Exhibit 4.75

      

      

      

      Time Charter

      GOVERNMENT FORM

      Approved by the New York Produce Exchange

      November




            6th, 1913-Amended October 20th, 1921; August 6th, 1931; October 3rd, 1946

      

      

      This Charter Party, made




          and concluded in Athens the 19th day of November 2018....................................................................

      Between Lucina Marine Inc., Marshall Islands....................................................................................

      Owners of the good Malta Flag Steamship/Motorship M.V. "Pink Sands" – See Clause 29 for specification of

      of..................tons gross register, and ......................... tons net register, having
              engines of.....................indicated hours power

      and with hull, machinery and equipment in a thoroughly
              efficient state, and classed...........................................................

      at......................... of about ........................ cubic feet bale capacity, and about ......................... tons of 2240 lbs.

      deadweight capacity (cargo and bunkers, including fresh
              water and stores not exceeding one and one half percent of ship's deadweight capacity,

      allowing a minimum of fifty tons) on a draft of
          ... feet .......... inches on ........... Summer freeboard, inclusive of permanent bunkers,

      which are of the capacity of about
          ......................................... tons of fuel, and capable of steaming, fully laden, under good wather

      conditions about ...knots on a consumption of about ............................ tons of best Welsh coal best grade
              fuel oil best grade Diesel oil

      now under
              construction ............................

      and TMS Dry Ltd. Charterers of the Marshall Islands.

       
      Witnesseth, That the said Owners agree
          to let, and the said Charterers agree to hire the said vessel, from the time of delivery, for

      about an open ended period exact period in Charterers' Option, Owners have option to convert t/c to 12 months

       
      fixed rate t/c by giving Charterers 90 days notice, trading always via safe anchorage(s), safe
          berth(s), safe port(s),

       
      always afloat and always within Institute Warranty Limits, with lawful harmless bulk cargoes which to
          be loaded,

       
      stowed, carried, discharged in accordance with IMO recommendations and/or any other
          local/national regulations

       
      and always in conformity with Vessel's class certificate requirements.

      within below mentioned trading limits.

      Charterers to have liberty to sublet the vessel for all or any part of the time covered by this Charter, but Charterers
          remaining responsible for

      the fulfillment of this Charter Party.  Acceptance of delivery shall not constitute a waiver of Owners' obligations under this Charter.

       
      Vessel to be placed at
          the disposal of the Charterers, at on dropping last outward sea pilot one safe port Singapore/Japan range

       
      at any time, day or night, Sunday and Holidays included

      in such dock or at such wharf or place (where she may
              safely lie, always afloat, at all times of tide, except as otherwise provided in clause No.6), as

      the Charterers may direct.  If such dock, wharf or place
              be not available time to count as provided for in clause No.5.  Vessel on her delivery to be

      ready to receive cargo with clean-swept, holds and tight, staunch, strong and in every way fitted for the service, having water ballast, winches and

      donkey boiler with sufficient steam power, or if not
              equipped with donkey boiler, then other power sufficient to run all the winches at one and the same

      time (and with full complement of
          officers, seamen, engineers and firemen for a vessel of her tonnage), to be employed, in carrying lawful merchan-

      dise, including petroleum or its products, in proper
              containers, excluding as per Rider Clauses.............................................................

      (vessel is not to be employed in the carriage of Live
              Stock, but Charterers are to have the privilege of shipping a small number on deck at their risk,

      all necessary fittings and other requirements to be for
              account of Charterers), in such lawful trades, between safe port and/or ports in British North

      America, and/or United STaqtes of America, and/or West
              Indies, and/or Central America, and/or Caribbean Sea, and/or Gulf of Mexico, and/or

      Mexico, and/or South America....................................................................................................and/or Europe

      and/or Africa, and/or Asia, and/or Australia, and/or
              Tasmania, and/or New Zealand, but excluding Magdalena River, River St. Lawrence between

      October 31st and May 15th, Hudson Bay and all unsafe ports; also excluding, when out of season, White Sea, Black Sea and the Baltic

      Trading Exclusions
            – As per Rider Clauses  ................................................................................................................

      ........................................................................................................................................................................

      ........................................................................................................................................................................

      as the Charterers or their Agents shall direct, on the following conditions:

      1. That the Owners shall provide and pay for all provisions, wages and consular shipping and discharging fees of the Crew, see Rider Clause;

          shall pay for the insurance of the vessel, also for the all the cabin, deck, engine-room and other necessary stores, including boiler water

          and maintain her class and keep the vessel in a thoroughly efficient state in hull and holds,
          machinery and equipment for and during the

          service.

      2. That the Charterers whilst the vessel is on hire
          shall provide and pay for all the fuel except as otherwise agreed, Port Charges

          canal tolls, Pilotages, Agencies, Commissions, Garbage Removal, Consular Charges (except those pertaining to the Crew and vessel's flag),

          and all other usual expenses except those before stated, but when the vessels put into

          a port for causes for which vessel is responsible, then all such charges incurred shall be paid by the Owners.  Charterers to pay only for

            reasonably required tugboat assistance in port approaches, but always as it is customary for this type/size of the

            vessel regarding weather/tide conditions and place/port in question.  Fumigations ordered because of

          illness of the crew to be for Owners account.  Fumigations because of cargoes carried or ports visited while vessel employed under this

          charter to be for Charterers' account.  All other fumigations to be for Charterers' account after vessel has been on charter for a continuous

          period of six months or more.

      

      

      
        
          


      

      

      

      Charterers are to provide necessary dunnage and shifting boards, also any extra fittings requisite for a special trade or unusual cargo, but

      Owners to allow them the use of any dunnage, and shifting boards already aboard vessel.  Charterers to have the privilege of using shifting
          board

          for dunnage, they making good any damage thereto.

      3. That the Charterers, at the port of delivery, and the Owners at the port of re-delivery,
              shall take over and pay for all fuel remaining on

          board the vessel at the current prices in the respective ports, the vessel to be delivered with not less than .................tons and not more

          ................... tons and to be re-delivered with not less than.................. tons and not more than...............tons.

      4. That the Charterers shall pay for the use and hire of the said Vessel at the rate of see Clause 44.

               No payment of Bunkers on delivery.

      ................................. United States Currency per ton on vessel's
              total deadweight carrying capacity, including bunkers and

      stores, on ........................ summer freeboard, per Calendar Month, commencing on and from the day of her delivery, as aforesaid, and at

      and after the same rate for any part of a day month;
          hire to continue until the hour of the day of her re-delivery in like good order and condition,

      ordinary wear and tear excepted, to the Owners (unless lost) at on dropping last outward sea pilot one safe port passing Muscat

       
      outbound/ South Japan range including People's Republic of China/South
          Korea//Philippine Islands/Taiwan or

       
      Charterers' Option Skaw/Passero range including United Kingdom Continent, port in
          Charterers' Option, at anytime day

          or night Sundays and holidays included

      ............................. unless otherwise mutually agreed.  Charterers are to give Owners not less than ..........................days

      notice of vessels expected date of
              re-delivery, and probable port.

      5. Payment of said hire to be made in New York in cash in United States Currency, semi
              monthly every 15 days
              in advance, and for the last half month or

      part of same the approximate amount
              of hire, and should same not cover the actual time, hire is to be paid for the balance day by day, as it becomes

      due, if so required by Owners, unless
              bank guarantee or deposit is made by the Charterers, otherwise failing the punctual and regular payment of the

      hire, or bank guarantee, or on any
              breach of this Charter Party, the Owners shall be at liberty to withdraw the vessel from the service of the Char-

      terers, without prejudice to any
              claim they (the Owners) may otherwise have on the Charterers.  Time to count from 7 a.m. on the working day

      following that on which written
              notice of readiness has been give to Charterers or their Agents before 4 p.m., but if required by Charterers, they

      to have the privilege of using vessel
              at once, such time used to count as hire.

      Cash for vessel's ordinary disbursements at any port may be advanced as required by the Captain, by the Charterers or their Agents, subject

      to 21⁄2% commission and such advances shall be deducted from the hire. The Charterers,  however, shall in no way be responsible for the
          application

      of such advances and in
            case Owners outlays are disputed, Owners are to settle disputed items with agents involved directly.

      6. That the cargo or cargoes be laden and/or discharged in any dock or at any wharf or place that Charterers or their agents may

      direct, provided the vessel can safely lie always afloat at any time of tide, except at such places where it is customary for similar size vessel to safely

      lie aground.

      7. That the whole reach of the Vessel's Hold, Decks, and usual places of
          loading (not more than she can reasonably stow and carry), also

      accommodations for Supercargo, if carried, shall be at the Charterers' disposal, reserving only proper and sufficient space for Ship's
          officers, crew,

      tackle, apparel, furniture, provisions, stores and fuel. Charterers have the privilege of passengers as far as accommodations allow, Charterers

      paying Owners.......... per day per passenger for accommodations and meals. However, it is agreed that in case any fines or extra expenses are

      incurred in the consequence of the carriage of
              passengers, Charterers  are to bear such risk and expense.

      8. That the Captain shall prosecute his voyages with the utmost despatch, and shall render all customary assistance with ship's crew and

      boats, The Captain (although appointed by the Owners), shall be under the orders and directions of the Charterers as
          regards vessel's employment

      and

      agency; and Charterers are to load, stow, and trim, tally and discharge the cargo at their expense under the supervision of the Captain,

      who is to sign Bills of Lading, for

      cargo as presented, in conformity with Mate's or Tally
              Clerk's receipts without prejudice to this Charter Party.

      9. That if the Charterers shall have reason to be dissatisfied with the conduct of the Captain, Officers, or Engineers, the Owners shall on

      receiving particulars of the complaint, investigate the same, and, if necessary, make a change in the appointments.

      10. That the Charterers shall have permission to appoint a Supercargo, who shall accompany the vessel and see that voyages are prosecuted

      with the utmost despatch. He is to be furnished with free accommodation, and same fare as provided for Captain's table, Charterers paying at
          the

      rate of U.S. $10.00




          per day. Owners to victual Pilots and Customs Officers, and also, when authorized by Charterers or their Agents, to victual Tally

      Clerks, Stevedore's Foreman, etc., Charterers paying as per Rider Clauses. at the current rate per meal, for all such victualling.

      11. That the Charterers shall furnish the Captain from time to time with all requisite instructions and sailing directions, in writing and/or, and the

      Captain shall keep a full and correct Log of the voyage or voyages, which are to be patent to the Charterers or their Agents, and furnish the
          Char-

      terers, their Agents or Supercargo, when required, with a true copy of daily Logs, showing the course of the vessel and distance run and the
          con-

      sumption of fuel.

      12. That the Captain shall use diligence in caring for the care and the ventilation of the cargo. The Vessel's holds are naturally
            ventilated only.

      13. That the Charterers shall have the option of
              continuing this charter for a further period of

      ........................................................................................................................................................................

      14. That if required by Charterers, time not to commence before the 20th November 2018 at 00:01 hrs and should vessel

      not have given written notice of
              readiness been delivered on or before the 15th December 2018 24:00 hrs but not later than 2400 hours

      4 p.m. Charterers  or

      their Agents to have the option of canceling this Charter at any time not later than the day of vessel's readiness. See also Clause 82.

