Contract

EXHIBIT 10.4.4 AMENDMENT NO. 1 TO SHIP MANAGEMENT AGREEMENT April 11, 2005 Reference is hereby made to the Ship Management Agreement, dated October 20, 2004 (the "Ship Management Agreement"), between Compatriot Ltd., a company incorporated in the Islands of Bermuda (the "Owners") and Northern Marine Management Ltd., a company incorporated in Scotland (the "Managers"). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Time Charter. The Owners and the Managers hereby agree that the provisions of the Ship Management Agreement shall be amended as follows: 1. The schedule set forth in Clause 21 shall be deleted and replaced by the following:
"Period Management Fee 1 (Effective date stated in Box 4 - November 10, 2005) $ 5,750 2 (November 11, 2005 - November 10, 2006) $ 6,038 3 (November 11, 2006 - November 10, 2007) $ 6,339 4 (November 11, 2007 - November 10, 2008) $ 6,656 5 (November 11, 2008 - November 10, 2009) $ 6,989 Option 1 (November 11, 2009 - November 10, 2010) $ 7,339 Option 2 (November 11, 2010 - November 10, 2011) $ 7,706 Option 3 (November 11, 2011 - November 10, 2012) $ 8,091"
This Amendment shall be governed by and construed in accordance with the laws of England. Except as provided herein, the Ship Management Agreement shall remain unchanged. OWNERS MANAGERS Compatriot Ltd. Northern Marine Management Ltd. By: /s/ Arthur L. Regan By: /s/ Mats Berglund ------------------- ----------------- Name: Arthur L. Regan Name: Mats Berglund Title: President and CEO Title: Director