|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | SCORPIO TANKERS INC., a company incorporated under the laws of the Marshall Islands and having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (“STNG”) on its own account and as agent for and on behalf of each of its existing  wholly owned  subsidiaries (as set out in Schedule 1) (“SPVs”) and certain of its future wholly-owned subsidiaries (“Future SPVs”) (the SPVs and Future SPVs jointly referred to as the “STNG SPVs”); |

|     |                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | SCORPIO COMMERCIAL MANAGEMENT S.A.M., a company incorporated under the laws of Monaco and having its registered office at 9 Boulevard Charles III, Monaco 98000 (“SCM”); and |

|     |                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | SCORPIO SHIP MANAGEMENT S.A.M., a company incorporated under the laws of Monaco and having its registered office at 9 Rue du Gabian, Monaco 98000 (“SSM”); |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The Original Master governs  the terms upon which SSM and SCM provide technical and commercial services (respectively) to the STNG SPVs. Pursuant to the terms of the Original Master the Vessels (as therein defined) are managed pursuant to standard technical management terms (the “Technical Management Terms”) and/or standard commercial management terms (the “Commercial Management Terms”), which are set forth in the Original Master, each as amended and supplemented by the applicable confirmation a form of which is included in Schedule 2 of the Original Master (the “Confirmation”, together with the Technical Management Terms and the Commercial Management Terms, the “Management Agreements”). The Original Master was amended by the Deed of Amendment dated 29 September 2016 (the “DoA”). |

|     |                                                                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Pursuant to the DoA the Parties have agreed to amend certain termination and other provisions contained in the Original Master, including the Management Agreements, as set forth in this Deed of Amendment and Restatement. |

|    |                                                                                                                                                                                                                                                                                                                                                                  |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1. | The Original Master, including the Management Agreements contained therein, shall with effect from the Amendment Date be amended and restated to fully effectuate the intent of  the DoA and shall include the amended and restated commercial management terms (the “New Commercial Management Terms”) and the amended and restated technical   |

----

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | The Management Agreements relating to the STNG SPVs that own vessels listed in Schedule 2 Section A – Owned Vessels (the “Owned Vessel Management Agreements”) will with effect from the Amendment Date, be replaced with the New Management Agreements.  An addendum to each of the Owned Vessel Management Agreements confirming certain changes shall be issued in the form attached hereto at Schedule 3 Section A and B (as applicable).  STNG agrees to cause all subsidiaries of STNG that own Vessels on or after the Amendment Date to enter into and be bound by the Amended Master including for the avoidance of doubt, entering into a confirmation. . |

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3. | The Management Agreements relating to the time chartered in vessels set out at Schedule 2 Section B – Time chartered in Vessels shall remain unchanged by this Deed of Amendment and Restatement.  The Parties agree to cause all vessels that are time-chartered into STNG’s fleet on or after the Amendment Date to enter into and be bound by the Amended Master, including for the avoidance of doubt, entering into a confirmation. |

|    |                                                                                                                                                                                                                                   |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4. | STNG, in its capacity as guarantor, hereby confirms that the guarantees effective 31 December 2014 issued pursuant to the Original Master remain in full force and effect notwithstanding this Deed of Amendment and Restatement. |

|    |                                                                                                                                                                                             |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5. | This Deed of Amendment and Restatement may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. |

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 6. | This Deed of Amendment and Restatement shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this Deed of Amendment and Restatement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Terms current at the time when the arbitration proceedings are commenced. |

|    |                                                                                                                                                                                                                |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7. | No provision of this Deed of Amendment and Restatement shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by any person who is not a party to this Deed of Amendment and Restatement. |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |
| Executed as a deed by                                               | Name: Luca Forgione | /s/ Luca Forgione |
| For and on behalf of                                                | Title: General Counsel |   |
| Scorpio Tankers Inc.                                                |   |   |
|                                                                |   |   |
| in the presence of                                                  | Name: Andrew Cottrell | /s/ Andrew Cottrell |
| Signature of Witness                                                | Title: Legal Intern |   |
|                                                                |   |   |
| Name, address and occupation of witness                             |   |
| “Le Millenium” 9 Boulevard Charles III, MC 98000 Monaco |   |
|                                                                |   |   |
| Executed as a deed by                                               | Name: Luca Forgione | /s/ Luca Forgione |
| For and on behalf of                                                | Title: General Counsel |   |
| Scorpio Tankers Inc.                                                |   |   |
| As agent for and on behalf of each of the STNG SPVs:                |   |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |
|                                                                |   |   |
| in the presence of                                                  | Name: Andrew Cottrell | /s/ Andrew Cottrell |
| Signature of Witness                                                | Title: Legal Intern |   |
| Name, address and occupation of witness                             |   |
| “Le Millenium” 9 Boulevard Charles III, MC 98000 Monaco |   |
| Executed as a deed by                                               | Name: Aldo Poma | /s/ Aldo Puma |
| For and on behalf of                                                | Title: Administrateur Délégué |   |
| Scorpio Commercial Management S.A.M.:                               |   |
|                                                                |   |   |
| in the presence of                                                  | Name: Andrew Cottrell | /s/ Andrew Cottrell |
| Signature of Witness                                                | Title: Legal Intern |   |
|                                                                |   |   |
| Name, address and occupation of witness                             |   |
| “Le Millenium” 9 Boulevard Charles III, MC 98000 Monaco |   |
| Executed as a deed by                                               | Name: Francesco Bellusci | /s/ Francesco Bellusci |
| For and on behalf of                                                | Title: Administrateur Délégué |   |
| Scorpio Ship Management S.A.M.:                                     |   |
|                                                                |   |   |
| in the presence of                                                  | Name: Andrew Cottrell | /s/ Andrew Cottrell |
| Signature of Witness                                                | Title: Legal Intern |   |
| Name, address and occupation of witness                             |   |
| “Le Millenium” 9 Boulevard Charles III, MC 98000 Monaco |   |
|                                                                |   |   |
|                                                                |   |   |

----

|    |                                     |
|----|-------------------------------------|
| 1. | SBI Parejo Shipping Company Limited |

|    |                                        |
|----|----------------------------------------|
| 2. | SBI Tuscamina Shipping Company Limited |

|    |                                    |
|----|------------------------------------|
| 3. | STI Acton Shipping Company Limited |

|    |                                     |
|----|-------------------------------------|
| 4. | STI Alexis Shipping Company Limited |

|    |                                    |
|----|------------------------------------|
| 5. | STI Amber Shipping Company Limited |

|    |                                   |
|----|-----------------------------------|
| 6. | STI Aqua Shipping Company Limited |

|    |                                        |
|----|----------------------------------------|
| 7. | STI Battersea Shipping Company Limited |

|    |                                      |
|----|--------------------------------------|
| 8. | STI Battery Shipping Company Limited |

|    |                                      |
|----|--------------------------------------|
| 9. | STI Bayonne Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 10. | STI Benicia Shipping Company Limited |

|     |                                    |
|-----|------------------------------------|
| 11. | STI Beryl Shipping Company Limited |

|     |                                         |
|-----|-----------------------------------------|
| 12. | STI Black Hawk Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 13. | STI Botafogo Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 14. | STI Brixton Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 15. | STI Broadway Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 16. | STI Bromley Shipping Company Limited |

|     |                                    |
|-----|------------------------------------|
| 17. | STI Bronx Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 18. | STI Brooklyn Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 19. | STI Camden Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 20. | STI Carnaby Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 21. | STI Cartaret Shipping Company Limited |

|     |                                |
|-----|--------------------------------|
| 22. | STI Chartering and Trading Ltd |

|     |                                      |
|-----|--------------------------------------|
| 23. | STI Clapham Shipping Company Limited |

|     |                                         |
|-----|-----------------------------------------|
| 24. | STI Comandante Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 25. | STI Condotti Shipping Company Limited |

|     |                                        |
|-----|----------------------------------------|
| 26. | STI Connaught Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 27. | STI Croydon Shipping Company Limited |

|     |                                   |
|-----|-----------------------------------|
| 28. | STI Dama Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 29. | STI Duchessa Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 30. | STI Ealing Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 31. | STI Elysees Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 32. | STI Emerald Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 33. | STI Esles II Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 34. | STI Finchley Shipping Company Limited |

|     |                                          |
|-----|------------------------------------------|
| 35. | STI Fontvieille Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 36. | STI Fulham Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 37. | STI Galata Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 38. | STI Garnet Shipping Company Limited |

|     |                                    |
|-----|------------------------------------|
| 39. | STI Gavia Shipping Company Limited |

|     |                                                                                     |
|-----|-------------------------------------------------------------------------------------|
| 40. | STI Grace Shipping Company Limited (formerly SBI Macanudo Shipping Company Limited) |

|     |                                       |
|-----|---------------------------------------|
| 41. | STI Gramercy Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 42. | STI Hackney Shipping Company Limited |

|     |                                          |
|-----|------------------------------------------|
| 43. | STI Hammersmith Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 44. | STI Hounslow Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 45. | STI Ipanema Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 46. | STI Jardins Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 47. | STI Jasper Shipping Company Limited |

----

|     |                                                                                   |
|-----|-----------------------------------------------------------------------------------|
| 48. | STI Jermyn Shipping Company Limited (formerly SBI Cuaba Shipping Company Limited) |

|     |                                     |
|-----|-------------------------------------|
| 49. | STI Jurere Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 50. | STI Kingsway Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 51. | STI La Boca Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 52. | STI Larvotto Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 53. | STI Lauren Shipping Company Limited |

|     |                                        |
|-----|----------------------------------------|
| 54. | STI Le Rocher Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 55. | STI Leblon Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 56. | STI Lombard Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 57. | STI Madison Shipping Company Limited |

|     |                                        |
|-----|----------------------------------------|
| 58. | STI Manhattan Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 59. | STI Marianne Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 60. | STI Mayfair Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 61. | STI Memphis Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 62. | STI Meraux Shipping Company Limited |

|     |                                        |
|-----|----------------------------------------|
| 63. | STI Millenium Shipping Company Limited |

|     |                                        |
|-----|----------------------------------------|
| 64. | STI Milwaukee Shipping Company Limited |

|     |                                           |
|-----|-------------------------------------------|
| 65. | STI Notting Hill Shipping Company Limited |

|     |                                   |
|-----|-----------------------------------|
| 66. | STI Onyx Shipping Company Limited |

|     |                                    |
|-----|------------------------------------|
| 67. | STI Opera Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 68. | STI Orchard Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 69. | STI Osceola Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 70. | STI Oxford Shipping Company Limited |

|     |                                   |
|-----|-----------------------------------|
| 71. | STI Park Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 72. | STI Pimlico Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 73. | STI Pontiac Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 74. | STI Poplar Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 75. | STI Queens Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 76. | STI Rambla Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 77. | STI Recoleta Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 78. | STI Regina Shipping Company Limited |

|     |                                   |
|-----|-----------------------------------|
| 79. | STI Rose Shipping Company Limited |

|     |                                          |
|-----|------------------------------------------|
| 80. | STI Rotherhithe Shipping Company Limited |

|     |                                   |
|-----|-----------------------------------|
| 81. | STI Ruby Shipping Company Limited |

|     |                                          |
|-----|------------------------------------------|
| 82. | STI San Antonio Shipping Company Limited |

|     |                                        |
|-----|----------------------------------------|
| 83. | STI San Telmo Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 84. | STI Sapphire Shipping Company Limited |

|     |                                         |
|-----|-----------------------------------------|
| 85. | STI Savile Row Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 86. | STI Seneca Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 87. | STI Sloane Shipping Company Limited |

|     |                                   |
|-----|-----------------------------------|
| 88. | STI Soho Shipping Company Limited |

|     |                                    |
|-----|------------------------------------|
| 89. | STI Spiga Shipping Company Limited |

|     |                                          |
|-----|------------------------------------------|
| 90. | STI St. Charles Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 91. | STI Stamford Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 92. | STI Susana Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 93. | STI Taksim Shipping Company Limited |

|     |                                         |
|-----|-----------------------------------------|
| 94. | STI Texas City Shipping Company Limited |

|     |                                    |
|-----|------------------------------------|
| 95. | STI Topaz Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 96. | STI Tribeca Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 97. | STI Venere Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 98. | STI Veneto Shipping Company Limited |

|     |                                    |
|-----|------------------------------------|
| 99. | STI Ville Shipping Company Limited |

|      |                                     |
|------|-------------------------------------|
| 100. | STI Virtus Shipping Company Limited |

|      |                                      |
|------|--------------------------------------|
| 101. | STI Wembley Shipping Company Limited |

----

|      |                                          |
|------|------------------------------------------|
| 102. | STI Westminster Shipping Company Limited |

|      |                                     |
|------|-------------------------------------|
| 103. | STI Winnie Shipping Company Limited |

|      |                                        |
|------|----------------------------------------|
| 104. | STI Yorkville Shipping Company Limited |

|      |                        |
|------|------------------------|
| 105. | Yellowjacket I Limited |

|      |                         |
|------|-------------------------|
| 106. | Yellowjacket II Limited |

|      |                          |
|------|--------------------------|
| 107. | Yellowjacket III Limited |

|      |                         |
|------|-------------------------|
| 108. | Yellowjacket IV Limited |

|      |                        |
|------|------------------------|
| 109. | Yellowjacket V Limited |

|      |                         |
|------|-------------------------|
| 110. | Yellowjacket VI Limited |

----

|    |                                                                                            |
|----|--------------------------------------------------------------------------------------------|
| 1. | STI ACTON            25-Aug-14 |

|    |                                                                                            |
|----|--------------------------------------------------------------------------------------------|
| 2. | STI AMBER            24-Jan-13 |

|    |                                                                                           |
|----|-------------------------------------------------------------------------------------------|
| 3. | STI AQUA            02-Jul-14 |

|    |                                                                                                |
|----|------------------------------------------------------------------------------------------------|
| 4. | STI BATTERSEA            13-Oct-14 |

|    |                                                                                              |
|----|----------------------------------------------------------------------------------------------|
| 5. | STI BATTERY            11-Nov-14 |

|    |                                                                                              |
|----|----------------------------------------------------------------------------------------------|
| 6. | STI BENICIA            02-Jul-14 |

|    |                                                                                            |
|----|--------------------------------------------------------------------------------------------|
| 7. | STI BERYL            24-Jan-14 |

|    |                                                                                              |
|----|----------------------------------------------------------------------------------------------|
| 8. | STI BRIXTON            11-Jun-14 |

|    |                                                                                               |
|----|-----------------------------------------------------------------------------------------------|
| 9. | STI BROADWAY            04-Nov-14 |

|     |                                                                                             |
|-----|---------------------------------------------------------------------------------------------|
| 10. | STI CAMDEN            15-Sep-14 |

|     |                                                                                              |
|-----|----------------------------------------------------------------------------------------------|
| 11. | STI CLAPHAM            11-Nov-14 |

|     |                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------|
| 12. | STI COMANDANTE        22-May-14     |

|     |                                                                                               |
|-----|-----------------------------------------------------------------------------------------------|
| 13. | STI CONDOTTI            11-Nov-14 |

|     |                                                                                           |
|-----|-------------------------------------------------------------------------------------------|
| 14. | STI DAMA            02-Jul-14 |

|     |                                                                                                |
|-----|------------------------------------------------------------------------------------------------|
| 15. | STI DUCHESSA             24-Jan-13 |

|     |                                                                                              |
|-----|----------------------------------------------------------------------------------------------|
| 16. | STI ELYSEES            02-Jul-14 |

|     |                                                                                              |
|-----|----------------------------------------------------------------------------------------------|
| 17. | STI EMERALD            24-Jan-13 |

|     |                                                                                               |
|-----|-----------------------------------------------------------------------------------------------|
| 18. | STI FINCHLEY            11-Nov-14 |

|     |                                                                          |
|-----|--------------------------------------------------------------------------|
| 19. | STI FONTVIEILLE        17-Jun-13 |

|     |                                                                                             |
|-----|---------------------------------------------------------------------------------------------|
| 20. | STI FULHAM            15-Sep-14 |

|     |                                                                                             |
|-----|---------------------------------------------------------------------------------------------|
| 21. | STI GARNET            24-Jan-13 |

|     |                                                                                              |
|-----|----------------------------------------------------------------------------------------------|
| 22. | STI HACKNEY            02-Jul-14 |

|     |                                                                                               |
|-----|-----------------------------------------------------------------------------------------------|
| 23. | STI LARVOTTO            17-Jun-13 |

|     |                                                                                                |
|-----|------------------------------------------------------------------------------------------------|
| 24. | STI LE ROCHER            17-Jun-13 |

|     |                                                                                              |
|-----|----------------------------------------------------------------------------------------------|
| 25. | STI MADISON            25-Aug-14 |

|     |                                                                                              |
|-----|----------------------------------------------------------------------------------------------|
| 26. | STI MAYFAIR            03-Sep-14 |

|     |                                                                                             |
|-----|---------------------------------------------------------------------------------------------|
| 27. | STI MERAUX            30-Apr-13 |

|     |                                                                        |
|-----|------------------------------------------------------------------------|
| 28. | STI MILWAUKEE        04-Nov-14 |

|     |                                                                                           |
|-----|-------------------------------------------------------------------------------------------|
| 29. | STI ONYX            24-Jan-14 |

|     |                                                                                            |
|-----|--------------------------------------------------------------------------------------------|
| 30. | STI OPERA            24-Jan-13 |

|     |                                                                                              |
|-----|----------------------------------------------------------------------------------------------|
| 31. | STI ORCHARD            25-Aug-14 |

|     |                                                                                           |
|-----|-------------------------------------------------------------------------------------------|
| 32. | STI PARK            15-Sep-14 |

|     |                                                                                              |
|-----|----------------------------------------------------------------------------------------------|
| 33. | STI PIMLICO            02-Jul-14 |

|     |                                                                                             |
|-----|---------------------------------------------------------------------------------------------|
| 34. | STI POPLAR            11-Nov-14 |

|     |                                                                                             |
|-----|---------------------------------------------------------------------------------------------|
| 35. | STI REGINA            25-Aug-14 |