      15. That in the event of the loss of time from default and/or
          deficiency of men or stores, fire, breakdown or damages to hull,

      machinery or equipment,

      grounding, detention by average accidents to ship or cargo, drydocking for the purpose of examination or painting bottom, or by any other
          cause

      preventing the full working of the vessel, the payment of hire shall cease for the time thereby lost until the Vessel has returned to the

      
        
          


      

      

      

      same
            or equivalent position, and if upon the voyage the speed be reduced by

        

      defect in or breakdown of any part of her hull, machinery or equipment, the time so lost, and the cost of any extra fuel consumed in
          consequence

      thereof, and all extra expenses shall be deducted from the hire.

      16. That should the Vessel be lost, money paid in advance and not earned (reckoning from the date of loss or being last heard of) shall be

      returned to the Charterers at once. The act of God, enemies, fire, restraint of Princes, Rulers and People, and all dangers and accidents of
          the Seas,

      Rivers, Machinery, Boilers and Steam Navigation, and errors of Navigation throughout this Charter Party, always mutually excepted.

      The vessel shall have the liberty to sail with or without pilots, to tow and to be towed, to assist vessel in distress, and to deviate for the

      purpose of saving life and property.

      17. That should any dispute arise between Owners and the Charterers, the matter in dispute shall be referred to three persons at London New York,

      one to be appointed by each of the parties hereto, and the third by the two so chosen; their decision or that of any two of them, shall be
          final, and for

      the purpose of enforcing any award, this agreement may be made a rule of the Court. The Arbitrators shall be commercial
          shipping men. Said

      three persons to be shipping men who are members of the London Maritime
          Arbitrators' Association. Notwithstanding 

      anything contained in the Arbitration Clause to the contrary should neither the
          claim nor the counter-claim exceed

      US$ 100,000 (one hundred thousand United States dollars), exclusive of interest
          on the sum claimed, costs of the arbitration 

      and legal fees, if any, it is hereby agreed the dispute is to be governed by the
          London Maritime Arbitrators Association 

      Small Claims Procedure 2002.

      18. That the Owners shall have a lien upon all cargoes, and all sub-freights, sub-hires for any amounts due under this Charter, including General Aver-

      age contributions, and the Charterers to have a lien on the Ship for all monies paid in advance and not earned, and any overpaid hire or
          excess

      deposit to be returned at once. Charterers will not suffer, nor permit to be continued, any lien or encumbrance incurred by them or their
          agents, which

      might have priority over the title and interest of the owners in the vessel.

      19. That all derelicts and salvage shall be for Owners' and Charterers' equal benefit after deducting Owners' and Charterers' expenses and

      Crew's proportion. General Average shall be adjusted, stated and settled, according to Rules 1 to 15, inclusive, 17 to 22, inclusive, and Rule F of

      York-Antwerp Rules 1992 1994 and any amendments thereto. 1924, at
              such port or place in the United States as may be selected

      by the carrier, and
          as to matters not provided for by these

      Rules, according to the laws and usages at the port of London, New York.  In such adjustment disbursements in foreign currencies shall be

      exchanged into

      United States money at the rate
              prevailing on the dates made and allowances for damage to cargo claimed in foreign currency shall be converted at

      the rate prevailing on the last day
              of discharge at the port or place of final discharge of such damaged cargo from the ship. Average agreement or

      bond and such additional security, as
              may be required by the carrier, must be furnished before delivery of the goods.  Such cash deposit as the carrier

      or his agents may deem sufficient as
              additional security for the contribution of the goods and for any salvage and special charges thereon, shall, if

      required, be made by the goods,
              shippers, consignees or owners of the goods to the carrier before delivery. Such deposit shall, at the option of the

      carrier, be payable in United States
              money and be remitted to the adjuster. When so remitted the deposit shall be held in a special account at the

      place of adjustment in the name of
              the adjuster pending settlement of the General Average and refunds or credit balances, if any, shall be paid in

      United States money.
          Hire not to contribute to General Average.

       In the event of accident, danger, damage, or disaster, before or after commencement of the voyage resulting from any cause whatsoever,

      whether due to negligence or not, for
              which, or for the consequence of which, the carrier is not responsible, by statute, contract, or otherwise, the 

      goods, the shipper and the consignee,
              jointly and severally, shall contribute with the carrier in general average to the payment of any sacrifices,

      losses, or expenses of a general
              average nature that may be made or incurred, and shall pay salvage and special charges incurred in respect of the

      goods. If a salving ship is owned or
              operated by the carrier, salvage shall be paid for as fully and in the same manner as if such salving ship or

      ships belonged to strangers.

       Provisions as to General Average in accordance with the above are to be included in all bills of lading issued hereunder.

      20. Fuel used by the vessel while off hire, also for cooking condensing water, or for grates
              and stoves to be agreed to as to quantity, and the

      cost of replacing same, to be allowed
              by Owners.

      21. That as the vessel may be from time to time employed in tropical waters during the term of
              this Charter, Vessel is to be docked at a

      convenient place, bottom cleaned and painted whenever Charterers and Captain think
            necessary at least once in every six months, reckoning from
      time of last painting, and payment of
              the hire to be suspended until she is again in proper state for the service.

      In case of unforeseen circumstances it is Owners' privilege to dry dock and/or
          repair the vessel at any time during the

      currency of the Charter Party.

      22. Owners shall maintain the gear of the ship as fitted, providing gear (for all derricks)
              capable of handling lifts up to three tons, also

      providing ropes, falls, slings and
              blocks. If vessel is fitted with cranes derricks capable of handing heavier lifts, Owners are to provide necessary gear for

      same, otherwise equipment and gear
              for heavier lifts shall be for Charterers' account. Owners also to provide on the vessel lanterns and oil for

      night work. and vessel to give use of
              electric light when so fitted, but any additional lights over those on board to be at Charterers' expense. The

      Charterers to have to the use of any
              gear on board the vessel.

      23. Vessel to work night and day, if required by Charterers, and winches to be at Charterers'
              disposal during loading and discharging:

      steamer to provide one winchman per
              hatch to work winches day and night, as required, Charterers agreeing to pay officers, engineers, winchmen,

      deck hands and donkeymen for overtime
              work done in accordance with the working hours and rates stated in the ship's articles. If the rules of the

      port, or labour unions, prevent crew
              from driving winches, shore Winchmen to be paid by Charterers. In the event of a disabled winch or winches, or

      insufficient power to operate
              winches, Owners to pay for shore engine, or engines, in lieu thereof, if required, and pay any loss of time occasioned,

      thereby.

      24. It is also mutually agreed that this Charter is subject all the terms and provisions of an
              all the exemptions from liability contained

      in the Act of Congress of the United
              States approved on the 13th day of February, 1893, and entitled "An Act relating to Navigation of Vessels;

      etc., "in respect of all cargo
              shipped under this charter to or from the United States of America. It is further subject to the following clause, both

      of which are to be included in all
              bills of lading issued hereunder:

      U.S.A.




              Clause Paramount

      

      

      
        
          


      

      

      

      This bill of loading shall have
              effect subject to the provisions of the Carriage of Goods by Sea Act of the United States, approved April

      16, 1936, which shall be deemed to be
              incorporated herein, and nothing herein contained shall be deemed a surrender by the carrier of

      any of its rights or immunities or an
              increase of any of its responsibilities or liabilities under said Act. If any terms of this bill of lading

      be repugnant to said Act any extent,
              such terms shall be void to that extent, but no further.

      Both to Blame Collision Clause

      If the ship comes into collision with
              another ship as a result of the negligence of the other ship and any act, neglect or default of the

      Master, mariner, pilot or the
              servants of the Carrier in the navigation or in the management of the ship, the owners of the good carried

      hereunder will indemnify the Carrier
              against all loss or liability to the other or non-carrying ship or her owners in so far as such loss

      or liability represents loss of, or
              damage to, or any claim whatsoever of the owners of said goods, paid or payable by the other or non-

      carrying ship or her owners to the
              owners of said goods and set off, recouped or recovered by the other or non-carrying ship or her

      owners as part of their claim against
              the carrying ship or carrier.

      25. The vessel shall not be required to force ice or follow
            ice breakers or enter any ice-bound port, or any port where lights or

      light-ships have been or are about to be with-drawn by reason of ice, or where there is risk that in the ordinary course of things the 

      vessel will not be able on account of ice to safely enter the port or to get out after having completed loading or discharging. See Clause 35.

      26. Nothing herein stated is to be construed as a demise of the vessel to the Time Charterers. The owners to remain responsible for the

      navigation of the vessel, insurance, crew, and all other matters, same as when trading for their own account.

      27. A commission of 2-1/2 1,25 per cent is payable by the Vessel and Owners to TMS DRY LTD.

      ............................................................................................................................................................................

      on hire earned and paid under this Charter, and also upon any continuation or extension of this Charter.

      28. An address commission of 2-12 3,75 per cent payable to the Charterers on the hire earned
          and paid under this Charter.

      

      

      Clause 29 to 121 both inclusive, as attached hereto, are deemed to be fully
          incorporated in this Charter Party.

      

      

      

      

      THE OWNERS

      

          

          

          

          /s/Lucina Marine Inc.

          LUCINA MARINE INC.

      

      

      
        
          


      

      Clause 29 - Vessel's
              Description:

      MV 'PINK SANDS' - ALL DETAILS 'ABOUT'

      GEARLESS BULK CARRIER - MALTA FLAG

      BUILT 2016/JIANGSU YANGZIJIANG SHIPBUILDING GROUP LTD

      CLASS: ABS

      SUMMER DWT 208.931 MT AT 18,421M SW DRAFT

      WINTER DWT 203.509 MT AT 18.038M SW DRAFT

      TROPICAL DWT 214.356 MT AT 18,804M SW DRAFT

      TPC FULL LOAD ABT 141.8 MT - FWA 0,42 M

      LOA/LBP/BEAM/DEPTH: 299.95/294.40/50.00/24,90M

      INTERNATIONAL  GRT/NRT  107.665/66.786

      STRENGTHENED FOR HEAVY BULK CARGOES WITH HOLDS 2-4-6-8 MAY BE EMPTY

      

      

      9 HO/HA

      SIDE ROLLING HATCH COVERS

      HATCH DIMS: 1) 15.68X19.60M - 2 TO 8) 15.68X23.20M 9) 15,68X21,40M

      

      

      HOLD GRAIN CAP BSS 100 PCT ABT 223.194 cbm

      HOLDWISE CAP CBM:

      1) 22608.3

      2) 28103.9

      3) 28175.6

      4) 22460.1

      5) 22415.6

      6) 23446.7

      7) 23162.1

      8) 28170.7

      9) 24651.0 - ALL ABT

      SPEED/CONS:

          SPEED AND CONS AT SEA ALW UNDER GOOD WEATHER CONDITIONS, I.E. WINDS UPTO BEAUFORT SCALE FORCE 4 (MAX 16 KN) AND TOTAL COMBINED (SEA AND SWELL) SIGNIFICANT WAVE HEIGHT UPTO DOUGLAS SEA STATE 3 (0.5-1.25M) WITH NO ADVERSE CURRENTS OR
          NEGATIVE INFLUENCE OF SWELL. FAVOURABLE CURRENTS ARE NOT TO BE TAKEN INTO ACCOUNT.

