Exhibit 4.112

      	
              1. Date of Agreement

               

              1st January 2019

               

              M/T ECO
                      REVOLUTION

               

            	 	
              THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

              STANDARD SHIP MANAGEMENT AGREEMENT

              CODE NAME: "SHIPMAN 98"

              Part I

            
	
              2. Owners (name, place of registered office and law of registry) (Cl. 1)

            	 	
              3. Managers (name, place of registered office and law of registry) (Cl. 1)

            
	 	 	 	 	 
	 	
              MONTE CARLO 39 SHIPPING COMPANY LIMITED

            	 	 	
              CENTRAL SHIPPING INC.

            
	 	
              Name

            	 	 	
              Name

            
	 	 	 	 	 
	 	
              The Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands

            	 	 	
              The Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands

            
	 	
              Place of registered office

            	 	 	
              Place of registered office

            
	 	 	 	 	 
	 	
              Marshall Islands

            	 	 	
              Marshall Islands

            
	 	
              Law of Registry

            	 	 	
              Law of Registry

            
	 	 	 	 	 
	
              4. Day and year of commencement of Agreement (Cl. 2)

               

              1st January 2019

               

            
	
              5. Crew Management (state "yes" or "no" as agreed) (Cl. 3.1)

               

              YES

               

            	 	
              6. Technical Management (state "yes" or "no" as agreed) (Cl.





                      3.2)

               

              YES

               

            
	
              7. Insurance (state "yes" or "no" as agreed) (Cl. 3.3)

               

              YES

               

            	 	
              8. Insurance Arrangements (state “yes” or “no” as agreed) (Cl. 3.4)

               

              YES

               

            
	
              9. Accounting (state "yes" or "no" as agreed) (Cl. 3.5)

               

              YES

               

            	 	
              10. Sale or purchase of the Vessel (state “yes” or “no” as agreed (Cl. 3.6)

               

              YES

               

            
	
              11. Provisions (state “yes” or “no” as agreed) (Cl. 3.7)

               

              YES

               

            	 	
              12. Bunkering (state “yes” or “no” as agreed) (Cl. 3.8)

               

              YES

               

            
	
              13. Chartering Services (only to be filled in if “yes” in box 7) (Cl. 3.3(i))

               

              FOR THE ENTIRE DURATION OF THIS AGREEMENT

               

            	 	
              14. Managers’ Insurance (state alternative (i), (ii) or (iii) of Cl. 6.3)

               

              (i)

               

            
	
              15. Annual Management Fee (state annual amount) (Cl. 8.1)

               

              AS PER ANNEX “E”

               

            	 	
              16. Severance Costs (state maximum amount) (Cl.
                      8.4(ii))

               

              AT COST AS PER SEAMEN COLLECTIVE AGREEMENT

               

            
	
              17. Day and year of termination of Agreement (Cl. 17)

               

              Duration 5 years, automatically renewed.

               

            	 	
              18. Law and Arbitration (state alternative 19.1,
                  19.2 or 19.3 place of arbitration must be stated) (Cl. 19)

               

              AT COST AS PER CLAUSE 19.1

               

            
	
              19. Notices (state postal and cable address, telex and telefax number for serving notice and communication to the Owners) (Cl. 25)

              TOP SHIPS INC.

                  1, Vas.Sofias & Meg. Alexandrou Str.,

                  15124, Maroussi, Athens, Greece

                  E-mail : vi@topships.org

                  Fax      : +30 210 6141 276

            	 	
              20. Notices (state postal and cable address, telex and telefax number for serving notice and communication to the Managers) (Cl. 20)

              CENTRAL SHIPPING INC.

                  c/o CENTRAL MARE INC.

                  1, Vas. Sofias & Meg. Alexandrou Str.,

                  15124, Maroussi, Athens, Greece

                  E-mail: ops@centralmare.com

                  Fax     : +30 210 8020 364

            
	
              It is mutually agreed between the party stated in Box
                      2 and the party stated in Box 3 that this Agreement consisting of PART I and PART II as well as Annexes




                      "A" (Details of Vessel), "B" (Details of Crew), “C”
                  (Budget), and “D” (Associated Vessels) attached hereto, shall be performed subject to the conditions contained herein.  In the event of a conflict
                  of conditions, the provisions of PART I and Annexes “A”,
                  “B”, “C” and “D” shall prevail over those of PART II to the extent of such conflict but no
                  father.

            
	 	 	 
	
              Signature(s) (Owners)

               

              /s/ Vangelis Ikonomou

              Vangelis Ikonomou 

               

               

              MONTE CARLO 39 SHIPPING COMPANY LIMITED

            	 	
              Signature(s) (Managers)

               

              /s/ Andreas M. Louka

              Andreas M. Louka

              Attorney-in-fact

               

              CENTRAL SHIPPING INC.

