Exhibit 4.110

            
	
              1.     Date of Agreement

            	 
	
              

                19th November 2018

              Vessel's Name:  MV XANADU

            	
              THE BALTCIC 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)

            
	 	 	 	 
	 	
              Name

            	 	
              Name

            
	 	
              SALACIA MARINE INC.

            	 	
              TMS DRY LTD.

            
	 	
              Place of registered office

            	 	
              Place of registered office

            
	 	
              Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,

                  Marshall Islands, MH96960

            	 	
              Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,

                  Marshall Islands, MH96960

            
	 	
              Law of registry

            	 	
              Law of registry

            
	 	
              Republic of Marshall Islands

            	 	
              Republic of Marshall Islands

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

            	 	 
	 	
              DATE OF DELIVERY OF THE VESSEL UNDER THE BAREBOAT CHARTER BETWEEN SALACIA MARINE INC. AND

                  HARPINA OWNING COMPANY LIMITED

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

            	
              6.     Technical Management (state "yes" or "no"
                  as agreed) (Cl. 3.2)

            
	 	
              YES

            	 	
              YES

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

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

            
	 	
              YES

            	 	
              YES

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

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

            
	 	
              YES

            	 	
              YES

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

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

            
	 	
              YES

            	 	
              YES

            
	 	 
	
              13.   Chartering Service Period (only to be filed
                  in if "yes" stated in Box 7) (Cl. 3.3(i))

            	
              14.   Owners' Insurance (state alternative (i),




                  (ii) or (iii) of Cl. 6.3)

            
	 	
              Ten Years from date indicated ln Box 4

            	 	
              6.3(ii)

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

            	
              16.   Severance Costs (state alternative (i), (ii) or (iii) of Cl. 8.4(ii))

            
	 	
              As per Agreement dated 9th December 2016 as amended
                  and supplemented by a supplemental agreement dated 31st May 2018 between inter alia the Managers and Dryships Inc.

            	 	
              As per applicable Collective Bargaining Agreement (CBA)

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

            	
              18.   Law




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

            
	 	
              Ten Years from date indicated in Box 4

            	 	
              19.1

            
	 	 
	
              19.   Notices




                  (state postal and cable address and telefax number for servicing notice and communication to the Owners) (Cl. 20)

            	
              20.   Notice




                  (state postal and cable address and telefax number for servicing notice and communication to the Managers) (Cl. 20)

            
	 	
              c/o CEFAI & ASSOCIATES

                  5/2 Merchants Street, Valletta, Malta,

                  Tel:          (+356) 21222097

                  Fax:         (+356) 21249950

                  Email:      info@cefaladvocates.com

            	 	
              TMS DRY LTD. Athens Shipmanagement Office

                  11 Fragkokklisias Street, 151 25Marousi, Greece

                  Tel:           +30 210 3440600

                  Fax:          +30 210 3440655

                  Email:      management@tms-dry.com

            
	 	 	 	 


      

      

      
        	 
	
                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.  ln the event of any modification made to the pre-printed text of this document which is not clearly visible, the text 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.

              
	 


      

      

      

      
        
          


      

      
        

        

        	
                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 further..

                 

                

              
	 	 
	
                Signature(s) (Owners)

                Adriano Cefai, Director of MARE SERVICES LIMITED

                    Sole Director of SALACIA MARINE INC.

              	
                Signature(s) (Managers)

                Adriano Cefai, Director of MARE SERVICES LIMITED

                    Sole Director of TMS DRY LTD.

                     

              


        

        

        

        

        	 	
                /s/ Adriano Cefai

              	 	
                /s/ Adriano Cefai

              	 	 
	 	
                DR. ADRIANO CEFAI

                    DIRECTOR

                MARE SERVICES LTD

                5/1 MERCHANTS STREET

                VALLETTA 1171

              	 	
                DR. ADRIANO CEFAI

                    DIRECTOR

                MARE SERVICES LTD

                5/1 MERCHANTS STREET

                VALLETTA 1171

              	 	 


      

      

      

      

      

      

      

      

      

      

      

      
        

        

        
          	
                  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.  ln the event of any modification made to the pre-printed text of this document which is not clearly visible, the text 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:

                  	 	 
	
                    Name of Vessel(s): M/V

                  	
                    XANADU

                  	 
	
                    Particulars of Vessel(s):

                  	
                    Call Sing

                        IMO No.