----

|     |                                                                                           |
|-----|-------------------------------------------------------------------------------------------|
| 36. | STI RUBY            24-Jan-14 |

|     |                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------|
| 37. | STI SAN ANTONIO        22-May-14     |

|     |                                                                                               |
|-----|-----------------------------------------------------------------------------------------------|
| 38. | STI SAPPHIRE            24-Jan-13 |

|     |                                                                                             |
|-----|---------------------------------------------------------------------------------------------|
| 39. | STI SLOANE            13-Oct-14 |

|     |                                                                                           |
|-----|-------------------------------------------------------------------------------------------|
| 40. | STI SOHO            21-Nov-14 |

|     |                                                                         |
|-----|-------------------------------------------------------------------------|
| 41. | STI ST CHARLES        15-Sep-14 |

|     |                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------|
| 42. | STI TEXAS CITY            19-Mar-14 |

|     |                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------|
| 43. | STI TOPAZ            24-Jan-13  |

|     |                                                                                             |
|-----|---------------------------------------------------------------------------------------------|
| 44. | STI VENERE            11-Jun-14 |

|     |                                                                                            |
|-----|--------------------------------------------------------------------------------------------|
| 45. | STI VILLE            17-Jun-13 |

|     |                                                                                             |
|-----|---------------------------------------------------------------------------------------------|
| 46. | STI VIRTUS            11-Jun-14 |

|     |                                                                                              |
|-----|----------------------------------------------------------------------------------------------|
| 47. | STI WEMBLEY            13-Oct-14 |

|     |                                                                                                |
|-----|------------------------------------------------------------------------------------------------|
| 48. | STI YORKVILLE            13-Oct-14 |

|     |                                                                   |
|-----|-------------------------------------------------------------------|
| 49. | STI MEMPHIS                         11-Dec-15 |

|     |                                                                        |
|-----|------------------------------------------------------------------------|
| 50. | STI VENETO                               15-Jan-15 |

|     |                                                                  |
|-----|------------------------------------------------------------------|
| 51. | STI CONNAUGHT                      09-Mar-15 |

|     |                                                                     |
|-----|---------------------------------------------------------------------|
| 52. | STI OXFORD                            22-Jan-15 |

|     |                                                                     |
|-----|---------------------------------------------------------------------|
| 53. | STI GRAMERCY                          06-Jan-15 |

|     |                                                                       |
|-----|-----------------------------------------------------------------------|
| 54. | STI TRIBECA                             21-Nov-14 |

|     |                                                                    |
|-----|--------------------------------------------------------------------|
| 55. | STI LOMBARD                          06-Apr-16 |

|     |                                                                       |
|-----|-----------------------------------------------------------------------|
| 56. | STI LAUREN                              09-Mar-15 |

|     |                                                                       |
|-----|-----------------------------------------------------------------------|
| 57. | STI WINNIE                              09-Mar-15 |

|     |                                                                      |
|-----|----------------------------------------------------------------------|
| 58. | STI CARNABY                            28-Jul-15 |

|     |                                                                    |
|-----|--------------------------------------------------------------------|
| 59. | STI KINGSWAY                         28-Jul-15 |

|     |                                                                         |
|-----|-------------------------------------------------------------------------|
| 60. | STI SPIGA                                 20-May-15 |

|     |                                                                   |
|-----|-------------------------------------------------------------------|
| 61. | STI SAVILE ROW                      20-May-15 |

|     |                                                                |
|-----|----------------------------------------------------------------|
| 62. | STI ROTHERHITHE                  16-Dec-14 |

|     |                                                               |
|-----|---------------------------------------------------------------|
| 63. | STI HAMMERSMITH                 21-Nov-14 |

|     |                                                                 |
|-----|-----------------------------------------------------------------|
| 64. | STI MANHATTAN                     09-Mar-15 |

|     |                                                                |
|-----|----------------------------------------------------------------|
| 65. | STI WESTMINSTER                  08-Jun-15 |

|     |                                                                                               |
|-----|-----------------------------------------------------------------------------------------------|
| 66. | STI ROSE                                    16-Dec-14 |

|     |                                                                     |
|-----|---------------------------------------------------------------------|
| 67. | STI OSCEOLA                           09-Mar-15 |

|     |                                                                      |
|-----|----------------------------------------------------------------------|
| 68. | STI SENECA                             20-May-15 |

|     |                                                                  |
|-----|------------------------------------------------------------------|
| 69. | STI BROOKLYN                       08-Jun-15 |

|     |                                                                       |
|-----|-----------------------------------------------------------------------|
| 70. | STI ALEXIS                              15-Jan-15 |

|     |                                                                 |
|-----|-----------------------------------------------------------------|
| 71. | STI NOTTING HILL                  09-Mar-15 |

|     |                                                                      |
|-----|----------------------------------------------------------------------|
| 72. | STI QUEENS                             09-Mar-15 |

|     |                                                                 |
|-----|-----------------------------------------------------------------|
| 73. | STI BLACK HAWK                    10-Aug-15 |

|     |                                                                         |
|-----|-------------------------------------------------------------------------|
| 74. | STI GRACE                                 01-Mar-16 |

|     |                                                                       |
|-----|-----------------------------------------------------------------------|
| 75. | STI JERMYN                              25-Apr-16 |

|     |                                                                                  |
|-----|----------------------------------------------------------------------------------|
| 76. | STI BRONX                                15-Jan-15 |

----

|     |                                                                          |
|-----|--------------------------------------------------------------------------|
| 77. | STI PONTIAC                               09-Mar-15. |

|    |                                                                                                                            |
|----|----------------------------------------------------------------------------------------------------------------------------|
| 1. | DENSA ALLIGATOR        17-Sep-2013         |

|    |                                                                                                                      |
|----|----------------------------------------------------------------------------------------------------------------------|
| 2. | GAN TRUST            31-Jan-2013     |

|    |                                                                                                                                |
|----|--------------------------------------------------------------------------------------------------------------------------------|
| 3. | HELLESPONT PROGRESS    14-Mar-2014             |

|    |                                                                                                                     |
|----|---------------------------------------------------------------------------------------------------------------------|
| 4. | KRASLAVA            24-Jan-2013     |

|    |                                                                                                                                                        |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5. | KRISJANIS VALDEMARS        24-Jan-2013             |

|    |                                                                                            |
|----|--------------------------------------------------------------------------------------------|
| 6. | TARGALE            24-Jan-2013 |

|    |                                                                            |
|----|----------------------------------------------------------------------------|
| 7. | DENSA CROCODILE        07-Feb-2015 |

|    |                                                                                            |
|----|--------------------------------------------------------------------------------------------|
| 8. | VUKOVAR            01-May-2015 |

|    |                                                                              |
|----|------------------------------------------------------------------------------|
| 9. | MISS MARIAROSARIA        26-May-2015 |

|     |                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------|
| 10. | SINGLE                24-Mar-2016 |

|     |                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------|
| 11. | SILENT                21-Mar-2016  |

|     |                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------|
| 12. | STAR I                27-Mar-2016 |

|     |                                                                                            |
|-----|--------------------------------------------------------------------------------------------|
| 13. | ZEFYROS            08-Jul-2016 |

|     |                                                                          |
|-----|--------------------------------------------------------------------------|
| 14. | CPO AUSTRALIA        01-Sep-2016 |

|     |                                                                            |
|-----|----------------------------------------------------------------------------|
| 15. | CPO NEW ZEALAND        12-Sep-2016 |

|     |                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------|
| 16. | ANCE                13-Sep-2016 |

----

|     |                                                                                                                                                                                        |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (i) | SCORPIO COMMERCIAL MANAGEMENT S.A.M, a company incorporated under the laws of Monaco and having its registered office at 9 Boulevard Charles III, Monaco MC 98000 (“SCM”); |

|      |                                                                                                                                                                                                                                  |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii) | [*], a company incorporated under the laws of the Marshall Islands and having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (“STNG SPV”); and |

|       |                                                                                                                                                                                                                                      |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (iii) | SCORPIO TANKERS INC., a company incorporated under the laws of the Marshall Islands and having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (“STNG”) |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | SCM and STNG SPV have previously entered into a standard form commercial management agreement  including the confirmation dated [*] (the “Confirmation”) and addendum number one dated effective as of 31 December 2014 (being together, the “CMA”) pursuant to the terms of the master agreement dated 24 January 2013 as amended by an addendum number 1 effective 1 June 2013 as amended and restated by a deed of amendment and restatement effective as of 31 December 2014 (together, the “Original Master”) and as amended by the deed of amendment dated 29 September 2016 (the “DoA”) entered into by or on behalf of each of the Parties; and |

|     |                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | To fully effectuate the intent of the DoA, the Parties have amended the terms of the Original Master pursuant to a deed of amendment and restatement effective 29 September 2016 (the “Amended Master”) and the commercial management terms included therein (the “New Standard Form CMA”). This Addendum confirms the changes effective to the terms of the CMA. |

|     |                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------|
| (a) | With effect from 29 September 2016 the CMA will be amended and restated and replaced by the New Standard Form CMA; |

|     |                                                                                                                                                                                                                                                                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | The Confirmation as amended by addendum number one shall continue to apply as is except that: (i) any reference to “Clause 22 (g) and (h)” in the Confirmation shall be changed to “Clause 22” and (ii)  where a Vessel is entered into a Scorpio Handymax Tanker Pool, Scorpio LR2 Pool or Scorpio Aframax Pool the following wording from the Confirmation |

----

|     |                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | STNG confirms its guarantee of the performance of the STNG SPV remains in full force and effect notwithstanding the New Standard Form CMA and this Addendum. |

|     |                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (d) | This Addendum may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. |

|     |                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------|
| (e) | The law and dispute resolution clause at clause 23 of the New Standard Form CMA shall apply to this Addendum. |

|     |                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (f) | No provision of this Addendum shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this Addendum. |

----

----

|     |                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (i) | SCORPIO SHIP MANAGEMENT S.A.M, a company incorporated under the laws of Monaco and having its registered office at 9 Rue du Gabian, Monaco MC 98000 (“SSM”); |

|      |                                                                                                                                                                                                                                  |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii) | [*], a company incorporated under the laws of the Marshall Islands and having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (“STNG SPV”); and |

|       |                                                                                                                                                                                                                                      |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (iii) | SCORPIO TANKERS INC., a company incorporated under the laws of the Marshall Islands and having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (“STNG”) |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | SSM and STNG SPV have previously entered into a standard form technical management agreement  including the confirmation dated [*] (the “Confirmation”) and addendum number one dated effective as of 31 December 2014 (being together, the “TMA”) pursuant to the terms of the master agreement dated 24 January 2013 as amended by an addendum number 1 effective 1 June 2013 as amended and restated by a deed of amendment and restatement effective as of 31 December 2014 (together, the “Original Master”) and as amended by the deed of amendment dated 29 September 2016 (the “DoA”) entered into by or on behalf of each of the Parties; and |

|     |                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | To fully effectuate the intent of the DoA, the Parties have amended the terms of the Original Master pursuant to a deed of amendment and restatement effective 29 September 2016 (the “Amended Master”) and the technical management terms included therein (the “New Standard Form TMA”). This Addendum confirms the changes effective to the terms of the TMA. |

|     |                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------|
| (a) | With effect from 29 September 2016, the TMA will be amended and restated and replaced by the New Standard Form TMA. |

|     |                                                 |
|-----|-------------------------------------------------|
| (b) | The Confirmation shall continue to apply as is. |

|     |                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | STNG confirms its guarantee of the performance of the STNG SPV remains in full force and effect notwithstanding the New Standard Form TMA and this Addendum. |

|     |                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (d) | This Addendum may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. |

|     |                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------|
| (e) | The law and dispute resolution clause at clause 23 of the New Standard Form TMA shall apply to this Addendum. |

|     |                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (f) | No provision of this Addendum shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this Addendum. |

----

----

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | SCORPIO TANKERS INC., a company incorporated under the laws of The Marshall Islands and having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (“STNG”) on its own account and as agent for and on behalf of each of its existing wholly  owned  subsidiaries (as set out in Schedule 1) (“SPVs”) and certain of its future wholly-owned  subsidiaries (“Future SPVs”) (the SPVs and Future SPVs jointly referred to as the “STNG SPVs”); |

|     |                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | SCORPIO COMMERCIAL MANAGEMENT S.A.M., a company incorporated under the laws of Monaco and having its registered office at 9 Boulevard Charles III, Monaco 98000 (“SCM”); and |

|     |                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | SCORPIO SHIP MANAGEMENT S.A.M., a company incorporated under the laws of Monaco and having its registered office at 9 Rue Du Gabian, Monaco 98000 (“SSM”); |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | the Parties have previously entered into a master agreement with an effective date of 24 January 2013 as amended by addendum number one dated 1 June 2013, amended and restated by a deed of amendment and restatement effective as of 31 December 2014, amended by a deed of amendment dated 29 September 2016 (the “DoA”) and amended and restated by a deed of amendment and restatement effective as of 29 September 2016 (the “Deed of Amendment and Restatement”). |

|     |                                                                                                                                                                                                                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The STNG SPVs: (i) control a number of vessels already on the water; (ii) will control vessels to be delivered from various shipyards; and (iii) may in the future control vessels purchased or chartered in from third parties (together the “Vessels”). References to “control” or “controlled” herein means owned or chartered. |

|     |                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | The Parties agreed to amend certain termination provisions contained in the Original Management Agreements by entering into the DoA and the Deed of Amendment and Restatement. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | The revised standard set of terms for the commercial management of the Vessels is hereby attached as Annex I (the “Standard Commercial Management Terms”) and the revised standard set of terms for the technical management of the Vessels is hereby attached as Annex II (the “Standard Technical Management Terms”). Both the Standard Commercial Management Terms and the Standard Technical Management Terms (together, the “Standard Management Terms”) form an integral part of this Master. |

----

|     |                                                                                                                                                                                                        |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | the Standard Management Terms contain the terms and conditions concerning the commercial and/or technical management provided by SCM and SSM respectively, to each Vessel controlled by the STNG SPVs. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | STNG will procure all future Vessels (being any Vessels in respect of which a Confirmation has as of the Amendment Date not yet been issued), to be governed by the Standard Commercial Management Terms and/or Standard Technical Management Terms, in each case as amended by the terms detailed in a Confirmation (as defined below), (each a “Management Agreement” and together the “Management Agreements”). The entry by a Vessel under management by SCM and/or SSM and any amendments to those terms, will be evidenced by a written confirmation (substantially in the form set out in Schedule 2) executed by and between STNG SPV (or alternatively, STNG as agent for and on behalf of the relevant STNG SPV), STNG as guarantor and SCM and/or SSM (the “Confirmation”). The entry of a time chartered Vessel into management by SCM and/or SSM and any amendments to the Standard Management Terms, will be evidenced by a written confirmation (substantially in the form set out at Schedule 3) executed by and between STNG SPV (or alternatively, STNG as agent for and on behalf of the relevant STNG SPV), STNG as guarantor and SSM and/or SCM (as applicable) (the “TC Confirmation”). |

|     |                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | the Deed of Amendment and Restatement sets out the amendments (if any) to the Original Management Agreements for all existing Vessels managed by SSM and/or SCM prior to the Amendment Date. |

|     |                                                                                                                                                                                                                                                                                        |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | The management by SCM and/or SSM pursuant to the Standard Management Terms (as applicable) as amended by the terms detailed in the Confirmation shall be effective as of the date prescribed in the Confirmation or TC Confirmation, as applicable (the “Effective Date”). |

|     |                                                                          |
|-----|--------------------------------------------------------------------------|
| (5) | It is hereby agreed that in each and any of the following circumstances: |

|    |                                                                                                                                                                      |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| a. | any termination or actual or purported withdrawal by STNG or applicable STNG SPV of a Confirmation and/or Management Agreement prior to the relevant Effective Date; |

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| b. | a Vessel not being delivered into the respective Management Agreement within 100 days of the respective Effective Date for any reason whatsoever, other than: (i) the insolvency of the yard where the Vessel is being built provided that the insolvency prevents and not merely delays construction and delivery of the Vessel; or (ii) the total loss (actual constructive or compromised) of the vessel whilst  under construction at the yard (the aforementioned (5)(b)(i) and (ii) being together “Extraordinary Events”); or |

|    |                                                                                                                                                                                |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| c. | on or prior to the Effective Date (as applicable) the respective Confirmation and/or  Management Agreement being declared void or ineffective for any other reason whatsoever, |

----

|     |                                                                                                                                                                      |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (i) | References to management fees shall be the flat management fees and Commissions (as defined therein) payable pursuant to clause 12 of each Management Agreement; and |

|      |                                                                                                                     |
|------|---------------------------------------------------------------------------------------------------------------------|
| (ii) | For the purpose of calculating the early termination fee relating only to the Standard Commercial Management Terms: |

|     |                                                                                                                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) |     STNG agrees to guarantee and indemnify each of SCM and SSM in respect of the performance by each of the STNG SPVs of its respective obligations under this Master and each of the Management Agreements and has issued in favour of each of SCM and SSM guarantees effective as of 31 December 2014, copies of which are attached at Annex III hereto. |

|     |                                                                                                                                                                                                                                                                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | The Parties hereby acknowledge and agree that in the event of any inconsistency between the provisions of this Master and any of the Management Agreements: (i) prior to the applicable Effective Date, the provisions of the Master shall prevail; and (ii) on and after the applicable Effective Date the provisions of the relevant Management Agreement shall prevail. |

|     |                                                                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | This Master may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | If any provision or part-provision of this Master is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability of the rest of this Master. |

|      |                                                                                                                               |
|------|-------------------------------------------------------------------------------------------------------------------------------|
| (10) | The governing law and dispute resolution provisions in Clause 23 of the Standard Management Terms shall apply to this Master. |

|      |                                                                                                                                                          |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | No provision of this Master shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by any person who is not a party to this Master. |

----

----

|    |                                     |
|----|-------------------------------------|
| 1. | SBI Parejo Shipping Company Limited |

|    |                                        |
|----|----------------------------------------|
| 2. | SBI Tuscamina Shipping Company Limited |

|    |                                    |
|----|------------------------------------|
| 3. | STI Acton Shipping Company Limited |

|    |                                     |
|----|-------------------------------------|
| 4. | STI Alexis Shipping Company Limited |

|    |                                    |
|----|------------------------------------|
| 5. | STI Amber Shipping Company Limited |

|    |                                   |
|----|-----------------------------------|
| 6. | STI Aqua Shipping Company Limited |

|    |                                        |
|----|----------------------------------------|
| 7. | STI Battersea Shipping Company Limited |

|    |                                      |
|----|--------------------------------------|
| 8. | STI Battery Shipping Company Limited |

|    |                                      |
|----|--------------------------------------|
| 9. | STI Bayonne Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 10. | STI Benicia Shipping Company Limited |

|     |                                    |
|-----|------------------------------------|
| 11. | STI Beryl Shipping Company Limited |

|     |                                         |
|-----|-----------------------------------------|
| 12. | STI Black Hawk Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 13. | STI Botafogo Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 14. | STI Brixton Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 15. | STI Broadway Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 16. | STI Bromley Shipping Company Limited |

|     |                                    |
|-----|------------------------------------|
| 17. | STI Bronx Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 18. | STI Brooklyn Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 19. | STI Camden Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 20. | STI Carnaby Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 21. | STI Cartaret Shipping Company Limited |

|     |                                |
|-----|--------------------------------|
| 22. | STI Chartering and Trading Ltd |

|     |                                      |
|-----|--------------------------------------|
| 23. | STI Clapham Shipping Company Limited |

|     |                                         |
|-----|-----------------------------------------|
| 24. | STI Comandante Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 25. | STI Condotti Shipping Company Limited |

|     |                                        |
|-----|----------------------------------------|
| 26. | STI Connaught Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 27. | STI Croydon Shipping Company Limited |

|     |                                   |
|-----|-----------------------------------|
| 28. | STI Dama Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 29. | STI Duchessa Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 30. | STI Ealing Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 31. | STI Elysees Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 32. | STI Emerald Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 33. | STI Esles II Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 34. | STI Finchley Shipping Company Limited |

|     |                                          |
|-----|------------------------------------------|
| 35. | STI Fontvieille Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 36. | STI Fulham Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 37. | STI Galata Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 38. | STI Garnet Shipping Company Limited |

|     |                                    |
|-----|------------------------------------|
| 39. | STI Gavia Shipping Company Limited |

----

|     |                                                                                     |
|-----|-------------------------------------------------------------------------------------|
| 40. | STI Grace Shipping Company Limited (formerly SBI Macanudo Shipping Company Limited) |

|     |                                       |
|-----|---------------------------------------|
| 41. | STI Gramercy Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 42. | STI Hackney Shipping Company Limited |

|     |                                          |
|-----|------------------------------------------|
| 43. | STI Hammersmith Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 44. | STI Hounslow Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 45. | STI Ipanema Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 46. | STI Jardins Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 47. | STI Jasper Shipping Company Limited |

|     |                                                                                   |
|-----|-----------------------------------------------------------------------------------|
| 48. | STI Jermyn Shipping Company Limited (formerly SBI Cuaba Shipping Company Limited) |

|     |                                     |
|-----|-------------------------------------|
| 49. | STI Jurere Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 50. | STI Kingsway Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 51. | STI La Boca Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 52. | STI Larvotto Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 53. | STI Lauren Shipping Company Limited |

|     |                                        |
|-----|----------------------------------------|
| 54. | STI Le Rocher Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 55. | STI Leblon Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 56. | STI Lombard Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 57. | STI Madison Shipping Company Limited |

|     |                                        |
|-----|----------------------------------------|
| 58. | STI Manhattan Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 59. | STI Marianne Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 60. | STI Mayfair Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 61. | STI Memphis Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 62. | STI Meraux Shipping Company Limited |

|     |                                        |
|-----|----------------------------------------|
| 63. | STI Millenium Shipping Company Limited |

|     |                                        |
|-----|----------------------------------------|
| 64. | STI Milwaukee Shipping Company Limited |

|     |                                           |
|-----|-------------------------------------------|
| 65. | STI Notting Hill Shipping Company Limited |

|     |                                   |
|-----|-----------------------------------|
| 66. | STI Onyx Shipping Company Limited |

|     |                                    |
|-----|------------------------------------|
| 67. | STI Opera Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 68. | STI Orchard Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 69. | STI Osceola Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 70. | STI Oxford Shipping Company Limited |

|     |                                   |
|-----|-----------------------------------|
| 71. | STI Park Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 72. | STI Pimlico Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 73. | STI Pontiac Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 74. | STI Poplar Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 75. | STI Queens Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 76. | STI Rambla Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 77. | STI Recoleta Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 78. | STI Regina Shipping Company Limited |

|     |                                   |
|-----|-----------------------------------|
| 79. | STI Rose Shipping Company Limited |