               

            


      

      

      

      

      This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.  Any insertion or deletion to the
          form must be clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the test of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any
          loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

      
        
          


      

      

      

      	
              ANNEX “A” (DETAILS OF VESSEL OR VESSELS) TO

                  THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

                  STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98’

            


      

      

      	
              Date of Agreement:

            	
              1st January 2019

            
	 	 
	 	 
	
              Name of Vessel(s):

            	
              M/T ECO REVOLUTION

            
	 	 
	 	 
	 	
              Particulars of Vessel:

            
	 	 
	 	 


      

      

      

      

      	
              TYPE OF VESSEL

            	
              Oil and Chemicals

                  Ship Type IMO 2

            
	
              HULL TYPE

            	
              Double Hull

            
	
              IMO NUMBER

            	
              9725598

            
	
              FLAG

            	
              Marshall Islands

            
	
              YEAR & PLACE BUILT

            	
              2016 at Khanh Hoa, Vietnam

            
	
              CLASS SOCIETY

            	
              ABS

            
	
              CALL SIGN

            	
              V7HX4

            
	
              LOA, BREADTH, DEPTH

            	
              184 M / 27,40 M / 17,60 M

            
	
              SDWT - DRAFT

            	
              39,136 MT @ 11.90 M

            


      

      

      This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.  Any insertion or deletion to the
          form must be clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the test of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any
          loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

      
        
          


      

      

      

      	
              ANNEX “B” (DETAILS OF CREW) TO

                  THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

                  STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98’

            


      

      

      
        
          	Date of Agreement:	
                  1st January 2019

                


        

      

      Details of Crew:

      	
              Rank

            	
              Number

            	
              Nationality

            
	
              Master

            	
              1

            	
              Filipino

            
	
              Chief Officer

            	
              1

            	
              Filipino

            
	
              Second Officer

            	
              1

            	
              Filipino

            
	
              Third Officer

            	
              1

            	
              Filipino

            
	
              Chief Engineer

            	
              1

            	
              Filipino

            
	
              Second Engineer

            	
              1

            	
              Filipino

            
	
              Third Engineer

            	
              1

            	
              Filipino

            
	
              Electrician

            	
              1

            	
              Filipino

            
	
              Pumpman

            	
              1

            	
              Filipino

            
	
              Bosun

            	
              1

            	
              Filipino

            
	
              Able Seaman

            	
              3

            	
              Filipino

            
	
              Ordinary Seaman

            	
              2

            	
              Filipino

            
	
              Deck Cadet

            	
              1

            	
              Filipino

            
	
              Oiler

            	
              1

            	
              Filipino

            
	
              Wiper

            	
              1

            	
              Filipino

            
	
              Engine Cadet

            	
              1

            	
              Filipino

            
	
              Cook

            	
              1

            	
              Filipino

            
	
              Mess Boy

            	
              2

            	
              Filipino

            
	
              CREW TOTAL

            	
              22

            	 


      

      

      This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.  Any insertion or deletion to the
          form must be clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the test of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any
          loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

      
        
          


      

      

      

      	
              ANNEX “C” (ANNUAL MANAGEMENT BUDGET)

                  TO THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

                  STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98’

            


      

      

      
        
          	Date of Agreement:	
                  1st January 2019

                


        

      

      Managers Budget in USD effective from the first year of operations.

      	
              Hyundai Vinashin Shipyard MR Oil and Chemical Tanker 39,000 DWT

            
	
              Proposed Budget for first year of operations

            
	
              Accounts

              Code

            	
              Crew

            	
              Daily Amount

            	
              Annual Amount

            	
              Annual Summary

            
	 	
              CREW SALARIES & FIXED OVERTIME

            	
              2.516,44

            	
              $918.500

            	 
	 	
              ADDITIONAL CREW OVERTIME

            	
              0,00

            	
              $0

            
	 	
              OWNERS CREW BONUS

            	
              41,10

            	
              $15.000

            
	 	
              CREW TRANSPORTATION EXPS

            	
              232,88

            	
              $85.000

            
	 	
              CREW COMPULSORY INSURANCE

            	
              6,85

            	
              $2.500

            
	 	
              CREW INSURANCE FOR P&I DEDUCTIBLE

            	
              16,44

            	
              $6.000

            
	 	
              CREW PRE-JOINING TRAININGS

            	
              27,40

            	
              $10.000

            
	 	
              CREW PRE-JOINING MEDICAL EXPS

            	
              9,59

            	
              $3.500

            
	 	
              CREW VARIOUS EXPENSES

            	
              219,18

            	
              $80.000

            
	 	
              MANNING AGENT MANAGEMENT FEE

            	
              82,19

            	
              $30.000

            
	 	
              MANNING AGENT EXPENSES

            	
              9,86

            	
              $3.600

            
	 	
              VICTUALING - PROVISIONS

            	
              221,92

            	
              $81.000

            	
              $1.239.100

            
	 	
              WATER

            	
              10,96

            	
              $4.000

            
	 	
              Crew Subtotal

            	
              3.394,79

            	
              $1.239.100

            
	
              Accounts

              Code

            	
              Insurance

            	 
	
              64001

            	
              HULL & MACHINERY

            	
              273,97

            	
              $100.000

            	 
	
              64002

            	
              INSURANCE LOSS OF HIRE

            	
              0,00

            	 
	
              64003

            	
              WAR RISKS ANNUAL PREMIUM

            	
              8,22

            	
              $3.000

            
	
              64004

            	
              P&I

            	
              135,62

            	
              $49.500

            
	
              64005

            	
              FD D

            	
              27,40

            	
              $10.000

            
	
              64006

            	
              MARINE INTEREST

            	
              0,00

            	 
	
              64007

            	
              PURCHASERS INTEREST INSURANCE

            	
              0,00

            	 	
              $162.500

            
	
              64008

            	
              BACK CALLS-(INSURANCE) SUPPLEMENTARY

            	
              0,00

            	 
	 	
              Insurance Subtotal

            	
              445,21

            	
              $162.500

            
	
              Accounts

              Code

            	
              Repairs and Maintenance

            
	
              67001

            	
              AUX.MACITINERY REPAIRS/MAINTENANCE

            	
              27,40

            	
              $10.000

            	 
	
              67003

            	
              BOILER REPAIRS/MAINTENANCE

            	
              41,10

            	
              $15.000

            
	