                        Flag

                        Built

                        SDWT

                        Grt

                        Nrt

                  	
                    - 9HA4370

                        - 9724661

                        - MALTA

                        - 15/02/2017

                        - 208,827 MT

                        - 107,366

                        - 67,552

                  
	 	 	 
	 	 	 


            

            

            

            

            
              
                


            

            
              ANNEX "B" (DETAILS OF CREW) TO

                  THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

                  STANDARD SHIP MANAGEMENT AGREEMENT- CODE NAME:  "SHIPMAN 98"

              

              

            

            

            

            	
                    Date of Agreement:

                  	 	 
	
                    Details of Crew:

                        N/A

                  	 	 
	 	 	 
	
                    Numbers

                  	
                    Rank

                  	
                    Nationality

                  
	 	 	 


            

            

            

            

            

            	 
	
                    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.  ln the event of any modification made to the pre-printed text of this document which is not clearly visible, the text 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" (BUDGET) TO

                  THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

                  STANDARD SHIP MANAGEMENT AGREEMENT- CODE NAME:  "SHIPMAN 98"

              

              

            

            

            

            See Box 15 and Clause 9

            

            

            Managers’ Budget  for the first year with effect from  the Commencement Date of this Agreement:

            

            

            

            

            M/V XANADU

            

            

            	
                    ITEMS

                  	
                    YEARLY (USD) 15/ll-31/l2(47d)

                  	
                    MONTHLY (USD)

                  
	
                    1 TOTAL CREW EXPENSES

                  	
                    126,007

                  	
                    81,547

                  
	
                    2 STORES

                  	
                    15,463

                  	
                    10,007

                  
	
                    3 SPARES

                  	
                    26,085

                  	
                    16,881

                  
	
                    4 REPAIR/ MAINTENANCE/ SURVEY

                  	
                    5,828

                  	
                    3,772

                  
	
                    5 LUBRICANTS

                  	
                    18,001

                  	
                    11,650

                  
	
                    6 SUPT. TRAVEL / COMM. I MISC.

                  	
                    14,476

                  	
                    9,368

                  
	
                    7 INSURANCE (H+M, P+I, WAR, LOH)

                  	
                    24,581

                  	
                    15,908

                  
	
                    GRAND TOTAL OPERATING COST

                  	
                    230,441

                  	
                    149,133

                  
	
                    DAILY AVERAGE (EXCL, DOCKING COST)

                  	
                    4,903

                  	 
	
                    PRE-DELIVERY COST

                  	 	 


            

            

            

            

            NOTE:

            

            

            	
                    1.

                  	
                    Prices basis at average of Singapore, Continent & China, otherwise, to be charged at actual

                  
	
                    2.

                  	
                    Crew change basis Asia, Australia and Continent ports, otherwise, to be adjusted

                  
	
                    3.

                  	
                    Spares costs are for routine maintenance (excluding major items)

                  
	
                    4.

                  	
                    Parity Euro / USD at 1,195

                  
	
                    5.

                  	
                    The budget for Superintendent expenses is based on 5 visits per year of 4 days per each visit, i.e. 20 Superintendent days.  Any
                        additional attendance will be charged extra by the day at a standard rate of Euro 500 per day

                  
	 	 


            

            

            

            

            

            

            
              
                


            

            
              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:

                  	 	 
	
                    Details of Associated Vessels

                  	 	 
	 	 	 


            

            

            

            

              

              

            

            	 
	
                    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.  ln the event of any modification made to the pre-printed text of this document which is not clearly visible, the text 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.

                  
	 


          

          

          

          

          

          
            
              


          

          
            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.

                    	
                       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

                    
	
                      "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" mans the Master, officers and ratings of the numbers,

                      rank and nationality specified in Annex “B” 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 be 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

                    	
                       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 sl1all 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).

                      (vi)  supervision of vessels under construction at the specific

                       request of the Owners and after approval by the Owner of

                       the relevant budget submitted by the Managers.

                       

                      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 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 nature 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

                    


            

          

          
            
              

              

              
                	
                        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.  ln the event of any modification made to the pre-printed text of this document which is not clearly visible, the text 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.

