Exhibit 10.4
 (MASTER) INSTRUMENT OF PLEDGE RELATING TO ORDERS ON HAND
 THE UNDERSIGNED:
 1.
    
    The private company with limited liability Constar International Holland (Plastics) B.V.
(Company number 09046375), having its registered office and its principal place of business at
(6902 PA) Zevenaar at Hengelder 42, to be referred to as: the Client;
 2.
    
    The private company with limited liability ING Commercial Finance B.V. (Company number
30201094),incorporated and existing under the laws of the Netherlands, with statutory seat in
Amsterdam, the Netherlands and actual place of business in (3981 AZ) Bunnik, at Runnenburg 30,
below to be referred to as: ING ComFin;
 CONSIDERING:
 (i)
    
    ING ComFin concluded amongst others a Financing and Service Agreement (and Master Instrument
of Pledge to be referred to as: FSA with the Client, under which ING ComFin provided or will
provide the Client with i.a. monies and/or financing and/or credit facilities;
 (ii)
    
    ING ComFin desires to obtain a right of (concealed) pledge on the Clients Accounts
Receivable from and rights against Customers as security for the performance by Client of his
obligations vis-à-vis ING ComFin on the terms and conditions laid down by this Agreement;
 DECLARE TO HAVE AGREED AS FOLLOWS:
 Article 1  (Obligation to) deliver Accounts Receivable from and rights against Customers in
(concealed) pledge
 1.1
    
    Herewith the Client undertakes to deliver to ING ComFin in (concealed) pledge, to the extent
required in advance, all rights and Accounts Receivable, which the Client may now have or at
any time acquire under agreements of sale and delivery of goods, contracts of services or any
other agreements, in each such case concluded with Customers, below to be jointly referred to
as: the Accounts Receivable.
 1.2
    
    Herewith the Client undertakes vis-à-vis ING ComFin to deliver in (concealed) pledge all
Clients rights and Accounts Receivable under agreements of sale and delivery and/or contracts
of services in each such case to be concluded with Customers in the future, below also to be
jointly referred to as: the Accounts Receivable, at the moment they come into being.
 1.3
    
    The Accounts Receivable as referred to above in 1 and 2 shall be delivered in (concealed)
pledge as set forth in Article 14.2 of the FSA.
 1.4
    
    The delivery of the Accounts Receivable in (concealed) pledge shall include all rights of
actions, privileges and other rights inherent in the Accounts Receivable.
 1.5
    
    Herewith the Client declares and warrants that he is (will be) authorised to deliver the
above Accounts Receivable in pledge, that the said Accounts Receivable have not already been
disposed of to any third party, that they have not been encumbered with any limited ownership
right to the benefit of any third party, subject to the subordination by lender as referred to
in Section 4.5 of the FSA.
  1.6
    
    ING ComFin shall at all times be authorised to repledge any Account Receivable delivered to
ING ComFin in (concealed) pledge. The Client now undertakes to cooperate in such later
repledging and unconditionally to acknowledge such repledging in writing.
 Article 2  Pledge Schedule Orders on Hand
 2.1
    
    The Accounts Receivable under future agreements entered into by the Client with Customers
shall be delivered in (concealed) pledge by means of forms to be made available to the Client
by ING ComFin for that purpose, the Pledge Schedule Orders on Hand, below to be referred to
as: the Pledge Schedule.
 Pandakte orderportefeuille/versie 2/2009
    
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2.2
    
    ING ComFin accepts the (concealed) pledge of Accounts Receivable designated in the Pledge
Schedule by taking receipt of the Pledge Schedule and any annexes forming part thereof.
 2.3
    
    The Client undertakes to send in to ING ComFin each week or, as requested by ING ComFin, more
often, a Pledge Schedule which has been truthfully and in full completed and signed by the
Client. This frequency may be altered after having obtained ING ComFins written consent.
   Article 3  Registration
 3.1
    
    ING ComFin alone shall at all times be authorised to file this instrument and each Pledge
Schedule with annexes forming part thereof which ING ComFin has taken receipt of, for
registration at any Office of the Inspection of Registration and Succession (Inspectie der
Registratie en Successie) or to cause the Pledge Schedule to be executed before a Dutch civil
law notary, as solely and exclusively determined by ING ComFin.
 3.2
    
    The Client hereby grants ING ComFin an irrevocable and unconditional power of attorney to
deliver the Accounts Receivable designated in this instrument and in any Pledge Schedule, as
far as necessary, in pledge to ING ComFin on behalf of the Client and to take all measures
required for registration in connection with such pledging.
  Article 4  Other obligations of the Client
 4.1
    
    The Client shall insert clauses in all agreements referred to in Article 1.1 as required by
Article 7 of the FSA.
 4.2
    
    ING ComFin may never be obliged by the Client (nor by the Clients Customers) to perform the
work agreed on by the Client with Customers or effect delivery of personal property agreed on.
  Article 5  Communication of (concealed) pledge to the Debtor
 5.1
    
    ING ComFin may communicate with Debtors and take actions regarding the Accounts Receivable as
set forth in Article 14 of
the FSA.
 5.2
    
    If ING ComFin desires to exercise the rights referred to above in 5.2 b), ING ComFin shall be
obliged to inform the Client hereof in good time.
  Article 6  Costs and documentary evidence of ING ComFins Accounts Receivable
 6.1
    
    All costs relating to this instrument, including those relating to the (concealed) pledging
of the Accounts Receivable, and the costs incurred by ING ComFin in and out of Court for the
preservation and exercising of its rights arising under this instrument, will be charged to
the Client.
 6.2
    
    The existence and extent of the Clients payment obligations vis-à-vis ING ComFin which have
come into being on whatever account shall be evidenced by an extract from ING ComFins
accounts, signed as correct by the latter.
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Article 7  Irrevocable powers of attorney granted to ING ComFin
 7.1
    
    By signing this instrument, ING ComFin accepts all powers of attorney granted by the Client
under this instrument, the said powers shall be considered to form an inseparable part of this
Agreement.
 Article 8  Applicable law
 8.1
    
    This instrument as well as any disputes arising out of or relating to the performance hereof
between ING ComFin and the Client shall exclusively be governed by Dutch law.
   CONSTAR INTERNATIONAL HOLLAND (PLASTICS) B.V.
Its managing director
A. Bloemendal
 /s/ A. Bloemendal
 ING COMMERCIAL FINANCE B.V.
 /s/ Kim Muntz and /s/ Sandy Brouwer
 Pandakte orderportefeuille/versie 2/2009
    
    Initials:
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