              67005

            	
              CHEMICALS & GASES

            	
              41,10

            	
              $15.000

            
	
              67013

            	
              DECK SPARE PARTS - REPAIR/MAINTENANCE

            	
              27,40

            	
              $10.000

            
	
              67006

            	
              DIESEL GENERATORS - REPAIRS/MAINTENANCE

            	
              41,10

            	
              $15.000

            
	
              67017

            	
              MAIN ENGINE REPAIRS/MAINTENANCE

            	
              41,10

            	
              $15.000

            
	
              67008

            	
              PAINTS AT SEA

            	
              27,40

            	
              $10.000

            
	
              67010

            	
              RADIO ROOM NAVIGATION MAINTENANCE

            	
              13,70

            	
              $5.000

            
	
              67011

            	
              REPAIRS - MAINTENANCE

            	
              41,10

            	
              $15.000

            
	
              67012

            	
              SLOPS & GARBAGE REMOVAL

            	
              0,00

            	
              $0

            
	
              67016

            	
              SUPER.ENGIN/PORT CPTN OTHER FEES&EXPS

            	
              54,79

            	
              $20.000

            	
              $135.000

            
	
              67019

            	
              VESSELS IT HARDWARE EQUIPMENT

            	
              13,70

            	
              $5.000

            
	 	
              Repairs and Maintenance Subtotal

            	
              369,86

            	
              $135.000

            
	
              Accounts

              Code

            	
              Other Vessel Operating Expenses

            
	
              66010

            	
              SAFETY ITEMS

            	
              41,10

            	
              $15.000

            	 
	
              68001

            	
              CABIN STORES – ACCOMODATION

            	
              13,70

            	
              $5.000

            	 
	
              68015

            	
              GALLEY-KITCHEN EQUIPMENT

            	
              6,85

            	
              $2.500

            	 
	
              68013

            	
              WATER SUPPLY

            	
              0,00

            	
              $0

            	 
	
              66002

            	
              ACCRUALS-OPERATING EXPS

            	
              0,00

            	
              $0

            	 
	
              66001

            	
              APPROVALS-SUITABILITY INSPECTIONS

            	
              82,19

            	
              $30.000

            	 
	
              66004

            	
              CHARTS/N.PUBLICATIONS

            	
              27,40

            	
              $10.000

            	 
	
              66023

            	
              CLASS AND STATUT CERTIFICATES/INSPECTION

            	
              27,40

            	
              $10.000

            	 
	
              66005

            	
              CLEANING/FORWARDING EXPS

            	
              68,49

            	
              $25.000

            	 
	
              66006

            	
              DECK STORES

            	
              41,10

            	
              $15.000

            	 
	
              66007

            	
              ELCTR.DEPT-STORES

            	
              13,70

            	
              $5.000

            	 
	
              66008

            	
              ENGINE STORES

            	
              27,40

            	
              $10.000

            	 
	
              66022

            	
              FLAG CERTIFICATES/INSPECTION

            	
              4,11

            	
              $1.500

            	 
	
              66026

            	
              OTHER CONSULTANCY DOCUMENTATION SERVICES

            	
              41,10

            	
              $15.000

            	 
	
              66021

            	
              PORT DUES RELATED TO PROTECTING AGENTS

            	
              27,40

            	
              $10.000

            	 
	
              66018

            	
              PROTECTING AGENTS FEES/EXPENSES

            	
              27,40

            	
              $10.000

            	 
	
              66027

            	
              QUALITY DPT CERTIFICATES/INSPECTION

            	
              27,40

            	
              $10.000

            	 
	
              66024

            	
              SAFETY EQUIP MAR CERTIFICATES/INSPECTION

            	
              27,40

            	
              $10.000

            	 
	
              66025

            	
              SAFETY EQUIP TEC CERTIFICATES/INSPECTION

            	
              41,10

            	
              $15.000

            	 
	
              66011

            	
              STATIONERY EXPS

            	
              13,70

            	
              $5.000

            	 
	
              66019

            	
              SUBSCRIPTIONS & MEMBERSHIPS

            	
              6,85

            	
              $2.500

            	 
	
              66020

            	
              TECHNICAL CONSULTANCY DOCUMENTATION SERV

            	
              27,40

            	
              $10.000

            	 
	
              66012

            	
              TELECOMMUNICATIONS

            	
              41,10

            	
              $15.000

            	 
	
              66013

            	
              TONNAGE TAX

            	
              20,55

            	
              $7.500

            	
              $241.500

            
	
              66014

            	
              VARIOUS EXPS

            	
              6,85

            	
              $2.500

            
	 	
              Other Vessel Operating Expenses Subtotal

            	
              661,64

            	
              $241.50

            
	
              66009

            	
              Lubricants

            	
              493,15

            	
              $180.000

            	
              $180.000

            
	
              Accounts

              Code

            	
              Spares

            
	
              67002

            	
              AUX.MACHINERY SPARE PARTS

            	
              27,40

            	
              $10.000

            	 
	
              67004

            	
              BOILER SPARES

            	
              27,40

            	
              $10.000

            
	
              67014

            	
              DECK SPARE PARTS

            	
              27,40

            	
              $10.000

            
	
              67007

            	
              DIESEL GENERATORS SPARE PARTS

            	
              27,40

            	
              $10.000

            
	
              67015

            	
              MAIN ENGINE SPARE PARTS

            	
              41,10

            	
              $15.000

            
	
              67009

            	
              RADIO ROOM NAVIGATION-EQUIPMENT SPARES

            	
              13,70

            	
              $5.000

            	
              $60.000

            
	 	