      SERVICE SPEED/CONS:

          BALLAST: ABT 15KN AT ABT 58MT HSFO + ABT 0,2MT MGO

          LADEN: ABT 14KN AT ABT 58MT HSFO + ABT 0,2MT MGO

      DURING IDLE PERIODS AT ANCHORAGE OR AT PORTS:

          ABT 4,5 MT HSFO/DAY PLUS ABT 0,2MT MGO/DAY

      DURING LOADING/DISCHARGING OPERATIONS:

          ABT 6MT HSFO/DAY PLUS ABT 0,2MT MGO/DAY

      ECO/SPEED CONS:

          BALLAST: ABT 13KN AT ABT 37MT HSFO + ABT 0,2MT MGO

          LADEN: ABT 12KN AT ABT 39MT HSFO + ABT 0,2MT MGO

      ULTRA ECO SPEED/CONS GIVEN 'WITHOUT GUARANTEE', ALW SUBJ TO SAFE OPERATIONAL PARAMETERS OF M/E, FOR
          REFERENCE ONLY, WHILE STEAMING AT ULTRA ECO SPEED WEATHER ROUTE ANALYSIS NOT TO APPLY:

          BALLAST: ABT 11KN AT ABT 31MT HSFO + ABT 0,2MT MGO

          LADEN: ABT l0KN AT ABT 30MT HSFO + ABT 0,2MT MGO

      
        
          


      

      

      

      QUALITY OF BUNKERS TO BE IN ACCORDANCE WITH ISO 8217:2010 RMG 380 FOR HEAVY FUEL
          OIL AND DMA FOR MGO. CHARTERERS TO COMPLY WITH FUEL OIL/MGO SULPHUR CONTENTS WHEN VESSELS ENTERING AND TRADING IN SECA (SULPHUR EMMISSION CONTROL AREAS) INCLUDING CHINA AS PER LATEST AMENDMENTS.

      VSL TO HAVE LIBERTY TO USE ANY OVERPERFORMANCE AT ANY TIME DURING THE CURRENCY
          OF THIS CP TO OFFSET ANY UNDERPERFORMANCE AND/OR STOPPAGES. VESSEL TO HAVE LIBERTY OF USING MGO AT START/STOP/SWITCH GENERATOR ENGINE AT SEA, WHEN ENTERING/LEAVING PORT, MANEUVERING IN SHALLOW/NARROW WATERS,CANALS, RIVERS AND AT OTHER LIMITED
          OCCASIONS.

      FUEL OIL CAP: 5989.6 CBMTRS / MARINE GAS OIL CAP : 576,6 CBMTRS /

      BALLAST CAP: 67.078.2 CBMTRS EXCL CHOLD NR 6 / 90524.9 CBMTRS INCL CHOLD NR 6
          (HEAVY BALLAST)

      PORT BALLAST HOLDS H2: 23888.3 (85%) - H4: 13925 (62%) - HS: 24226.80 (86%)

      ALL DETAILS 'ABOUT'

      ++

      VESSEL'S CONTACT DETAILS:

          FBB 773925500

          FBB FAX 783937544

          Email: pinksands@gtships.com

      Clause 30 - Ocean
              Routes

      Charterers have the right to use weather routing service for monitoring vessel's route and performance. Charterers to
          nominate the weather routing service but Owners to appoint them on Charterers' request. Cost to be shared between Charterers and Owners. In case of discrepancy between the weather routing service data and Master's deck logs then the weather
          reports of national shore weather stations to apply as to the weather and admiralty ocean pilot charts to apply as to the current factor. WNI always excluded.

      Clause 31 - Diesel
              Oil in Port

      The vessel is to have the liberty of using diesel oil when entering and leaving port and for manoeuvring in shallow
          narrow waters, provided such usage is determined to be essential for the safe manoeuvring of the vessel, always at the discretion of the Master.

      Clause 32 -
              Communication equipment

      The vessel shall, as a minimum, be equipped with wireless telegraph and VHF telephone to comply with International
          regulations and to allow vessel to communicate with land stations. Master, Senior Officers and Radio Officer to be fully conversant with the English language.

      Clause 33 -
              Re-measurement

      Charterers have the option to re-measure vessel's deadweight, subject to Owners' classification society approval, at
          Charterers' time and expense. Charterers to restore original deadweight before redelivery at their time and expense.

      
        
          


      

      

      

      Clause 34 -
              Permitted Cargoes

      Sole cargoes allowed: Coal, Iron Ore, Iron Ore Concentrates, Iron Ore Pellets, Iron Ore Fines, Manganese Ore, always
          excluding: DRI /DRIP / HBI / Petcoke / Sponge Iron / Pig Iron.

      In case of loading/discharging at Canadian port(s) then only homogeneous loading to take place (i.e. no alternate
          holds loading, no block stowage) always in accordance with Vessel's class approved loading manual.

      Clause 35 - Trading
              Exclusion

      Iceland, Sweden, Finland, Norway,Denmark, East Coast Canada between 15thDecember / 25th April, Jorf Lasfar,
          'Bulkwayuu' in Maracaibo, Libya including Gulf of Sidra / Sirte, Lebanon, Syria, Israel, former Yugoslavia but Croatia and Slovenia allowed, Albania, Turkish occupied Cyprus, Azov sea, Gulf of Aqaba, Ethiopia, Iran, Iraq, Somalia, Eritrea, Angola
          including Cabinda, Namibia, CIS Pacific, Liberia, Nigeria, Sierra Leone, Cambodia, North Korea, Haiti, Cuba, Yemen, Sudan, Sri Lanka, Georgia including Abkhazia, Hokaido, Orinoco River, Amazon River, Nicaragua, Democratic Republic of Congo
          (formerly Zaire), Murmansk, Alaska, any war risks and/or war like areas and zones, and any countries to which U.S.A./U.N. sanctions from time to time are imposed.

      No direct trading between Peoples' Republic of China / Taiwan.

      Furthermore, subject to change by the war risks underwriters, excluded are also Indian Ocean / Arabian Sea / Gulf of
          Aden / Gulf of Oman / Southern Red Sea, the waters enclosed by the following boundaries:

      - On the north-west, by the Red Sea, south of latitude 15n

      - On the west of the Gulf of Oman by longitude 58e

      - On the east, longitude 78e

      - And on the south, latitude 12s Except coastal waters of adjoining territories up to 12 nautical miles Offshore.

      Owners will transit and trade the west coast of India within the 12nm Zone but will allow vessel to navigate outside
          of the 12nm zone at the following areas which are subject to additional premium for Charterers' account:

      A) Gulf of Khambhat - Malacca banks

      B) Oil field area off Mumbai (restricted area)

      C) Gulf of Kachchh &Delta of Indus, and

      D) Sonmiani Bay Pakistan

      Ship is not allowed to approach within 50 nautical miles of the north coast of Somalia, or within 100 nautical miles
          of the Socotra Archipelago, or within 200 nautical miles of the east coast of Somalia.

      Ice free ports/trading. Vessel not to force ice nor to be ordered to follow ice-breaker(s).

      Clause 36
          - Deleted

      Clause 37 -
              Delivery/Redelivery Range and notices Itinerary

      Charterers undertake to inform the Owners, during the period of Charter, as regards to the itinerary of the vessel and
          the names and full styles of their Agents at ports of call whenever so required by the Owners.

      The Owners shall provide the Charterers with 3/2/1 day definite notice of the estimated time of delivery.

      The Charterers shall provide the Owners with a minimum of 30/20/15 days redelivery notice including country of
          redelivery and further 10 days approximate notice and 5/3/2/1 day definite notice of the estimated time of redelivery.

      
        
          


      

      

      

      Clause 38 -
          Deleted

      Clause 39 - Joint
              Survey

      A joint on-hire bunker/condition survey to be conducted at delivery port in Owners time if survey is not available at
          delivery port then it will be conducted at first loading port in Owners' time unless vessel is rendering service to Charterers. Expenses to be shared equally between Charterers and Owners. A joint off-hire survey for the purpose of determining
          the condition of the Vessel, her equipment and quantities of bunkers on board shall be held at last discharging port in Charterers' time. The expenses of such survey shall be shared equally between Owners and Charterers.

      Clause 40 - Holds'
              Condition and Cleaning

      All holds on arrival at Charterers 1st load port to be clean swept and dried up in every respect to load Charterers
          intended cargo and to pass relevant surveyors/authorities inspection. If holds fail to pass such inspection, vessel to be put off hire until reinspection passed. It is however understood and agreed that should holds partially failed such
          inspection and loading operations take place in those holds passed then, in case there is loss of time for Charterers, the Vessel will be placed off-hire pro rata to the number of holds rejected only.

      In lieu of hold cleaning on redelivery: USD 6,500.- lump sum excluding removal of dunnage / debris / etc which
          Charterers confirm will remove from the ship prior redelivery.

      For intermediate holds cleaning between legs, crew shall clean cargo compartments in preparation for the next cargo if
          Charterers so require. Such cleaning work shall be done in the same efficient manner as if the Vessel was trading for Owners' account. Charterers shall pay Owners USD 750.- per hold cleaned prior to the next loading. The Vessel shall remain
          on-hire during cleaning and Owners not to be responsible if the Vessel fails to pass any inspection after cleaning.

      Clause 41 - Bunkers

      Bunkers' quantities and prices to be advised.

      Bunkers on redelivery to be same quantities as actually delivery. No payment of bunkers on delivery/redelivery.

      Owners to have the right to bunker the vessel prior redelivery under this charter provided same does not interfere
          with Charterers' operations.

      During service Charterers always to arrange bunkering to take place inside port limits or at a safe usual bunker
          anchorage and Charterers never to attempt to place bunkers in the vessel outside port limits or in high seas.

      Clause 42 - Owners'
              Expenses

      Owners also to provide and pay for all other expenses of Officers and crew including immigration fees and also all
          consular fees necessitated because of vessel's flag or nationality of Owners and lubricating oils. Vessel is to have on board all certificates necessary to comply with requirements at ports of call and canals for and during the service, failing
          which Owners are to be responsible for all time whilst

      Vessel is unable to perform the services immediately required and for substantiated e incurred thereby. Charterers are
          to pay for compulsory, customary and port pilots.

      
        
          


      

      

      

      Clause 43 -
              Insurance/P and I cover

      43.1 Owners warrant that throughout the currency of this Charter Party the vessel shall be fully covered by leading insurance companies/international P and I Clubs acceptable to
          the Charterers against Hull and Machinery, War and Protection and Indemnity Risk. Costs of such cover to be at the sole expense of Owners.

      43.2 If required by the Charterers, prior to commencement of the Charter or at any other time, the Owners shall procure that the Managers of the Hull and Machinery insurance and
          the Protection and Indemnity Association shall give the Charterers proper evidence that the vessel is fully covered by the Owners.

      43.3             Insurance full style and value (to be advised upon request):

                              Hull and Machinery: War risks:

                              Protection and Indemnity risks: 

      Clause 44 - Hire

      Hire: Index (CS4TC) plus 12,5 pct to be settled at end of each month. First hire to be paid at Index of the day of
          delivery based on CS4TC plus 12,5 pct which to be adjusted at end of the month vessel delivers according to actual figures. Hire shall be paid in arrears at the first day of each month, based on average prices of preceding month. In case Owners
          declare their option to convert to 12 months t/c, rate will be as per forward curve taken by 2 independent FFA brokers to be agreed upon between Owners and Charterers.

