EXHIBITS 10.20




         AGREEMENT NO. 1 OF JULY 22, 2005 TO THE "SHIPMAN 98" AGREEMENT
        DATED JULY 1, 2004 BETWEEN ADVENTURE TWO S.A. & FREE BULKERS S.A.


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


BOX 10 - YES, 1% OF GROSS AMOUNT


BOX 13 - YES, 1.25 % OF GROSS FREIGHT, DEMURRAGE HIRE PAYABLE ON FIXTURES
AFTER REDELIVERY FROM CP DD JUNE 30, 2004





THE OWNERS                                              THE MANAGERS


/s/ George D. Gourdomichalis                            /s/ Ion G. Varouxakis