Crewmen
Assignment Agreement

      (“Hengsheng
Dredging 88”)

      


      (Unofficial
Translation)

      


      
        	
                Party
      A: 

              	
                Lianyungang
      Hengrong Shipping Service Co., Ltd.

              


      

      
        	
                Address:

              	
                No.
      6 Street, Development Zone, Lianyun District,
  Lianyungang

              


      

      
        	
                Fujian
      Office:

              	
                803
      International Plaza, 89 Middle Fuxin
Road

              


      

      Jin’an
District, Fuzhou

      Legal
Representative: CHEN Xiaobin

      


      
        	
                Party
      B:

              	
                Fujian
      Xing Gang Shipping 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 “Hengsheng Dredging 88” 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 “Hengsheng Dredging 88”; see the attached list for crewmen
assignment details.

      


      2.          
  In addition to paying to Party A the ship leasing fee in accordance
with the provisions of the “Ship Leasing Contract” executed by the two parties,
Party B must also pay to Party A the crewmen assignment fee; the said crewmen
assignment fee is RMB Three Hundred Thousand Yuan (¥300,000.00) per month. Party B must pay
the crewmen assignment fee to Party A for the corresponding period at the time
of paying the ship leasing fee.  If a period is less than a month, the
fee for the period is calculated on the basis of one month.

      The said crewmen assignment fee
includes salaries that Party A should pay to the crewmen working “Hengsheng
Dredging 88” 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

      


      
        	
                4.

              	
                Party
      A has the following obligations:

              


      

      4.1           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.

      4.2           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.

      4.3           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.

      4.4           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.

      4.5           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.

      4.6           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.

      4.7           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.

      4.8           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.


      


      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                5.

              	
                Party
      A has the following rights:

              


      

      5.1           Party
A has the right to receive the crewmen assignment fee pursuant to the provisions
herein;

      5.2           Upon
the occurrence of any of the following during the term of this agreement, Party
A can request to dissolve this agreement without any liabilities; but such
request must be sent to Party B in writing 30 days in advance:

      (1)           Party
B violates the State laws and statues and the relevant provisions
herein;

      (2)           Party
B’s actions violate the assigned crewmen’s legitimate rights and
interests;

      (3)           Party
B refuses to pay the crewmen assignment fee or Party B’s payment of such fee is
a month past due.


      


      Article
III           Party B’s Rights and
Obligations

      


      
        	
                6.

              	
                Party
      B has the following rights:

              


      

      6.1           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.

      6.2           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.

      6.3           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;

      6.4           Party
B has the right to submit written opinion on, and negotiate with regard to, the
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.

      


      
        	
                7.

              	
                Party
      B has the following obligations:

              


      

      7.1           Manage
the assigned crewmen in such areas as their posts’ duties and responsibilities
and labor discipline and provide them with relevant training;

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      7.2           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”;

      7.3           Pay
the crewmen assignment fee in accordance with the provisions of this
agreement.  If Party B fails to pay the crewmen assignment fee on time
pursuant to the provisions of this agreement, Party B must pay a breach penalty
at the daily rate of 0.1% of the total of the unpaid or past due crewmen
assignment fee; but the cumulative total of such breach penalty shall not exceed
5% of the total crewmen assignment fee for the corresponding
period.

      7.4           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;

      7.5           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;

      7.6           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;

      7.7           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

      


      8.           
 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

      


      9.           
 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.

      


      10.       
   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.

      


      11.        
  All attachments hereto are the component parts hereto and have the
same legal effect.

       


      12.        
  This agreement shall become effective at the same time when the “Ship
Leasing Contract” executed by the two parties takes effect.

      


      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      13.      
    This agreement is in duplicates, with one to each party, and
both have the same legal effect.

      


      
        
          	
                  Signature
      (Seal) of Party A’s representative:

                
	
                  /s/
      CHEN Xiaobin

                
	
                  /seal/
      (seal visible but not legible)

                
	
                  Date:     January
      8, 2008

                
	 
      
	
                  Signature
      (Seal) of Party B’s representative:

                
	
                  /s/
      LIN Qing

                
	
                  /seal/
      (seal visible but not legible)

                
	
                  Date:     January
      8, 2008

                


        

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      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