AMENDMENT NO. 1 OF JULY 22, 2005 TO THE “SHIPMAN 98” AGREEMENT DATED JULY 1, 2004 BETWEEN ADVENTURE THREE S.A. & FREE BULKERS S.A.

EXHIBIT 10.13

AMENDMENT NO. 1 OF JULY 22, 2005 TO THE “▇▇▇▇▇▇▇ 98” AGREEMENT
DATED JULY 1, 2004 BETWEEN ADVENTURE THREE S.A. & FREE BULKERS S.A.

IT IS TODAY MUTUALLY AGREED THAT THE FOLLOWING AMENDMENTS ARE IN FORCE

▇▇▇ ▇▇ — ▇▇▇, ▇% ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇

▇▇▇ ▇▇ — YES, 1.25% OF GROSS FREIGHT, DEMURRAGE HIRE PAYABLE ON FIXTURES AFTER REDELIVERY FROM CP DD JUNE 30, 2004

THE OWNERS
/s/ ▇▇▇▇▇▇ ▇. Gourdomichalis
▇▇▇▇▇▇ ▇. Gourdomichalis

THE MANAGERS
/s/ Ion ▇. ▇▇▇▇▇▇▇▇▇▇
Ion ▇. ▇▇▇▇▇▇▇▇▇▇