
        last day of the Lock-Up Period, then the restrictions imposed by this Lock-Up
        Agreement shall continue to apply until the expiration of the date that is
        fifteen (15) calendar days plus three (3) business days after the date on
        which
        the issuance of the earnings release or the material news or material event
        occurs.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>In
        addition, the undersigned hereby
        waives any and all preemptive rights, participation rights, resale rights,
        rights of first refusal and similar rights that the undersigned may have
        in
        connection with the Offering or with any issuance or sale by the Company
        of any
        equity or other securities before the Offering, except for any such rights
        as
        have been heretofore duly exercised.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>The
        undersigned hereby confirms that
        the undersigned has not, directly or indirectly, taken, and hereby covenants
        that the undersigned will not, directly or indirectly, take, any action
        designed, or which has constituted or will constitute or might reasonably
        be
        expected to cause or result in, under the Exchange Act or otherwise, the
        stabilization or manipulation of the price of any security of the Company
        to
        facilitate the sale or resale of shares of Common Stock.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">*&#160;&#160;*&#160;&#160;*</font></div>
      <div><br>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><a name="ref.id3168544">&#160; </a></div>
      <div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>If
        for any reason the Underwriting
        Agreement shall be terminated prior to the &#8220;time of purchase&#8221; (as defined in the
        Underwriting Agreement), this Lock-Up Agreement shall be terminated and the
        undersigned shall be released from its obligations hereunder.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 405pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Yours
        very truly,</font></div>
      <div><br></div>
      <div style="MARGIN-LEFT: 405pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table cellpadding="0" cellspacing="0" width="30%">

            <tr>
              <td align="left" valign="top" width="37%" style="BORDER-BOTTOM: black 1px solid">
                <div>&#160;</div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="37%" style="BORDER-BOTTOM: black">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Name:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<a name="signor"/></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>EXHIBIT
        B</u></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">OPINION
        OF CRAVATH, SWAINE &amp; MOORE LLP</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">SPECIAL
        UNITED STATES COUNSEL TO THE COMPANY</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>EXHIBIT
        C</u></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">NEGATIVE
        ASSURANCE LETTER OF CRAVATH, SWAINE &amp; MOORE LLP</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">SPECIAL
        UNITED STATES COUNSEL TO THE COMPANY</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>EXHIBIT
        D</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">TAX
        OPINION OF CRAVATH, SWAINE &amp; MOORE LLP</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">SPECIAL
        UNITED STATES COUNSEL TO THE COMPANY</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>EXHIBIT
        E</u></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">OPINION
        OF SIMPSON &amp; REEDER, PC</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">MARSHALL
        ISLANDS COUNSEL TO THE COMPANY AND THE SELLING</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">STOCKHOLDER</font></div>
      <div>&#160;</div>
      <div><br>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>EXHIBIT
        F</u></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">OPINION
        OF JAMES I. EDELSON</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">GENERAL
        COUNSEL OF OVERSEAS SHIPHOLDING GROUP, INC.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
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        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>EXHIBIT
        G</u></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">OFFICERS&#8217;
        CERTIFICATE</font></div>
      <div><br></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
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          </div>
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        H</u></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">CERTIFICATE
        OF THE SELLING STOCKHOLDER</font></div>
      <div><br></div>
    </div>
    <div>&#160;</div>
  </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>ex5-1.htm
<DESCRIPTION>OPINION OF REEDER &AMP; SIMPSON P.C.
<TEXT>
<html>