----

|     |                                          |
|-----|------------------------------------------|
| 80. | STI Rotherhithe Shipping Company Limited |

|     |                                   |
|-----|-----------------------------------|
| 81. | STI Ruby Shipping Company Limited |

|     |                                          |
|-----|------------------------------------------|
| 82. | STI San Antonio Shipping Company Limited |

|     |                                        |
|-----|----------------------------------------|
| 83. | STI San Telmo Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 84. | STI Sapphire Shipping Company Limited |

|     |                                         |
|-----|-----------------------------------------|
| 85. | STI Savile Row Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 86. | STI Seneca Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 87. | STI Sloane Shipping Company Limited |

|     |                                   |
|-----|-----------------------------------|
| 88. | STI Soho Shipping Company Limited |

|     |                                    |
|-----|------------------------------------|
| 89. | STI Spiga Shipping Company Limited |

|     |                                          |
|-----|------------------------------------------|
| 90. | STI St. Charles Shipping Company Limited |

|     |                                       |
|-----|---------------------------------------|
| 91. | STI Stamford Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 92. | STI Susana Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 93. | STI Taksim Shipping Company Limited |

|     |                                         |
|-----|-----------------------------------------|
| 94. | STI Texas City Shipping Company Limited |

|     |                                    |
|-----|------------------------------------|
| 95. | STI Topaz Shipping Company Limited |

|     |                                      |
|-----|--------------------------------------|
| 96. | STI Tribeca Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 97. | STI Venere Shipping Company Limited |

|     |                                     |
|-----|-------------------------------------|
| 98. | STI Veneto Shipping Company Limited |

|     |                                    |
|-----|------------------------------------|
| 99. | STI Ville Shipping Company Limited |

|      |                                     |
|------|-------------------------------------|
| 100. | STI Virtus Shipping Company Limited |

|      |                                      |
|------|--------------------------------------|
| 101. | STI Wembley Shipping Company Limited |

|      |                                          |
|------|------------------------------------------|
| 102. | STI Westminster Shipping Company Limited |

|      |                                     |
|------|-------------------------------------|
| 103. | STI Winnie Shipping Company Limited |

|      |                                        |
|------|----------------------------------------|
| 104. | STI Yorkville Shipping Company Limited |

|      |                        |
|------|------------------------|
| 105. | Yellowjacket I Limited |

|      |                         |
|------|-------------------------|
| 106. | Yellowjacket II Limited |

|      |                          |
|------|--------------------------|
| 107. | Yellowjacket III Limited |

|      |                         |
|------|-------------------------|
| 108. | Yellowjacket IV Limited |

|      |                        |
|------|------------------------|
| 109. | Yellowjacket V Limited |

|      |                         |
|------|-------------------------|
| 110. | Yellowjacket VI Limited |

----

|             |
|-------------|
|             |  |  |  |  |  |
| VESSEL NAME | VESSEL DETAILS | REGISTERED OWNER | DATE OF ENTRY INTO STNG FLEET | DATE OF ENTRY INTO MANAGEMENT BY [SCM AND/OR SSM] PURSUANT TO WHICH THE STNG SPV AND [SCM AND/OR SSM] AGREE TO BE BOUND BY THE [STANDARD COMMERCIAL MANAGEMENT TERMS AND STANDARD TECHNICAL MANAGEMENT TERMS (RESPECTIVELY)]  (the “Effective Date”) | NOTES / AMENDMENTS TO STANDARD MANAGEMENT TERMS |

----

|        |
|--------|
|        |  |  |  |  |  |
|   |   |   |   | [Drafting note: If this is a newbuilding then delivery date as per SBC should be inserted here  - actual date NOT on or around] | •    In respect of the Standard Technical Management Terms, see the attached Annexes.•    Notices Address (Box 22, Part I of the Standard Technical Management Terms and Standard Commercial Management Terms) for the Owners is as follows:[●]   C/O 9 Boulevard Charles III, 98000 Monaco MC   Tel +377 97985850   Email: management@scorpiogroup.net•    In respect of the Standard Commercial Management Terms, the flat management fees payable as per clause 12(a)(i): US$[●] per day pro rata.The Standard Commercial Management Terms are amended with the addition of the following text in clause 12:  1.    Applicable for Scorpio original form pool agreement:“From the period commencing as of the date that [●] becomes a Pool Participant (as defined in the Scorpio [●] Pool Agreement) and the Vessel becomes a Pool Vessel (as defined  in the Scorpio [●] Pool Agreement) until the date that [●] ceases to be a Pool Participant and the Vessel ceases to be a Pool Vessel the Managers shall be remunerated in accordance with the terms of the Scorpio [●] Pool Agreement (and for the avoidance of doubt shall not be remunerated in accordance with the terms of this Agreement), except, in the event of the application of clause 9.3.A of the Scorpio [●] Pool Agreement the Manager shall receive a flat daily management fee of US$[●] throughout the duration of the Vessel’s Off Pool Time Charter period (as defined in the Scorpio [●] Pool Agreement) which shall be payable monthly in advance against an invoice. Provided always that the applicable termination fees payable by Owners pursuant to Clause 22 of this Agreement shall be calculated by using the management fee set out under Clause 12(a)(i) and 12(a) (ii) and the Vessel shall not be deemed to be a Pool Vessel (as defined in the applicable pool agreement)”.or2.    Applicable for new Scorpio form pool agreement: From the period commencing as of the date that Owners become a Pool Participant (as defined in the Scorpio [●] Pool Agreement (“Pool Agreement”)) and the Vessel becomes a Pool Vessel (as defined in the Pool Agreement) until the date that Owners cease to be a Pool Participant and the Vessel ceases to be a Pool Vessel the Managers shall be remunerated in accordance with the terms of the Pool Agreement (and for the avoidance of doubt shall not be remunerated in accordance with the terms of this     Agreement) unless the Vessel is in an Off Pool Time Charter (as defined in the Pool Agreement) in which case the Manager shall receive a flat daily management fee of US [●]payable monthly in advance against an invoice, throughout the duration of the Vessel’s Off Pool Time Charter. Provided always that the applicable termination fees payable by Owners pursuant to Clause 22 of this Agreement shall be calculated by using the management fee set out under Clause 12(a)(i) and 12(a) (ii) and the Vessel shall not be deemed to be a Pool Vessel (as defined in the applicable pool agreement)”. |

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|             |
|-------------|
|             |  |  |  |  |  |
| VESSEL NAME | VESSEL DETAILS | DISPONENT OWNER | DATE OF ENTRY INTO SALT FLEET | DATE OF ENTRY INTO MANAGEMENT BY [SCM AND/OR SSM] PURSUANT TO WHICH THE STNG SPV AND [SCM AND/OR SSM] AGREE TO BE BOUND BY THE [STANDARD COMMERCIAL MANAGEMENT TERMS AND STANDARD TECHNICAL MANAGEMENT TERMS (RESPECTIVELY)]  (the “Effective Date”) | NOTES / AMENDMENTS TO STANDARD MANAGEMENT TERMS |
|        |   |   |   |   | Only Standard Commercial Management Terms are amended as follows:Both Standard Commercial and/or Technical Management Terms are amended as follows:Clause 1 “Time Charter”: definition of time charter to be added.[Clause 12 to be amended on an individual basis depending on the relevant pool agreement terms to address payment of the management fee during the period where the Vessel is considered a pool vessel]Clause 21(a): delete and replace with “This Agreement shall come into effect at the date stated in Box 2 and shall continue until terminated by either party giving notice to the other; in which event this Agreement shall terminate on the date on which the Vessel is re-delivered under the Time Charter unless terminated earlier in accordance with Clause 22 (“Termination”)Clause 22 (all sub-para): delete all references to ET1, ET2, ET3 and ET4.Clause 22(g)(i) delete “an ET2 event, or for” and “or an ET1, ET3 or ET4 event,” Clause 22(g) sub clauses (ii) - (vi) inclusive delete |

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|                          |
|--------------------------|
|                          |  |
| Signature(s) (Owners)    | Signature(s) (Managers) |
| Signature(s) (Guarantor) |   |

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|                                                                                                                                                                                                                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                    |  |
| 1. Definitions and Interpretation                                                                                                                                                                                                                                                                                  | 1 |
| In this Shipman 2009 form (together with the Confirmation, any additional clauses of even date herewith and                                                                                                                                                                                                        | 2 |
| any Annexes  hereto  (the  “Agreement”  )  save  where  the  context  otherwise  requires,  the  following  words  and expressions shall havethe meanings hereby assigned to them:                                                                                                                     | 3 |
| “Approved Brokers” means any of Clarksons Platou, ICAP, Braemer ACM, McQuilling, Poten,  Affinity andArrow.                                                                                                                                                                                            |   |
| “Change of Control” means the definition given to it in Annex F attached hereto.                                                                                                                                                                                                                       |   |
| “Company” (with reference to the ISM Code and the ISPS Code) means the organization identified in  Box 5                                                                                                                                                                                          | 4 |
| or any replacement organization appointed by the Owners from time to time (see Sub-clauses 9(b)(i) or  9(c)                                                                                                                                                                                              | 5 |
| (ii), whichever is applicable).                                                                                                                                                                                                                                                                                    | 6 |
| “Crew” means the personnel of the numbers, rank and nationality specified in Annex “B” hereto.                                                                                                                                                                                             | 7 |
| “Crew Insurances” means insurance of liabilities in respect of crew risks which shall include but not be limited                                                                                                                                                                                       | 8 |
| to death, permanent disability, sickness, injury, repatriation, shipwreck unemployment indemnity and loss                                                                                                                                                                                                          | 9 |
| of personal effects (see Sub-clause 5(b) (Crew Insurances) and  Clause 7 (Insurance Arrangements) and                                                                                                                                                                                               | 10 |
| Clause 10 (Insurance Policies) and Boxes  10 and 11).                                                                                                                                                                                                                                               | 11 |
| “Crew Support Costs” means all expenses of a general nature which are not particularly referable to any                                                                                                                                                                                                | 12 |
| individual vessel for the time being managed by the Managers and which are incurred by the Managers for the                                                                                                                                                                                                        | 13 |
| purpose of providing an efficient and economic management service and, without prejudice to the generality                                                                                                                                                                                                         | 14 |
| of the foregoing, shall include the cost of crew standby pay, training schemes for officers and ratings, cadet                                                                                                                                                                                                     | 15 |
| training schemes, sick pay, study pay, recruitment and interviews.                                                                                                                                                                                                                                                 | 16 |
| “Guarantor” means Scorpio Tankers Inc.                                                                                                                                                                                                                                                                 |   |
| “Flag State” means the State whose flag the Vessel is flying.                                                                                                                                                                                                                                          | 17 |
| “ISM Code” means the International Management Code for the Safe Operation of Ships and for Pollution                                                                                                                                                                                                   | 18 |
| Prevention and any amendment thereto or substitution therefor.                                                                                                                                                                                                                                                     | 19 |
| “ISPS Code” means the International Code for the Security of Ships and Port Facilities and the relevant                                                                                                                                                                                                | 20 |
| amendments to Chapter XI of SOLAS and any amendment thereto or substitution therefor.                                                                                                                                                                                                                              | 21 |
| “Managers” means the party identified in  Box 4.                                                                                                                                                                                                                                                  | 22 |
| “Management Services” means the services specified in SECTION 2 - Services (Clauses 4 through 7) as                                                                                                                                                                                               | 23 |
| indicated affirmatively in  Boxes 6 through  8, 10 and 11, and all other functions performed by the Managers                                                                                                                                                                                   | 24 |
| under the terms of this Agreement.                                                                                                                                                                                                                                                                                 | 25 |
| “Master  Agreement”  means  the  deed  of  Master  Agreement  as  amended  and  restated  effective  as  of  29September 2016 entered into by and between the Guarantor, the Guarantor on behalf of any existing and future wholly owned subsidiaries, Scorpio Ship Management S.A.M and the Managers. |   |
| “Owners” means the party identified in  Box 3.                                                                                                                                                                                                                                                    | 26 |
| “Severance Costs” means the costs which are legally required to be paid to the Crew as a result of the early                                                                                                                                                                                           | 27 |
| termination of any contracts for service on the Vessel.                                                                                                                                                                                                                                                            | 28 |

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|                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------|
|                                                                                                                   |  |
| “SMS” means the Safety Management System (as defined by the ISM Code).                                | 29 |
| “STCW 95” means the International Convention on Standards of Training, Certification and Watchkeeping | 30 |
| for Seafarers, 1978, as amended in 1995 and any amendment thereto or substitution therefor.                       | 31 |

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|                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                          |  |
| 4. Technical Management                                                                                                  | 43 |
| (only applicable if agreed according to  Box 6).                                                                         | 44 |
| The Managers shall provide technical management which includes, but is not limited to, the following                     | 45 |
| services:                                                                                                                | 46 |
| (a)    ensuring that the Vessel complies with the requirements of the law of the Flag State;                             | 47 |
| (b)    ensuring compliance with the ISM Code;                                                                            | 48 |
| (c)    ensuring compliance with the ISPS Code;                                                                           | 49 |
| (d)    providing competent personnel to supervise the maintenance and general efficiency of the Vessel;                  | 50 |
| (e)    arranging and supervising dry dockings, repairs, alterations and the maintenance of the Vessel to the             | 51 |
| standards agreed with the Owners provided that the Managers shall be entitled to incur the necessary                     | 52 |
| expenditure to ensure that the Vessel will comply with all requirements and recommendations of the                       | 53 |
| classification society, and with the law of the Flag State and of the places where the Vessel is required to             | 54 |
| ;                                                                                                                        | 55 |
| (f)    arranging the supply of necessary stores, spares and lubricating oil;                                             | 56 |
| (g)   appointing surveyors and technical consultants as the Managers may consider from time to time to be                | 57 |
| ;                                                                                                                        | 58 |
| (h)    in accordance with the Owners’ instructions, supervising the sale and physical delivery of the Vessel  | 59 |
| under the sale agreement. However services under this  Sub-clause 4(h) shall not include negotiation of the         | 60 |
| ;                                                                                                                        | 61 |
| (i)    arranging for the supply of provisions unless provided by the Owners; and                                         | 62 |
| (j)    arranging for the sampling and testing of bunkers.                                                                | 63 |
| 5. Crew Management and Crew Insurances                                                                                   | 64 |
| (a)    Crew Management                                                                                                   | 65 |
| (only applicable if agreed according to  Box 7)                                                                          | 66 |
| The Managers shall provide suitably qualified Crew who shall comply with the requirements of STCW 95.                    | 67 |
| The provision of such crew management services includes, but is not limited to, the following services:                  | 68 |
| (i)    selecting, engaging and providing for the administration of the Crew, including, as applicable, payroll           | 69 |
| arrangements, pension arrangements, tax, social security contributions and other mandatory dues related                  | 70 |
| ;                                                                                                                        | 71 |
| (ii)    ensuring that the applicable requirements of the law of the Flag State in respect of rank, qualification         | 72 |
| and certification of the Crew and employment regulations, such as Crew’s tax and social insurance, are             | 73 |
| ;                                                                                                                        | 74 |

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|                                                                                                                                                            |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                            |  |
| (iii)    ensuring that all Crew have passed a medical examination with a qualified doctor certifying that they are   75 |
| fit for the duties for which they are engaged and are in possession of valid medical certificates issued in                                                | 76 |
| accordance with appropriate Flag State requirements or such higher standard of medical examination                                                         | 77 |
| as may be agreed with the Owners. In the absence of applicable Flag State requirements the medical                                                         | 78 |
| certificate shall be valid at the time when the respective Crew member arrives on board the Vessel and                                                     | 79 |
| ;                                                                                                                                                          | 80 |
| (iv)    ensuring that the Crew shall have a common working language and a command of the English language   81          |
| ;                                                                                                                                                          | 82 |
| (v)    arranging transportation of the Crew, including repatriation;                                                                                       | 83 |
| (vi)    training of the Crew;                                                                                                                              | 84 |

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|                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                         |  |
| (vii)   conducting union negotiations; and                                                                              | 85 |
| (viii)  if the Managers are the Company, ensuring that the Crew, on joining the Vessel, are given proper                | 86 |
| familiarisation with their duties in relation to the Vessel’s SMS and that instructions which are essential       | 87 |
| to the SMS are identified, documented and given to the Crew prior to sailing.                                           | 88 |
| (ix)    if the Managers are not the Company:                                                                            | 89 |
| (1)  ensuring that the Crew, before joining the Vessel, are given proper familiarisation with their duties              | 90 |
| ;                                                                                                                       | 91 |
| (2)  instructing the Crew to obey all reasonable orders of the Company in connection with the operation                 | 92 |
| of the SMS.                                                                                                             | 93 |
| (x)    Where Managers are not providing technical management services in accordance with  Clause 4                      | 94 |
| (Technical Management):                                                                                                 | 95 |
| (1)  ensuring that no person connected to the provision and the performance of the crew management                      | 96 |
| services shall proceed to sea on board the Vessel without the prior consent of the Owners (such consent                 | 97 |
| not to be unreasonably withheld); and                                                                                   | 98 |
| (2)   ensuring that in the event that the Owners’ drug and alcohol policy requires measures to be taken           | 99 |
| ;                                                                                                                       | 100 |
| (b)    Crew Insurances                                                                                                  | 101 |
| (only applicable if Sub-clause 5(a) applies and if agreed according to  Box 10)                                    | 102 |
| The Managers shall throughout the period of this Agreement provide the following services:                              | 103 |
| (i)    arranging Crew Insurances in accordance with the best practice of prudent managers of vessels of a               | 104 |
| similar type to the Vessel, with sound and reputable insurance companies, underwriters or associations.                 | 105 |
| Insurances for any other persons proceeding to sea onboard the Vessel may be separately agreed by                       | 106 |
| the Owners and the Managers (see  Box 10);                                                                              | 107 |
| (ii)    ensuring that the Owners are aware of the terms, conditions, exceptions and limits of liability of the          | 108 |
| insurances in Sub-clause 5(b)(i);                                                                                       | 109 |
| (iii)    ensuring that all premiums or calls in respect of the insurances in Sub-clause 5(b)(i) are paid by their  | 110 |
| ;                                                                                                                       | 111 |
| (iv)    if obtainable at no additional cost, ensuring that insurances in Sub-clause 5(b)(i) name the Owners as     | 112 |
| a joint assured with full cover and, unless otherwise agreed, on terms such that Owners shall be under                  | 113 |
| no liability in respect of premiums or calls arising in connection with such insurances.                                | 114 |
| (v)    providing written evidence, to the reasonable satisfaction of the Owners, of the Managers’ compliance with | 115 |
| their obligations under Sub-clauses 5(b)(ii), and 5(b)(iii) within a reasonable time of the commencement           | 116 |
| of this Agreement, and of each renewal date and, if specifically requested, of each payment date of the                 | 117 |
| insurances in Sub-clause 5(b)(i).                                                                                       | 118 |
| 6. Commercial Management                                                                                                | 119 |
| (only applicable if agreed according to  Box 8).                                                                   | 120 |
| The Managers shall provide the following services for the Vessel in accordance with the Owners’ instructions,     | 121 |
| which shall include but not be limited to:                                                                              | 122 |
| (a)   seeking and negotiating employment for the Vessel and the conclusion (including the execution thereof)            | 123 |
| of charter parties or other contracts relating to the employment of the Vessel. If such a contract exceeds the          | 124 |

