Exhibit 3.18

                                                                  Execution Copy

                            CERTIFICATE OF FORMATION
                                       OF
                              SPARROW SHIPPING LLC

          UNDER SECTION 9 OF THE LIMITED LIABILITY COMPANY ACT OF 1996
                     OF THE REPUBLIC OF THE MARSHALL ISLANDS


         The undersigned, in order to form a limited liability company under and
pursuant to the provisions of the Limited Liability Company Act of 1996 of the
Republic of the Marshall Islands (the "Act"), does certify as follows:

1.   The name of the Limited Liability Company is: SPARROW SHIPPING LLC

2.   The  address  of its  registered  agent in the  Marshall  Islands  is Trust
     Company Complex,  Ajeltake Island,  Ajeltake Road, Majuro, Marshall Islands
     MH 96960.  The name of its  registered  agent at such  address is The Trust
     Company of the Marshall Islands, Inc.

3.   The  formation  date of the  Limited  Liability  Company is the date of the
     filing of this Certificate of Formation with the Registrar of Corporations.

         IN WITNESS WHEREOF, the undersigned has executed this Certificate of
Formation on this 18th day of February, 2005.


                                                   /s/ Derick W. Betts, Jr.
                                                  --------------------------
                                                  Derick W. Betts, Jr.
                                                  Authorized Person