  <head>
    <title>ex5-1.htm</title>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><strong><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Exhibit
      5.1</font></strong></div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="24%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="24%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>REEDER
                &amp; SIMPSON P.C.</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>ATTORNEYS
                AT LAW</strong></font></div>
              <div>&#160;</div>
            </td>
            <td valign="top" width="25%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>&#160;</strong></font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="24%" style="BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>P.O.
                Box 601</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>RRE
                Commercial Center</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Majuro,
                MH 96960</strong></font></div>
            </td>
            <td valign="top" width="24%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>&#160;</strong></font></td>
            <td align="left" valign="top" width="25%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Telephone:
                011-692-625-3602</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Facsimile:
                011-692-625-3603</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Email:
                dreeder@ntamar.net&#160;<br><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;simpson@otenet.gr</strong></font></div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="24%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="24%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="25%" style="BORDER-BOTTOM: black"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">May
      22,
      2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Ladies
      and Gentlemen:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>Re:&#160;
      Double Hull Tankers. Inc. (the &#8220;Company</u><u>&#8221;)</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Ladies
      and Gentlemen:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      are
      licensed to practice law in the Republic of the Marshall Islands (the &#8220;RMI&#8221;),
      and are members in good standing of the bar of the RMI. We are acting as special
      RMI counsel to for the Company, a RMI non-resident domestic corporation, in
      connection with the registration by the Company of 8,751,500 common shares,
      par
      value US$0.01 per share (the &#8220;Shares&#8221;), all of which are being sold by the
      selling stockholder named therein, under the Securities Act of 1933, as amended
      (the &#8220;Securities Act&#8221;), on a Registration Statement on Form F-3 filed with the
      Securities and Exchange Commission (the &#8220;Commission&#8221;), and all amendments
      thereto (such registration statement as so amended, being hereinafter referred
      to as the &#8220;Registration Statement&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
      connection with the opinion, we have examined electronic copies, certified
      or
      otherwise identified to our satisfaction, of the Registration Statement and
      the
      exhibits attached thereto and such other documents, corporate records and other
      instruments as we have deemed necessary or appropriate for the purposes of
      this
      opinion, including without limitations, a specimen certificate representing
      the
      Shares and resolutions adopted by the board of directors of the Company on
      April
      30, 2007. We have also made such examinations of matters of laws as we deemed
      necessary in connection with the opinion expressed herein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      express no opinion as to matters governed by, or the effect or applicability
      of
      any laws of any jurisdiction other than the laws of the RMI which are in effect
      as the date hereof. This opinion speaks as of the date hereof, and it should
      be
      recognized that changes may occur in the laws of the RMI after the date of
      this
      letter which may effect the opinions set forth herein. We assume no obligation
      to advise the parties, their counsel, or any other party seeking to rely upon
      this opinion, of any such changes, whether or not material, or of any other
      matter which may hereinafter be brought to our attention.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">1</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Based
      upon and subject to the assumptions, qualifications and limitations herein,
      we
      are of the opinion that the Shares have been validly issued and are fully paid
      and nonassessable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      hereby
      consent to the filing of this opinion with the Commission as an exhibit to
      the
      Registration Statement. We also consent to the reference to our firm under
      the
      caption &#8220;Legal Matters&#8221; in the Registration Statement. In giving this consent,
      we do not thereby admit that we are included in the category of persons whose
      consent is required under Section 7 of the Securities Act or the rules and
      regulations of the Commission.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Sincerely,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>/s/&#160;Dennis
      J.
      Reeder&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<br></u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Reeder&#160;&amp;
      Simpson</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Dennis
      J.
      Reeder</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">2</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
  </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>ex8-1.htm
<DESCRIPTION>TAX OPINION OF CRAVATH, SWAINE &AMP; MOORE LLP
<TEXT>
<html>