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|                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------|
|                                                                                                                   |  |
| period stated in  Box 9, consent thereto in writing shall first be obtained from the Owners;                 | 125 |
| (b)   arranging, in the name and for the account of the Owners, for the provision of bunker fuels of  the quality | 126 |
| specified by the Owners as required for theVessel’s trade (see Annex A);                                    | 127 |
| (c)   voyage estimating and accounting and calculation of hire, freights, demurrage and/or despatch monies        | 128 |
| ;                                                                                                                 | 129 |

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|                                                                                                                                                      |
|------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                      |  |
| related to the commercial operation of the Vessel in accordance with  Clause 11 (Income Collected and                                      | 130 |
| Expenses Paid on Behalf of Owners);                                                                                                                  | 131 |
| If any of the services under Sub-clauses 6(a),  6(b) and  6(c) are to be excluded from the Management Fee, remuneration                    | 132 |
| for these services must be stated in Annex E (Fee Schedule). See Sub-clause 12(e).                                                                   | 133 |
| (d)      issuing voyage instructions including, but not limited to, authorising the Master to release  cargoagainst relevant letter(s) of indemnity; | 134 |
| (e)   appointing agents;                                                                                                                             | 135 |
| (f)   appointing stevedores; and                                                                                                                     | 136 |
| (g)   arranging surveys associated with the commercial operation of the Vessel.                                                                      | 137 |

|                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------|
|                                                                                                                 |  |
| 7. Insurance Arrangements                                                                                       | 138 |
| (only applicable if agreed according to  Box 11).                                                               | 139 |
| The Managers shall arrange insurances in accordance with  Clause 10 (Insurance Policies), on such terms as | 140 |
| the Owners shall have instructed or agreed, in particular regarding conditions, insured values, deductibles,    | 141 |
| franchises and limits of liability.                                                                             | 142 |

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|                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------|
|                                                                                                                    |  |
| 8. Managers’ Obligations                                                                                     | 143 |
| (a)   The Managers undertake to use their best endeavours to provide the Management Services as agents             | 144 |
| for and on behalf of the Owners in accordance with sound ship management practice and to protect and               | 145 |
| promote the interests of the Owners in all matters relating to the provision of services hereunder.                | 146 |
| Provided however, that in the performance of their management responsibilities under this Agreement, the           | 147 |
| Managers shall be entitled to have regard to their overall responsibility in relation to all vessels as may from   | 148 |
| time to time be entrusted to their management and in particular, but without prejudice to the generality of        | 149 |
| the foregoing, the Managers shall be entitled to allocate available supplies, manpower and services in such        | 150 |
| manner as in the prevailing circumstances the Managers in their absolute discretion consider to be fair and        | 151 |
| reasonable.                                                                                                        | 152 |
| (b)   Where the Managers are providing technical management services in accordance with  Clause 4(Technical        | 153 |
| Management), they shall procure that the requirements of the Flag State are satisfied and they shall agree         | 154 |
| to be appointed as the Company, assuming the responsibility for the operation of the Vessel and taking over        | 155 |
| the duties and responsibilities imposed by the ISM Code and the ISPS Code, if applicable.                          | 156 |
| 9. Owners’ Obligations                                                                                       | 157 |
| (a)   The Owners shall pay all sums due to the Managers punctually in accordance with the terms of this            | 158 |
| Agreement. In the event of payment after the due date of any outstanding sums the Manager shall be entitled        | 159 |
| to charge interest at the rate stated in  Box 13.                                                             | 160 |
| (b)   Where the Managers are providing technical management services in accordance with  Clause 4(Technical        | 161 |
| Management), the Owners shall:                                                                                     | 162 |
| (i)    report (or where the Owners are not the registered owners of the Vessel procure that the registered         | 163 |
| owners report) to the Flag State administration the details of the Managers as the Company as required             | 164 |
| ;                                                                                                                  | 165 |
| (ii)    procure that any officers and ratings supplied by them or on their behalf comply with the requirements     | 166 |
| ;                                                                                                                  | 167 |
| (iii)   instruct such officers and ratings to obey all reasonable orders of the Managers (in their capacity as the | 168 |
| Company) in connection with the operation of the Managers’ safety management system .                        | 169 |
| (c)   Where the Managers are not providing technical management services in accordance with  Clause 4         | 170 |
| (Technical Management), the Owners shall:                                                                          | 171 |
| (i)   procure that the requirements of the Flag State are satisfied and notify the Managers upon execution of      | 172 |
| this Agreement of the name and contact details of the organization that will be the Company by completing          | 173 |
| Box 5;                                                                                                             | 174 |

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|                                                                                                               |
|---------------------------------------------------------------------------------------------------------------|
|                                                                                                               |  |
| (ii)   if the Company changes at any time during this Agreement, notify the Managers in a timely manner of    | 175 |
| ;                                                                                                             | 176 |
| (iii)   procure that the details of the Company, including any change thereof, are reported to the Flag State | 177 |
| administration as required to comply with the ISM and ISPS Codes. The Owners shall advise the Managers        | 178 |
| ;                                                                                                             | 179 |
| (iv)   unless otherwise agreed, arrange for the supply of provisions at their own expense.                    | 180 |
| (d)   Where the Managers are providing crew management services in accordance with Sub-clause 5(a) the   | 181 |
| Owners shall:                                                                                                 | 182 |
| (i)    inform the Managers prior to ordering the Vessel to any excluded or additional premium area under      | 183 |
| any of the Owners’ Insurances by reason of war risks and/or piracy or like perils and pay whatever      | 184 |
| additional costs may properly be incurred by the Managers as a consequence of such orders including,          | 185 |
| if necessary, the costs of replacing any member of the Crew. Any delays resulting from negotiation            | 186 |
| with or replacement of any member of the Crew as a result of the Vessel being ordered to such an area         | 187 |

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|                                                                                                             |
|-------------------------------------------------------------------------------------------------------------|
|                                                                                                             |  |
| (ii)    agree with the Managers prior to any change of flag of the Vessel and pay whatever additional costs | 190 |
| may properly be incurred by the Managers as a consequence of such change. If agreement cannot be            | 191 |
| reached then either party may terminate this Agreement in accordance with Sub-clause 22(e); and             | 192 |

|                                                                                                                                 |                                                                                                                          |
|---------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|
| (iii)    provide, at no cost to the Managers, in accordance with the requirements of the law of the Flag State, | 193 or higher standard, as mutually agreed, adequate Crew accommodation and living standards.    194 |

|                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------|
|                                                                                                                  |  |
| (e)   Where the Managers are not the Company, the Owners shall ensure that Crew are properly familiarised        | 195 |
| with their duties in accordance with the Vessel’s SMS and that instructions which are essential to the SMS | 196 |
| are identified, documented and given to the Crew prior to sailing.                                               | 197 |

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|                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                       |  |
| 10. Insurance Policies                                                                                                | 198 |
| The Owners shall procure, whether by instructing the Managers under  Clause 7 (Insurance Arrangements) | 199 |
| or otherwise, that throughout the period of this Agreement:                                                      | 200 |
| (a)   at the Owners’ expense, the Vessel is insured for not less than its sound market value or entered for its | 201 |
| full gross tonnage, as the case may be for:                                                                           | 202 |
| (i)   hull and machinery marine risks (including but not limited to crew negligence) and excess liabilities;          | 203 |
| (ii)   protection and indemnity risks (including but not limited to pollution risks, diversion expenses and,          | 204 |
| except to the extent insured separately by the Managers in accordance with Sub-clause 5(b)(i), Crew                   | 205 |
| ;                                                                                                                     | 206 |
| NOTE: If the Managers are not providing crew management services under Sub-clause 5(a) (Crew                     | 207 |
| Management) or have agreed not to provide Crew Insurances separately in accordance with Sub-clause                    | 208 |
| 5(b)(i), then such insurances must be included in the protection and indemnity risks cover for the Vessel (see        | 209 |
| Sub-clause 10(a)(ii) above).                                                                                     | 210 |
| (iii)   war risks (including but not limited to blocking and trapping, protection and indemnity, terrorism and crew   | 211 |
| risks); and                                                                                                           | 212 |

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|                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                 |  |
| (iv)   such optional insurances as may be agreed (such as piracy, kidnap and ransom, loss of hire and                           | 213 |
| FD & D) (see Box 12)                                                                                                        | 214 |
| Sub-clauses 10(a)(i) through 10(a)(iv) all in accordance with the best practice of prudent owners of vessels          | 215 |
| of a similar type to the Vessel, with sound and reputable insurance companies, underwriters or associations                     | 216 |
| (“the Owners’ Insurances”);                                                                                   | 217 |
| (b)   all premiums and calls on the Owners’ Insurances are paid by their due date;                                        | 218 |
| (c)   the Owners’ Insurances name the Managers and, subject to underwriters’ agreement, any third party             | 219 |
| designated by the Managers as a joint assuredco-assured (mis-direct arrow), with full cover.  It is understood that in     | 220 |
| protection and indemnity, the normal terms for such cover may impose on the Managers and any such third                         | 221 |
| party a liability in respect of premiums or calls arising in connection with the Owners’ Insurances .                     | 222 |
| If obtainable at no additional cost, however, the Owners shall procure such insurances on terms such that                       | 223 |
| neither the Managers nor any such third party shall be under any liability in respect of premiums or calls arising              | 224 |
| in connection with the Owners’ Insurances. In any event, on termination of this Agreement in accordance                   | 225 |
| with  Clause 21 (Duration of the Agreement) and  Clause 22 (Termination), the Owners shall procure that the | 226 |
| Managers and any third party designated by the Managers as joint assuredco-assured shall cease  to be joint                     | 227 |
| and, if reasonably achievable, that they shall be released from any and all liability for premiums and calls                    | 228 |
| that may arise in relation to the period of this Agreement; and                                                                 | 229 |
| (d)   written evidence is provided, to the reasonable satisfaction of the Managers, of the Owners’ compliance             | 230 |
| with their obligations under this  Clause 10 within a reasonable time of the commencement of the Agreement,           | 231 |
| and of each renewal date and, if specifically requested, of each payment date of the Owners’ Insurances.                  | 232 |
| 10.1 The Owners may, from time to time, require the Managers to arrange, in the name and for the account of                     |   |
| the Owners, operational insurance as envisaged in clause 10(a)(iv).                                                             |   |
| 11. Income Collected and Expenses Paid on Behalf of Owners                                                                      | 233 |
| (a)   Except as provided in Sub-clause 11(c) all monies collected by the Managers under the terms of this                  | 234 |
| Agreement (other than monies payable by the Owners to the Managers) (if any) and any interest thereon shall be                  | 235 |
| held to the credit of the Owners in a separate bank account.                                                                    | 236 |
| (b)   All expenses incurred by the Managers under the terms of this Agreement on behalf of the Owners                           | 237 |

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|                                     |                                                                                                                                                                                                                                                                                                                                                                                  |
|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 13. Budgets and Management of Funds | 266 (a)    The Managers’  initial budget is set out in Annex “C” hereto. Subsequent budgets shall be for twelve    267 month periods and shall be prepared by the Managers and presented to the Owners not less than three    268 months before the end of the budget year.    269 |

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|                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------|
|                                                                                                                   |  |
| estimate of the working capital requirement for the Vessel and shall each month request the Owners in writing     | 275 |
| to pay the funds required to run the Vessel for the ensuing month, including the payment of any occasional or     | 276 |
| extraordinary item of expenditure, such as emergency repair costs, additional insurance premiums, bunkers         | 277 |
| or provisions. Such funds shall be received by the Managers within ten running days after the receipt by the      | 278 |
| Owners of the Managers’ written request and shall be held to the credit of the Owners in a separate bank    | 279 |
| account.                                                                                                          | 280 |
| (d)    The Managers shall at all times maintain and keep true and correct accounts in respect of the Management   | 281 |
| Services in accordance with the relevant International Financial Reporting Standards or such other standard       | 282 |
| as the parties may agree, including records of all costs and expenditure incurred, and produce a comparison       | 283 |
| between budgeted and actual income and expenditure of the Vessel in such form and at such intervals as            | 284 |
| shall be mutually agreed.                                                                                         | 285 |
| The Managers shall make such accounts available for inspection and auditing by the Owners and/or their            | 286 |
| representatives in the Managers’ offices or by electronic means, provided reasonable notice is given by the | 287 |
| Owners.                                                                                                           | 288 |
| (e)   Notwithstanding anything contained herein, the Managers shall in no circumstances be required to use        | 289 |
| or commit their own funds to finance the provision of the Management Services.                                    | 290 |

----

|                                                                                                                                    |
|------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                    |  |
| SECTION 5 – Legal, General and Duration of Agreement                                                                         |   |
| 14. Trading Restrictions                                                                                                           | 291 |
| If the Managers are providing crew management services in accordance with Sub-clause 5(a) (Crew                               | 292 |
| Management), the Owners and the Managers will, prior to the commencement of this Agreement, agree on any                           | 293 |
| trading restrictions to the Vessel that may result from the terms and conditions of the Crew’s employment.                   | 294 |
| 15. Replacement                                                                                                                    | 295 |
| If the Managers are providing crew management services in accordance with Sub-clause 5(a) (Crew                               | 296 |
| Management), the Owners may require the replacement, at their own expense, at the next reasonable                                  | 297 |
| opportunity, of any member of the Crew found on reasonable grounds to be unsuitable for service. If the                            | 298 |
| Managers have failed to fulfil their obligations in providing suitable qualified Crew within the meaning of Sub-                   | 299 |
| clause 5(a) (Crew Management), then such replacement shall be at the Managers’ expense .                                | 300 |
| 16. Managers’ Right to Sub-Contract                                                                                          | 301 |
| Save as provided herein,  Tthe Managers shall not subcontract any of their obligations hereunder without the prior            | 302 |
| written consent ofthe Owners which shall not be unreasonably withheld. The Owners consent to the subcontract of (a) the chartering | 303 |
| ;                                                                                                                                  |   |
| Management (India) Pvt Ltd. In the event of such a sub-contract the Managers                                                       |   |
| shall remain fully liable for the due performance of their obligations under this Agreement.                                       | 304 |
| 17. Responsibilities                                                                                                               | 305 |
| (a)   Force Majeure                                                                                                                | 306 |
| Neither party shall be liable for any loss, damage or delay due to any of the following force majeure events                       | 307 |
| and/or conditions to the extent that the party invoking force majeure is prevented or hindered from                                | 308 |
| performing any or all of their obligations under this Agreement, provided they have made all                                       | 309 |
| reasonable efforts to avoid, minimize or prevent the effect of such events and/or conditions:                                      | 310 |
| (i)   acts of God;                                                                                                                 | 311 |
| (ii)   any Government requisition, control, intervention, requirement or interference;                                             | 312 |
| (iii)   any circumstances arising out of war, threatened act of war or warlike operations, acts of terrorism,                      | 313 |
| sabotage or piracy, or the consequences thereof;                                                                                   | 314 |
| (iv)   riots, civil commotion, blockades or embargoes;                                                                             | 315 |
| (v)   epidemics;                                                                                                                   | 316 |
| (vi)   earthquakes, landslides, floods or other extraordinary weather conditions;                                                  | 317 |
| (vii)   strikes, lockouts or other industrial action, unless limited to the employees (which shall not include the                 | 318 |
| Crew) of the party seeking to invoke force majeure;                                                                                | 319 |
| (viii)  fire, accident, explosion except where caused by negligence of the party seeking to invoke force majeure;                  | 320 |
| and                                                                                                                                | 321 |

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|                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |
| (ix)   any other similar cause beyond the reasonable control of either party.                                                 | 322 |
| (b)   Liability to Owners                                                                                                     | 323 |
| (i)   Without prejudice to Sub-clause 17(a), the Managers shall be under no liability whatsoever to the Owners                | 324 |
| for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but                       | 325 |
| not limited to loss of profit arising out of or in connection with detention of or delay to the Vessel) and                   | 326 |
| howsoever arising in the course of performance of the Management Services UNLESS same is proved                               | 327 |
| to have resulted solely from the negligence, gross negligence or wilful default of the Managers or their                      | 328 |
| employees or agents, or sub-contractors employed by them in connection with the Vessel, in which case                         | 329 |
| (save where loss, damage, delay or expense has resulted from the Managers’ personal act or omission                     | 330 |
| committed with the intent to cause same or recklessly and with knowledge that such loss, damage,                              | 331 |
| delay or expense would probably result) the Managers’ liability for each incident or series of incidents                | 332 |
| giving rise to a claim or claims shall never exceed a total of ten (10) times the annual management fee as per Clause12(a)(i) | 333 |

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|                                                                                                           |
|-----------------------------------------------------------------------------------------------------------|
|                                                                                                           |  |
| (ii)   Acts or omissions of the Crew - Notwithstanding anything that may appear to the contrary in this   | 335 |
| Agreement, the Managers shall not be liable for any acts or omissions of the Crew, even if such acts      | 336 |
| or omissions are negligent, grossly negligent or wilful, except only to the extent that they are shown to | 337 |
| have resulted from a failure by the Managers to discharge their obligations under  Clause 5(a) (Crew | 338 |
| Management), in which case their liability shall be limited in accordance with the terms of this Clause   | 339 |
| 17 (Responsibilities).                                                                               | 340 |

|                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                         |  |
| (c)   IndemnityExcept to the extent and solely for the amount therein set out that the Managers would be liable under   | 341342 |
| Sub-clause 17(b), the Owners hereby undertake to keep the Managers and their employees,                                 | 343 |
| agents and sub-contractors indemnified and to hold them harmless against all actions, proceedings, claims,              | 344 |
| demands or liabilities whatsoever or howsoever arising which may be brought against them or incurred or                 | 345 |
| suffered by them arising out of or in connection with the performance of this Agreement, and against and in             | 346 |
| respect of all costs, loss, damages and expenses (including legal costs and expenses on a full indemnity                | 347 |
| basis) which the Managers may suffer or incur (either directly or indirectly) in the course of the performance          | 348 |
| of this Agreement.                                                                                                      | 349 |
| (d)   “Himalaya”                                                                                            | 350 |
| It is hereby expressly agreed that no employee or agent of the Managers (including every                                | 351 |
| sub-contractor from time to time employed by the Managers) shall in any circumstances whatsoever be                     | 352 |
| under any liability whatsoever to the Owners for any loss, damage or delay of whatsoever kind arising or                | 353 |
| resulting directly or indirectly from any act, neglect or default on his part while acting in the course of or in       | 354 |
| connection with his employment and, without prejudice to the generality of the foregoing provisions in this             | 355 |
| Clause 17 (Responsibilities), every exemption, limitation, condition and liberty herein contained and every        | 356 |
| right, exemption from liability, defence and immunity of whatsoever nature applicable to the Managers or to             | 357 |
| which the Managers are entitled hereunder shall also be available and shall extend to protect every such                | 358 |
| employee or agent of the Managers acting as aforesaid and for the purpose of all the foregoing provisions               | 359 |
| of this  Clause 17 (Responsibilities) the Managers are or shall be deemed to be acting as agent or trustee    | 360 |
| on behalf of and for the benefit of all persons who are or might be their servants or agents from time to time          | 361 |
| (including sub-contractors as aforesaid) and all such persons shall to this extent be or be deemed to be                | 362 |
| parties to this Agreement.                                                                                              | 363 |
| 18. General Administration                                                                                              | 364 |
| (a)   The Managers shall keep the Owners and, if appropriate, the Company informed in a timely manner of                | 365 |
| any incident of which the Managers become aware which gives or may give rise to  delay to the Vessel or                 | 366 |
| claims or disputes involving third parties and which individually are reasonably estimated to be in excess ofUS$15,000. | 367 |
| (b)   The Managers shall handle and settle all claims and disputes arising out of the Management Services               | 368 |
| hereunder, unless the Owners instruct the Managers otherwise. The Managers shall keep the Owners                        | 369 |
| appropriately informed in a timely manner throughout the handling of such claims and disputes.                          | 370 |