              Spares Subtotal

            	
              164,38

            	
              $60.000

            
	 	
              Extraordinary Expenses

            	
              0,00

            	 	 
	 	
              Less corresponding claims

            	
              0,00

            	 
	 	
              TOTAL OPEX WITHOUT DD EXPENSES

            	 	
              $2.018.100

            
	 	
              DAILY OPEX WITHOUT DD EXPENSES

            	 	
              $5.529

            
	 	
              DO Adjustments (5y / 2.5y amortization)

            	
              0,00

            	 	
              $5.529

            
	 	
              TOTAL OPEX WITH DD EXPENSE

            	
              5.529,04

            	
              $2.018.100

            
	 	
              DAILY OPEX WITH DD EXPENSES

            	 	
              $5.529

            


      

      

      

      

      

      

      This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.  Any insertion or deletion to the
          form must be clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the test of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any
          loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

      
        
          


      

      

      

      	
              ANNEX “D” (ASSOCIATED VESSELS) TO

                  THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

                  STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98’

            


      

      

      NOTE: PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS ANNEX “D” THEY WILL BE SUBJECT TO THE PROVISIONS
          OF SUB-CLAUSE 18.1(i) OF THIS AGREEMENT.

      
        
          	Date of Agreement:	
                  1st January 2019

                


        

      

      Details of Associated Vessels:

      	
              M/T ECO REVOLUTION

            
	 
	 
	 
	 
	 
	 


      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO.  Any insertion or deletion to the
          form must be clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the test of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any
          loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

      
        
          


      

      

      

      ANNEX E (Management Fees)

      	
              Duration of Contract Five

            	
              (5) years, automatically renewed.

            
	 	 
	
              Services and Relevant Fees:

            	●	
              USD 550 per day per vessel for
                    Technical and Commercial, Crew Management, Insurance, Provisions and Bunkering.  Applicable 3 months prior delivery from the yard.

            
	 	●	 Accounting, Reporting, Legal and Administrative Services at cost. 
	 	 	 
	
              Fee Annual Increase:

            	
              Based on total percentage increase in the U.S. Consumer Price Index over the previous year, but not less than 2%
                  and not more than 5%.

            
	 	 
	
              Commission on all hires / gross freight / demurrage:

            	
              1.25%

            
	 	 
	
              Sales and Purchase Commission:

            	
              1% of the Sale or the Purchase Price or the Contract Price of the Newbuilding Contract.

            
	 	 
	
              N/B Construction – Supervision Fee:

            	
              7% of actual cost.

            
	 	 
	
              Managers’ Superintendent’s Fee beyond 10 days per annum:

            	
              USD 500 per day, plus actual expenses.

            
	 	 
	
              Notice of Termination:

            	
              18 months

            
	 	 
	
              Termination Fees:

            	
              Fees for 12 months.

            


      

      

      	
              1.

            	
              Manager shall be entitled to receive additional remuneration for any increase in administrative costs and
                  expenses resulting from the introduction of a new, or a change in the interpretation of applicable laws and regulations, or concerning ship management services.

            
	
              2.

            	
              Owners to pay the deductible of any insurance claim relating to the vessels, or for any claim that is within
                  such deductible range.  All insurance related rebates to be for the benefit of the Manager.

            
	
              3.

            	
              Owners to pay any tax, dues, or ransom in a case of piracy, or fines imposed on vessel or Manager, due to the
                  operation of the vessel.

            
	
              4.

            	
              The above management fees are agreed on the basis of the number of the associated vessels as per ANNEX D of this
                  agreement.

            


      
        
          


      

      

      

      PART II

          “SHIPMAN 98” Standard Ship Management Agreement”

      1.  Definitions

      In this Agreement save where the context otherwise requires, the following words and expressions shall have the meanings
          hereby assigned to them.

      "Owners" mean the
          party identified in Box. 2.

      "Managers" mean
          the party identified in Box 3.

      "Vessel" means the
          vessel or vessels details of which are set out in Annex "A" attached hereto.

      "Crew" means the
          Master, officers and ratings of the numbers, rank and nationality specified in Annex “B” attached hereto.

      "Crew Support Costs"
          means all expenses of a general nature which are not particularly referable to any individual vessel for the time being managed by the Managers and which are incurred by the Managers for the purpose of providing an efficient and economic
          management service and, without prejudice to the generality of the foregoing, shall include the cost of crew standby pay, training schemes for officers and ratings, cadet training schemes, sick pay, recruitment and interviews.

      "Severance Costs"
          means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service on the Vessel.

      "Crew Insurances"
          means insurances against crew risks which shall include but not limited to death, sickness, repatriation, injury, shipwreck unemployment indemnity and loss of personal effects.

      "Management Services"
          means the services specified in sub-clauses 3.1 to 3.8 as indicated affirmatively in Boxes 5 to 12.

      "ISM Code" means
          the International Management Code for the Safe Operation of Ships and for Pollution Prevention as adopted by the International Maritime Organization (IMO) by resolution A.741(18) or any subsequent amendment thereto.

      "STCW 95" means
          the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978, as amended in 1995 or any subsequent amendment thereto.

      2.  Appointment of Mangers

      With effect from the day and year stated in Box





              4 and continuing unless and until terminated as provided herein, the Owners hereby appoint the Managers and the Managers hereby agree to act as the Managers of the Vessel.

      3.  Basis of Agreement

      Subject to terms and conditions herein provided, during the period of this Agreement, the Managers shall carry out
          Management Services in respect of the Vessel as agents for and on behalf of the Owners.  The Managers shall have authority to take such actions as they may from time to time in their absolute discretion consider to be necessary to enable them to
          perform this Agreement in accordance with sound ship management practice.

