Crewmen
Assignment Agreement

    (“Honglin
Dredging 18”)

    


    (Unofficial
Translation)

    


    
      
        
          	
                  Party
      A:

                	
                  Zhejiang
      Honglin Ship Engineering Co., Ltd.

                
	
                  Address:

                	
                  2nd
      Floor, 89 Dongda Avenue, Dinghai District, Zhoushan,
    Zhejiang

                
	
                  Legal
      Representative: ZHENG Yaping

                
	 
      
	
                  Party
      B:

                	
                  Fujian
      Xing Gang Port Service Co., Ltd.

                
	
                  Address:

                	
                  17th
      Floor, Building A, Zhongshan Plaza, 154 Hudong Road,
  Fuzhou

                
	
                  Legal
      Representative: LIN
Qing

                


        

      

    

    


    Party A and Party B, after friendly
consultation based on the principles of equality and mutual benefit and on the
basis of the “Ship Leasing Contract” executed by the two parties, have reached
the agreement regarding the matter of Party A assigning crewmen during the term
of Party B’s lease of dredging engineering boat “Honglin Dredging 18” from Party
A as follows:

    


    Article
I          Generals

    


    1.           The
term “assigned crewmen” used herein means those crewmen who are assigned by
Party A, pursuant to the provisions of the “Ship Leasing Contract” executed by
the two parties and the provisions of herein, to work at relevant posts on
“Honglin Dredging 18”; see the attached list for crewmen assignment
details.

    


    2.           Party
B must pay to Party A the crewmen assignment fee in accordance with the
provisions of the “Ship Leasing Contract” executed by the two parties. The said
crewmen assignment fee includes salaries that Party A should pay to the crewmen
working “Honglin Dredging 18” and all benefits and insurances (including but not
limited to pensions insurance, unemployment insurance, medical insurance, family
planning insurance, injury insurance, housing fund and commercial
insurance).

    


    3.           Term
of the agreement: The effective period of this agreement corresponds to and is
the same as the term of the lease specified in the “Ship Leasing Contract”
executed by the two parties.

    


    Article
II          Party A’s Rights
and Obligations

    


    1.           Party
A has the right to receive the crewmen assignment fee in accordance with the
provisions of the “Ship Leasing Contract” executed by the two
parties.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.           Party
A must assign crewmen for the ship pursuant to the provisions herein; educate
the crewmen on the compliance with the State laws, statutes and regulations;
educate the assigned crewmen on the compliance with Party B’s rules and
policies, on maintaining confidentiality of commercial secrets and on
safeguarding Party B’s legitimate rights and interests.

    


    3.           Party
A must ensure that the assigned crewmen have the qualifications and skills
required of their respective posts and possess valid and complete employment
qualification documents, including but not limited to crewmen service books,
maritime crewmen professional training certificates and maritime crewmen service
competency certificates.

    


    4.           Party
B must notify Party A in writing, three business days in advance, of the
boarding time and boarding location for the crewmen assigned by Party
A.  Party A must ensure that all the assigned crewmen will report for
duty at the time and location specified by Party B.  If there is any
factor on Party B’s part that causes a waiting period of more than half a month
before the assigned crewmen can be aboard, Party B must still pay the same
amount of crewmen assignment fee to Party A pursuant to the provisions
herein.

    


    5.           After
the assigned crewmen have passed assessment and been placed on duty by Party B,
Party A shall not replace them at will.  Party A must ensure that
Party B has the absolute leadership authority over the assigned
crewmen.  During the term of the agreement, the assigned crewmen must
follow the operation arrangement from Party B’s safety and shipping service
scheduling department.

    


    6.           Party
A will pay salaries and bonuses to the assigned crewmen and withhold and pay on
their behalf personal income taxes and make payment for them of all the State
mandated insurances, including but not limited to pensions insurance,
unemployment insurance, medical insurance, family planning insurance, injury
insurance, housing fund and commercial insurance.  Party A shall not
make such payments late.

    


    7.           If
Party B requests Party A to replace certain assigned crewmen pursuant to the
provisions herein, Party A must replace them promptly so as not to affect Party
B’s normal operation.

    


    8.           In
the event of the occurrence of any accident causing injury to the assigned
crewmen, Party A must, after receiving notification from Party B, handle such
accident properly in accordance with the provisions of relevant insurance and be
responsible for submitting report and insurance claims.

    


    9.           If
there a change in the Party A’s bank account number, Party A must notify Party B
in writing two business days in advance.

    


    
      
         

      

      
         

        
          

        

      

      
         

      

    

    


    Article
III          Party B’s Rights
and Obligations

    


    1.           Party
B has the right to conduct assessment on the crewmen assigned by Party
A.  If the assigned crewmen do not have the qualifications or skills
required of their respective posts, Party B has the right to demand Party A to
replace them and Party A shall not refuse such demand.  Party A must
bear corresponding responsibility if the assigned crewmen’s lack of
qualifications or skills causes any loss to Party B.