                      


                
                  

                  

                  
                    
                      


                  

                  PART II

                  
                    "Shipman 98" Standard Ship Management Agreement

                    

                      	
                              Clause 6, on such terms and conditions as the Owners shall

                              have instructed or agreed, in particular regarding conditions,

                              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 reasonable

                                     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 Managers 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

                              endeavour
                                  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 management 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”);

                              (vi)   Freight, Demurrage and Defense Insurance

                              (v)    Certificate of Financial Responsibility

                              (vi)   Crew Personal Accident and Sundries insurance cover

                              (vii)  Any other insurance required by law

                              (viii) Any Insurance that can be arranged and not Included in the

                                       above but is requested by the Owners in writing

                              6.2   all premiums deductibles, supplementary calls and/or excess 

                              supplementary calls and release 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 7.1 but shall in any

                              event remain payable by the Owners to the Managers on

                              demand.

                               

                              8.   Management Fee

                              8.1(a)   The Owners shall pay to the Managers for their services

                              as Managers under this Agreement an annual a 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.

                            


                    

                    

                      
                        	
                                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.  ln the event of any modification made to the pre-printed text of this document which is not clearly visible, the text 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.

                              


                        
                          
                            
                              
                                
                                  

                                  

                                  
                                    
                                      
                                        


                                    

                                    
                                      
                                        PART II

                                        "Shipman 98" Standard Ship Management Agreement

                                      

                                    

                                  

                                

                              

                              
                                

                                

                                
                                  	
                                          8.1(b)   The Owners shall place with the Manager for the duration

                                          of this Agreement an amount equal to three months of

                                          management fee stated in Box 15 as security.

                                           

                                          Upon termination of this Agreement, all moneys remaining

                                          within the security or any portion thereof, if the amounts due to

                                          the Manager pursuant with the obligations set forth in the

                                          management agreement and their addenda (if any) is less than

                                          the security amount paid as per above shall be returned to the

                                          Owner subject to the terms and conditions of this agreement.  It

                                          is being understood that in event of default from the part of the

                                          Owner is forfeited in favor of the Manager without prejudice to

                                          any rights which the Manager may have against the Owner in

                                          law or in equity.

                                          8.2   The management fee shall be to an annual a review

                                          on




                                                  the anniversary date of the Agreement and for each calendar

                                          year and will be automatically adjusted to the Greek CPI index

                                          for the previous year.  It is understood that any such increase

                                          will not be less than 3% and not more than 5%.  The proposed

                                          fee shall be presented in the annual budget referred to in sub-

                                          clause





                                                    9.1 clause 9.1

                                          8.3   The Managers shall, at no extra cost to the Owners, provide

                                          their own office accommodation, office staff, facilities and

                                          stationery.  Without limited 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

                                          the Management Services.

                                          8.4   In the event of the appointment of the Managers being

                                          terminated for any reason other than Clause 18.2 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” shall be 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 (3) 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.

                                          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.  For the

                                          avoidance of any doubt, it is understood that insurance is

                                          charged on a gross rate basis.

                                          8.7   In case of vessels under construction, no management fee

                                          will be charged by the Managers until the vessel's delivery to

                                          the Owners.  However, in case Owners instruct the Managers to

                                          supervise vessels under construction as per Clause 3.2(vi) then

                                          the Managers will be due an upfront fee equal to 10% of the

                                          budget approved by the Owners.  Such fee, will be payable in

                                          USD.  For the avoidance of any doubt the rest of the paragraphs

                                          of Clause 8 to remain in force.

                                           

                                          9.   Budgets and Management of Funds

                                          9.1   On or before November 30 of each calendar year The

                                          Managers shall present to the Owners annually a

                                          budget (see Annex “C”) for the following twelve months next

                                          calendar year in such form as the

                                          Owners reasonably 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).

                                          9.2   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.

                                          9.3   The Owner shall place with the Manager for the duration of

                                          this Agreement an amount equal to three months running

                                          expenses as working capital reserve.  For calculation purposes

                                          the reserve will be based on the agreed budgeted daily average

                                          cost as per the respective management agreement.  Upon

                                          termination of this Agreement all moneys remaining within the

                                          working capital reserve shall be returned to the Owner subject

                                          to the terms and conditions of this agreement.  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.

                                          9.4   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 on a yearly basis or

                                          at such other

                                          intervals as mutually agreed.

                                          9.5   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.  For the

                                          avoidance of any doubt financial force majeure does not apply.

                                          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 solely from the negligence, gross

                                          negligence or willful default of the Managers or 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 each 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.

