Re: Waiver Request for the Asset Protection Clause

Waiver Agreement

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TBS INTERNATIONAL LTD | Grainger Maritime Corp | TBS International Limited | TBS Shipping Services Inc

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Title: Re: Waiver Request for the Asset Protection Clause
Date: 8/7/2009
Industry: Water Transportation Sector: Transportation

Re: Waiver Request for the Asset Protection Clause, Parties: tbs international ltd , grainger maritime corp , tbs international limited , tbs shipping services inc

TBS INTERNATIONAL LIMITED & SUBSIDIARIES EXHIBIT 10.6

[Letterhead of Berenberg bank]

TBS Shipping Services Inc.

Mr. Ferdinand V. Lepere

612 East Grassy Sprain Road

Yonkers

New York 10710

USA

Fax No.: +(914) 779-5230

Grainger Maritime Corp.

c/o TBS International Limited

Mr. William J. Carr

Suite 306, Commerce Building

One Chancery Lane

Hamilton HM12

Bermuda

Fax No.: +(414) 295-4957

March 10, 2009

Loan Agreement dated 19 June 2008 (the “Loan Agreement”)

Here: Waiver Request for the Asset Protection Clause

Dear Sirs,

We hereby give our consent to suspend the asset protection clause according to para-graph 10.2(b) of the Loan Agreement through 31 December 2009 under the following conditions:

You will prepay an amount of USD 1,625,000.00 on 19 March 2009 representing the instalment of USD 812,500.00, due on 21 September 2009, and the instalment of USD 812,500.00, due on 21 December 2009. the next regular repayment instalment will become due on 22 March 2010 as per the attached repayment schedule.

·	All other banks granting l

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