      3.1  Crew Management

      (only applicable if
            agreed according to Box 5)

      The Managers shall provide suitably qualified Crew for the Vessel as required by the Owners in accordance with the STCW 95
          requirements, provision of which includes but it is not limited to the following functions:

      (i)  selecting and engaging the Vessel's Crew, including payroll arrangements, pension administration, and insurances for
          the Crew other than those mentioned in Clause 6;

      (ii)  ensuring that the applicable requirements of the law of the flag of the Vessel are satisfied in respect of manning
          levels, rank, qualification and certification of the Crew and employment regulations including Crew's tax, social insurance, discipline and other requirements;

      (iii)  ensuring that all members of the Crew have passed a medical examination with a qualified doctor certifying that
          they are fit for the duties for which they are engaged and are in possession of valid medical certificates issued in accordance with appropriate flag State requirements.  In the absence of applicable flag State requirements the medical
          certificate shall be dated not more than three months prior to the respective Crew members leaving their country of domicile and maintained for the duration of their service on board the Vessel;

      (iv)  ensuring that the Crew shall have a command of the English language of a sufficient standard to enable them to
          perform their duties safely;

      (v)  arranging transportation of the Crew, including repatriation;

      (vi)  training the Crew and supervising their efficiency;

      (vii)  conducting union negotiations;

      (viii)   operating the Managers' drug and alcohol policy unless otherwise agreed.

      3.2  Technical Management

      (only applicable if agreed according to Box 6)

      The Managers shall provide technical management which includes, but is not limited to, the following functions:

      (i)  provision of competent personnel to supervise the maintenance and general efficiency of the Vessel;

      (ii)  arrangement and supervision of dry dockings, repairs, alterations and the upkeep of the Vessel to the standards
          required by the Owners provided that the Managers shall be entitled to incur the necessary expenditure to ensure that the Vessel will comply with the law of the flag of the Vessel and of the places where she trades, and all requirements and
          recommendations of the classification society;

      (iii)  arrangement of the supply of necessary stores, spares and lubricating oil;

      (iv)  appointment of surveyors and technical consultants as the Managers may consider from time to time to be necessary;

      (v)  development, implementation and maintenance of a Safety Management System (SMS) in accordance with the ISM Code (see
          sub-clauses 4,2 and 5;3).

      3.3  Commercial Management

      (only applicable if
            agreed according to Box 7)

      The Managers shall provide the commercial operation of the Vessel, as required by the Owners, which includes, but is not
          limited to, the following functions:

      (i)  providing chartering services in accordance with the Owners’ instructions which include, but are not limited to,
          seeking and negotiating employment for the Vessel and the conclusion (including the execution thereof) of charter parties or other contracts relating to the employment of the Vessel.  If such a contract exceeds twelve months in duration the
          period stated in Box 13. consent thereto in writing shall first be obtained from the Owners.

      (ii)  arranging of the proper payment to Owners or their nominees of all hire and/or freight revenues or other moneys of
          whatsoever mature to which Owners may be entitled arising out of the employment of or otherwise in connection with the Vessel.

      (iii)  providing voyage estimates and accounts and calculating of hire, freights, demurrage and/or despatch moneys due
          from or due to the charterers of the Vessel;

      (iv)  issuing of voyage instructions;

      (v)  appointing agents;

      (vi)  appointing stevedores;

      (vii)  arranging surveys associated with the commercial operation of the Vessel.

      3.4  Insurance Arrangements

      (only applicable if agreed according to Box 8)

      The Managers shall arrange insurances in accordance with Clause 6, on such terms and conditions as the Owners shall have
          instructed or agreed, in particular regarding conditions,

      
        
          


      

      

      

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      insured values, deductibles and franchises.

      3.5  Accounting Services

      (only applicable if agreed according to Box 9)

      The Managers shall

      (i)  establish an accounting system which meets the requirements of the Owners and provide regular accounting services,
          supply regular reports and records,

      (ii)  maintain the records of all costs and expenditure incurred as well as data necessary or proper for the settlement of
          accounts between the parties.

      3.6  Sale or Purchase of the Vessel

      (only applicable if agreed according to Box 10)

      The Managers shall, in accordance with the Owners’ instructions, supervise the sale or purchase of the Vessel, including
          the performance of any sale or purchase agreement, but not negotiation of the same.

      3.7  Provisions (only applicable if agreed according to Box 11)

      The Manager’s shall arrange for the supply of provisions.

      3.8  Bunkering (only applicable if agreed according to Box
              12)

      The Managers shall arrange for the provision of bunker fuel of the quality specified by the Owners as required for the
          Vessel’s trade.

      4.  Managers’ Obligations

      4.1  The Managers
          undertake to use their best endeavours to provide the agreed Management Services as agents for and on behalf of the Owners in accordance with sound ship management practice and to protect and promote the interests of the Owners in all matters
          relating to the provision of services hereunder.  Provided, however, that the Managers in the performance of their management responsibilities under this Agreement shall be entitled to have regard to their overall responsibility in relation to
          all vessels as may from time to time be entrusted to their management and in particular, but without prejudice to the generality of the foregoing, the Managers shall be entitled to allocate available supplies, manpower and services in such manner
          as in the prevailing circumstances the Managers in their absolute discretion consider to be fair and reasonable.

      4.2  Where the Managers are providing Technical Management in accordance with sub-clause 3.2, they shall procure that the requirements of the law of the flag of the Vessel are satisfied and they shall in particular be deemed to be the “Company” as defined by the ISM Code,
          assuming the responsibility for the operation of the Vessel and taking over the duties and responsibilities imposed by the ISM Code when applicable.