      BANK DETAILS: To be advised

      Clause 45 -
              Withholdings

      Charterers are to have the right to withhold Owners' items and estimated amount for bunkers from the last hire
          payments, any balance for bunker value is to be settled in the final hire statement. Undisputed off hires and actual Owners' disbursements may be deducted by Charterers from the Charter hire during the period of the Charter Party. Such deductions
          will be finalized when proper statements/vouchers are submitted which is to be as soon as possible.

      Clause 46 - Banking
              Delays

      Referring to Lines 60 and 61 of New York Produce Exchange printed form, where there is default of payment as
          specified, the Owners will notify the Charterers whereupon the Charterers shall make payment of the amount due without interest within three (3) working/banking days of notification from the Owners, failing which the Owners will have the right to
          withdraw the vessel from service of the Charterers, without prejudice to any claim the Owners may otherwise have on the Charterers under this Charter.

      
        
          


      

      

      

      Clause 47 - Taxes

      Charterers shall pay and keep Owners fully indemnified and hold them harmless in respect of all local, state, national
          taxes and/or dues assessed on the vessel and/or the Owners and/or cargo and/or in respect of hire, sub-hire, freight, sub-freight or any other income payable under this Charter Party or in respect of the vessel's employment hereunder, including
          but not limited to Chinese Enterprise (Corporate) Income Tax, Chinese Business Tax and U.S.A. Gross Transportation Tax, whether assessed during or after the currency of this Charter Party. All taxes and/or dues levied by the country of the flag
          of the vessel or the Owners shall be for Owners' account.

      Clause 48 -
              Breakdown or Accident

      Should the vessel be put back whilst on voyage by reason of an accident or breakdown, or in the event of loss of time
          either in port or at sea or deviation upon the course of the voyage caused by sickness or accidents to the crew or any person on board the vessel (other than supercargo and/or other persons travelling by request of the Charterers), the hire shall
          be suspended from the time of the inefficiency until the vessel is efficient in the same or equivalent position and voyage resumed therefrom, and all substantiated extra expenses directly incurred thereby including bunkers consumed during period
          of suspended hire shall be for Owners' account.

      Clause 49 -
              Stevedore Damage

      The stevedores although appointed and paid by Charterers/shippers/receivers and or their agents are to work under the
          supervision of the Master who is responsible for the safety of the Vessel. The Charterers shall be responsible for any and all damage to the Vessel, or loss or damage to her equipment caused by stevedores during the currency of this charter party
          provided the Master has reported to the Charterers or their agents within 24 hours from discovery of the damage(s) unless case of hidden damage. The Charterers shall have the liberty to redeliver the Vessel without repairing the damages as long
          as same do not affect the Vessel's seaworthiness/class in which case Charterers undertake to reimburse Owners before redelivery the cost of repairs against production of repairs cost estimated by repairers or dockyard unless otherwise agreed.
          Should stevedores damage to the Vessel or her fittings/equipment affect Vessel's seaworthiness/class, then Charterers to arrange for an immediate repair to class-surveyor's satisfaction at their time/expense.

      Clause SO - Grab
              Discharge

      Vessel is to be suitable for normal size grab discharge and no cargo to be loaded in places inaccessible to grab
          discharge. Charterers are to have the privilege of using bulldozers/pay loaders with rubber types / tracks in vessel's holds provided their weight not to exceed vessel's tank-top, deck strength, whichever applicable in ports where stevedores
          cannot supply bulldozers or payloaders with rubber wheels / belts then other equipment provided by stevedores for discharging will be allowed.

      Clause 51 - Mobile
              Cranes

      Charterers to have the option of placing mobile cranes on deck at their sole risk and expense, always at Master's
          discretion and consistent with vessel's deck strength / characteristics. Owners will appoint class surveyor at Charterers' expense, to attend during placement of cranes to ensure safe/proper installation. All works during installation /
          dismantling and restoration operations to be performed to master's / class surveyor's satisfaction.

      Cutting and/or welding of hatchcovers is not allowed. Any modification effected to Vessel's deck and/or damage
          suffered during the above mentioned works is to be repaired and Vessel is to be restored to its original condition always to the satisfaction of the Master and class surveyor at the Charterers' sole risk and expense.

      
        
          


      

      

      

      Furthermore any material required by the Master and class surveyor for the installation of the mobile cranes and the
          restoration as above mentioned, shall be for Charterers' account.

      Clause 52

      Owners option break t/c, at any time, with 60 days notice.

      Clause 53 - Boycott

      Should the vessel be boycotted, picketed, blacklisted or similar incident at any port or place by shore and/or port
          labour and/or tugboats and/or pilots, and/or competent authority, by the terms and conditions on which members of the officers, crew were employed, or by reason of vessel's flag and or ownership, any substantiated extra expenses directly incurred
          thereby are to be for Owners' account and Charterers are entitled to put the Vessel off-hire for any time during which Vessel is unable to perform the services immediately required.

      Clause 54 - I.T.F.

      Owners guarantee that the vessel is, and will remain during the whole period of this Charter fully acceptable to the
          I.T.F. or equivalent fitted as far as conditions of crew, employment contracts, wages, etc. are concerned.

      In the event that the vessel is delayed by reason of boycotts, strikes, labour stoppages or other actions by the
          I.T.F. against the vessel due to employment conditions, time so lost shall be considered as off-hire, and proven costs directly resulting therefrom are to remain for Owners' account.

      Clause 55 - Arrest

      Should the vessel be arrested during the currency of the Charter Party at the suit of any person having or purporting
          to have a claim against or any interest in the vessel, hire under this Charter Party shall not be payable in respect of any period whilst the vessel remains under arrest or remains unemployed as a result of such arrest. The clause shall be
          inoperative should the arrest be caused through any act or omission of the Charterers.

      Clause 56 - Lack of
              Crew Members

      Any time lost by the vessel by reason of none or more required crew members not being on board when the vessel is
          ready to sail, or by reason of a strike, stoppage or refusal to work by any crew is to be for Owners' account and expenses for keeping waiting or cancelling tugs, pilot or mooring boat are to be for Owners' account

      Clause 57 -
              Blacklisting

      Owners warrant that at the commencement of this Charter Party, the vessel is not blacklisted by the United States of
          America and/or Canadian authorities and/or longshoremen associations nor by Scandinavian, Australian, South African and/or ARAB countries.

      Clause 58 - Bills
              of Lading

      In case original Bills of Lading are not available prior to Vessel's arrival at discharging port Owners to allow
          discharge/delivery of the cargo against Charterers' LO.I. in Owners' P+I club standard wording issued on the Charterers' letter head and stamped/signed by a designated official of the Charterers only, without bank counter signature.

      
        
          


      

      

      

      The Charterers will fax the LO.I. together with copy of the Bills of Lading which will be issued to Owners managers'
          office in Greece (fax number 210-3441655) for their approval. Thereafter the Charterers will immediately send by courier mail the original LO.I., faxing also the courier airway bill to Owners managers.

      This procedure to take place promptly enough prior to Vessel's arrival at destination, being understood that the
          Owners will instruct the Master to release the cargo only after having found all in order and after having received Charterers' fax with the courier airway bill.

      Furthermore Charterers hereby undertake the obligation to mail the original accomplished bills of lading to Owners
          managers when same available but latest within two months after discharge in which case Owners/managers will courier back to Charterers the LO.I.

      Seawaybills permitted only for Japan discharge provided they are marked "subject to Hague-Visby rules".

      Clause 59 -
              Certificates

      The Owners warrant that throughout the currency of this Charter Party, the vessel shall to be in possession of any
          necessary valid certificates enabling the vessel to perform the Charter Party and to comply with all applicable requirements, regulations and recommendations, including but not limited to:

      Tonnage and measurement certificates Classification and Trading certificates

      Certificates issued pursuant to the Civil Liability Convention 1969 (C.LC.) which is applicable to OBOS and tankers
          Certificates issued pursuant to Section 311 (P) of the U.S. Federal Water Pollution Control Act, as amended (title 33 U.S. Code, Section 1321 (P)

      Certificates of Financial Responsibility to trade to U.S. waters or to the waters of any other country relevant under
          this Charter Party ISM certificates Brazilian Authorities' DPC approval to be in order Certificates pertaining to the Crew

      Any time lost or other consequence of any failure to comply with this warrant shall be for Owners' account

      Clause 60 - SUEZ
              Certificates:

      As from first passage of SUEZ CANAL under this Charter, vessel will have onboard current valid Suez Canal
          Certificates, and will so comply with all applicable requirements, regulations and recommendations as to avoid any delay in transit of canal, failing which time expenses to be for Owners' account.

      Clause 61 -
              Vaccination Certificates

      Owners shall be responsible for and arrange at their own expense that the Master, officers and crew of the vessel to
          be vaccinated and to be in possession of valid vaccination certificates on delivery of the vessel and throughout the period of this Charter Party. Any time lost and or additional expenses incurred due to failure to provide such certificates shall
          be for Owners' account

      Clause 62 -
              Quarantine

      Normal quarantine time and expenses to enter port are to be for Charterers' account. Any extra time or detention and
          expenses for quarantine due to pestilence and illness of the vessel's Master, Officers and crew are to be for Owners' account, but if quarantine detention is on account of the vessel having been sent by Charterers to any infected port, such
          detention time and expenses are to be for Charterers' account.

      
        
          


      

      

      

      Clause 63 -
              Fumigation

      Owners are to supply valid deratisation certificate on vessel's delivery and if same does not cover whole period of
          this Charter Party, cost of fumigation (in case fumigation is needed) shall be for Owners' account and time so required is not to count unless fumigation is required on account of cargo carried or ports visited while vessel is employed under this
          Charter Party in which case, cost and time are to be for Charterers' account.

      Clause 64 -
              Compliance with U.S. Safety and Health Regulations

      If the vessel calls at any U.S. port for the purpose of loading or discharging cargo, the vessel's equipment shall
          comply with regulations established under U.S. Public Law 85-742 part 9 (Safety and Health Regulations for Longshoring) or any subsequent amendments.

      If longshoremen are not permitted to work due to the failure of master and or Owners to comply with the aforementioned
          regulations, any delays to the vessel resulting shall be for Owners' account

      Clause 65 -
              Compliance with International Conventions

      
        
          	65.1	
                  In the event of the vessel being prevented from performing, or being unable to perform the service immediately required hereunder, by reason of:

                


        

      

      
        
          	

                	(A)	
                  Action on the part of relevant authorities resulting from non-compliance with any compulsory applicable enactment enforcing all or part of any of the
                      following international conventions:

                


        

      

      
        
          	

                	-	
                  International Conventions for the Safety of Life at Sea, either SOLAS 1960, or SOLAS 1974, or SOLAS 1974 in conjunction with its 1978 protocol.

                


        

      

      
        
          	

                	-	
                  International Convention Load Lines 1969 International Convention for the Prevention of Pollution from Ships 1973, in conjunction with its 1978 protocol.

                


        

      

      
        
          	

                	-	
                  ILO Merchant Shipping (minimum standards) Convention 1976 (nr. 147). International - Convention on Standards of Training, Certification and Watch Keeping
                      for Seafarers 1978

                


        

      

      
        
          	

                	(B)	
                  Labour stoppages or shortage, boycott, secondary boycott, manifestation of any kind in services essential to the operation of the vessel owing to its flag
                      or registry or ownership or management or to the conditions of employment on board. Provided always that the event (A)and/or (B) is not directed against the Charterers or brought about any act, instruction or omission on the part of
                      the Charterers, then any loss of time shall result in the vessel being off-hire and shall be dealt with in accordance with the off-hire clause.