    


    2.           Party
B has the right to require the assigned crewmen to comply with all the rules and
policies formulated in accordance with the relevant State laws and policies and
follow Party B’s production and operation arrangements.

    


    3.           If
the assigned crewmen engage in any of the following during the term of the ship
lease, Party B has the right, upon Party A’s acknowledgement, to demand Party A
to recall them without any liability for breach:

    (1)           Violation
of Party B’s work disciplines or rules and regulations, and after criticism and
education, failure to make any correction or rectification;

    (2)           Negligence
of duties, resulting in serious loss or damage to Party B’s
interests;

    (3)           Violation
of law and statutes or being the subject of criminal legal
proceedings;

    (4)           Inability
to perform original work duties after treatment period for illness or
work-related injury and inability, or refusal, to perform other work assigned by
Party A;

    


    4.           Party
B has the right to submit written opinion on, and negotiate with regard to,
Party A's behavior that violates the relevant provisions of this
agreement.  Party A must respond to Party B in writing within ten
business days upon receiving the written opinion from Party B.

    


    5.           Party
B must manage the assigned crewmen in such areas as their posts’ duties and
responsibilities and labor discipline and provide them with relevant
training;

    


    6.           Party
B must provide to the assigned crewmen working environment, labor conditions and
labor protection that are in compliance with the provisions of the State’s
“Labor Law”;

    


    7.           Party
B must pay the crewmen assignment fee in accordance with the provisions of the
“Ship Leasing Contract”.

    


    8.           Party
B must pay to Party A the corresponding expenses for those assigned crewmen who
suffer work-related injury or contract occupational disease and, upon
verification, have lost, or partially lost, their ability to work and who suffer
work-related death in accordance with the law;

    


    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    9.           Party
B must supervise in the processing of relevant legal work documents for the
dispatch crewmen required for the term of service and educate them on the
adherence of disciplines and compliance of law;

    


    10.           Party
B must notify Party A fifteen business days in advance in the event of
relocation of work location due to business need; notify Party A two business
days in advance in the event of any change of contact telephone number and fax
number;

    


    11.           Party
B must arrange work posts for the assigned crewmen in accordance with the
provisions herein, consult with Party A if there is need for any change and bear
all consequences resulting from changing the posts of the assigned crewmen
without prior consultation with Party A.

    


    Article
IV          Dispute and
Arbitration

    Any dispute arising from performance
of, or in connection with, this agreement must be settled through consultation;
if such consultation fails, either party may submit the dispute to the
jurisdiction of the people’s court at Party B’s location.

    


    Article
V          Others

    


    1.           Other
matters not covered herein must be settled by Party A and Party B through
consultation or be provided in supplemental agreement formulated in accordance
with relevant provisions of the State law, statutes and
regulations.

    


    2.           If
any content herein conflicts with the State law or policies, or is inconsistent
due to the changes of the law and policies, the provisions of the law or such
policies shall prevail.

    


    3.           All
attachments hereto are the component parts hereto and have the same legal
effect.

    


    4.           This
agreement is an attachment to the “Ship Leasing Contract” executed by the two
parties and shall become effective at the same time when the “Ship Leasing
Contract” takes effect.

    


    5.           This
agreement is in duplicates, with one to each party, and both have the same legal
effect.

    


    
      
        
          
            	
                    Party
      A:

                  	
                    /seal/
      Zhejiang Honglin Ship Engineering Co., Ltd.

                  
	
                    Legal
      Representative:

                  	
                    /s/
      ZHENG Yaping

                  
	 
      	 
      
	
                    Party
      B:

                  	
                    /seal/
      Fujian Xing Gang Port Service Co., Ltd.

                  
	
                    Legal
      Representative:

                  	
                    /s/
      LIN Qing

                  
	 
      	 
      
	
                    Date:     June
      18, 2010

                  


          

        

      

    

    


    
      
         

      

      
         

        
          

        

      

      
         

      

    

    


    Attachment:
List of Assigned Crewmen

    
      
        	
                Post

              	 
      	
                Number

              
	
                Captain

              	 
      	
                1

              
	
                First
      Mate

              	 
      	
                1

              
	
                Chief
      Engineer

              	 
      	
                1

              
	
                Second
      Mate

              	 
      	
                1

              
	
                Second
      Engineer

              	 
      	
                1

              
	
                Third
      Engineer

              	 
      	
                1

              
	
                Fourth
      Engineer

              	 
      	
                1

              
	
                Third
      Mate

              	 
      	
                1

              
	
                Seamen
      Chief

              	 
      	
                1

              
	
                Long
      Mechanic

              	 
      	
                1

              
	
                Mechanic

              	 
      	
                8

              
	
                Seaman

              	 
      	
                9

              
	
                Cook

              	 
      	
                1

              
	
                Total

              	 
      	
                28