      5.  Owners’ Obligations

      5.1.  The Owners
          shall pay all sums due to the Managers punctually in accordance with the terms of this Agreement.

      5.2.  Where the Managers are providing Technical Management in accordance with sub-clause 3.2, the Owners shall:

      (i)  procure that all officers and ratings supplied by them or on their behalf comply with the requirements of STCW 95;

      (ii)  instruct such officers and ratings to obey all reasonable orders of the Managers in connection with the operation of
          the Managers’ safety system.

      5.3  Where the Managers are not providing Technical Management in accordance with sub-clause 3.2, the Owners shall procure that the requirements of the law of the flag of the Vessel are satisfied and that they, or such other entity as may be appointed by them and
          identified to the Managers, shall be deemed to be the “Company” as defined by the ISM Code assuming the responsibility for the operation of the Vessel and taking over the duties and responsibilities imposed by the ISM Code when applicable.

      6.  Insurance Policies

      The Owners shall procure, whether by instructing the Managers under sub-clause 3.4 or otherwise, that throughout the period of this Agreement:

      6.1.  at the Owners’ expense, the Vessel is insured for not less than her sound market value or entered for her full gross
          tonnage, as the case may be for:

      (i)  usual hull and machinery marine risks (including crew negligence) and excess liabilities;

      (ii)  protection and indemnity risks (including pollution risks and Crew Insurances); and

      (iii)  war risks (including protection and indemnity and crew risks) in accordance with the best practice of prudent
          owners of vessels of a similar type to the Vessel, with first class insurance companies, underwriters or associations (the “Owners’ Insurances”);

      6.2.  all premiums and calls on the Owners’ Insurances are paid promptly by their due date,

      6.3.  the Owners’ Insurances name the Managers and, subject to underwriters’ agreement, any third party designated by the
          Managers as a joint assured, with full cover, with the Owners obtaining cover in respect of each of the insurances specified in sub-clause 6.1:

      (i)  on terms whereby the Managers and any such third party are liable in respect of premiums or calls arising in
          connection with the Owners’ Insurances; or

      (ii)  if reasonably obtainable, on terms such that neither the Managers nor any such third party shall be under any
          liability in respect of premiums or calls arising in connection with the Owners’ insurances; or

      (iii)  on such other terms as may be agreed in writing.

      Indicate alternative (i), (ii) or (iii) in Box 14.  If Box 14 is left blank then (i) applies.

      6.4  written
          evidence is provided, to the reasonable satisfaction of the Managers, of their compliance with their obligations under Clause 6 within a reasonable time
          of the commencement of the Agreement, and of each renewal date and, if specifically requested, of each payment date of the Owners’ Insurances.

      7.  Income Collected and Expenses Paid on Behalf of Owners

      7.1  All moneys
          collected by the Managers under the terms of this Agreement (other than moneys payable by the Owners to the Managers) and any interest thereon shall be held to the credit of the Owners in a separate bank account.

      7.2  All expenses incurred by the Managers under the terms of this Agreement on behalf of the Owners (including expenses
          as provided in Clause 8) may be debited against the Owners in the account referred to under sub-clause 7J. but shall in any event remain payable by the
          Owners to the Managers on demand.

      8.  Management Fee

      8.1  The Owners
          shall pay to the Managers for their services as Managers under this Agreement an annual DAILY management fee as stated in Box 15 which shall be payable to
          equal monthly installments in advance, the first installment being payable on the commencement of this Agreement (see Clause 2 and Box 4) and subsequent installments being payable every month.

      8.2  The management fee shall be
              subject to an annual review on the anniversary date of the Agreement and the proposed fee shall be presented in the annual budget referred to in sub-clause 9.1.  Please refer to Annex E (Management Fees)

      8.3  The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff, facilities
          and stationery.  Without limiting the generality of Clause 7 the Owners shall reimburse the Managers for postage and communication expenses, traveling expenses, and other out of pocket expenses properly incurred by the Managers in pursuance of

      
        
          


      

      

      

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      the Management Services.

      8.4  In the event of the appointment
              of the Managers being terminated by the Owners or the Managers in accordance with the provisions of Clauses 17 and 18 other than by reason of default by the Managers, or if the Vessel is lost, sold or otherwise disposed of, the “management
              fee” payable to the Managers according to the provisions of sub- clause 8.1, shall continue to be payable for a further period of three calendar months as from the termination date.  In addition, provided that the Managers provide Crew for
              the Vessel in accordance with sub-clause 3.1;

      (i)  the Owners shall continue to pay
              Crew Support Costs during the said further period of three calendar months and

      (ii)  the Owners shall pay an
              equitable proportion of any Severance Costs which may materialize, not exceeding the amount stated in Box 16.

      Please refer to Annex E (Management Fees)

      8.5  If the Owners decide to lay-up the Vessel whilst this Agreement remains in force and such lay-up lasts for more than
          three months, an appropriate reduction of the management fee for the period exceeding three months until one month before the Vessel is again put into service shall be mutually agreed between the parties.

      8.6  Unless otherwise agreed in writing all discounts and commissions obtained by the Managers in the course of the
          management of the Vessel shall be credited to the Owners.

      9.  Budgets and Management of Funds

      The Managers shall present to the Owners annually a budget for the following twelve months in such form as the Owners
          require.  The budget for the first year hereof is set out in Annex “C” hereto.  Subsequent annual budgets shall be prepared by the
          Managers and submitted to the Owners not less than three months before the anniversary date of the commencement of this Agreement (see Clause 2 and Box 4).

