Exhibit
3.5.1
 ARTICLES OF INCORPORATION
 OF
 ARAMIS NAVIGATION INC.
 PURSUANT TO THE MARSHALL ISLANDS BUSINESS CORPORATIONS ACT
  A.
    
    The name of the Corporation shall be:
 ARAMIS NAVIGATION INC.
 B.
    
    The purpose of the Corporation is to engage in any lawful act or activity for which
corporations may now or hereafter be organized under the Marshall Islands Business
Corporations Act and without in any way limiting the generality of the foregoing, the
corporation shall have the power:
 (1)
    
    To purchase or otherwise acquire, own, use, operate, pledge, hypothecate,
mortgage, lease, charter, sub-charter, sell, build, and repair steamships,
motorships, tankers, sailing vessels, tugs, lighters, barges, and all other vessels
and craft of any and all motive power whatsoever, including landcraft, and any and all
means of conveyance and transportation by land or water, together with engines,
boilers, machinery equipment and appurtenances of all kinds, including masts, sails,
boats, anchors, cables, tackle, furniture and all other necessities thereunto
appertaining and belonging, together with all materials, articles, tools, equipment
and appliances necessary, suitable or convenient for the construction, equipment, use
and operation thereof; and to equip, furnish, and outfit such vessels and ships.




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(2)
    
    To engage in ocean, coastwise and inland commerce, and generally in the carriage of
freight, goods, cargo in bulk, passengers, mail and personal effects by water between the
various ports of the world and to engage generally in waterborne commerce.(3)
    
    To purchase or otherwise acquire, own, use, operate, lease, build, repair,
sell or in any manner dispose of docks, piers, quays, wharves, dry docks, warehouses
and storage facilities of all kinds, and any property, real, personal and mixed, in
connection therewith.(4)
    
    To act as ships husband, ship brokers, custom house brokers, ships agents,
manager of shipping property, freight contractors, forwarding agents, warehousemen,
wharfingers, ship chandlers, and general traders.(5)
    
    To enter into, make and perform contracts of every kind and description with
any person, firm, association, corporation, municipality, county, state, body politic,
or government or colony or any dependency thereof.(6)
    
    To appoint or act as an agent, broker, or representative, general or special,
in respect of any or all of the powers expressed herein or implied hereby; to appoint
agents, brokers or representatives.(7)
    
    To carry on its business, to have one or more offices, and to exercise its
powers in foreign countries, subject to the laws of the particular country.(8)
    
    To borrow or raise money and contract debts, when necessary, for the
transaction of its business or for the exercise of its corporate rights, privileges or
franchise or for any other lawful purpose of its incorporation; to draw, make, accept,
endorse, execute and issue promissory notes, bills of exchange, bonds, debentures, and
other instruments and evidences of indebtedness either secured by mortgage, pledge,
deed of trust, or otherwise, or unsecured.(9)
    
    To give a guarantee not in furtherance of corporate purposes when authorized
by majority vote of shareholders entitled to vote thereon and, when authorized by like
vote, such guarantee may be secured




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by mortgage or pledge or creation of security interest in corporate property.(10)
    
    To purchase or otherwise acquire, hold, own, mortgage, sell, convey, or
otherwise dispose of real and personal property of every class and description.(11)
    
    To apply for, secure by purchase or otherwise hold, use, sell, assign, lease,
grant licenses in respect of, mortgage or otherwise dispose of letters patent, patent
rights, licenses, privileges, inventions, improvements and processes, copyrights,
trademarks, and trade names, relative to or useful in connection with any business of
this corporation.(12)
    