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|                                                                                                                                                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                        |  |
| (c)   The Owners may request the Managers to bring or defend other actions, suits or proceedings related                                                                                     | 371 |
| to the Management Services, on terms to be agreed and subject to the provisions of clause 18(a) and 18(b).                                                                                             | 372 |
| (d)   The Managers shall have power to obtain appropriate legal or technical or other outside expert advice in                                                                                         | 373 |
| relation to the handling and settlement of claims in relation to Sub-clauses 18(a) and 18(b) and disputes and                                                                                | 374 |
| any other matters affecting the interests of the Owners in respect of the Vessel, save Managers should obtainOwners approval prior to taking any action if time permits and unless the Owners instruct | 375 |
| the Managers otherwise.                                                                                                                                                                                | 376 |
| (e)   On giving reasonable notice, the Owners may request, and the Managers shall in a timely manner make                                                                                              | 377 |
| available, all documentation, information and records in respect of the matters covered by this Agreement and in respect of the Management Services.                                                   | 378 |
| either related to mandatory rules or regulations or other obligations applying to the Owners in respect of                                                                                             | 379 |
| the Vessel (including but not limited to STCW 95, the ISM Code and ISPS Code) to the extent permitted by                                                                                               | 380 |
| relevant legislation.                                                                                                                                                                                  | 381 |
| On giving reasonable notice, the Managers may request, and the Owners shall in a timely manner make                                                                                                    | 382 |

----

|                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                          |  |
| available, all documentation, information and records reasonably required by the Managers to enable them                                                                 | 383 |
| to perform the Management Services.                                                                                                                                      | 384 |
| (f)   The Owners shall arrange for the provision of any necessary guarantee bond or other security.                                                                      | 385 |
| (g)   Any costs incurred by the Managers in carrying out their obligations according to this  Clause 18(General                                                     | 386 |
| Administration) shall be reimbursed by the Owners.                                                                                                                       | 387 |
| 19. Inspection of Vessel                                                                                                                                                 | 388 |
| The Owners may at any time after giving reasonable notice to the Managers inspect the Vessel for any reason                                                              | 389 |
| they consider necessary.                                                                                                                                                 | 390 |
| 20. Compliance with Laws and Regulations                                                                                                                                 | 391 |
| The parties will not do or permit to be done anything which might cause any breach or infringement of the                                                                | 392 |
| laws and regulations of the Flag State, or of the places where the Vessel trades.                                                                                        | 393 |
| 21. Duration of the Agreement                                                                                                                                            | 394 |
| (a)   This Agreement shall come into effect at the date stated in  Box 2 and shall continue until terminated by                                                | 395 |
| either party  by giving notice to the other; in which event this Agreement shall terminate upon the expiration                                                           | 396 |
| of  the later of the number of months stated in  Box 18 or  a period of  two (2)  twenty-four (24) months  from the date on | 397 |
| which                                                                                                                                                                    |   |
| such notice is received, unless terminated earlier in accordance with  Clause 22 (Termination).                                                                | 398 |
| (b)    Where the Vessel is not at a mutually convenient port or place on the expiry of such period, this Agreement                                                       | 399 |
| shall terminate on the subsequent arrival of the Vessel at the next mutually convenient port or place.                                                                   | 400 |
| 22. Termination                                                                                                                                                          | 401 |
| (a)   Owners’ or Managers’ default                                                                                                                           | 402 |
| If either party fails to meet their obligations under this Agreement, the other party may give notice to the                                                             | 403 |
| party in default requiring them to remedy it. In the event that the party in default fails to remedy it within a                                                         | 404 |
| reasonable time to the reasonable satisfaction of the other party, that party shall be entitled to terminate this                                                        | 405 |
| Agreement with immediate effect by giving notice to the party in default.                                                                                                | 406 |
| (b)   Notwithstanding Sub-clause 22(a):                                                                                                                                  | 407 |
| (i)   The Managers shall be entitled to terminate the Agreement with immediate effect by giving notice to the                                                            | 408 |
| Owners if any monies payable by the Owners and/or the owners of any associated vessel, details of                                                                        | 409 |
| which are listed in Annex “D”, shall not have been received in the Managers’ nominated account within                                                  | 410 |
| ten days (10) of receipt by the Owners of the Managers’ written request, or if the Vessel is repossessed by                                                        | 411 |
| the Mortgagee(s).                                                                                                                                                        | 412 |
| (ii)   If the Owners proceed with the employment of or continue to employ the Vessel in the carriage of                                                                  | 413 |
| contraband, blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion                                                                    | 414 |
| of the Managers is unduly hazardous or improper, the Managers may give notice of the default to the                                                                      | 415 |

----

|                                                                                                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                        |  |
| Owners, requiring them to remedy it as soon as practically possible. In the event that the Owners fail to                                              | 416 |
| remedy it within a reasonable time to the satisfaction of the Managers, the Managers shall be entitled                                                 | 417 |
| to terminate the Agreement with immediate effect by notice.                                                                                            | 418 |
| (iii)   If either party fails to meet their respective obligations under Sub-clause 5(b) (Crew Insurances) and                                    | 419 |
| Clause 10 (Insurance Policies), the other party may give notice to the party in default requiring them to                                         | 420 |
| remedy it within ten (10) days, failing which the other party may terminate this Agreement with immediate                                              | 421 |
| effect by giving notice to the party in default.                                                                                                       | 422 |
| (iv) If the Managers are convicted of, or admit guilt for, a crime, then the Owners shall be entitled to terminate                                     |   |
| this Agreement with immediate effect by notice in writing.                                                                                             |   |
| (c)   Extraordinary Termination                                                                                                                        | 423 |
| This Agreement shall be:(i) terminated in the case of a sale of the Vessel (“ET1”), and the date upon which the Vessel is to be treated as | 424 |
| having been sold or otherwise disposed of shall be the date on which the Vessel’s owners cease to be the                                         |   |
| registered owners of the Vessel;                                                                                                                       |   |
| (ii) deemed to be terminated if the Vessel becomes a total loss or is declared as a constructive or                                                    |   |

----

----

----

|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 23. BIMCO Dispute Resolution Clause | 464 (a)    This Agreement shall be governed by and construed in accordance with English law and any dispute    465 arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with    466 the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary    467 to give effect to the provisions of this Clause.    468 |

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|                                                                                                                                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                     |  |
| arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the                                                                                                                       | 474 |
| 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so                                                                                                                       | 475 |
| within the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any                                                                                                                      | 476 |
| further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party                                                                                                                 | 477 |
| accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been appointed by                                                                                                                         | 478 |
| agreement.                                                                                                                                                                                                                          | 479 |
| Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the                                                                                                                            | 480 |
| appointment of a sole arbitrator.                                                                                                                                                                                                   | 481 |
| In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum                                                                                                                               | 482 |
| as the parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims                                                                                                                               | 483 |
| Procedure current at the time when the arbitration proceedings are commenced.                                                                                                                                                       | 484 |
| (b)    This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code                                                                                                                       | 485 |
| and the Maritime Law of the United States and any dispute arising out of or in connection with this Agreement                                                                                                                       | 486 |
| shall be referred to three persons at New York, one to be appointed by each of the parties hereto, and the                                                                                                                          | 487 |
| ;                                                                                                                                                                                                                                   | 488 |
| enforcing any award, judgment may be entered on an award by any court of competent jurisdiction. The                                                                                                                                | 489 |
| proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.                                                                                                                            | 490 |
| In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum                                                                                                                               | 491 |
| as the parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration                                                                                                                           | 492 |
| Procedure of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings                                                                                                                         | 493 |
| are commenced.                                                                                                                                                                                                                      | 494 |
| (c)    This Agreement shall be governed by and construed in accordance with the laws of the place mutually                                                                                                                          | 495 |
| agreed by the parties and any dispute arising out of or in connection with this Agreement shall be referred                                                                                                                         | 496 |
| to arbitration at a mutually agreed place, subject to the procedures applicable there.                                                                                                                                              | 497 |
| (d)   Notwithstanding Sub-clauses 23(a),  23(b) or 23(c)  above, the parties may agree at any time to refer to                                                                                        | 498 |
| mediation any difference and/or dispute arising out of or in connection with this Agreement.                                                                                                                                        | 499 |
| (i)   In the case of a dispute in respect of which arbitration has been commenced under Sub-clauses 23(a),23(b) or 23(c)  above, the following shall apply:                                                | 500501 |
| (ii)   Either party may at any time and from time to time elect to refer the dispute or part of the dispute tomediation by service on the other party of a written notice (the “Mediation Notice”) calling on the other | 502503 |
| party to agree to mediation.                                                                                                                                                                                                        | 504 |
| (iii)   The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that                                                                                                                     | 505 |
| they agree to mediation, in which case the parties shall thereafter agree a mediator within a further 14                                                                                                                            | 506 |
| calendar days, failing which on the application of either party a mediator will be appointed promptly by                                                                                                                            | 507 |

----

|                                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                          |  |
| the Arbitration Tribunal (“the Tribunal”) or such person as the Tribunal may designate for that purpose.                                     | 508 |
| The mediation shall be conducted in such place and in accordance with such procedure and on such                                                         | 509 |
| terms as the parties may agree or, in the event of disagreement, as may be set by the mediator.                                                          | 510 |
| (iv)   If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal                                           | 511 |
| and may be taken into account by the Tribunal when allocating the costs of the arbitration as between                                                    | 512 |
| the parties.                                                                                                                                             | 513 |
| (v)   The mediation shall not affect the right of either party to seek such relief or take such steps as it considers necessary to protect its interest. | 514515 |
| (vi)   Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall                                          | 516 |
| continue during the conduct of the mediation but the Tribunal may take the mediation timetable into                                                      | 517 |
| account when setting the timetable for steps in the arbitration.                                                                                         | 518 |
| (vii)   Unless otherwise agreed or specified in the mediation terms, each party shall bear its own costs incurred                                        | 519 |
| in the mediation and the parties shall share equally the mediator’s costs and expenses.                                                            | 520 |
| (viii)  The mediation process shall be without prejudice and confidential and no information or documents                                                | 521 |

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|                                                                                                                                                                                                                                           |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                           |  |
| disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under                                                                                                                                | 522 |
| the law and procedure governing the arbitration.                                                                                                                                                                                          | 523 |
| (Note: The parties should be aware that the mediation process may not necessarily interrupt time limits.)                                                                                                                                 | 524 |
| (e)   If  Box 21 in Part I is not appropriately filled in, Sub-clause 23(a) of this Clause shall apply.                                                                                                                    | 525 |
| Note: Sub-clauses 23(a), 23(b) and  23(c) are alternatives; indicate alternative agreed in  Box 21. Sub-clause                                                                                                        | 526 |
| 23(d) shall apply in all cases.                                                                                                                                                                                                      | 527 |
| 24. Notices                                                                                                                                                                                                                               | 528 |
| (a)   All notices given by either party or their agents to the other party or their agents in accordance with the                                                                                                                         | 529 |
| provisions of this Agreement shall be in writing and shall, unless specifically provided in this Agreement to                                                                                                                             | 530 |
| the contrary, be sent to the address for that other party as set out in  Boxes 22 and 23 or as appropriate or                                                                                                              | 531 |
| to such other address as the other party may designate in writing.                                                                                                                                                                        | 532 |
| A notice may be sent by registered or recorded mail, facsimile, electronically or delivered by hand in accordance                                                                                                                         | 533 |
| with this Sub-clause 24(a).                                                                                                                                                                                                               | 534 |
| (b)   Any notice given under this Agreement shall take effect on receipt by the other party and shall be deemed                                                                                                                           | 535 |
| to have been received:                                                                                                                                                                                                                    | 536 |
| (i)   if posted, on the seventh (7th) day after posting;                                                                                                                                                                                  | 537 |
| (ii)   if sent by facsimile or electronically, on the day of transmission; and                                                                                                                                                            | 538 |
| (iii)   if delivered by hand, on the day of delivery.                                                                                                                                                                                     | 539 |
| And in each case proof of posting, handing in or transmission shall be proof that notice has been given,                                                                                                                                  | 540 |
| unless proven to the contrary.                                                                                                                                                                                                            | 541 |
| 25. Entire Agreement                                                                                                                                                                                                                      | 542 |
| This Agreement and Master Agreement constitutes the entire agreement between the parties and no promise, undertaking,representation, warranty or statement by either party prior to the date stated in  Box 2 shall affect this | 543544 |
| Agreement. Any modification of this Agreement shall not be of any effect unless in writing signed by or on                                                                                                                                | 545 |
| behalf of the parties.                                                                                                                                                                                                                    | 546 |
| 26. Third Party Rights                                                                                                                                                                                                                    | 547 |
| Except to the extent provided in Sub-clauses 17(c) (Indemnity) and  17(d) (Himalaya), no third parties may                                                                                                                 | 548 |
| enforce any term of this Agreement.                                                                                                                                                                                                       | 549 |
| 27.  Partial Validity                                                                                                                                                                                                                     | 550 |
| If any provision of this Agreement is or becomes or is held by any arbitrator or other competent body to be                                                                                                                               | 551 |
| illegal, invalid or unenforceable in any respect under any law or jurisdiction, the provision shall be deemed                                                                                                                             | 552 |
| to be amended to the extent necessary to avoid such illegality, invalidity or unenforceability, or, if such                                                                                                                               | 553 |
| amendment is not possible, the provision shall be deemed to be deleted from this Agreement to the extent                                                                                                                                  | 554 |

----

|                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      |  |
| of such illegality, invalidity or unenforceability, and the remaining provisions shall continue in full force and    | 555 |
| effect and shall not in any way be affected or impaired thereby.                                                     | 556 |
| 28. Interpretation                                                                                                   | 557 |
| In this Agreement:                                                                                                   | 558 |
| (a)   Singular/Plural                                                                                                | 559 |
| The singular includes the plural and vice versa as the context admits or requires.                                   | 560 |
| (b)   Headings                                                                                                       | 561 |
| The index and headings to the clauses and appendices to this Agreement are for convenience only and shall not affect | 562 |
| its construction or interpretation.                                                                                  | 563 |
| (c)   Day                                                                                                            | 564 |
| “Day” means a calendar day unless expressly stated to the contrary.                                      | 565 |
| Any additional clauses attached hereto together with the Confirmation, any subsequent addenda, schedules,            |   |

----

----

----

----

----

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|                          |
|--------------------------|
|                          |  |
| Signature(s) (Owners)    | Signature(s) (Managers) Francesco Bellusci Administrateur Delegue |
| Signature(s) (Guarantor) |   |

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----

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|                                                                                                             |                                                                                                                                                                                  |
|-------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| In this Shipman 2009 form (together with the Confirmation, any additional clauses of even date herewith and | 2 any  Annexes  hereto    (the  “Agreement”)  save  where  the  context  otherwise  requires,  the  following  words  and expressions shall have |

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|                                                                                                                     |
|---------------------------------------------------------------------------------------------------------------------|
|                                                                                                                     |  |
| 2. Commencement and Appointment                                                                                     | 33 |
| With effect from the date stated in  Box 2 for the commencement of the Management Services and continuing | 34 |
| unless and until terminated as provided herein, the Owners hereby appoint the Managers and the Managers             | 35 |
| hereby agree to act as the Managers of the Vessel in respect of the Management Services.                            | 36 |

|                                                                                                               |
|---------------------------------------------------------------------------------------------------------------|
|                                                                                                               |  |
| 3. Authority of the Managers                                                                                  | 37 |
| Subject to the terms and conditions herein provided, during the period of this Agreement the Managers shall   | 38 |
| carry out the Management Services in respect of the Vessel as agents for and on behalf of the Owners. The     | 39 |
| Managers shall have authority to take such actions as they may from time to time in their absolute discretion | 40 |
| consider to be necessary to enable them to perform the Management Services in accordance with sound           | 41 |
| ship management practice, including but not limited to compliance with all relevant rules and regulations.    | 42 |

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|                                                                                                      |
|------------------------------------------------------------------------------------------------------|
|                                                                                                      |  |
| 4. Technical Management                                                                              | 43 |
| (only applicable if agreed according to  Box 6).                                                | 44 |
| The Managers shall provide technical management which includes, but is not limited to, the following | 45 |
| services:                                                                                            | 46 |

|                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                       |  |
| (a)   ensuring that the Vessel complies with the requirements of the law of the Flag State;                           | 47 |
| (b)   ensuring compliance with the ISM Code;                                                                          | 48 |
| (c)   ensuring compliance with the ISPS Code;                                                                         | 49 |
| (d)   providing competent personnel to supervise the maintenance and general efficiency of the Vessel;                | 50 |
| (e)   arranging and supervising dry dockings, repairs, alterations and the maintenance of the Vessel to the           | 51 |
| standards agreed with the Owners provided that the Managers shall be entitled to incur the necessary                  | 52 |
| expenditure to ensure that the Vessel will comply with all requirements and recommendations of the                    | 53 |
| classification society, and with the law of the Flag State and of the places where the Vessel is required to          | 54 |
| ;                                                                                                                     | 55 |
| (f)   arranging the supply of necessary stores, spares and lubricating oil;                                           | 56 |
| (g)   appointing surveyors and technical consultants as the Managers may consider from time to time to be             | 57 |
| ;                                                                                                                     | 58 |
| (h)   in accordance with the Owners’ instructions, supervising the sale and physical delivery of the Vessel     | 59 |
| under the sale agreement. However services under this  Sub-clause 4(h) shall not include negotiation of the | 60 |
| ;                                                                                                                     | 61 |
| (i)   arranging for the supply of provisions unless provided by the Owners; and                                       | 62 |
| (j)   arranging for the sampling and testing of bunkers.                                                              | 63 |
| 5. Crew Management and Crew Insurances(a)   Crew Management                                                           | 6465 |
| (only applicable if agreed according to  Box 7)                                                                  | 66 |
| The Managers shall provide suitably qualified Crew who shall comply with the requirements of STCW 95.                 | 67 |
| The provision of such crew management services includes, but is not limited to, the following services:               | 68 |
| (i)   selecting, engaging and providing for the administration of the Crew, including, as applicable, payroll         | 69 |
| arrangements, pension arrangements, tax, social security contributions and other mandatory dues related               | 70 |
| ;                                                                                                                     | 71 |
| (ii)   ensuring that the applicable requirements of the law of the Flag State in respect of rank, qualification       | 72 |
| and certification of the Crew and employment regulations, such as Crew’s tax and social insurance, are          | 73 |

----

|                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------|
|                                                                                                                   |  |
| ;                                                                                                                 | 74 |
| (iii)   ensuring that all Crew have passed a medical examination with a qualified doctor certifying that they are | 75 |
| fit for the duties for which they are engaged and are in possession of valid medical certificates issued in       | 76 |
| accordance with appropriate Flag State requirements or such higher standard of medical examination                | 77 |
| as may be agreed with the Owners. In the absence of applicable Flag State requirements the medical                | 78 |
| certificate shall be valid at the time when the respective Crew member arrives on board the Vessel and            | 79 |
| ;                                                                                                                 | 80 |
| (iv)   ensuring that the Crew shall have a common working language and a command of the English language          | 81 |
| ;                                                                                                                 | 82 |
| (v)   arranging transportation of the Crew, including repatriation;                                               | 83 |
| (vi)   training of the Crew;                                                                                      | 84 |