                


        

      

      
        
          	65.2	
                  It is understood that, if necessary, vessel will comply with any safety regulations and/or requirements in effect at ports of loading and/or discharging. A
                      particular reference is the United States Department of Labour Safety and Health Regulations set forth in part III of the Federal Register.

                


        

      

      
        
          	65.3	
                  Although other provisions of this Charter make it the responsibility of the Owners, it is agreed that should the vessel not meet safety rules and
                      regulations Owners will make immediate corrective measures and any stevedore standby time upto next shift and other substantiated / directly incurred expenses involved, including off-hire, will be for Owners' account

                


        

      

      Clause 66 -
              Smuggling

      Any delay, expenses and/or time incurred on account of smuggling are to be for Charterers' account if caused by
          Charterers and/or persons appointed by Charterers and are to be for Owners' account, if caused by Owners, Officers and/or Crew and/or persons appointed by Owners.

      
        
          


      

      

      

      Clause 67 - Sea
              Carrier Initiative Agreement

      The Owners certify that they have entered into, and signed with the US customs, the S.C.I.A. (U.S. Sea Carrier
          Initiative Agreement) on an individual basis or through an association such as SIMCO, otherwise they warrant to take all necessary steps before delivery, and to hold Charterers harmless through the whole duration of the Charter Party, against any
          claim from US customs in respect of drugs which may be found on board.

      Clause 68 - CUBA
              Calls

      Owners warrant that the vessel is in full compliance with U.S.A. regulations pertaining to port calls to/from CUBA,
          specifically in compliance with the 'U.S. Cuban Democracy Act' and can trade without restraint into U.S. ports

      Clause 69 -
              Pratigue

      Vessel shall prepare radio pratique, when instructed by Charterers and be in possession of necessary certificates
          including Japanese sanitary certificates. Charterers' Agent(s) will assist, as trading pattern allows and properly direct Master regarding the Port Authority's requirements well in advance, prior to vessel's arrival at subject port, however,
          should any time and or expenses be incurred, same to be for Owners' account.

      Clause 70 - Plan /
              Draft survey

      
        
          	70.1	
                  Prior to delivery, Owners are to supply General Arrangement plans, load scale and capacity plan to Charterers.

                


        

      

      
        
          	70.2	
                  Owners warrant that the vessel will throughout the duration of the Charter Party have on board capacity plan, hydrostatic curves and tables of displacement,
                      tank calibration and trimming correction tables all sounding tubes to be in good maintenance conditions and free from impediments and vessel to have ballast tanks either empty or pressed full and trim to be deducted to minimum and not
                      to exceed trim table corrections. If vessel does not comply with above requirements she will be put off-hire until able to perform such survey. Master to keep written record of drainage moisture pumped out/in. If required, Master to
                      forward to Charterers upon arrival at unloading port and before start of discharging a certificate indicating all ballast remains.

                


        

      

      Clause 71 -
              Suspension in Case of War

      In the event of war or warlike operations involving two or more of the following nations:

      United States of America, E.C.C. Countries, Japan, Australia, Commonwealth Of Independent States and People's Republic
          of China and/or the nation under the flag which vessel is performing under this Charter is registered, which seriously affects Charterers' or Owners' ability to perform their obligations under this Charter Party, both Charterers and Owners shall
          have the right to suspend this Charter Party with three (3) weeks written notice without liability to the other party. If the Charter Party is suspended, such suspension shall take place at port of destination after discharge of any cargo on
          board, subject to the provisions of attached Conwartime 2004 clause.

      Clause 72 -
              Vessel's Inspection

      Charterers have the benefit of holding vessel's inspection at any time at their expense on giving reasonable notice to
          Owners. Owners or Master is to give facility and assistance to carry out this inspection.

      
        
          


      

      

      

      Clause 73 -
              Rejection of the Vessel

      The Charterers shall have the option of rejecting the vessel and cancelling this Charter Party in following events:

      
        
          	(a)	
                  the vessel being off-hire as a result of technical reasons attributed to the Owners for a period in excess of 60 (sixty) consecutive days except for drydock
                      in any period of 12 (twelve) months,

                


        

      

      
        
          	(b)	
                  Owners having failed to remedy/restore Vessels deficiencies which result in restriction to vessel's immediate trading within 60 (sixty) days after Owners'
                      receipt of Charterers' notice requiring to remedy/restore.

                


        

      

      Clause 74 -
              Off-Hire Bunker Consumption

      Bunkers consumed during any period during which the vessel is off-hire for whatever cause, shall be calculated at the
          latest bunkering price actually paid by the Charterers.

      Clause 75 -
              Vessel's Gear

      Vessel is to work day and night and to provide lights for night working, if required by Charterers. Any overtime
          charges for officers and crew are to be for Owners' account. If the vessel's gear for opening and closing hatches becomes inoperative, the vessel is to be off-hire. Such off-hire is to be calculated pro-rata to the number of inoperative hatches
          and is only to count if ship's loading or discharging is actually delayed.

      Clause 76 - Hatches

      Crews are to open and close hatches before, during and after stevedore work when and where required and when permitted
          by shore regulations.

      Clause 77 - Fresh
              Water

      Fresh water consumed under this Charter for the purpose of drinking, washing of Master, officers and crew on board is
          to be for Owners' account. When trading limits the vessel's ability to provide fresh water through it's desalination plant, then extra expense for replenishment of fresh water for Charterers' account.

      Clause 78 - Sublet

      Charterers may sublet vessel, but shall always remain responsible to Owners for due fulfilment of this Charter Party.

      Clause 79 -
              Watchmen

      Watchmen are to be for Owners' account if so ordered/requested by Owners and/or Master.If security guards/gangway
          watchmen during ship's stay in United States of America port as required by the Immigration Department or United States Coast Guard due to nationality(ies) of ship's crew members then same to be for Owners' account. Watchmen are to be for
          Charterers' account if compulsory or ordered by Charterers / shippers / receivers / their agents.

      Clause 80 - Owner's
              Agents

      Owners may appoint Charterers' Agents to deal with Owners' matters.Charterers agree to have their Agents attend to
          minor matters of Owners without Agents charging extra agency fee. All expenses pertaining to Owners to be settled directly between Owners and Agents at cost.

      
        
          


      

      

      

      Clause 81 -
              Additional Expenses

      Charterers are to pay a lumpsum of USD 1,500.- (one thousand five hundred United States dollars) per month or pro rata
          to cover entertainment expenses and radio telegrams/telephone charges for Charterers' accountdisbursed by Owners.

      Clause 82 - Laydays

      Deleted

      Clause 83 -
              Excessive Days in Port

      Where the Vessel remains at anchorage, in port or idle for an extended period more than 30 days in compliance with
          Charterers' orders/instructions, and this causes fouling of the hull or underwater parts, Owners shall not be responsible for such fouling or any vessel underperformance caused by such fouling. The cost of cleaning and painting the hull or
          underwater parts, and the time spent doing so, shall be for Charterers' account.

      Clause 84 - BIMCO
              Double Banking Clause

      
        
          	(a)	
                  The Charterers shall have the right, where and when it is customary and safe for vessels of similar size and type to do so, to order the Vessel to go, lie
                      or remain alongside another vessel or vessels of any size or description whatsoever or to order such vessels to come and remain alongside at such safe dock, wharf, anchorage or other place for transhipment, loading or discharging of
                      cargo and/or bunkering.

                


        

      

      
        
          	(b)	
                  The Charterers shall pay for and provide such assistance and equipment as may be required to enable any of the operations mentioned in this clause safely to
                      be completed shall give the Owners such advance notice as they reasonably can of the details of any such operations.

                


        

      

      
        
          	(c)	
                  Without prejudice to the generality of the Charterers' rights under (a) and (b), it is expressly agreed that the Master shall have the right to refuse to
                      allow the Vessel to perform as provided in (a) and (b) if in his reasonable opinion it is not safe so to do.

                


        

      

      
        
          	(d)	
                  The Owners shall be entitled to insure any deductible under the Vessel's hull policy and the Charterers shall reimburse the Owners any additional premium(s)
                      required by the Vessel's Underwriters and/or the cost of insuring any deductible under the Vessel's hull policy.

                


        

      

      
        
          	(e)	
                  The Charterers shall further indemnify the Owners for any costs, damage and liabilities resulting from such operation. The Vessel shall remain on hire for
                      any time lost including periods for repairs as a result of such operation.

                


        

      

      Clause 85 - GMT
              Time

      For delivery, redelivery, ETA, ETS, ETC, time to be advised in local time. For calculation purposes, hire is to be
          computed in GMT time.

      Clause 86 - Change
              of Flag

      Owners shall have the right to change the vessel's flag and/or crew, subject to Charterers' prior
          consent which is not to be unreasonably withheld. Such change(s) are not, in any way, to hinder, prevent or detract from Charterers' rights and ability to use the vessel according to present Charter Party terms.

      
        
          


      

      

      

      Clause 87 -
              Periodical Survey/Dry Dock

      Charterers to position vessel in Far East zone for scheduled dry dock following Owners' three (3) months notice.
          Vessel to be placed off-hire from the time she is withdrawn from Charterers' service for dry dock until she is again in the same or equidistant position.

      Clause 88 -
              Deviation / Put Back

      In the event of loss of time either in port or at sea, deviation from the course of the voyage or putting back whilst
          on voyage, caused by sickness of or an accident to or misconduct by Master/Officers/crew, stowaway, refugee or any person on board vessel other than persons travelling by request of Charterers or by reason of the refusal of Master or Officer(s)
          or crew to perform their duties or an accident or breakdown to vessel or dry docking or periodical survey, the hire shall be suspended from the time of inefficiency in port or at sea, deviation or putting back until vessel is again efficient in
          the same or equivalent position in respect to the port where Vessel is originally destined for and voyage resumed therefrom and bunkers consumed during such period of suspension shall be for Owners' account.

      Clause 89 - Cargo
              Claims

      Cargo claims as between the Owners and the Charterers shall be settled in accordance with the Inter-Club New York
          Produce Exchange Agreement of February 1970 as amended September 1996 as attached.

      Clause 90 - English
              Law

      In this Charter Party English Law to apply.

      Clause 91 -
              Protective Clauses

      The New Both-to-Blame Collision Clause, New Jason Clause and General Clause Paramount or U.S.A. Clause Paramount or
          Canadian Clause paramount whichever applicable, P+I Bunkering clause and Voywar 2004 Clause, are deemed to be incorporated in all Bills of Lading issued under this Charter Party and all sub-Charter Parties. Conwartime 2004 as attached, is deemed
          to be incorporated in this Charter Party and to apply.