      9.1  The Owners shall indicate to the Managers their acceptance and approval of the annual budget within one month of
          presentation and in the absence of any such indication the Managers shall be entitled to assume that the Owners have accepted the proposed budget.

      9.2  Following the agreement of the budget, the Managers shall prepare and present to the Owners their estimate of the
          working capital requirement of the Vessel and the Managers shall each month update this estimate, based thereon, the Managers shall each month request the Owners in writing for the funds required to run the Vessel for the ensuing month, including
          the payment of any occasional or extraordinary item of expenditure, such as emergency repair costs, additional insurance premiums, bunkers or provisions.  Such funds shall be received by the Managers within ten running days after the receipt by
          the Owners of the Managers’ written request and shall be held to the credit of the Owners in a separate bank account.

      9.3  The Managers shall produce a comparison between budgeted and actual income and expenditure of the Vessel in such form
          as required by the Owners monthly or at such other intervals as mutually agreed.

      9.4  Notwithstanding anything contained herein to the contrary, the Managers shall in no circumstances be required to use
          or commit their own funds to finance the provision of the Management Services.

      10.  Managers’ Right to Sub-Contract

      The Managers shall not
          have the right to sub-contract any of their obligations hereunder, including those mentioned in sub-clause 3.1 without the prior written consent of the Owners
              which shall not be unreasonably withheld.  In the event of such a sub- contract the Managers shall remain fully liable for the due performance of their obligations under this Agreement.

      11.  Responsibilities

      11.1  Force Majeure - Neither the Owners nor the Managers shall be under any liability for any failure to perform any of their
          obligations thereunder by reason of any cause whatsoever of any nature or kind beyond their reasonable control.

      11.2  Liability to Owners - (i) 
          Without prejudice to sub-clause 11.1, the Managers shall be under no liability whatsoever to the Owners for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising
          out of or in connection with detention of or delay to the Vessel) and howsoever arising in the course of performance of the Management Services UNLESS
          same is proved to have resulted from the negligence, gross negligence or willful default of the Managers of their employees, or agents or sub-contractors employed by them in connection with the Vessel, in which case (save where loss, damage,
          delay or expense has resulted from the Managers’ personal act or omission committed with the intent to cause same or recklessly and with knowledge that such loss, damage, delay or expense would probably result) the Managers’ liability for such
          incident or series of incidents giving rise to a claim or claims shall never exceed a total of ten times the annual Management Fee payable hereunder.

      (ii)  Notwithstanding anything that may appear to the contrary in this Agreement, the Managers shall not be liable for any
          of the actions of the Crew even if such actions are negligent, grossly negligent or willful, except only to the extent that they are shown to have resulted from a failure to the Managers to discharge their obligations under sub-Clause 3.1, in
          which case their liability shall be limited in accordance with the terms of this Clause 11.

      11.3  Indemnity - Except to the extent and solely for the amount therein set out that the Managers would be liable under sub- clause 11.2, the Owners hereby undertake to keep the
          Managers and their employees, agents and sub-contractors indemnified and to hold them harmless against all actions, proceedings, claims, demands or liabilities whatsoever or howsoever arising which may be brought against them or incurred or
          suffered by them arising out of or in connection with the performance of the Agreement, and against and in respect of all costs, losses, damages and expenses (including legal costs and expenses on a full indemnity basis) which the Managers may
          suffer or incur (either directly or indirectly) in the course of the performance of this Agreement.

      11.4  “Himalaya” - It is hereby
          expressly agreed that no employee or agent of the Managers (including every sub-contractor from time to time employed by the Managers) shall in any circumstances whatsoever be under any liability whatsoever to the Owners for any loss, damage or
          delay of whatsoever kind arising or resulting directly or indirectly from any act, neglect or default on his party while acting in the course of or in connection with his employment and, without prejudice to the generality of the foregoing
          provisions in this Clause 11, every exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defence and
          immunity of whatsoever nature applicable to the Managers or to which the Managers are entitled hereunder shall also be available and shall extend to protect every such employee or agent of the Managers acting as aforesaid and for the purpose of
          all the foregoing provisions of this Clause 11 the Managers are or shall be deemed to be acting as agent or trustee on behalf of and for the benefit of
          all persons who are or might be their servants or agents from time to time (including sub-contractors as aforesaid) and all such persons shall to this extent be or be deemed to be parties to this Agreement.

      12.  Documentation

      Where the Managers are providing Technical Management in accordance with sub-clause 3.2 and/or Crew Management in
          accordance with sub-clause 3.1, they shall make available,

      
        
          


      

      

      

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      upon Owners’ request, all documentation and records related to the Safety Management System (SMS) and/or the Crew which
          the Owners need in order to demonstrate compliance with the ISM Code and STCW 95 or to defend a claim against a third party.

      13.  General Administration

      13.1  The Managers
          shall handle and settle all claims arising out of the Management Services hereunder and keep the Owners informed regarding any incident of which the Managers become aware which gives or may give rise to claims or disputes involving third parties.

      13.2  The Managers
          shall, as instructed by the Owners, bring or defend actions, suits or proceedings in connection with matters entrusted to the Managers according to this Agreement.

      13.3  The Managers
          shall also have power to obtain legal or technical or other outside expert advice in relation to the handling and settlement of claims and disputes or all other matters affecting the interests of the Owners in respect of the Vessel.

      13.4  The Owners
          shall arrange for the provision of any necessary guarantee bond or other security.

      13.5  Any costs
          reasonably incurred by the Managers in carrying out their obligations according to Clause 13 shall be reimbursed by the Owners.