----

|                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                         |  |
| (vii)   conducting union negotiations; and                                                                              | 85 |
| (viii)  if the Managers are the Company, ensuring that the Crew, on joining the Vessel, are given proper                | 86 |
| familiarisation with their duties in relation to the Vessel’s SMS and that instructions which are essential       | 87 |
| to the SMS are identified, documented and given to the Crew prior to sailing.                                           | 88 |
| (ix)    if the Managers are not the Company:                                                                            | 89 |
| (1)  ensuring that the Crew, before joining the Vessel, are given proper familiarisation with their duties              | 90 |
| ;                                                                                                                       | 91 |
| (2)  instructing the Crew to obey all reasonable orders of the Company in connection with the operation                 | 92 |
| of the SMS.                                                                                                             | 93 |
| (x)    Where Managers are not providing technical management services in accordance with  Clause 4                      | 94 |
| (Technical Management):                                                                                                 | 95 |
| (1)  ensuring that no person connected to the provision and the performance of the crew management                      | 96 |
| services shall proceed to sea on board the Vessel without the prior consent of the Owners (such consent                 | 97 |
| not to be unreasonably withheld); and                                                                                   | 98 |
| (2)   ensuring that in the event that the Owners’ drug and alcohol policy requires measures to be taken           | 99 |
| ;                                                                                                                       | 100 |
| (b)    Crew Insurances                                                                                                  | 101 |
| (only applicable if Sub-clause 5(a) applies and if agreed according to  Box 10)                                    | 102 |
| The Managers shall throughout the period of this Agreement provide the following services:                              | 103 |
| (i)    arranging Crew Insurances in accordance with the best practice of prudent managers of vessels of a               | 104 |
| similar type to the Vessel, with sound and reputable insurance companies, underwriters or associations.                 | 105 |
| Insurances for any other persons proceeding to sea onboard the Vessel may be separately agreed by                       | 106 |
| the Owners and the Managers (see  Box 10);                                                                              | 107 |
| (ii)    ensuring that the Owners are aware of the terms, conditions, exceptions and limits of liability of the          | 108 |
| insurances in Sub-clause 5(b)(i);                                                                                       | 109 |
| (iii)    ensuring that all premiums or calls in respect of the insurances in Sub-clause 5(b)(i) are paid by their  | 110 |
| ;                                                                                                                       | 111 |
| (iv)    if obtainable at no additional cost, ensuring that insurances in Sub-clause 5(b)(i) name the Owners as     | 112 |
| a joint assured with full cover and, unless otherwise agreed, on terms such that Owners shall be under                  | 113 |
| no liability in respect of premiums or calls arising in connection with such insurances.                                | 114 |
| (v)    providing written evidence, to the reasonable satisfaction of the Owners, of the Managers’ compliance with | 115 |
| their obligations under Sub-clauses 5(b)(ii), and 5(b)(iii) within a reasonable time of the commencement           | 116 |
| of this Agreement, and of each renewal date and, if specifically requested, of each payment date of the                 | 117 |
| insurances in Sub-clause 5(b)(i).                                                                                       | 118 |
| 6. Commercial Management                                                                                                | 119 |
| (only applicable if agreed according to  Box 8).                                                                   | 120 |
| The Managers shall provide the following services for the Vessel in accordance with the Owners’ instructions,     | 121 |
| which shall include but not be limited to:                                                                              | 122 |
| (a)    seeking and negotiating employment for the Vessel and the conclusion (including the execution thereof)           | 123 |
| of charter parties or other contracts relating to the employment of the Vessel. If such a contract exceeds the          | 124 |

----

|                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      |  |
| period stated in  Box 9, consent thereto in writing shall first be obtained from the Owners;                         | 125 |
| (b)    arranging for the provision of bunker fuels of the quality specified by the Owners as required for the        | 126 |
|  Vessel’s trade;    127                                                               |
| (c)    voyage estimating and accounting and calculation of hire, freights, demurrage and/or despatch monies          | 128 |
| ;                                                                                                                    | 129 |
| related to the commercial operation of the Vessel in accordance with  Clause 11 (Income Collected and | 130 |

----

|                                                                                                                                                       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                       |  |
| Expenses Paid on Behalf of Owners);                                                                                                                   | 131 |
| If any of the services under Sub-clauses 6(a),  6(b) and  6(c) are to be excluded from the Management Fee, remuneration | 132 |
| for these services must be stated in Annex E (Fee Schedule). See Sub-clause 12(e).                                                                    | 133 |
| (d)    issuing voyage instructions;                                                                                                                   | 134 |
| (e)    appointing agents;                                                                                                                             | 135 |
| (f)    appointing stevedores; and                                                                                                                     | 136 |
| (g)   arranging surveys associated with the commercial operation of the Vessel.                                                                       | 137 |
| 7. Insurance Arrangements                                                                                                                             | 138 |
| (only applicable if agreed according to  Box 11).                                                                                                | 139 |
| The Managers shall arrange insurances in accordance with  Clause 10 (Insurance Policies), on such terms as                                  | 140 |
| the Owners shall have instructed or agreed, in particular regarding conditions, insured values, deductibles,                                          | 141 |
| franchises and limits of liability.                                                                                                                   | 142 |

----

|                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                          |  |
| 8. Managers’ Obligations                                                                                                           | 143 |
| (a)   The Managers undertake to use their best endeavours to provide the Management Services as agents                                   | 144 |
| for and on behalf of the Owners in accordance with sound ship management practice and to protect and                                     | 145 |
| promote the interests of the Owners in all matters relating to the provision of services hereunder.                                      | 146 |
| Provided however, that in the performance of their management responsibilities under this Agreement, the                                 | 147 |
| Managers shall be entitled to have regard to their overall responsibility in relation to all vessels as may from                         | 148 |
| time to time be entrusted to their management and in particular, but without prejudice to the generality of                              | 149 |
| the foregoing, the Managers shall be entitled to allocate available supplies, manpower and services in such                              | 150 |
| manner as in the prevailing circumstances the Managers in their absolute discretion consider to be fair and                              | 151 |
| reasonable.                                                                                                                              | 152 |
| (b)    Where the Managers are providing technical management services in accordance with  Clause 4(Technical                        | 153 |
| Management), they shall procure that the requirements of the Flag State are satisfied and they shall agree                               | 154 |
| to be appointed as the Company, assuming the responsibility for the operation of the Vessel and taking over                              | 155 |
| the duties and responsibilities imposed by the ISM Code and the ISPS Code, if applicable.                                                | 156 |
| 9. Owners’ Obligations                                                                                                             | 157 |
| (a)   The Owners shall pay all sums due to the Managers punctually in accordance with the terms of this                                  | 158 |
| Agreement. In the event of payment after the due date of any outstanding sums the Manager shall be entitled                              | 159 |
| to charge interest at the rate stated in  Box 13.                                                                                   | 160 |
| (b)    Where the Managers are providing technical management services in accordance with  Clause 4(Technical                        | 161 |
| Management), the Owners shall:                                                                                                           | 162 |
| (i)   report (or where the Owners are not the registered owners of the Vessel procure that the registered                                | 163 |
| owners report) to the Flag State administration the details of the Managers as the Company as required                                   | 164 |
| ;                                                                                                                                        | 165 |
| (ii)    procure that any officers and ratings supplied by them or on their behalf comply with the requirements                           | 166 |
| ;                                                                                                                                        | 167 |
| (iii)   instruct such officers and ratings to obey all reasonable orders of the Managers (in their capacity as the                       | 168 |
| Company) in connection with the operation of the Managers’ safety management system.                                               | 169 |
|                                                                                                                                     |   |
| (c)   Where the Managers are not providing technical management services in accordance with  Clause 4 | 170 |
| (Technical Management), the Owners shall:                                                                                                | 171 |
| (i)    procure that the requirements of the Flag State are satisfied and notify the Managers upon execution of                           | 172 |
| this Agreement of the name and contact details of the organization that will be the Company by completing                                | 173 |
| Box 5;                                                                                                                                   | 174 |

----

|                                                                                                                |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                                |  |
| (ii)    if the Company changes at any time during this Agreement, notify the Managers in a timely manner of    | 175 |
| ;                                                                                                              | 176 |
| (iii)    procure that the details of the Company, including any change thereof, are reported to the Flag State | 177 |
| administration as required to comply with the ISM and ISPS Codes. The Owners shall advise the Managers         | 178 |
| ;                                                                                                              | 179 |
| (iv)    unless otherwise agreed, arrange for the supply of provisions at their own expense.                    | 180 |
| (d)    Where the Managers are providing crew management services in accordance with Sub-clause 5(a) the   | 181 |
| Owners shall:                                                                                                  | 182 |
| (i)   inform the Managers prior to ordering the Vessel to any excluded or additional premium area under        | 183 |
| any of the Owners’ Insurances by reason of war risks and/or piracy or like perils and pay whatever       | 184 |
| additional costs may properly be incurred by the Managers as a consequence of such orders including,           | 185 |
| if necessary, the costs of replacing any member of the Crew. Any delays resulting from negotiation             | 186 |
| with or replacement of any member of the Crew as a result of the Vessel being ordered to such an area          | 187 |

----

|                                                                                                            |
|------------------------------------------------------------------------------------------------------------|
|                                                                                                            |  |
| (ii)   agree with the Managers prior to any change of flag of the Vessel and pay whatever additional costs | 190 |
| may properly be incurred by the Managers as a consequence of such change; . If agreement cannot be         | 191 |
| reached then either party may terminate this Agreement in accordance with Sub-clause 22(e);  and | 192 |

|       |                                                                                                                                                                                                                                                        |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (iii) | provide, at no cost to the Managers, in accordance with the requirements of the law of the Flag State,    193 or higher standard, as mutually agreed, adequate Crew accommodation and living standards.    194 |

|                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------|
|                                                                                                                  |  |
| (e)   Where the Managers are not the Company, the Owners shall ensure that Crew are properly familiarised        | 195 |
| with their duties in accordance with the Vessel’s SMS and that instructions which are essential to the SMS | 196 |
| are identified, documented and given to the Crew prior to sailing.                                               | 197 |

----

|                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                 |  |
| 10. Insurance Policies                                                                                                          | 198 |
| The Owners shall procure, whether by instructing the Managers under  Clause 7 (Insurance Arrangements)                | 199 |
| or otherwise, that throughout the period of this Agreement:                                                                     | 200 |
| (a)   at the Owners’ expense, the Vessel is insured for not less than its sound market value or entered for its           | 201 |
| full gross tonnage, as the case may be for:                                                                                     | 202 |
| (i)   hull and machinery marine risks (including but not limited to crew negligence) and excess liabilities;                    | 203 |
| (ii)   protection and indemnity risks (including but not limited to pollution risks, diversion expenses and,                    | 204 |
| except to the extent insured separately by the Managers in accordance with Sub-clause 5(b)(i), Crew                             | 205 |
| ;                                                                                                                               | 206 |
| NOTE: If the Managers are not providing crew management services under Sub-clause 5(a) (Crew                               | 207 |
| Management) or have agreed not to provide Crew Insurances separately in accordance with Sub-clause                              | 208 |
| 5(b)(i), then such insurances must be included in the protection and indemnity risks cover for the Vessel (see                  | 209 |
| Sub-clause 10(a)(ii) above).                                                                                               | 210 |
| (iii)   war risks (including but not limited to blocking and trapping, protection and indemnity, terrorism and crew             | 211 |
| risks); and                                                                                                                     | 212 |
| (iv)   such optional insurances as may be agreed (such as piracy, kidnap and ransom, loss of hire and FD &                  | 213 |
| D) (see  Box 12)                                                                                                           | 214 |
| Sub-clauses 10(a)(i) through 10(a)(iv) all in accordance with the best practice of prudent owners of vessels          | 215 |
| of a similar type to the Vessel, with sound and reputable insurance companies, underwriters or associations                     | 216 |
| (“the Owners’ Insurances”);                                                                                   | 217 |
| (b)   all premiums and calls on the Owners’ Insurances are paid by their due date;                                        | 218 |
| (c)   the Owners’ Insurances name the Managers and, subject to underwriters’ agreement, any third party             | 219 |
| designated by the Managers as a joint assured (or co-assured, as the case may be), with full cover. It is understood            | 220 |
| protection and indemnity, the normal terms for such cover may impose on the Managers and any such third                         | 221 |
| party a liability in respect of premiums or calls arising in connection with the Owners’ Insurances.                      | 222 |
| If obtainable at no additional cost, however, the Owners shall procure such insurances on terms such that                       | 223 |
| neither the Managers nor any such third party shall be under any liability in respect of premiums or calls arising              | 224 |
| in connection with the Owners’ Insurances. In any event, on termination of this Agreement in accordance                   | 225 |
| with  Clause 21 (Duration of the Agreement) and  Clause 22 (Termination), the Owners shall procure that the | 226 |

----

|                                                                                                                                                                                                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                        |  |
| Managers and any third party designated by the Managers as joint assured (or co-assured, as the case may be)          shall cease to be joint assured (or co-assured, as the case may be)  | 227 |
| and, if reasonably achievable, that they shall be released from any and all liability for premiums and calls                                                                                                                                      | 228 |
| that may arise in relation to the period of this Agreement; and                                                                                                                                                                                        | 229 |
| (d)   written evidence is provided, to the reasonable satisfaction of the Managers, of the Owners’ compliance                                                                                                                                    | 230 |
| with their obligations under this  Clause 10 within a reasonable time of the commencement of the Agreement,                                                                                                                                  | 231 |
| and of each renewal date and, if specifically requested, of each payment date of the Owners’ Insurances.                                                                                                                                         | 232 |
| 11. Income Collected and Expenses Paid on Behalf of Owners                                                                                                                                                                                             | 233 |
| (a)   Except as provided in Sub-clause 11(c) all monies collected by the Managers under the terms of this                                                                                                                                         | 234 |
| Agreement (other than monies payable by the Owners to the Managers) and any interest thereon shall be                                                                                                                                                  | 235 |
| held to the credit of the Owners in a separate bank account.                                                                                                                                                                                           | 236 |
| (b)   All expenses incurred by the Managers under the terms of this Agreement on behalf of the Owners                                                                                                                                                  | 237 |
| (including expenses as provided in  Clause 12(c)) may be debited against the Owners in the account referred to                                                                                                                               | 238 |
| under Sub-clause 11(a) but shall in any event remain payable by the Owners to the Managers on demand.                                                                                                                                             | 239 |
| (c)    All monies collected by the Managers under  Clause 6 (Commercial Management) shall be paid into a                                                                                                                                | 240 |

----

----

|                                                                                                                             |
|-----------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                             |  |
| 12. Management Fee and Expenses                                                                                             | 242 |
| (a)   The Owners shall pay to the Managers an annual management fee as stated in  Box 14 for their services       | 243 |
| as Managers under this Agreement, which shall be payable in equal monthly instalments in advance, the first                 | 244 |
| instalment (pro rata if appropriate) being payable on the commencement of this Agreement (see  Clause 2                | 245 |
| (Commencement and Appointment) and  Box 2) and subsequent instalments being payable at the beginning              | 246 |
| of every calendar month. The management fee shall be payable to the Managers’ nominated account stated                | 247 |
| in  Box 15.                                                                                                            | 248 |
| (b)   The management fee shall be subject to an annual review and the proposed fee shall be presented in                    | 249 |
| the annual budget in accordance with Sub-clause 13(a).                                                                      | 250 |
| (c)   The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff,             | 251 |
| facilities and stationery. Without limiting the generality of this  Clause 12 (Management Fee and Expenses) the   | 252 |
| Owners shall reimburse the Managers for postage and communication expenses, travelling expenses, and                        | 253 |
| other out of pocket expenses properly incurred by the Managers in pursuance of the Management Services.                     | 254 |
| Any days used by the Managers’ personnel travelling to or from or attending on the Vessel or otherwise used           | 255 |
| in connection with the Management Services in excess of those agreed in the budget shall be charged at                      | 256 |
| the daily rate stated in  Box 16.                                                                                      | 257 |
| (d)   If the Owners decide to layup the Vessel and such layup lasts for more than the number of months                      | 258 |
| stated in Box 17, an appropriate reduction of the Management Fee for the period exceeding such period                       | 259 |
| until one month before the Vessel is again put into service shall be mutually agreed between the parties. If                | 260 |
| the Managers are providing crew management services in accordance with Sub-clause 5(a), consequential                       | 261 |
| costs of reduction and reinstatement of the Crew shall be for the Owners’ account.  If agreement cannot be       | 262 |
| reached then either party may terminate this Agreement in accordance with Sub-clause 22(e).                                 | 263 |
| (e)   Save as otherwise provided in this Agreement, all discounts and commissions obtained by the Managers                  | 264 |
| in the course of the performance of the Management Services shall be credited to the Owners.                                | 265 |
| (f) Payment of the Management Fee and Expenses set out under this Clause 12(a) is fully guaranteed by the                   |   |
| Services,  the  Managers  will  provide  to  the  Owners,  are  due  consideration  for  the  giving  of  this              |   |
| guarantee.                                                                                                                  |   |
| 13. Budgets and Management of Funds                                                                                         | 266 |
| (a)   The Managers’ initial budget is set out in Annex “C” hereto. Subsequent budgets shall be for twelve | 267 |
| month periods and shall be prepared by the Managers and presented to the Owners not less than one three                | 268 |
| months before the end of the budget year.                                                                              | 269 |
| (b)   The Owners shall state to the Managers in a timely manner, but in any event within one month of                       | 270 |

----

|                                                                                                                                                                                                                                           |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                           |  |
| presentation, whether or not they agree to each proposed annual budget.  If the Owners do not respond within one month  of  presentation,  the  proposed  annual  budget  shall  be  deemed  to  be  accepted.   The  parties  shall | 271 |
| negotiate in good                                                                                                                                                                                                                         |   |
| faith and if they fail to agree on the annual budget, including the management fee, either party may terminate                                                                                                                            | 272 |
| this Agreement in accordance with Sub-clause 22(e).                                                                                                                                                                                       | 273 |
| (c)   Following the agreement of the budget, the Managers shall prepare and present to the Owners their                                                                                                                                   | 274 |
| estimate of the working capital requirement for the Vessel and  and shall each month request the Owners in writing                                                                                                                   | 275 |
| to pay the  funds required to run the Vessel  for the ensuing month, including the payment of anyunbudgeted, contingency and occasional or                                                                                 | 276 |
| extraordinary item of expenditure, such as emergency repair costs, additional insurance premiums, bunkers                                                                                                                                 | 277 |
| or provisions.  Such funds shall be received by the Managers within ten running days after the receipt by the                                                                                                                        | 278 |
| Owners of the Managers’ written request and shall be held to the credit of the Owners in a separate bank                                                                                                                            | 279 |
| account.                                                                                                                                                                                                                                  | 280 |
| (d)   The Managers shall at all times maintain and keep true and correct accounts in respect of the Management                                                                                                                            | 281 |
| Services in accordance with the relevant International Financial Reporting Standards or such other standard                                                                                                                               | 282 |
| as the parties may agree, including records of all costs and expenditure incurred, and produce a comparison                                                                                                                               | 283 |

----

|                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------|
|                                                                                                                   |  |
| between budgeted and actual income and expenditure of the Vessel in such form and at such intervals as            | 284 |
| shall be mutually agreed.                                                                                         | 285 |
| The Managers shall make such accounts available for inspection and auditing by the Owners and/or their            | 286 |
| representatives in the Managers’ offices or by electronic means, provided reasonable notice is given by the | 287 |
| Owners.                                                                                                           | 288 |
| (e)   Notwithstanding anything contained herein, the Managers shall in no circumstances be required to use        | 289 |
| or commit their own funds to finance the provision of the Management Services.                                    | 290 |