      Clause




              92 - Deleted

      Clause




              93

      Basic war risk insurance to be for Owners' account, however, in the event of any increase in war risk insurance premia
          (H+M/P+I), including loss of hire and crew war risk bonus as well as blocking and trapping, due to the trade in which vessel is engaged, same to be for Charterers' account until additional war risk premia no longer apply. The Charterers to place
          Owners in funds in lieu of such premia as provided by Owners insurance brokers prior vessel entering the war zone/place. In case vessel's stay in the war zone/place prolonged and the amount already paid by the Charterers is not sufficient then
          Charterers to place Owners again in funds promptly for any further amounts required to cover vessel's prolonged stay in the war zone/place. Owners will submit to Charterers the relevant debit notes immediately upon receipt of same from the
          insurance brokers and if there will be any difference plus or minus then same to be settled together with the next scheduled payment as per charter party. Such additional premium is not to exceed London underwriters' scale. Owners will credit no
          claim bonus to Charterers.

      Clause 94

      The Owners guarantee that the construction of the vessel with fittings and other equipment shall comply with the
          requirements and/or recommendations of Australian Shore Labourers and Pilots.

      
        
          


      

      

      

      Clause 95

      Charterers have the right to instruct the Master to utilize the vessel's maximum water ballast capacity and eventually
          to flood one or more holds in port, in order to bring down vessel's height to get into position under loading and/or discharging appliances, however, the hold/holds to be utilized for ballasting should be only the designated ballast holds, always
          in conformity to free board and/or safety requirements.

      Clause 96

      Notwithstanding anything to the contrary in this Charter, Owners guarantee that throughout the currency of this
          Charter Owners will comply with all federal, state and/ or local government requirements (including but not limited to the obtaining of Certificate of Financial Responsibility under OPA 90) to enable vessel to lawfully trade to the United States
          of America and any countries permitted under this Charter.

      Clause 97

      Charterers to have the privilege of ordering the vessel to be laid up at any time during the period of this Charter
          Party. In such event, Time charter hire shall be paid in accordance with Clause 4, less all operating costs which Owners may be able to save by reason of the Vessel having been laid up, if any. A joint condition survey of the Vessel to be carried
          out in the beginning and at the end of a layup period. Also, Owners to have the right to arrange for an underwater inspection. Any and all expenses to be incurred including, but not limited to, cleaning and painting the hull or underwater parts,
          restoring the Vessel and her machinery / equipment for service, class and P+I fees and expenses to be for Charterers' account. These provisions apply in any case and fully whether layup may terminate during the currency of or, at the end of this
          charter party.

      Charterers to have the benefit of any return insurance premium if and when granted and paid to Owners from the
          underwriters by reason of the vessel being in port for a minimum of 30 (thirty) days.

      Clause 98

      Charterers guarantee that they are fully covered with a first class P+I club including cargo claims, F / D+D (Freight
          / Demurrage + Defence) and full Charterers liability and will remain so for the total duration of the present charter.

      Clause 99

      In case Vessel's last voyage exceeds the maximum period and the market rate rises above the c/p rate in the meantime,
          it is hereby agreed that the charter hire will be adjusted to the prevailing market level from DLOSP of the last discharging port prior commencement of the last voyage until actual redelivery of the Vessel to the Owners, whether Vessel fixed for
          next employment or not, whether Vessel sold or not. Such adjusted rate to be calculated as follows:

      If Vessel redelivered east of Suez including Red Sea/Indian Ocean/Pacific Ocean then the average rate of route C10_03
          for the whole applicable period as defined above to apply.

      If Vessel redelivered west of Suez including Mediterranean sea/Black sea/Baltic sea / Atlantic ocean then the average
          rate of route C8_03 for the whole applicable period as defined above to apply. This clause is null and void in case of force majeure

      Clause 100 -
              Hamburg Rules Charter Party Clause

      Neither the Charterers nor their agents shall permit the issue of any bill of Lading, waybill or other document
          evidencing a contract of carriage (whether or not signed on behalf of the Owner or on the Charterers' behalf or on behalf of any sub-Charters) incorporating, where not compulsorily applicable, The Hamburg Rules or any legislation giving effect to
          the Hamburg Rules or any other legislation imposing

      
        
          


      

      

      

      liabilities in excess of Hague or Hague Visby Rules. Charterers shall indemnify the Owners against any liability, loss
          or damage which may result from any breach of the foregoing provisions of this clause.

      Clause 101 - P & I Bunker Clause

      "The vessel shall have the liberty as part of the contract voyage to proceed to any port or ports at which bunker oil
          is available for the purpose of bunkering at any stage of the voyage whatsoever and whether such ports are on or off the direct and/or customary route or routes between any of the ports of loading or discharge named in this Charter Party and may
          there take oil bunkers in any quantity in the discretion of Owners even to the full capacity of fuel tanks and deep tanks and any other compartment in which oil can be carried, whether such amount is or is not required for the chartered voyage."

      Clause 102 -
              Deviation Clause

      The vessel has liberty to call at any port or ports in any order, for any purpose, to sail without pilots, to tow
          and/or assist vessels in all situations, and also to deviate for the purpose of saving life and/or property. Eventual costs and benefits to be equally shared by Charterers and Owners.

      Clause 103 - Clause
              Paramount

      This bill of lading shall have effect subject to the provisions of the Carriage of Goods by Sea Act of the United
          States, provisions of Water Carriage of Goods Act 1936 enacted by the Parliament of the Dominion of Canada, the Hague Rules, or the Hague-Visby Rules, as applicable, or such other similar national legislation as may mandatorily apply by virtue of
          origin or destination of the bills of lading, which shall be deemed to be incorporated herein and nothing herein contained shall be deemed a surrender by the carrier of any of its rights or immunities or an increase of any of its responsibilities
          or liabilities under said applicable If any term of this bill of lading be repugnant to said applicable Act to any extent, such term shall be void to that extent, but no further.

      Clause 104 -
              General Clause Paramount

      The International Convention for the Unification of Certain Rules of Law relating to Bills of Lading signed at
          Brussels on 25 August 1924 ("the Hague Rules") as amended by the Protocol signed at Brussels on 23 February 1968 ("the Hague-Visby Rules") and as enacted in the country of shipment shall apply to this Contract. When the Hague Visby Rules are not
          enacted in the country of shipment, the corresponding legislation of the country of destination shall apply, irrespective of whether such legislation may only regulate outbound shipments.

      When there is no enactment of the Hague-Visby Rules in either the country of shipment or in the country of
          destination, the Hague Visby Rules shall apply to this Contract save where the Hague Rules as enacted in the country of shipment or if no such enactment is in place, the Hague Rules as enacted in the country of destination apply compulsorily to
          this Contract.

      The Protocol signed at Brussels on 21 December 1979 ("The SDR Protocol 1979") shall apply where the Hague Visby Rules
          apply, whether mandatorily or by this Contract. The Carrier shall in no case be responsible for loss of or damage to cargo arising prior to loading, after discharging, or while the cargo is in the charge of another carrier or with respect to deck
          cargo and live animals.

      Clause 105 -
              Canadian Clause Paramount

      This Bill of Lading, so far as it relates to the Carriage of Goods by Water, shall have effect, subject to the
          provisions of the Water Carriage of Goods Act 1936, enacted by the Parliament of the Dominion of Canada, which shall be deemed to be incorporated herein and nothing herein contained shall be deemed a surrender by the Carrier of any of its rights
          or immunities or an increase of any of its responsibilities or liabilities under said Act. If any term of this Bill of Lading be repugnant to Act to any extent such terms shall be void to that extent but no further.

      
        
          


      

      

      

      Clause 106 - U.S.A.
              Paramount Clause

      This contract of Affreightment as well as its pertaining Bills of Lading shall have effect subject to the provisions
          of the Carriage of Goods by Sea Act of the United States, approved on April 16th, 1936, which shall be deemed to be incorporated herein, and nothing herein contained shall be deemed a surrender by the carrier of any of its rights or immunities or
          an increase of any of its responsibilities or liabilities under said Act. If any term of this contract or its Bills of Lading be repugnant to said Act to any extent, such term shall be void to that extent but no further.

      Clause 107 - New
              Jason Clause

      In the event of accident, danger, damage or disaster before or after commencement of the voyage, resulting from any
          cause whatsoever, whether due to negligence or not, for which, or for the consequences of which, the carrier is not responsible, by statute, contract or otherwise, the goods, shippers, consignees, or Owners of the goods shall contribute with the
          carrier in general average to the payment of any sacrifices, losses, or expenses of a general average nature that may be made or incurred and shall pay salvage and special charges incurred in respect of the goods.

      If a salving ship is owned or operated by the carrier, salvage shall be paid for as fully as if such salving ship or
          ships belonged to strangers. Such deposit as the carrier or his agents may deem sufficient to cover the estimated contribution of the goods and any salvage and special charges thereon shall, if required, be made by the goods, shippers, consignees
          or Owners of the goods to the carrier before delivery.

      Clause 108 - New
              Both to Blame Collision Clause

      If the liability for any collision in which the vessel is involved while performing this Bill of Lading fails to be
          determined in accordance with the laws of the United States of America, the following clause shall apply:

      If the ship comes into collision with another ship as a result of the negligence of the other ship and any act,
          neglect or default of the Master, mariner, pilot or the servants of the carrier in the navigation or in the management of the ship, the Owners of the goods carried hereunder will indemnify the carrier against all loss or liability to the other or
          non-carrying ship or her Owners insofar as such loss or liability represents loss of, or damage to, or any claim whatsoever of the Owners of the said goods, paid or payable by the other or non-carrying ship or her Owners to the Owners of the said
          goods and set off, recouped or recovered by the other or non-carrying ship or carrier or her Owners as part of their claim against the carrying ship or carrier.

      The foregoing provision shall also apply where the Owners, Operators or those in charge of any ship or ships or
          objects other than, or in addition to, the colliding ships or objects are at fault in respect to a collision or contact.

      Clause 109 - Drug
              And Alcohol Policy

      Owners warrant that there is a policy on Drug and Alcohol Abuse (Policy) applicable to the vessel which meets or
          exceeds that standard in the International Marine Forum Guidelines for the control of Drugs and Alcohol on board the Ship. Under the Policy, alcohol impairment shall be defined as a blood alcohol content of 40mg/100ml or greater; the appropriate
          seafarers to be tested shall be the full Vessel's complement and the drug/alcohol testing and screening shall include unannounced testing in addition to route medical examinations.

      
        
          


      

      

      

      An objective of the Policy should be that the frequency of the unannounced testing be adequate to act as an effective
          abuse deterrent, and that all officers be tested at least once a year through a combined program of unannounced testing and routine medical examinations.

      Owners further warrant that the Policy will remain in effect during the term of this Charter and that Owners shall
          exercise due diligence to ensure that the Policy is complied with. It is understood that an actual impairment of any test finding of impairment shall not in and of itself mean the Owners have failed to exercise due diligence.

      Owners undertake, unless they have already done it, to sign . the US Customs "Sea Carrier Initiative Agreement" in
          consideration with the US Anti-Drug Abuse Act 1986.

      Remark: In case of discrepancies between Printed Form and Rider Clauses, Rider Clauses will prevail.

      Clause 110 - War
              Risks Clauses for Time Charter, 2004 (Code Name : CONWARTIME 2004)

      
        
          	(a)	
                  For the purpose of this Clause, the words:

                


        

      

      
        
          	

                	(i)	
                  "Owners" shall include the shipowners, bareboat charterers, disponent owners, managers or other operators who are charged with the management of the Vessel,
                      and the Master; and

                


        

      

      
        
          	

                	(ii)	
                  'War Risks" shall include any actual, threatened or reported:

                


        

      

      war; act of war; civil war; hostilities; revolution; rebellion; civil commotion; warlike
          operations; laying of mines; acts of piracy; acts of terrorists; acts of hostility or malicious damage; blockades (whether imposed against all vessels or imposed selectively against vessels of certain flags or ownership, or against certain
          cargoes or crews or otherwise howsoever); by any person, body, terrorist or political group, or the Government of any state whatsoever, which, in the reasonable judgement of the Master and/or the Owners, may be dangerous or are likely to be or to
          become dangerous to the Vessel, her cargo, crew or other persons on board the Vessel.