      14.  Auditing

      The Managers shall at all times maintain and keep true and correct accounts and shall make the same available for
          inspection and auditing by the Owners at such times as may be mutually agreed.  On the termination, for whatever reasons, of this Agreement the Managers shall release to the Owners, if so requested, the originals when possible, or otherwise
          certified copies, of all such accounts and all documents specifically relating to the Vessel and her operation.

      15.  Inspection of Vessel

      The Owners shall have the right at any time after giving reasonable notice to the Managers to inspect the Vessel for any
          reason they consider necessary.

      16.  Compliance with Laws and Regulations

      The Managers will not do or permit to be done anything which might cause any breach or infringement of the laws and
          regulations of the Vessel’s flag, or of the places where she trades.

      17.  Duration of the Agreement

      This Agreement shall come into effect on the day and year stated in Box 4 and shall continue until the date stated in Box 17.  Thereafter it shall continue until terminated by either
          party giving to the other notice to the Managers in writing, in which event the Agreement shall terminate upon the expiration of a period of two eighteen months from the date upon which
          such notice was given.  In case Owners wish to terminate the Agreement earlier than the date stated in Box 17 Owners will pay the Managers all fees as per ANNEX “E” for
            the remaining period until the date stated in Box 17.

      18.  Termination

      18.1  Owners’





            default

      (i)  The Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing if any moneys
          payable by the Owners under this Agreement and/or the owners of any associated vessel, details of which are listed in Annex “D”. shall not have been
          received in the Managers’ nominated account within ten running days of receipt by the Owners of the Managers written request or if the Vessel is repossessed by the Mortgagees.

      (ii)  If the Owners:

      (a)  fail to meet their obligations under sub- clauses 5.2 and 5.3 of this Agreement for any reason
          within their control, or

      (b)  proceed with the employment of or continue to employ the Vessel in the carriage of contraband,
          blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion of the Managers is unduly hazardous or improper, the Managers may give notice of the default to the Owners, requiring them to remedy it as soon as
          practically possible.  In the event that the Owners fail to remedy it within a reasonable time to the satisfaction of the Managers the Managers
          shall be entitled to terminate the Agreement with immediate effect by notice in writing.

      18.2  Managers’





            Default

      If the Managers fail to meet their obligations under Clauses 3 and 4 of this Agreement for any reason within the control of the Managers, the Owners may give notice to the Managers of
          the default, requiring them to remedy it as soon as practically possible.  In the event that the Managers fail to remedy it within a reasonable time to the satisfaction of the Owners the Owners shall be entitled to terminate the Agreement with
          immediate effect by notice in writing.

      18.3  Extraordinary





            Termination

      This Agreement shall be deemed to be terminated in the case of the sale of the Vessel or if the Vessel becomes a total
          loss or is declared as a constructive or compromised or arranged total loss or is requisitioned.

      18.4  For the
          purpose of sub-clause 18.3 hereof

      (i)  the date upon which the Vessel is to be treated as having been sold or otherwise disposed or shall be the date on
          which the Owners cease to be registered as Owners of the Vessel;

      (ii)  the Vessel shall not be deemed to be lost unless either she has become an actual total loss or agreement has been
          reached with her underwriters in respect of her constructive, compromised or arranged total loss or if such agreement with her underwriters is not reached it is adjudged by a competent tribunal that a constructive loss of the Vessel has occurred.

      18.5  This
          Agreement shall terminate forthwith in the event of an order being made or resolution passed for the winding up, dissolution, liquidation or bankruptcy of either party (otherwise than for the purpose of reconstruction or amalgamation) or if a
          receiver is appointed, or it if suspends payment, ceases to carry on business or makes any special arrangement or composition with its creditors.

      18.6  The
          termination of this Agreement shall be without prejudice to all rights accrued due between the parties prior to the date of termination.

      18.7  A change of
          control of either party shall not terminate this Agreement.

      19.  Law and Arbitration

      19.1  This
          Agreement shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any
          statutory modification to 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 Association (LMAA) Terms current at
          the time when the arbitration proceedings are commenced.

      The reference shall be to three arbitrators.  A party wishing to refer a dispute to arbitration shall appoint its
          arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless
          the other party appoints its own arbitrator and gives notice that it has done so within the 14 days specified.  If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party
          referring a dispute to arbitration may, without the requirement of any further prior

      
        
          


      

      

      

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      notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly.  The
          award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement.

      Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a
          sole arbitrator.

      In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum as the parties may
          agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

      19.2  This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the Maritime Law of the United States and any dispute
              arising out of or in connection with this Agreement shall be referred to three persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen; their decision that of any two of them shall be final,
              and for the purposes of enforcing any award, judgment may be entered on an award by any court of competent jurisdiction.  The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.

      In cases where neither the claim not
              any counterclaim exceeds the sum of USD50,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc, current at the
              time when the arbitration proceedings are commenced.

      19.3  This Agreement shall be governed by and construed in accordance with the laws of the place mutually agreed by the parties and any dispute arising out of or in
              connection with this Agreement shall be referred to arbitration at a mutually agreed place, subject to the procedures applicable there.

      19.4  If Box 18 in Part I is not appropriately filled in, sub- clause 19.1
          of this Clause shall apply.

      Note:  19.1,
          19.2 and 19.3 are alternatives; indicate alternative agreed in
          Box 18.

      20.  Notices

      20.1  Any notice to
          be given by either party to the other party shall be in writing and may be sent by fax, telex, registered or recorded mail or by personal service.

      20.2  The address
          of the Parties for service of such communication shall be as stated in Boxes 19 and 20, respectively.