----

|                                                                                                              |
|--------------------------------------------------------------------------------------------------------------|
|                                                                                                              |  |
| 14. Trading Restrictions                                                                                     | 291 |
| If the Managers are providing crew management services in accordance with Sub-clause 5(a) (Crew         | 292 |
| Management), the Owners will use reasonable efforts to honour any requirement and trading restriction as per | 293 |

|                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------|
|                                                                                                                  |  |
| 15. Replacement                                                                                                  | 295 |
| If the Managers are providing crew management services in accordance with Sub-clause 5(a) (Crew             | 296 |
| Management), the Owners may require the replacement, at their own expense, at the next reasonable                | 297 |
| opportunity, of any member of the Crew found on reasonable grounds to be unsuitable for service. If the          | 298 |
| Managers have failed to fulfil their obligations in providing suitable qualified Crew within the meaning of Sub- | 299 |
| clause 5(a) (Crew Management), then such replacement shall be at the Managers’ expense.               | 300 |

|                                                                                                               |
|---------------------------------------------------------------------------------------------------------------|
|                                                                                                               |  |
| 17. Responsibilities                                                                                          | 305 |
| (a)   Force Majeure - Neither party shall be liable for any loss, damage or delay due to any of the following | 306 |
| force majeure events and/or conditions to the extent that the party invoking force majeure is prevented or    | 307 |
| hindered from performing any or all of their obligations under this Agreement, provided they have made all    | 308 |
| reasonable efforts to avoid, minimize or prevent the effect of such events and/or conditions:                 | 309 |

----

|        |
|--------|
|        |  |  |
| (i)    | ; | 310 |
| (ii)   | ; | 311 |
| (iii)  | any circumstances arising out of war, threatened act of war or warlike operations, acts of terrorism, | 312 |
|   | sabotage or piracy, or the consequences thereof; | 313 |
| (iv)   | ; | 314 |
| (v)    | ; | 315 |
| (vi)   | ; | 316 |
| (vii)  | strikes, lockouts or other industrial action, unless limited to the employees (which shall not include the | 317 |
|   | ; | 318 |
| (viii) | ; | 319 |
|   | and | 320 |
| (ix)   | any other similar cause beyond the reasonable control of either party. | 321 |
| (b)    | Liability to Owners | 322 |
| (i)    | Without prejudice to Sub-clause 17(a), the Managers shall be under no liability whatsoever to the Owners | 323 |
|   | for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but | 324 |
|   | not limited to loss of profit arising out of or in connection with detention of or delay to the Vessel) and | 325 |
|   | howsoever arising in the course of performance of the Management Services UNLESS same is proved | 326 |
|   | to have resulted solely from the negligence, gross negligence or wilful default of the Managers or their | 327 |
|   | employees or agents, or sub-contractors employed by them in connection with the Vessel, in which case | 328 |

----

|                                                                                                                |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                                |  |  |
|                                                                                                           | (save where loss, damage, delay or expense has resulted from the Managers’ personal act or omission | 329 |
| committed with the intent to cause same or recklessly and with knowledge that such loss, damage,               | 330 |
| delay or expense would probably result) the Managers’ liability for each incident or series of incidents | 331 |
| giving rise to a claim or claims shall never exceed a total of ten (10) times the annual management fee        | 332 |
| payable hereunder.                                                                                             | 333 |
| (ii)                                                                                                           | Acts or omissions of the Crew - Notwithstanding anything that may appear to the contrary in this | 334 |
|                                                                                                           | Agreement, the Managers shall not be liable for any acts or omissions of the Crew, even if such acts | 335 |
|                                                                                                           | or omissions are negligent, grossly negligent or wilful, except only to the extent that they are shown to | 336 |
|                                                                                                           | have resulted from a failure by the Managers to discharge their obligations under  Clause 5(a) (Crew | 337 |
|                                                                                                           | Management), in which case their liability shall be limited in accordance with the terms of this Clause | 338 |
|                                                                                                           | 17 (Responsibilities). | 339 |
| (c)                                                                                                            | Indemnity - Except to the extent and solely for the amount therein set out that the Managers would be | 340 |
|                                                                                                           | liable under Sub-clause 17(b), the Owners hereby undertake to keep the Managers and their employees, | 341 |
|                                                                                                           | agents and sub-contractors indemnified and to hold them harmless against all actions, proceedings, claims, | 342 |
|                                                                                                           | demands or liabilities whatsoever or howsoever arising which may be brought against them or incurred or | 343 |
|                                                                                                           | suffered by them arising out of or in connection with the performance of this Agreement, and against and in | 344 |
|                                                                                                           | respect of all costs, loss, damages and expenses (including legal costs and expenses on a full indemnity | 345 |
|                                                                                                           | basis) which the Managers may suffer or incur (either directly or indirectly) in the course of the performance | 346 |
|                                                                                                           | of this Agreement. | 347 |
| (d)                                                                                                            | “Himalaya” - It is hereby expressly agreed that no employee or agent of the Managers (including every | 348 |
|                                                                                                           | sub-contractor from time to time employed by the Managers) shall in any circumstances whatsoever be | 349 |
|                                                                                                           | under any liability whatsoever to the Owners for any loss, damage or delay of whatsoever kind arising or | 350 |
|                                                                                                           | resulting directly or indirectly from any act, neglect or default on his part while acting in the course of or in | 351 |
|                                                                                                           | connection with his employment and, without prejudice to the generality of the foregoing provisions in this | 352 |
|                                                                                                           | Clause 17 (Responsibilities), every exemption, limitation, condition and liberty herein contained and every | 353 |
|                                                                                                           | right, exemption from liability, defence and immunity of whatsoever nature applicable to the Managers or to | 354 |
|                                                                                                           | which the Managers are entitled hereunder shall also be available and shall extend to protect every such | 355 |
|                                                                                                           | employee or agent of the Managers acting as aforesaid and for the purpose of all the foregoing provisions | 356 |
|                                                                                                           | of this  Clause 17 (Responsibilities) the Managers are or shall be deemed to be acting as agent or trustee | 357 |
|                                                                                                           | on behalf of and for the benefit of all persons who are or might be their servants or agents from time to time | 358 |
|                                                                                                           | (including sub-contractors as aforesaid) and all such persons shall to this extent be or be deemed to be | 359 |
|                                                                                                           | parties to this Agreement. | 360 |

----

|                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                         |  |
| 18. General Administration                                                                                              | 361 |
| (a)   The Managers shall keep the Owners and, if appropriate, the Company informed in a timely manner of                | 362 |
| any incident of which the Managers become aware which gives or may give rise to delay to the Vessel or                  | 363 |
| claims or disputes involving third parties.                                                                             | 364 |
| (b)   The Managers shall handle and settle all claims and disputes arising out of the Management Services               | 365 |
| hereunder, unless the Owners instruct the Managers otherwise. The Managers shall keep the Owners                        | 366 |
| appropriately informed in a timely manner throughout the handling of such claims and disputes.                          | 367 |
| (c)   The Owners may request the Managers to bring or defend other actions, suits or proceedings related                | 368 |
| to the Management Services, on terms to be agreed.                                                                      | 369 |
| (d)   The Managers shall have power to obtain appropriate legal or technical or other outside expert advice in          | 370 |
| relation to the handling and settlement of claims in relation to Sub-clauses 18(a) and 18(b) and disputes and | 371 |
| any other matters affecting the interests of the Owners in respect of the Vessel, unless the Owners instruct            | 372 |
| the Managers otherwise.                                                                                                 | 373 |
| (e)   On giving reasonable notice, the Owners may request, and the Managers shall in a timely manner make               | 374 |
| available, all documentation, information and records in respect of the matters covered by this Agreement               | 375 |
| either related to mandatory rules or regulations or other obligations applying to the Owners in respect of              | 376 |
| the Vessel (including but not limited to STCW 95, the ISM Code and ISPS Code) to the extent permitted by                | 377 |
| relevant legislation.                                                                                                   | 378 |
| On giving reasonable notice, the Owners may request, and the Managers shall in a timely manner make                     | 379 |

----

|                                                                                                                                                                                                                                  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                  |  |
| available, all documentation, information and records reasonably required by the Managers to enable them                                                                                                                         | 380 |
| to perform the Management Services.                                                                                                                                                                                              | 381 |
| (f)   The Owners shall arrange for the provision of any necessary guarantee bond or other security.                                                                                                                              | 382 |
| (g)   Any costs incurred by the Managers in carrying out their obligations according to this  Clause 18(General                                                                                                             | 383 |
| Administration) shall be reimbursed by the Owners.                                                                                                                                                                               | 384 |
| 19. Inspection of Vessel                                                                                                                                                                                                         | 385 |
| The Owners may at any time after giving reasonable notice to the Managers inspect the Vessel for any reason                                                                                                                      | 386 |
| they consider necessary.                                                                                                                                                                                                         | 387 |
| 20. Compliance with Laws and Regulations                                                                                                                                                                                         | 388 |
| The parties will not do or permit to be done anything which might cause any breach or infringement of the                                                                                                                        | 389 |
| laws and regulations of the Flag State, or of the places where the Vessel trades.                                                                                                                                                | 390 |
| 21. Duration of the Agreement                                                                                                                                                                                                    | 391 |
| (a)    This Agreement shall come into effect at the date stated in Box 2 and shall continue until terminated by either party by giving notice to the other; in which event this Agreement shall terminate upon the expiration of | 392 |
| a period of twenty four (24) months from the date on which such notice is received, unless terminated earlier in                                                                                                                 |   |
| accordance with Clause 22 (Termination).                                                                                                                                                                                         |   |
| This Agreement shall come into effect at the date stated in Box 2 and shall continue until terminated by                                                                                                                    |   |
| ;                                                                                                                                                                                                                                | 393 |
| of the later of the number of months stated in Box 18 or a period of two (2) months from the date on which                                                                                                                  | 394 |
| such notice is received, unless terminated earlier in accordance with Clause 22 (Termination).                                                                                                                              | 395 |
| (b)    Where the Vessel is not at a mutually convenient port or place on the expiry of such period, this Agreement                                                                                                               | 396 |
| shall terminate on the subsequent arrival of the Vessel at the next mutually convenient port or place.                                                                                                                           | 397 |
| 22. Termination                                                                                                                                                                                                                  | 398 |
| (a)   Owners’ or Managers’ default                                                                                                                                                                                   | 399 |
| If either party fails to meet their obligations under this Agreement, the other party may give notice to the                                                                                                                     | 400 |
| party in default requiring them to remedy it. In the event that the party in default fails to remedy it within a                                                                                                                 | 401 |
| reasonable time to the reasonable satisfaction of the other party, that party shall be entitled to terminate this                                                                                                                | 402 |
| Agreement with immediate effect by giving notice to the party in default.                                                                                                                                                        | 403 |
| (b)   Notwithstanding Sub-clause 22(a):                                                                                                                                                                                          | 404 |
| (i)   The Managers shall be entitled to terminate the Agreement with immediate effect by giving notice to the                                                                                                                    | 405 |
| Owners if any monies payable by the Owners and/or the owners of any associated vessel, details of                                                                                                                                | 406 |
| which are listed in Annex “D”, shall not have been received in the Managers’ nominated account within                                                                                                          | 407 |
| ten days of receipt by the Owners of the Managers’ written request, or if the Vessel is repossessed by                                                                                                                     | 408 |
| the Mortgagee(s).                                                                                                                                                                                                                | 409 |
| (ii)   If the Owners proceed with the employment of or continue to employ the Vessel in the carriage of                                                                                                                          | 410 |

----

|                                                                                                                     |
|---------------------------------------------------------------------------------------------------------------------|
|                                                                                                                     |  |
| contraband, blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion               | 411 |
| of the Managers is unduly hazardous or improper, the Managers may give notice of the default to the                 | 412 |
| Owners, requiring them to remedy it as soon as practically possible. In the event that the Owners fail to           | 413 |
| remedy it within a reasonable time to the satisfaction of the Managers, the Managers shall be entitled              | 414 |
| to terminate the Agreement with immediate effect by notice.                                                         | 415 |
| (iii)   If either party fails to meet their respective obligations under Sub-clause 5(b) (Crew Insurances) and | 416 |
| Clause 10 (Insurance Policies), the other party may give notice to the party in default requiring them to      | 417 |
| remedy it within ten (10) days, failing which the other party may terminate this Agreement with immediate           | 418 |
| effect by giving notice to the party in default.                                                                    | 419 |
| (iv) If the Managers are convicted of, or admit guilt for, a crime, then the Owners shall be  entitled to           |   |

----

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii) | the Vessel shall be deemed to be lost either when it has become an actual total loss or agreement has    428 been reached with the Vessel’s underwriters in respect of its constructive total loss or if such agreement    429 with the Vessel’s underwriters is not reached it is adjudged by a competent tribunal that a constructive    430 loss of the Vessel has occurred; and    431 |

|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (iii) | the date upon which the Vessel is to be treated as declared missing shall be ten (10) days after the Vessel    432 was last reported or when the Vessel is recorded as missing by the Vessel’s underwriters, whichever    433 occurs first. A missing vessel shall be deemed lost in accordance with the provisions of Sub-clause 22(d)    434 (ii).    435 |

----

----

----

|                                                                                                                                                                                                                            |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                            |  |
| In the event of the termination of this Agreement for any reason other than default by the Managers the management fee payable to the Managers according to the provisions of Clause 12 (Management Fee and | 446 |
| Expenses), shall continue to be payable for a further period of the number of months stated in Box 19 as                                                                                                              | 447 |
| from the effective date of termination. If Box 19 is left blank then ninety (90) days shall apply.                                                                                                                    | 448 |
| (h)   In addition, where the Managers provide Crew for the Vessel in accordance with  Clause 5(a) (Crew                                                                                                          | 449 |
| Management):                                                                                                                                                                                                               | 450 |
| (i)   the Owners shall continue to pay Crew Support Costs during the said further period of the number of                                                                                                                  | 451 |
| months stated in  Box 19; and                                                                                                                                                                                         | 452 |
| (ii)   the Owners shall pay an equitable proportion of any Severance Costs which may be incurred, not                                                                                                                      | 453 |
| exceeding the amount stated in  Box 20. The Managers shall use their reasonable endeavours to minimise                                                                                                                | 454 |
| such Severance Costs.                                                                                                                                                                                                      | 455 |
| (i)   On the termination, for whatever reason, of this Agreement, the Managers shall release to the Owners,                                                                                                                | 456 |
| if so requested, the originals where possible, or otherwise certified copies, of all accounts and all documents                                                                                                            | 457 |
| specifically relating to the Vessel and its operation.                                                                                                                                                                     | 458 |
| (j)   The termination of this Agreement shall be without prejudice to all rights accrued due between the parties                                                                                                           | 459 |
| prior to the date of termination.                                                                                                                                                                                          | 460 |
| 23. BIMCO Dispute Resolution Clause                                                                                                                                                                                        | 461 |
| (a)   This Agreement shall be governed by and construed in accordance with English law and any dispute                                                                                                                     | 462 |
| arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with                                                                                                          | 463 |
| the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary                                                                                                                | 464 |
| to give effect to the provisions of this Clause.                                                                                                                                                                           | 465 |
| The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA)                                                                                                                   | 466 |

----

|                                                                                                                                         |
|-----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                         |  |
| Terms current at the time when the arbitration proceedings are commenced.                                                               | 467 |
| The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its                        | 468 |
| arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint                       | 469 |
| its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole                       | 470 |
| arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the                           | 471 |
| 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so                           | 472 |
| within the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any                          | 473 |
| further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party                     | 474 |
| accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been appointed by                             | 475 |
| agreement.                                                                                                                              | 476 |
| Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the                                | 477 |
| appointment of a sole arbitrator.                                                                                                       | 478 |
| In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum                                   | 479 |
| as the parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims                                   | 480 |
| Procedure current at the time when the arbitration proceedings are commenced.                                                           | 481 |
| (b)    This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code                           | 482 |
| and the Maritime Law of the United States and any dispute arising out of or in connection with this Agreement                           | 483 |
| shall be referred to three persons at New York, one to be appointed by each of the parties hereto, and the                              | 484 |
| ;                                                                                                                                       | 485 |
| enforcing any award, judgment may be entered on an award by any court of competent jurisdiction. The                                    | 486 |
| proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.                                | 487 |
| In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum                                   | 488 |
| as the parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration                               | 489 |
| Procedure of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings                             | 490 |
| are commenced.                                                                                                                          | 491 |
| (c)    This Agreement shall be governed by and construed in accordance with the laws of the place mutually                              | 492 |
| agreed by the parties and any dispute arising out of or in connection with this Agreement shall be referred                             | 493 |
| to arbitration at a mutually agreed place, subject to the procedures applicable there.                                                  | 494 |
| (d)   Notwithstanding Sub-clauses 23(a),  23(b) or 23(c)  above, the parties may agree at any time to refer to | 495 |
| mediation any difference and/or dispute arising out of or in connection with this Agreement.                                            | 496 |
| (i)   In the case of a dispute in respect of which arbitration has been commenced under Sub-clauses 23(a),                              | 497 |
| 23(b) or 23(c)  above, the following shall apply:                                                                   | 498 |
| (ii)   Either party may at any time and from time to time elect to refer the dispute or part of the dispute to                          | 499 |
| mediation by service on the other party of a written notice (the “Mediation Notice”) calling on the other                   | 500 |
| party to agree to mediation.                                                                                                            | 501 |

----

|                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                       |  |
| (iii)   The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that       | 502 |
| they agree to mediation, in which case the parties shall thereafter agree a mediator within a further 14              | 503 |
| calendar days, failing which on the application of either party a mediator will be appointed promptly by              | 504 |
| the Arbitration Tribunal (“the Tribunal”) or such person as the Tribunal may designate for that purpose.  | 505 |
| The mediation shall be conducted in such place and in accordance with such procedure and on such                      | 506 |
| terms as the parties may agree or, in the event of disagreement, as may be set by the mediator.                       | 507 |
| (iv)   If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal        | 508 |
| and may be taken into account by the Tribunal when allocating the costs of the arbitration as between                 | 509 |
| the parties.                                                                                                          | 510 |
| (v)   The mediation shall not affect the right of either party to seek such relief or take such steps as it considers | 511 |
| necessary to protect its interest.                                                                                    | 512 |
| (vi)   Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall       | 513 |
| continue during the conduct of the mediation but the Tribunal may take the mediation timetable into                   | 514 |