      
        
          	(b)	
                  The Vessel, unless the written consent of the Owners be first obtained, shall not be ordered to or required to continue to or through, any port, place, area
                      or zone (whether of land or sea), or any waterway or canal, where it appears that the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgement of the Master and/or the Owners, may be, or are likely to
                      be, exposed to War Risks. Should the Vessel be within any such place as aforesaid, which only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, she sh.all be at liberty to leave it.

                


        

      

      
        
          	(c)	
                  The Vessel shall not be required to load contraband cargo, or to pass through any blockade, whether such blockade be imposed on all vessels, or is imposed
                      selectively in any way whatsoever against vessels of certain flags or ownership, or against certain cargoes or crews or otherwise howsoever, or to proceed to an area where she shall be subject, or is likely to be subject to a
                      belligerent's right of search and/or confiscation.

                


        

      

      
        
          	(d)	
                  (i) The Owners may effect war risks insurance in respect of the Hull and Machinery of the Vessel and their other interests (including, but not limited to,
                      loss of earnings and detention, the crew and their protection and Indemnity Risks), and the premiums and/or calls therefore shall be for their account.

                


        

      

      
        
          	

                	(ii)	
                  If the Underwriters of such insurance should require payment of premiums and/or calls because, pursuant to the Charterers' orders, the Vessel is within, or
                      is due to enter and remain within, or pass through any area or areas which are specified by such Underwriters as being subject to additional premiums
                      because of War Risks, then the actual premiums and/or calls paid shall be




                      reimbursed by the Charterers to the Owners at the same time as the next payment of hire is due, or upon redelivery, whichever occurs first.

                


        

      

      
        
          


      

      

      

      
        
          	(e)	
                  If the Owners become liable under the terms of employment to pay to the crew any bonus or additional wages in respect of sailing into an area which is
                      dangerous in the manner defined by the said terms, then the actual bonus or additional wages paid shall be reimbursed to the Owners by the Charterers at the same time as the next payment of hire is due, or upon redelivery, whichever
                      occurs first.

                


        

      

      
        
          	(f)	
                  The Vessel shall have liberty:-

                


        

      

      
        
          	

                	(i)	
                  to comply with all orders, directions, recommendations or advice as to departure, arrival, routes, sailing in convoy, ports of call, stoppages,
                      destinations, discharge of cargo, delivery, or in any other way whatsoever, which are given by the Government of the Nation under whose flag the Vessel sails, or other Government to whose laws the Owners are subject, or any other
                      Government, body or group whatsoever acting with the power to compel compliance with their orders or directions;

                


        

      

      
        
          	

                	(ii)	
                  to comply with the order, directions or recommendations of any war risks underwriters who have the authority to give the same under the terms of the war
                      risks insurance;

                


        

      

      
        
          	

                	(iii)	
                  to comply with the terms of any resolution of the Security Council of the United Nations, the effective orders of any other Supranational body which has the
                      right to issue and give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey the orders and directions of those who are charged with their enforcement;

                


        

      

      
        
          	

                	(iv)	
                  to discharge at any other port any cargo or part thereof which may render the Vessel liable to confiscation as a contraband carrier;

                


        

      

      
        
          	

                	(v)	
                  to call at any other port to change the crew or any part thereof or other persons on board the Vessel when there is reason to believe that they may be
                      subject to internment, imprisonment or other sanctions.

                


        

      

      
        
          	(g)	
                  If in accordance with their rights under the foregoing provisions of this Clause, the Owners shall refuse to proceed to the loading or discharging ports, or
                      any one or more of them, they shall immediately inform the Charterers. No cargo shall be discharged at any alternative port without first giving the Charterers notice of the Owners' intention to do so and requesting them to nominate a
                      safe port for such discharge. Failing such nomination by the Charterers within 48 hours of the receipt of such notice and request, the Owners may discharge the cargo at any safe port of their own choice.

                


        

      

      
        
          	(h)	
                  If in compliance with any of the provisions of sub-clauses (b) to (g) of this Clause anything is done or not done, such shall not be deemed a deviation, but
                      shall be considered as due fulfilment of this Charter Party.

                


        

      

      Clause 111 - BIMCO
              Bunker Fuel Sulphur Content Clause For Time Charter Parties 2005

      
        
          	(a)	
                  Without prejudice to anything else contained in this Charter Party, the Charterers shall supply fuels of such specifications and grades to permit the
                      vessel, at all times, to comply with the maximum sulphur content requirements of any emission control zone when the vessel is ordered to trade within that zone.

                


        

      

      The Charterers also warrant that any bunker suppliers, bunker craft operators and bunker surveyors
          used by the Charterers to supply such fuels shall comply with Regulations 14 and 18 of MARPOL Annex VI, including the Guidelines in respect of sampling and the provision of bunker delivery notes. The Charterers shall indemnify, defend and hold
          harmless the Owners in respect of any loss, liability, delay, fines, costs or expenses arising or resulting from the Charterers' failure to comply with this Sub-clause (a).

      
        
          	(b)	
                  Provided always that the Charterers have fulfilled their obligations in respect of the supply of fuels in accordance with Sub-clause (a), the Owners warrant
                      that:

                


        

      

      
        
          	

                	(i)	
                  The vessel shall comply with Regulations 14 and 18 of MARPOL Annex VI and with the requirements of any emission control zone; and

                


        

      

      
        
          


      

      

      

      
        
          	

                	(ii)	
                  The vessel shall be able to consume fuels of the required sulphur content when ordered by the Charterers to trade within any such zone.

                


        

      

      Subject to having supplied the vessel with fuels in accordance with Sub-clause (a), the Charterers
          shall not otherwise be liable for any loss, delay, fines, costs or expenses arising or resulting from the vessel's failure to comply with Regulations 14 and 18 of MARPOL Annex VI.

      
        
          	(c)	
                  For the purpose of this Clause, "emission control zone" shall mean zones as stipulated in MARPOL Annex VI and/or zones regulated by regional and/or national
                      authorities such as but not limited to, the EU and the US Environmental Protection Agency.

                


        

      

      Clause 112 - BIMCO
              Standard ISM Clause for Voyage and Time Charter Parties

      From the date of coming into force of the International Safety Management (ISM) Code in relation to the Vessel and
          thereafter during the currency of this Charter Party, the Owners shall procure that both the Vessel and "the Company" (as defined by the ISM Code) shall comply with the requirements of the ISM Code. Upon request the Owners shall provide a copy of
          the relevant Document of Compliance (DOC) and Safety Management Certificate (SMC) to the Charterers.

      Except as otherwise provided in this Charter Party, loss, damage, expense or delay caused by failure on the part of
          the Owners or "the Company" to comply with the ISM Code shall be for the Owners' account.

      Clause 113 - BIMCO
              ISPS / MTSA Clause for Time Charter Parties 2005

      
        
          	(a) 	(i) 	The Owners shall comply with the requirements of the International Code for the Security of
                    Ships and of Port Facilities and the relevant amendments to Chapter XI of SOLAS (ISPS Code) relating to the Vessel and "the Company" (as defined by the ISPS Code). If trading to or from the United States or passing through United States
                    waters, the Owners shall also comply with the requirements of the US Maritime Transportation Security Act 2002 (MTSA) relating to the Vessel and the "Owner" (as defined by the MTSA).


        

      

      
        
          	

                	(ii)	
                  Upon request the Owners shall provide the Charterers with a copy of the relevant International Ship Security Certificate (or the Interim International Ship
                      Security Certificate) and the full style contact details of the Company Security Officer (CSO).

                


        

      

      
        
          	

                	(iii)	
                  Loss, damages, expense or delay (excluding consequential loss, damages, expense or delay) caused by failure on the part of the Owners or "the
                      Company"/"Owner" to comply with the requirements of the ISPS Code/MTSA or this Clause shall be for the Owners' account, except as otherwise provided in this Charter Party.

                


        

      

      
        
          	(b) 	(i) 	The Charterers shall provide the Owners and the Master with their full style contact details
                    and, upon request, any other information the Owners require to comply with the ISPS Code/MTSA. Where sub-letting is permitted under the terms of this Charter Party, the Charterers shall ensure that the contact details of all
                    sub-Charterers are likewise provided to the Owners and the Master. Furthermore, the Charterers shall ensure that all sub-Charter Parties they enter into during the period of this Charter Party contain the following provision:


        

      

      "The Charterers shall provide the Owners with their full style contact details and where sub-
          letting is permitted under the terms of the Charter Party shall ensure that the contact details of all sub-Charterers are likewise provided to the Owners."

      
        
          	

                	(ii)	
                  Loss, damages, expense or delay (excluding consequential loss, damages expense or delay) caused by failure on the part of the Charterers to comply with this
                      Clause shall be for the Charterers' account, except as otherwise provided in this Charter Party.

                


        

      

      
        
          	(c)	
                  Notwithstanding anything else contained in this Charter Party all delay, costs or expenses whatsoever arising out of or related to security regulations or
                      measures required by the port facility or any relevant

                


        

      

      
        
          


      

      

      

      authority in accordance with the ISPS Code / MTSA including, but not limited to, security guards,
          launch services, vessel escorts, security fees or taxes and inspections, shall be for the Charterers' account, unless such costs or expenses result solely from the negligence of the Owners, Master or crew. All measures required by the Owners to
          comply with the Ship Security Plan shall be for the Owners' account.

      
        
          	(d)	
                  If either party makes any payment which is for the other party's account according to this Clause, the other party shall indemnify the paying party.

                


        

      

      Clause 114 - U.S.
              Customs Advance Notification / AMS Clause for Voyage Charter Parties

      
        
          	(a)	
                  If the Vessel loads or carries cargo destined for the US or passing through US ports in transit, the Owners shall comply with the current US Customs
                      regulations (19 CFR 4.7) or any subsequent amendments thereto and shall undertake the role of carrier for the purposes of such regulations and shall, in their own name, time and expense:

                


        

      

      
        
          	

                	i)	
                  Have in place a SCAC (Standard Carrier Alpha Code);

                


        

      

      
        
          	

                	ii)	
                  Have in place an ICB (International Carrier Bond); and

                


        

      

      
        
          	

                	iii)	
                  Submit a cargo declaration by AMS (Automated Manifest System) to the US Customs.

                


        

      

      The Charterers shall provide all necessary information to the Owners and/or their agent to enable
          the Owners to submit a timely and accurate cargo declaration. The Charterers shall assume liability for and shall indemnify, defend and hold harmless the Owners against any loss and/or damage whatsoever (including consequential loss and/or
          damage) and/or any expenses, fines, penalties and all other claims of whatsoever nature, including but not limited to legal costs, arising from the Charterers' failure to comply with any of the provisions of this sub-clause. Should such failure
          result in any delay then, notwithstanding any provision in this Charter Party to the contrary, all time used or lost shall count as laytime or, if the Vessel is already on demurrage, time on demurrage.