    To purchase or otherwise acquire, underwrite, hold, pledge, turn to account
in any manner, sell, distribute, or otherwise dispose of and generally to deal in,
bonds, debentures, notes, evidences of indebtedness, shares of stock, warrants,
rights, certificates, receipts or any other instruments or interests in the nature of
securities created or issued by any person, partnership, firm, corporation, company,
association, or other business organizations, foreign or domestic, or by any domestic
or foreign governmental, municipal or other public authority, and exercise as holder
or owner of any such securities all rights, powers and privileges in respect thereof;
to do any and all acts and things for the preservation, protection, improvement and
enhancement in value of any such securities and to aid by loan, subsidy, guaranty or
otherwise those issuing, creating or responsible for any such securities; to acquire
or become interested in any such securities by original-subscription, underwriting,
loan, participation in syndicates or otherwise, and irrespective of whether such
securities be fully paid or subject to future payments; to make payments thereon as
called for or in advance of calls or otherwise and to underwrite or subscribe for the
same conditionally or otherwise and either with a view to resale or investment or for
any other lawful purpose; and in connection therewith or otherwise to acquire and hold
membership in or otherwise secure trading privileges on any board of trade, exchange
or other similar institution where any securities are dealt in and to comply with the
rules




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of any such institution; as used herein the term securities shall include bonds,
debentures, notes, evidences of indebtedness, shares of stock, warrants, options,
rights, certificates, receipts or any other instruments or interests in the nature
of securities of any kind whatsoever which a corporation organized under the
Associations Law of the Republic of the Marshall Islands is legally permitted to
acquire or deal in, by whomsoever issued or created; the term person shall
include any person, partnership, firm, corporation, company, association or other
business organization, domestic or foreign governmental, municipal or other public
authority.(13)
    
    To purchase or otherwise acquire, hold, pledge, turn to account in any
manner, import, export, sell, distribute or otherwise dispose of, and generally to
deal in, commodities and products (including any future interest therein) and
merchandise, articles of commerce, materials, personal property and real property of
every kind, character and description whatsoever, and any interest therein, either as
principal or as a factor or broker, or as commercial, sales, business or financial
agent or representative, general or special, or, to the extent permitted by the laws
of the Marshall Islands, in any other capacity whatsoever for the account of any
domestic or foreign person or public authority, and in connection therewith or
otherwise to acquire trading privileges on any board of trade, exchange or other
similar institution where any such products or commodities or personal or real
property are dealt in, and to comply with the rules of any such institution.(14)
    
    To engage in any mercantile, manufacturing or trading business of any kind or
character whatsoever and to do all things incidental to such business.(15)
    
    To carry on the business of warehousing and all business incidental thereto,
including the issuing of warehouse receipts, negotiable or otherwise, and the making
of advances or loans upon the security of goods warehoused.(16)
    
    To purchase, lease or otherwise acquire, hold, own, mortgage, pledge,
hypothecate, build, erect,




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construct, maintain and operate, develop, improve and sell, lease or otherwise
dispose of lands, and improvements, warehouses, factories, buildings, structures,
piers, wharves, mills, dams, stores and dwellings and all other property and things
of whatsoever kind and nature, real, personal or mixed, tangible or intangible,
suitable or necessary in connection with any of the purposes hereinabove or
hereinafter set forth, or otherwise deal with or in any such properties.(17)
    
    To cause to be formed, merged, reorganized or liquidated, and to promote,
take charge of, in any way permitted by law, the formation, merger, reorganization or
liquidation of any person.(18)
    
    To acquire all or any part of the good will, rights, property and business of
any person, heretofore or hereafter engaged in any business similar to any business
which the Corporation has power to conduct, to pay for the same in cash or in the
securities of the Corporation or otherwise, to hold, utilize and in any manner dispose
of the whole or any part of the rights and property so acquired, and to assume in
connection therewith any liabilities of any such person, and conduct in any lawful
manner the whole or any part of the business thus acquired.(19)
    
    To make, enter into and carry out any arrangements with any person or public
authority, to obtain therefrom or otherwise to acquire by purchase, lease, assignment
or otherwise any powers, rights, privileges, immunities, franchises, guarantees,
grants and concessions, to acquire, hold, own, exercise, exploit, dispose of and
realize upon the same, and to undertake and prosecute any business dependent thereon
provided it is such a business as this Corporation may engage in; and to promote,
cause to be formed and aid in any way any person for any such purpose.(20)
    
    To make and issue trust receipts, deposit receipts, certificates of deposit,
interim receipts, or any other receipts for, or certificates of deposit for, any
securities or interest therein; to acquire and




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exercise any proxies or powers of attorney or other privileges pertaining to any
securities or interest therein.(21)
    