----

|                                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                     |  |
| (viii)  The mediation process shall be without prejudice and confidential and no information or documents                           | 518 |
| disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under                          | 519 |
| the law and procedure governing the arbitration.                                                                                    | 520 |
| (Note: The parties should be aware that the mediation process may not necessarily interrupt time limits.)                           | 521 |
| (e)   If  Box 21 in Part I is not appropriately filled in, Sub-clause 23(a) of this Clause shall apply.              | 522 |
| Note: Sub-clauses 23(a), 23(b) and  23(c) are alternatives; indicate alternative agreed in  Box 21. Sub-clause  | 523 |
| 23(d) shall apply in all cases.                                                                                                | 524 |
| 24. Notices                                                                                                                         | 525 |
| (a)   All notices given by either party or their agents to the other party or their agents in accordance with the                   | 526 |
| provisions of this Agreement shall be in writing and shall, unless specifically provided in this Agreement to                       | 527 |
| the contrary, be sent to the address for that other party as set out in  Boxes 22 and 23 or as appropriate or        | 528 |
| to such other address as the other party may designate in writing.                                                                  | 529 |
| A notice may be sent by registered or recorded mail, facsimile, electronically or delivered by hand in accordance                   | 530 |
| with this Sub-clause 24(a).                                                                                                         | 531 |
| (b)   Any notice given under this Agreement shall take effect on receipt by the other party and shall be deemed                     | 532 |
| to have been received:                                                                                                              | 533 |
| (i)   if posted, on the seventh (7th) day after posting;                                                                            | 534 |
| (ii)   if sent by facsimile or electronically, on the day of transmission; and                                                      | 535 |
| (iii)   if delivered by hand, on the day of delivery.                                                                               | 536 |
| And in each case proof of posting, handing in or transmission shall be proof that notice has been given,                            | 537 |
| unless proven to the contrary.                                                                                                      | 538 |
| 25. Entire Agreement see additional clauses.                                                                                        | 539 |
| Any additional clauses attached hereto together with the Confirmation, any subsequent addenda, schedules,                           |   |
| appendices or otherwise, shall be construed as an integral part of this Agreement and shall be interpreted                          |   |
| accordingly.                                                                                                                        |   |
| This Agreement constitutes the entire agreement between the parties and no promise, undertaking,                                    | 540 |
| representation, warranty or statement by either party prior to the date stated in  Box 2 shall affect this                     | 541 |
| Agreement. Any modification of this Agreement shall not be of any effect unless in writing signed by or on                          | 542 |
| behalf of the parties.                                                                                                              | 543 |
| 26. Third Party Rights                                                                                                              | 544 |
| Except to the extent provided in Sub-clauses 17(c) (Indemnity)  and 17(d) (Himalaya) and see additional clauses | 545 |
| , no third parties may                                                                                                              |   |
| enforce any term of this Agreement.                                                                                                 | 546 |

----

|                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------|
|                                                                                                                   |  |
| 27.  Partial Validity                                                                                             | 547 |
| If any provision of this Agreement is or becomes or is held by any arbitrator or other competent body to be       | 548 |
| illegal, invalid or unenforceable in any respect under any law or jurisdiction, the provision shall be deemed     | 549 |
| to be amended to the extent necessary to avoid such illegality, invalidity or unenforceability, or, if such       | 550 |
| amendment is not possible, the provision shall be deemed to be deleted from this Agreement to the extent          | 551 |
| of such illegality, invalidity or unenforceability, and the remaining provisions shall continue in full force and | 552 |
| effect and shall not in any way be affected or impaired thereby.                                                  | 553 |
| 28. Interpretation                                                                                                | 554 |
| In this Agreement:                                                                                                | 555 |

----

|                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                      |  |
| (a)   Singular/Plural                                                                                                | 556 |
| The singular includes the plural and vice versa as the context admits or requires.                                   | 557 |
| (b)   Headings                                                                                                       | 558 |
| The index and headings to the clauses and appendices to this Agreement are for convenience only and shall not affect | 559 |
| its construction or interpretation.                                                                                  | 560 |
| (c)   Day                                                                                                            | 561 |
| “Day” means a calendar day unless expressly stated to the contrary.                                      | 562 |

----

|     |     |
|-----|-----|
| 29. | OPA |

|      |                     |
|------|---------------------|
| 29.1 | The Managers will:- |

|     |                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (i) | arrange for the preparation, filing and updating of a contingency Vessel Response Plan in accordance with the requirements of OPA and instruct the Crew in all aspects of the operation of such plan; |

|      |                                                                                                                                                                                                                                                                                                                                                                           |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii) | identify and ensure the availability by contract or otherwise of a Qualified Individual, a Spill Management Team, an Oil Spill Removal Organisation, resources having salvage, fire fighting, lightering and, if applicable, dispersant capabilities, and public relations/media personnel to assist the Owners to deal with the media in the event of discharges of oil. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 29.2 | The Managers are expressly authorised as agents for the Owners to enter into such arrangements by contract or otherwise as are required to ensure the availability of the services outlined in Clause 29.1.  The Managers are further expressly authorised as agents for the Owners to enter into such other arrangements as may from time to time be necessary to satisfy the requirements of OPA or other US Federal or State laws. |

|      |                                                                                                                                                                  |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 29.3 | The Owners will pay the fees due to third parties providing the services described above.   The third party fees will be included in the Vessel's running costs. |

|      |                                                                                                                                                 |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| 29.4 | On termination of this Agreement, the Vessel Response Plan and all documentation will be returned to the Managers at the expense of the Owners. |

|     |             |
|-----|-------------|
| 30. | IT Services |

|      |                                                                                                                                   |
|------|-----------------------------------------------------------------------------------------------------------------------------------|
| 30.1 | The Managers will, subject to the remaining provisions of this Clause 30, provide the Vessel with the Management System Software. |

|      |                                                                                        |
|------|----------------------------------------------------------------------------------------|
| 30.2 | The main features of the Management System Software at the date of this Agreement are: |

|     |                                                                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (i) | comprehensive management software providing single point of entry to the Vessel incorporating crew management, defect and deficiency reporting and performance monitoring; |

----

|      |                                                                                                                                               |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| (ii) | a ship to shore and shore to ship e-mail package providing cost efficient communications available to both Managers and their charterers; and |

|       |                                                                                                      |
|-------|------------------------------------------------------------------------------------------------------|
| (iii) | a computerised maintenance system including inventory control and automated purchase order handling. |

|      |                                                                                                        |
|------|--------------------------------------------------------------------------------------------------------|
| 30.3 | The costs for the Management System Software are included in the Vessel's operating costs, as follows: |

|     |                             |
|-----|-----------------------------|
| (i) | the annual maintenance fee; |

|      |                           |
|------|---------------------------|
| (ii) | maintenance and upgrades; |

|       |                  |
|-------|------------------|
| (iii) | 24 hour support; |

|      |                                                        |
|------|--------------------------------------------------------|
| (iv) | provision of anti-virus software and regular upgrades; |

|     |                                          |
|-----|------------------------------------------|
| (v) | operational manuals and regular updates; |

|      |                                                                   |
|------|-------------------------------------------------------------------|
| (vi) | annual audit on board the Vessel providing a system health check; |

|       |                                                                                         |
|-------|-----------------------------------------------------------------------------------------|
| (vii) | user manuals and training of the Crew in the use of the Management System Software; and |

|        |                             |
|--------|-----------------------------|
| (viii) | e-mail on board the Vessel. |

|      |                                                                                                                                                                           |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 30.4 | Such costs do not include the costs of appropriate hardware, licence fee and installation/set-up on board the Vessel which will  be included in the taking over cost. |

|      |                                                                                                                                                                                                                            |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 30.5 | Installation and set-up of the Information System Software will be undertaken on a date agreed between the Managers and the Owners having regard to the Vessel's schedule and the availability of the Managers' personnel. |

|      |                                                                                       |
|------|---------------------------------------------------------------------------------------|
| 30.6 | The Management System Software is  protected by applicable copyright and patent laws. |

|      |                                                                                                                               |
|------|-------------------------------------------------------------------------------------------------------------------------------|
| 30.7 | The Managers do not warrant that the use or operation of the Information System Software will be uninterrupted or error free. |

|      |                                                                                                                                                                                                                                                                                                                                                                    |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1 | Without prejudice to the generality of clause 12 (Management Fee), it is agreed that the remuneration provided for by that clause shall be deemed to cover the Manager's administrative and general expenses and any other expenses which are not directly and exclusively applicable to the operation or conduct of the business of the Vessel and shall include: |

----

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.2 | In addition to the remuneration payable to the Managers under the provision of clause 12 and this clause, the Owners shall reimburse the Managers for, inter alia, the amount of such necessary travelling expenses (outside Monaco), seafarers interviewing costs, costs of telephone calls, communication, vessel's postage, freight and forwarding, warehousing, agency services and fees which are not included in budget and will be treated as contingency costs. For estimation purpose only and without guarantee, contingencies could amount to a 5% of annual total budget. |

|     |             |
|-----|-------------|
| 32. | Dry docking |

|      |                                                                                                                                                                                                                                                                 |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 34.1 | To the extent already paid for by the Managers using funds specifically provided by the Owners for such a purpose, title to any goods, materials or supplies purchased by the Managers for use in the performance of this Agreement shall belong to the Owners. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 34.2 | Upon termination of this Agreement all such goods, materials or supplies in the hands of the Managers shall be delivered to the Vessel or if requested by the Owners the Managers shall sell or dispose of such goods, materials or supplies at such price, terms and conditions as may be approved by the Owners and remit the proceeds thereof less any expenses incurred in selling or disposing of such goods to an account of the Owners, to be advised separately in writing to the Managers. |

|     |                                    |
|-----|------------------------------------|
| 36. | Slop and any other disposal ashore |

|     |           |
|-----|-----------|
| 37. | ISPS Code |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 37.1 | The Manager shall comply with the requirements of the International Code for the Security of Ships and of Port Facilities and the relevant amendments to Chapter XI of SOLAS (ISPS Code) relating to the Vessel and “the Company” (as defined by the ISPS Code). If trading to or from the United States or passing through United States waters, in addition to ensure that the Vessel has been issued with a COFR, the Manager shall also comply with the requirements of the US Maritime |

----

|      |                                                                                                                                                                                                                                                                                          |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 37.2 | Where sub-chartering, the Owner shall ensure that the contact details of all sub-charterers are provided to the Managers and the Master. Furthermore, the Owners shall ensure that all charter parties entered into during the period of this Agreement contain the following provision: |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 37.3 | Notwithstanding anything else contained in this Agreement all costs or expenses whatsoever arising out of or related to security regulations or measures required by the port facility or any relevant authority in accordance with the ISPS Code and/or the MTSA including, but not limited to, security guards, launch services, vessel escorts, security fees, waiting costs and associated expenses, taxes and inspections, shall be out of budget. All measures required by the Manager to comply with the Ship Security Plan shall be for the Manager’s account excluding costs associated with calls at non ISPS compliant port, facilities, installations, vessels or port, facilities, installations, vessels included in any relevant authority warning list (i.e. USCG Port Security Advisory) as applicable in which case Owners shall provide Managers with such additional funds as may be required. |

|     |                  |
|-----|------------------|
| 38. | Additional Costs |

|     |                          |
|-----|--------------------------|
| 39. | Provision of Information |

|     |                                |
|-----|--------------------------------|
| 40. | HSQEEn blanket approval clause |

----

|     |                           |
|-----|---------------------------|
| 41. | Cabotage, storage and STS |

|     |          |
|-----|----------|
| 42. | Payments |

|     |                    |
|-----|--------------------|
| 43. | Third Party Rights |

|      |                                                                                                                                                                                                                                                                                     |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 43.1 | Any person (other than parties to this Agreement) who is given any rights or benefits under Clauses 17(c) or 17(d) (a "Third Party") shall be entitled to enforce those rights or benefits against the parties in accordance with the Contracts (Rights of Third Parties) Act 1999. |

|      |                                                                                                                             |
|------|-----------------------------------------------------------------------------------------------------------------------------|
| 43.2 | Save as provided in Clause 43.1 above the operation of the Contracts (Rights of Third Parties) Act 1999 is hereby excluded. |

|      |                                                                                                                                                                                                                                                                                      |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 43.3 | The parties may amend vary or terminate this Agreement in such a  way as may affect any rights or benefits of any Third Party which are directly enforceable against the parties under the Contracts (Rights of Third Parties) Act 1999 without the consent of any such Third Party. |

|      |                                                                                                                                                                                                                                                                                                                                        |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 43.4 | Any Third Party entitled pursuant to the Contracts (Rights of Third Parties) Act 1999 to enforce any rights or benefits conferred on it by this Agreement may not veto any amendment, variation or termination of this Agreement which is proposed by the parties and which may affect the rights or benefits of any such Third Party. |

|     |                |
|-----|----------------|
| 44. | Bunker Quality |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 44.1 | The Owners or its agent shall provide that bunkers supplied comply with ISO 8217:2010 RMG 380, where available, or alternatively ISO 8217:2005(E) for heavy fuel and DMA for distillate, and comply with Marpol Annex VI reg 14 and 18 as amended. Where these standards are not available, the Owners or its agent shall submit to the Managers the specifications of the available fuels in order for the Managers to recommend an alternative course of action. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 44.2 | At the time of delivery of the Vessel the Owners or its agent shall place at the disposal of the Managers, the bunker delivery note(s) and any samples relating to the fuels existing on board. During the currency of the contract, the Owner or its agent shall ensure that bunker delivery notes are presented to the Vessel on the delivery of fuel(s) and that during bunkering representative samples of the fuel(s) supplied shall be taken at the Vessel's bunkering manifold and sealed in the presence of competent representatives of the fuel supplier and the Vessel as foreseen by Marpol. |

|      |                                                                                                                                                                                                                                                                                                                                                         |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 44.3 | Without prejudice to anything else contained in this contract, the Owners or its agent shall provide that fuel supplied is  of such specifications and grades to permit the Vessel, at all times, to comply with any requirements (i.e. the maximum sulphur content) of any emission control zone when the Vessel is ordered to trade within that zone. |

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|      |                                                                                                                                                                                                                                                                                                                                        |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 44.4 | The Owners or its agent also warrant that any bunker suppliers, bunker craft operators and bunker surveyors used by the Owners or its agent to supply such fuels shall comply with Regulations 14 and 18 of MARPOL Annex VI as applicable, including the Guidelines in respect of sampling and the provision of bunker delivery notes. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 44.5 | Owners or its agent to provide that the quantity of the bunker kept on board is sufficient for the intended voyage plus a 20% margin. If the next voyage is less than 10 days, the minimum extra margin of bunker fuel is at least for 2 days of navigation. For vessel with a single boiler system, minimum 30 tons of distillate to be always kept on board. Commingling of bunker is not recommended.  Managers not to be held responsible for any consequence of commingling. |

|           |                                                                                                                                                        |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
| 44.6  | In the event of a dispute with bunkers suppliers regarding the bunker's quality, the Managers will advise the Owners for their consideration/decision. |

|     |                              |
|-----|------------------------------|
| 45. | War, war risk areas trading. |

|      |                                                                                                                                                                                                                                                                                                                                                                |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 45.1 | Managers will, upon the request of either the Owner or his agents, provide an  assessment  on the occasion the Vessel may be  ordered  to trade in any war, warlike area as defined by JWC, and any cost directly or indirectly incurred as a consequence of such an  order will be out of budget and debited to the Owners as ‘contingency cost’. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 45.2 | For the purpose of this clause, the words war risk  shall include any actual, threatened or reported war; act of war; civil war; hostilities; revolution; rebellion; civil commotion; warlike operations; laying of mines; acts of piracy; acts of terrorists; acts of hostility or malicious damage; blockades (whether imposed against all vessels or imposed selectively against vessels of certain flags or ownership, or against certain cargoes or crews or otherwise howsoever); by any person, body, terrorist or political group, or the Government of any state whatsoever, which, in the reasonable judgment of the Managers, may be dangerous or are likely to be or to become dangerous to the Vessel, her cargo, crew or other persons on board the Vessel. |

|     |              |
|-----|--------------|
| 46. | Ice trading. |

|     |          |
|-----|----------|
| 47. | Sub-let. |

|     |                  |
|-----|------------------|
| 48. | Entire Agreement |

|      |                                                                                                                                                                                                           |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 48.1 | This Agreement constitutes the entire agreement and understanding between the parties with respect to the subject matter of this Agreement; and (in relation to such subject matter) supersedes all prior |

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|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 48.2 | Each of the parties acknowledges that it is not relying on any statements, warranties, representations or understandings (whether negligently or innocently made) given or made by or on behalf of the other in relation to the subject matter hereof and that it shall have no rights or remedies with respect to such subject matter otherwise than under this Agreement. The only remedy available shall be for breach of contract under the terms of this Agreement. Nothing in this Clause shall, however, operate to limit or exclude any liability or fraud. |

|     |                                         |
|-----|-----------------------------------------|
| 49. | Managers compliance with governing laws |

|                 |                                                                                         |
|-----------------|-----------------------------------------------------------------------------------------|
| For the Owners: |               For the Managers: |

----

----

|     |             |
|-----|-------------|
| (A) | Background: |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The STNG SPVs being each of the existing wholly owned STNG subsidiaries (as set out in Schedule 1) (“SPVs”) as well as any future vessel owning subsidiaries wholly owned by STNG (“Future SPVs”) (the SPVs and Future SPVs jointly referred to as the “STNG SPVs”) (i) control a number of vessels already on the water; (ii) will control vessels to be delivered from Hyundai Mipo Dockyard of South Korea or other shipyards; and (iii) may in the future control vessels purchased or chartered in from third parties (together the “Vessels”). References to “control” or “controlled” herein means owned or chartered. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | A Master Agreement dated 24 January 2013 as amended by addendum number one effective 1 June 2013 and amended and restated effective as of 31 December  2014 has been entered into amongst others, ourselves, Scorpio Tankers Inc., Scorpio Tankers Inc., for and on behalf of existing and future wholly owned subsidiaries, Scorpio Ship Management S.A.M (“SSM”) and the Beneficiary, to govern the relationship of the aforementioned parties prior to delivery of any of the Vessels and the Management Agreements, as defined below, becoming effective (the “Master”). |

|     |                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------|
| (3) | The Vessels will following delivery be technically and commercially managed by SSM and the Beneficiary (respectively). |

|     |                      |
|-----|----------------------|
| (B) | OPERATIVE PROVISIONS |

|    |                   |
|----|-------------------|
| 1. | Payment Guarantee |

|    |                          |
|----|--------------------------|
| 2. | Liability Unconditional: |

----

|    |                      |
|----|----------------------|
| 3. | Continuing guarantee |

|    |                |
|----|----------------|
| 4. | Other security |

|    |                            |
|----|----------------------------|
| 5. | No set-off or counterclaim |

|    |            |
|----|------------|
| 6. | Assignment |

|    |                     |
|----|---------------------|
| 7. | Notices and demands |

|    |                  |
|----|------------------|
| 8. | Law and Disputes |

----

----

|     |             |
|-----|-------------|
| (A) | Background: |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The STNG SPVs being each of the existing wholly owned STNG subsidiaries (as set out in Schedule 1) (“SPVs”) as well as any future vessel owning subsidiaries wholly owned by STNG (“Future SPVs”) (the SPVs and Future SPVs jointly referred to as the “STNG SPVs”) (i) control a number of vessels already on the water; (ii) will control vessels to be delivered from Hyundai Mipo Dockyard of South Korea or other shipyards; and (iii) may in the future control vessels purchased or chartered in from third parties (together the “Vessels”). References to “control” or “controlled” herein means owned or chartered. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | A Master Agreement dated 24 January 2013 as amended by addendum number one effective 1 June 2013 and amended and restated effective as of 31 December  2014 has been entered into amongst others, ourselves, Scorpio Tankers Inc., Scorpio Tankers Inc., for and on behalf of existing and future wholly owned subsidiaries, the Beneficiary and Scorpio Commercial Management S.A.M. (“SCM”), to govern the relationship of the aforementioned parties prior to delivery of any of the Vessels and the Management Agreements, as defined below, becoming effective (the “Master”). |

|     |                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------|
| (3) | The Vessels will following delivery be technically and commercially managed by the Beneficiary and SCM (respectively). |

|     |                      |
|-----|----------------------|
| (B) | OPERATIVE PROVISIONS |

|    |                   |
|----|-------------------|
| 1. | Payment Guarantee |

|    |                          |
|----|--------------------------|
| 2. | Liability Unconditional: |

----

|    |                      |
|----|----------------------|
| 3. | Continuing guarantee |

|    |                |
|----|----------------|
| 4. | Other security |

|    |                            |
|----|----------------------------|
| 5. | No set-off or counterclaim |

|    |            |
|----|------------|
| 6. | Assignment |

|    |                     |
|----|---------------------|
| 7. | Notices and demands |

----

|    |                  |
|----|------------------|
| 8. | Law and Disputes |

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