      
        
          	(c)	
                  The Owners shall assume liability for and shall indemnify, defend and hold harmless the Charterers against any loss and/or damage whatsoever (including
                      consequential loss and/or damage) and any expenses, fines, penalties and all other claims of whatsoever nature, including but not limited to legal costs, arising from the Owners' failure to comply with any of the provisions of
                      sub-clause (a). Should such failure result in any delay then, notwithstanding any provision in this Charter Party to the contrary, all time used or lost shall not count as laytime or, if the Vessel is already on demurrage, time on
                      demurrage.

                


        

      

      
        
          	(d)	
                  The assumption of the role of carrier by the Owners pursuant to this Clause and for the purpose of the US Customs Regulations (19 CFR 4.7) shall be without
                      prejudice to the identity of carrier under any bill of lading, other contract, law or regulation.

                


        

      

      Clause 115 - BIMCO
              Bulk Carrier Safety Clause

      
        
          	(a)	
                  The Charterers shall instruct the Terminal Operators or their representatives to cooperate with the Master in completing the IMO SHIP/SHORE SAFETY CHECKLIST
                      and shall arrange all cargo operations strictly in accordance with the guidelines set out therein.

                


        

      

      
        
          	(b)	
                  In addition to the above and notwithstanding any provision in this Charter Party in respect of loading/discharging rates, the Charterers shall instruct the
                      Terminal Operators to load/discharge the Vessel in accordance with the loading/discharging plan, which shall be approved by the Master with due regard to the Vessel's draught, trim, stability, stress or any other factor which may
                      affect the safety of the Vessel.

                


        

      

      
        
          	(c)	
                  At any time during cargo operations the Master may, if he deems it necessary for reasons of safety of the Vessel, instruct the Terminal Operators or their
                      representatives to slow down or stop the loading or discharging.

                


        

      

      
        
          	(d)	
                  Compliance with the provisions of this Clause shall not affect the counting of laytime.

                


        

      

      
        
          


      

      

      

      Clause 116

      The Owners to have the right to sell the vessel at any time during the period of this Charter Party having promptly
          informed the Charterers in this respect and to provide them with the name of the new owners, subject to Charterers approval which not to be unreasonably withheld.

      Clause 117

      Deleted.

      Clause 118

      Negotiations and fixture are to be kept strictly private and confidential except in case of statutory requirements or
          those of Stock listed companies.

      Clause 119 - BIMCO
              Piracy Clause for Time Charter Parties

      
        
          	(a)	
                  The Vessel, unless the written consent of the Owners be first obtained, shall not be ordered to or required to continue to or through, any port, place, area
                      or zone (whether of land or sea), or any waterway or canal, where it appears that the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgment of the Master and/or the Owners, may be, or are likely to
                      be, exposed to any actual, threatened or reported acts of piracy, whether such risk of piracy existed at the time of entering into this charter party or occurred thereafter. Should the Vessel be within any such place as aforesaid,
                      which only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, she shall be at liberty to leave it.

                


        

      

      
        
          	(b)	
                  If the Owners do not give their consent they shall immediately inform the Charterers and the Charterers shall be obliged to issue alternative voyage orders
                      and any time lost due to compliance with such orders shall not be considered off-hire. The Charterers shall indemnify the Owners for any claims from holders of Bills of Lading or third parties caused by such orders.

                


        

      

      
        
          	(c)	
                  If the Owners consent or if the Vessel proceeds to or through an area exposed to risk of piracy the Owners shall have the liberty:

                


        

      

      
        
          	

                	(i)	
                  to take reasonable preventive measures to protect the vessel, her crew and cargo including but not limited to taking a reasonable alternative route,
                      proceeding in convoy, using escorts, avoiding day or night navigation, adjusting speed or course, or engaging security personnel or equipment on or about the vessel,

                


        

      

      
        
          	

                	(ii)	
                  to comply with the orders, directions or recommendations of any underwriters who have the authority to give the same under the terms of the insurance;

                


        

      

      
        
          	

                	(iii)	
                  to comply with all orders, directions, recommendations or advice given by the Government of the Nation under whose flag the Vessel sails, or other
                      Government to whose laws the Owners are subject, or any other Government, body or group, including military authorities, whatsoever acting with the power to compel compliance with their orders or directions;

                


        

      

      
        
          	

                	(iv)	
                  to comply with the terms of any resolution of the Security Council of the United Nations, the effective orders of any other Supranational body which has the
                      right to issue and give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey the orders and directions of those who are charged with their enforcement; and the Charterers shall
                      indemnify the Owners for any claims from holders of Bills of Lading or third parties caused by such orders.

                


        

      

      
        
          	(d)	
                  Costs

                


        

      

      
        
          	

                	(i)	
                  If the Vessel proceeds to or through an area where due to risk of piracy additional costs will be incurred including but not limited to additional
                      insurance, additional personnel and

                


        

      

      
        
          


      

      

      

      preventative measures to avoid piracy attacks, such costs shall be for the Charterers' account. Any
          time lost waiting for convoys, following recommended routeing, timing, or reducing speed or taking measures to minimise risk, shall be for the Charterers' account and the Vessel shall remain on hire;

      
        
          	

                	(ii)	
                  If the Owners become liable under the terms of employment to pay to the crew any bonus or additional wages in respect of sailing into an area which is
                      dangerous in the manner defined by the said terms, then the actual bonus or additional wages paid shall be reimbursed to the Owners by the Charterers at the same time as the next payment of hire is due, or upon redelivery, whichever
                      occurs first;

                


        

      

      
        
          	

                	(iii)	
                  If the underwriters of the Owners' insurances should require payment of additional premiums and/or calls because, pursuant to the Charterers' orders, the
                      Vessel is within, or is due to enter and remain within, or pass through any area or areas which are specified by such Underwriters as being subject to additional premiums because of piracy risks, then the actual additional premiums
                      and/or calls paid shall be reimbursed by the Charterers to the Owners at the same time as the next payment of hire is due, or upon redelivery, whichever occurs first.

                


        

      

      
        
          	(e)	
                  If the Vessel is attacked or seized by pirates any time lost shall be for the account of the Charterers and the Vessel shall remain on hire. If the Vessel
                      is seized the Owners shall keep the Charterers closely informed of the efforts made to have the Vessel released.

                


        

      

      
        
          	(f)	
                  If in compliance with this Clause anything is done or not done, such shall not be deemed a deviation, but shall be considered as due fulfillment of this
                      Charter Party.

                


        

      

      Clause 120 -
              Radioactivity Risk Clause for Time Charter Parties

      
        
          	(a)	
                  The Vessel shall not be obliged to proceed or required to continue to or through or remain at, any port, place, area or zone, or any waterway or canal
                      (hereinafter "Area") which may expose the Vessel, her cargo, crew or other persons on board the Vessel to danger from levels of ionizing radiations from or contamination by radioactivity from any nuclear fuel, nuclear waste or from
                      the combustion of nuclear fuel, or the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor or other nuclear assembly or component thereof (hereinafter "Radioactivity")
                      determined by a competent local, national or international authority (including but not limited to the International Atomic Energy Authority and the World Health Organization) to be harmful to human health.

                


        

      

      
        
          	(b)	
                  If in accordance with sub-clause (a) the Owners decide that the Vessel shall not proceed or continue to or through or remain in the Area they must
                      immediately inform the Charterers. The Charterers shall be obliged to issue alternative voyage orders and shall indemnify the Owners for any claims from holders of the Bills of Lading caused by waiting for such orders and/or the
                      performance of an alternative voyage. Any time lost as a result of waiting for or complying with such orders shall not be considered off-hire.

                


        

      

      
        
          	(c)	
                  The Vessel shall have liberty to comply with all orders, directions, recommendations or advice of competent authorities and/or the Flag State of the Vessel
                      in respect of arrival, routes, ports of call, destinations, discharge of cargo, delivery, or in any other way whatsoever.

                


        

      

      
        
          	(d)	
                  The Charterers warrant that they shall not load cargoes and/or empty containers and/or supply bunkers that have levels of Radioactivity in excess of normal
                      background radiation levels for the Area. The Owners, at their discretion, may arrange for a radioactive survey by an independent qualified surveyor, at the Charterers' cost, expense and time. If the level of Radioactivity in the
                      cargoes, empty containers and/or bunkers is determined by the surveyor to exceed normal background levels, the Owners shall have the right to refuse to load such cargoes, empty containers and/or bunkers.

                


        

      

      
        
          	(e)	
                  Any delays arising out of measures taken by port authorities to screen the Vessel for radiation either in the countries affected by Radioactivity or at
                      subsequent ports of call shall be for the Charterers' account. Any time lost as a result of complying with such screening shall not be considered off-hire.

                


        

      

      
        
          


      

      

      

      
        
          	(f)	
                  If in compliance with this Clause anything is done or not done, such shall not be deemed a deviation, but shall be considered as due fulfillment of this
                      Charter Party. In the event of a conflict between the provisions of this Clause and any implied or express provision of the Charter Party, this Clause shall prevail to the extent of such conflict, but no further.

                


        

      

      Clause 121 -
              Loading Iron Ore in India

      The Charterers are to provide certificate(s) of testing from a laboratory which must be approved in advance by the
          Owners and such certificate(s) of testing must state the TML (Transportable Moisture Limit) and FMP (Flow Moisture Point) and Moisture Content. Such certificate(s) are to be presented to the Owners and the Master prior to, and as a condition of,
          the commencement of loading.

      Notwithstanding above, should the Owners so require, the Charterers are to allow the Owners or their representatives
          to take samples of cargoes prior to, and as a condition of, loading and the Owners shall be entitled to test such samples and/or appoint surveyors and/or experts to act on their behalf always at the Owners' discretion, but only one of the
          following companies to be used:

      Either, M/S ERICSON & RICHARDS (GOA) or M/S J.B. BODA PVT LTD (GOA).

      The master shall have the right to refuse to accept cargo on board.

      Such refusal shall not be a breach of charter, vessel shall remain on-hire, and the Charterers shall be responsible,
          at their sole time and expense for all steps required to provide a safe cargo to the satisfaction of the master.

      The Charterers agree to pay and indemnify the Owners for all costs / fees, liabilities and all time taken in
          connection with the matters provided for in this clause shall be for the Charterers' account. Cargo loaded in vessel's holds after having been tested and accepted by Owners/Master cannot be rejected.

      -END-

      
        
          


      

      

      

      

      

      SIDE LETTER

          

          

          TO

          

          

          MN "PINK SANDS"

          

          

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      It is mutually agreed between LUCINA MARINE INC., Marshall Islands as Owners and TMS DRY LTD.,
          Marshall Islands as Charterers that notwithstanding anything else in this Charterparty:

      
        
          	-	
                  Israel trading is allowed provided no subsequent voyage to Arabian country.

                


        

      

      
        
          	-	
                  Sierra Leone: to be discussed/considered on a case by case basis.

                


        

      

      
        
          	-	
                  Indian Ocean /Gulf of Aden/Red Sea Passage: to be discussed/considered on a case by case basis against Charterers paying for all extra insurance, crew war
                      bonus and for sufficient armed guards and safety/protection equipment.

                


        

      

      

      

      THE OWNERS

      

      

      

      

      /s/Lucina Marine Inc.

          LUCINA MARINE INC.