    To render advisory, investigatory, supervisory, managerial or other like
services, permitted to corporations, in connection with the promotion, organization,
reorganization, recapitalization, liquidation, consolidation or merger of any person
or in connection with the issuance, underwriting, sale or distribution of any
securities issued in connection therewith or incidental thereto; and to render general
investment advisory or financial advisory or managerial services to any person or
public authority.(22)
    
    To cause or allow the legal title, or any legal or equitable estate, right
or interest in any property, whether real, personal or mixed, owned, acquired,
controlled or operated by the Corporation, to remain or to be vested or registered in
the name of or operated by, any person, formed or to be formed, either upon trust for
or as agents or nominees of, this Corporation, or upon any other proper terms or
conditions which the Board of Directors may consider for the benefit of the
Corporation.(23)
    
    To enter into any lawful arrangements for sharing profits, union of interest,
reciprocal concession or cooperation with any person or public authority, in the
carrying on of any similar business which the Corporation is authorized to carry on,
or any business or transaction deemed necessary, convenient or incidental to carrying
out any of the purposes of the Corporation.(24)
    
    To the extent suitable or necessary to carry out any of the purposes
hereinbefore or hereinafter set forth, but only in so far as the same may be permitted
to be done by a corporation organized under the Associations Law of the Republic of
the Marshall Islands, to buy, sell and deal in foreign exchange.




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(25)
    
    To invest its uninvested funds and/or surplus from time to time to such extent
as the Corporation may deem advisable in securities or in call and/or in time loans
or otherwise, upon such security, if any, as the Board of Directors may determine,
but the Corporation shall not engage in the banking business or exercise banking
powers, and nothing in these Articles contained shall be deemed to authorize it to
do so.(26)
    
    To issue, purchase, hold, sell, transfer, reissue or cancel the shares of its
own capital stock or any securities of the Corporation in the manner and to the extent
now or hereafter permitted by the Associations Law of the Republic of the Marshall
Islands; and provided further that shares of its own capital stock owned by the
Corporation shall not be voted upon directly or indirectly, nor counted as outstanding
for the purpose of any stockholders quorum or vote.(27)
    
    To act in any and all parts of the world in any capacity whatsoever as agent,
broker, or representative, general or special, for any person or public authority.(28)
    
    To do any and all of the acts and things herein set forth, as principal,
factor, agent, contractor, or otherwise, either alone or in company with others; and
in general to carry on any other similar business which is incidental or conducive or
convenient or proper to the attainment of the foregoing purposes or any of them and
which is not forbidden by law; and to exercise any and all powers which now or
hereafter may be lawful for the Corporation to exercise under the laws of the Marshall
Islands; to establish and maintain offices and agencies wherever situated; and to
exercise any or all of its corporate powers and rights.




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C.
    
    The registered address of the Corporation in the Marshall Islands is Trust Company
Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. The name of
the Corporations registered agent at such address is The Trust Company of the Marshall
Islands, Inc.D.
    
    The aggregate number of shares of stock that the Corporation is authorized to issue
is Five Hundred (500) registered and/or bearer shares without par value.The Corporation shall mail notices and information to holders of bearer shares to the
address provided to the Corporation by the shareholder for that purpose.The holder of a stock certificate issued to bearer may cause such certificate to be
exchanged for another certificate in his name for a like number of shares, and the holder
of shares issued in the name of the owner may cause his certificate to be exchanged for
another certificate to bearer for a like number of shares.E.
    
    The Corporation shall have every power which a corporation now or hereafter organized
under the Marshall Islands Business Corporations Act may have.F.
    
    The name and address of the incorporator is:
 Name
    
    Post Office AddressMajuro Nominees Ltd.
    
    P.O. Box 1405MajuroMarshall Islands
 G.
    
    The board of directors as well as the shareholders of the Corporation shall have the
authority to adopt, amend or repeal the bylaws of the Corporation.




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H.
    
    Corporate existence shall begin upon filing these Articles of Incorporation with the Registrar
of Corporations as of the filing date stated on these Articles.
  Majuro Nominees Ltd.
        Incorporatorby:
    (-s-)