Date: 3 May 2017 AMATHUS OWNING COMPANY LIMITED as Remaining Borrower

THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1 of the Loan Agreement, as lenders (the "Lenders");

HSH NORDBANK AG, acting through its ▇▇▇▇▇▇▇▇▇▇▇ ▇, ▇-▇▇▇▇▇, ▇▇▇▇, ▇▇▇▇▇▇▇ office as swap bank (the "Swap Bank");

HSH NORDBANK AG, acting through its ▇▇▇▇▇▇▇-▇▇▇▇▇▇▇▇▇-▇▇▇▇▇ ▇▇, ▇-▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ office as mandated lead arranger (the "Mandated Lead Arranger"),

HSH NORDBANK AG, acting through its ▇▇▇▇▇▇▇-▇▇▇▇▇▇▇▇▇-▇▇▇▇▇ ▇▇, ▇-▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ office as agent (the "Agent"); and

HSH NORDBANK AG, acting through its ▇▇▇▇▇▇▇-▇▇▇▇▇▇▇▇▇-▇▇▇▇▇ ▇▇, ▇-▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ office as security trustee (the "Security Trustee").

AMATHUS OWNING COMPANY LIMITED, being a company incorporated in the ▇▇▇▇▇▇▇▇ Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Islands Majuro, the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇, as borrower (the "Remaining Borrower"); and

DRYSHIPS INC., being a company incorporated in the ▇▇▇▇▇▇▇▇ Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Islands Majuro, the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇, as guarantor (the "Guarantor").

By a loan agreement originally dated 19 March 2012, as amended, restated and supplemented from time to time and made between, inter alíos, (i) the Remaining Borrower together with Symi Owners Inc. and Kalymnos Owners Inc. as joint and several borrowers (the "Original Borrowers"), (ii) the Lenders, (iii) the Swap Bank, (iv) the Mandated Lead Arranger, (v) the Agent and (vi) the Security Trustee, the Lenders have made available to the Original Borrowers a loan facility of up to US$87,653,740 to provide post-delivery finance for the acquisition of two 176,000 dwt bulk carriers constructed at Shanghai Jiangnan Changxing Shipbuilding Company and one 76,000 dwt panamax bulk carrier constructed by Hudong-Zonghua Shipbuilding (Group) Co. Ltd and named m.v. "RARAKA".

By a supplemental agreement to the Original Loan Agreement dated 28 March 2014, the Creditor Parties consented to the release of Symi Owners Inc. and Kalymnos Owners Inc. from all their obligations and liabilities under the Original Loan Agreement and the other Finance Documents (as defined in the Original Loan Agreement) to which they were party.

This Deed sets out the terms and conditions on which the Creditor Parties agree, at the request of the Remaining Borrower and the Security Parties, to the release of the Security Interests and certain other obligations created by the Released Finance Documents (as defined below).

INTERPRETATION

Defined expressions. Words and expressions defined in the Loan Agreement shall have the same meanings when used in this Deed unless the context otherwise requires.

Definitions. In this Deed, unless the contrary intention appears:

Application of construction and interpretation provisions of Loan Agreement. Clauses 1.2 to 1.6 of the Loan Agreement apply, with any necessary modifications, to this Deed.

RELEASE OF SECURITY INTERESTS

Release. The Security Trustee releases all Security Interests created in its favour by the Remaining Borrower, without warranty, representation, covenant or other recourse whatsoever, under the Released Finance Documents.

Release of obligations. The Creditor Parties release the Remaining Borrower, the Guarantor and the Security Parties from ail of their obligations, liabilities, claims and demands whatsoever under the Finance Documents (including, without limitation, the Guarantee).

REASSIGNMENT OF ASSIGNED PROPERTY

Reassignment. The Security Trustee, without any warranty, representation, covenant or other recourse, reassigns to the Remaining Borrower, all rights, title and interest of every kind assigned to the Security Trustee by the Remaining Borrower under the Finance Documents.

FURTHER DOCUMENTS

Delivery of further documents. The Security Trustee shall after execution and delivery of this Deed deliver to the Remaining Borrower:

evidence that the Mortgage relating to the Ship has been discharged; and

an executed notice of reassignment of Insurances relating to the Ship in the form set out in Schedule 1; and

deliver any other such notices or documents as that Security Party may require to give effect to the release and reassignment of the Security Interests contained in Clause 2 (Release of Security Interests).

IMMEDIATE EFFECT

Immediate effect. This Deed is of immediate effect.

EXPENSES

Expenses. The provisions of clause 20 (fees and expenses) of the Loan Agreement shall apply to this Deed as if they were expressly incorporated in this Deed with any appropriate modifications.

SUPPLEMENTAL

Counterparts. This Deed may be executed in any number of counterparts.

Third party rights. A person who is not a party to this Deed has no right under the Contracts (Rights of Third Parties) ▇▇▇ ▇▇▇▇ to enforce or to enjoy the benefit of any term of this Deed.

LAW AND JURISDICTION

Governing law. This Deed, and any non-contractual obligations arising under or in connection with it, shall be governed by and construed in accordance with English law.

Incorporation of Loan Agreement provisions. The provisions of clause 31 (law and jurisdiction) of the Loan Agreement shall apply to this Deed as if they were expressly incorporated in this Agreement with any necessary modifications.