  <head>
    <title>ex8-1.htm</title>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Exhibit
      8.1</strong></font></div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[Letterhead
        of]</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>CRAVATH,
        SWAINE &amp; MOORE LLP</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[New
        York
        Office]</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div>&#160;</div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">May&#160;22,
        2007</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Ladies
        and Gentlemen:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
        have
        acted as special United States counsel to Double Hull Tankers,&#160;Inc., a
        company incorporated under the laws of the Marshall Islands (the &#8220;Company&#8221;), in
        connection with the registration by the Company of 8,751,500 common shares,
        par
        value $0.01 per share (the &#8220;Shares&#8221;), all of which are being sold by the selling
        stockholder named therein, under the Securities Act of 1933, as amended (the
        &#8220;Securities Act&#8221;), on a Registration Statement on Form&#160;F-3 filed with the
        Securities and Exchange Commission (the &#8220;Commission&#8221;), and all amendments
        thereto (such registration statement, as so amended, being hereinafter referred
        to as the &#8220;Registration Statement&#8221;).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
        rendering our opinion, we have reviewed the Registration Statement and have
        examined such records, representations, documents, certificates or other
        instruments as in our judgment are necessary or appropriate to enable us
        to
        render the opinion expressed below.&#160;&#160;In this examination, we have
        assumed the legal capacity of all natural persons, the genuineness of all
        signatures, the authenticity of all documents submitted to us as originals,
        the
        conformity to original documents of all documents submitted to us as certified,
        conformed, or photostatic copies, and the authenticity of the originals of
        such
        copies.&#160;&#160;In making our examination of documents executed, or to be
        executed, by the parties indicated therein, we have assumed that each party,
        including the Company, is duly organized and existing under the laws of the
        applicable jurisdiction of its organization and had, or will have, the power,
        corporate or other, to enter into and perform all obligations thereunder,
        and we
        have also assumed the due authorization by all requisite action, corporate
        or
        other, and execution and delivery by each party indicated in the documents
        and
        that such documents constitute, or will constitute, valid and binding
        obligations of each party.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
        rendering our opinion, we have considered the applicable provisions of the
        Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), regulations promulgated
        thereunder by the U.S. Department of Treasury (the &#8220;Regulations&#8221;), pertinent
        judicial authorities, rulings of the U.S. Internal Revenue Service, and such
        other authorities as we have considered relevant, in each case as in effect
        on
        the date hereof.&#160;&#160;It should be noted that the Code, Regulations,
        judicial decisions, administrative interpretations and other authorities
        are
        subject to change at any time, possibly with retroactive effect.&#160;&#160;It
        should also be noted that (as discussed in the Registration Statement) there
        is
        no direct legal authority addressing certain of the issues relevant to our
        opinion &#8211; in particular, the issue regarding whether the Company is currently a
        passive foreign investment company.&#160;&#160;A material change in any of the
        materials or authorities upon which our opinion is based could affect the
        conclusions set forth herein.&#160;&#160;There can be no assurance, moreover,
        that any opinion expressed herein will be accepted by the Internal Revenue
        Service, or if challenged, by a court.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">2</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Based
        upon the foregoing, although the discussion in the Registration Statement
        under
        the heading &#8220;Tax Considerations &#8211; United States Federal Income Tax
        Considerations&#8221; does not purport to discuss all possible United States federal
        income tax consequences of the acquisition, ownership and disposition of
        the
        Shares, we hereby confirm that the statements of law (including the
        qualifications thereto) under such heading represent our opinion of the material
        United States federal income tax consequences of the acquisition, ownership
        and
        disposition of the Shares, subject to certain assumptions expressly described
        in
        the Registration Statement under such heading.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        express no other opinion, except as set forth above.&#160;&#160;We disclaim any
        undertaking to advise you of any subsequent changes in the facts stated or
        assumed herein or subsequent changes in applicable law.&#160;&#160;Any changes
        in the facts set forth or assumed herein may affect the conclusions stated
        herein.</font></div>
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        hereby
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        the Registration Statement.&#160;&#160;We also consent to the reference to our
        firm under the caption &#8220;Legal Matters&#8221; in the prospectus forming a part of the
        Registration Statement.&#160;&#160;In giving this consent, we do not thereby
        admit that we are included in the category of persons whose consent is required
        under Section&#160;7 of the Securities Act or the rules and regulations of the
        Commission.</font></div>
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      <div>&#160;</div>
      <div align="center">
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            <tr bgcolor="white">
              <td width="60%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td width="40%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Very
                  truly yours,</font></font></div>
                <div>&#160;</div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td width="60%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;/s/
                Cravath, Swaine &amp; Moore LLP</font></td>
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      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Double
        Hull Tankers, Inc.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
        26 New Street</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
        St. Helier, Jersey JE23RA</font></div>
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        Channel Islands</font></div>
      <div><br></div>
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</TEXT>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>ex23-1.htm
<DESCRIPTION>CONSENT OF ERNST &AMP; YOUNG LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<html>

  <head>
    <title>ex23-1.htm</title>
<!-- Licensed to: Cravath Swaine & Moore LLP-->
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Exhibit
      23.1</strong></font></div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Consent
      of Independent Registered Public Accounting Firm</strong></font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
      consent to the reference to our firm under the caption <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman;">&#8220;Experts</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman;">&#8221;</font>
      in the
      Registration Statement (Form F-3 No. 333-________) and related Prospectus of
      Double Hull Tankers, Inc. for the registration of 8,751,500 shares of its common
      stock and to the incorporation by reference therein of our reports dated March
      15, 2007 and March 31, 2006, with respect to the consolidated financial
      statements of Double Hull Tankers Inc. and its predecessor OSG Crude included
      in
      Double Hull Tankers Inc's Annual Report (Form 20-F) for the year ended December
      31, 2006, filed with the Securities and Exchange Commission.</font></div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div align="right">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="50%">

            <tr bgcolor="white">
              <td width="75%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></div>
              </td>
              <td width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td width="75%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">/s/
                  Ernst &amp; Young LLP</font></div>
              </td>
              <td width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">New
      York,
      New York</font></div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">May
      21,
      2007</font></div>
  </body>
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</TEXT>
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<TYPE>GRAPHIC
<SEQUENCE>6
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