                                          (i)  Notwithstanding anything that may appear to the contrary in

                                                this Agreement, the Managers shall not be liable for any of
                                              the

                                        


                                

                                

                                
                                  	
                                          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.  ln the event of any modification made to the pre-printed text of this document which is not clearly visible, the text 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.

                                        


                                  

                                  

                                

                              

                            

                          

                          
                            
                              


                          

                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          PART II

                                          "Shipman 98" Standard Ship Management Agreement

                                        

                                      

                                    

                                  

                                

                                
                                  

                                  

                                  
                                    	
                                            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 by 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,

                                            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 in accordance with sound accounting practice

                                            and an adequate and effective system of internal controls and

                                            procedures and shall make the same available for permit the

                                            inspection

                                            and auditing by the Owners and their Auditors 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 automatically renew for a five-year period and

                                            shall thereafter be extended in additional five-year increments if

                                            notice of termination is not provided by the Owners in the fourth

                                            quarter of the year immediately preceding the end of the

                                            respective term.  continue until terminated by either party giving

                                            to





                                                    the other notice in writing, in which event the Agreement shall

                                            terminate





                                                    upon the expiration of a period of two months from the

                                            date





                                                    upon which such notice was given.

                                             

                                            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

                                          


                                  

                                  

                                  
                                    	
                                            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.  ln the event of any modification made to the pre-printed text of this document which is not clearly visible, the text 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.

                                          


                                    

                                    

                                  

                                

                              

                            

                            
                              
                                


                            

                            PART II

                        

                        
                          
                            
                              "Shipman 98" Standard Ship Management Agreement

                            

                          

                        

                      

                    

                    
                      

                      

                      
                        	
                                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   Termination After Change of Control

                                This Agreement will terminate automatically immediately after a

                                change of control (as defined below) of the Owners and/or

                                the Owners ultimate parent.  Upon such termination, the Owners

                                will be required to pay the Manager the Termination Payment in

                                a single Installment.

                                For the purpose of this Agreement "Change of Control" means

                                the occurrence of any of the following:

                                (i)   The acquisition by any individual, entity or group of

                                beneficial ownership of fifty (50) percent (%) or more of either

                                (A)  the then-outstanding shares of stock of the Owner and/or

                                the Owners ultimate parent or (B) the combined voting power of

                                the then-outstanding voting securities of the Owner and/or the

                                Owners ultimate parent entitled to vote generally in the election

                                of directors;

                                (ii)   The consummation of a reorganization, merger or

                                consolidation of Owner and/or the Owners. ultimate parent or

                                the sale or other disposition of all or substantially all of the

                                assets of Owner and/or Owners ultimate parent.

                                (iii)   The approval by the shareholders of Owner and/or the

                                Owners ultimate parent of a complete liquidation or dissolution

                                of Owner and/or the Owners ultimate parent.

                                 

                                Further, for the purpose of this Agreement "Termination

                                Payment" means a payment to be received by the Manager in

                                the event of a Change of Control.  Such payment shall be equal

                                to the estimated remaining fees payable to the Manager under

                                the then current term of the agreement but in any case shall not

                                be less than for a period of 36 months and not more than a

                                period of 48 months.

                                 

                                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

                                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 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 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.

                                 

                                21.   Other Fees

                                21.1   Incentive Fee

                                At their sole discretion the Owners on an annual basis in order

                                to provide the Managers with a performance incentive, may

                                make a payment to the Managers of an incentive fee in addition

                                to the management fee,

                                21.2   Chartering

                                One and a quarter per cent (1.25%) of all monies earned by the

                                Vessel.  Such fee will be payable in USD.  For the avoidance of

                                any doubt and regardless of Clause 8.5, chartering commissions

                                shall survive the termination of this agreement under all

                                circumstances until the termination of the charter party in force

                                at the time or termination of any other employment arranged

                              


                      

                      

                      
                        	
                                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.  ln the event of any modification made to the pre-printed text of this document which is not clearly visible, the text 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.

                              


                        

                        

                      

                    

                  

                

                
                  
                    


                

                
                  PART II

                  "Shipman 98" Standard Ship Management Agreement

                  
                    

                    

                    	
                            previous to the termination date.

                            21.3  Sale and Purchase

                                One percent (1%) of any sale of the Vessel including 1% for the

                                construction.  Such fee will be payable in USD.

                          	 


                    

                    

                  

                  

                  

                  

                  

                  

                  	 
	
                          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.  ln the event of any modification made to the pre-printed text of this document which is not clearly visible, the text 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.