Exhibit 4.46

    

    

    

    
      MEMORANDUM OF AGREEMENT

      	 	
              Norwegian Shipbrokers’ Association’s

            
	 	
              Memorandum of Agreement  for sale and

            
	 	
              purchase of ships. Adopted by BIMCO in 1956.

            
	 	
              Code-name

            
	 	
              SALEFORM 2012

            
	 	
              Revised 1966, 1983 and 1986/87, 1993 and 2012

            


       

      

      Dated: 27th June 2018

      

      

      Contract No.: 2018-068

       

      

      DIONE OWNING COMPANY LIMITED, Trust Company
            Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands (Name of Sellers), hereinafter called the “Sellers”, have agreed to sell, and

      

      

      FUJIAN SHUNHONG SHIPPING CO., LTD, Room 101,
            1st Floor, Technology Building, Guian Village, Pandu Town, Lianjiang County (Name of buyers), hereinafter called the “Buyers”, have agreed to buy:

      

      

      Name of vessel: m/v MARBELLA

       

      

      IMO Number: 9189782

       

      

      Classification Society: KR

       

      

      Class Notation:  KRS1-BULK CARRIER ‘ESP’ HC/E
            (Holds 2, 4, & 6 may be empty) CLEAN1 CDG LG LI KRM1 UMA BWE

       

      

      	
              Year of Build: 2000

            	
              Builder/Yard: Sasebo Heavy Industries
                    Co., Ltd., Japan

            
	 	 	 
	
              Flag: Malta

            	
              Place of Registration: Valletta

            	
              GT/NT: 37,831/23,801

            


       

      

      hereinafter called the “Vessel”, on the following terms and conditions:

      Definitions

      

      

      “Balance” means: ninety percent balance and all other monies payable under the MOA.

      “Banking Days” are days on which banks are open both in the country of the currency stipulated for the Purchase Price in
          Clause 1 (Purchase Price) and in the place of closing stipulated in Clause
              8 (Documentation) and Greece, USA, UK, Malta, Singapore and China (add additional jurisdictions as appropriate).

      “Buyers’ Nominated Flag State” means PRC Flag (state flag state).

      “Class” means the class notation referred to above.

      “Classification Society” means the Society referred to above.

      “Deposit” shall have the meaning given in Clause





              2 (Deposit)

      “Deposit Holder” means HOLMAN





            FEWICK WILLIAN, SINGAPORE (state name and location of Deposit Holder), or, if left blank, the Sellers’ Bank which shall hold and
          release the Deposit & Balance in accordance with this Agreement.

      “In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter,
          e-mail or telefax.

      “Parties” means the Sellers, the Buyers and the Buyers’ Import Agent.

      “Purchase Price” means the price for the Vessel as stated in Clause 1 (Purchase Price).

      “Sellers’ Account” means TBA (state details of
            bank account) at the Seller’s Bank.

      “Sellers’ Bank” means TBA (state name of bank, branch and details) or, if left blank, the bank notified by the Sellers to the Buyers for receipt of the Deposit and the bBalance of the Purchase Price.

      
        
          	1.	
                  Purchase Price

                


        

      

      The Purchase Price is USD 9,288.000.00 (U.S. dollars Nine Million Two Hundred Eighty-Eight Thousand) (state currency and amount both in words and figures).

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      

      

      
        
          


      

      

      

      
        
          	2.	
                  Deposit

                


        

      

      As security for the correct fulfilment of this Agreement the Buyers’ shall lodge a deposit of ___%
          (____ per cent) or, if left blank, 10% (ten per cent), in full free of Bank charges, of the Purchase Price (the “Deposit”) in an interest bearing account for the Parties with the Deposit Holder within 33 three (3) five (5) Banking Days after the date that:

      
        
          	

                	(i)	
                  this Agreement has been signed by the Parties and exchanged in
                          original or by e-mail or telefax.  The Buyers to countersign the MDA within one (1) banking day after receipt of the
                        MOA executed by the Sellers as email attached; and

                


        

      

      
        
          	

                	(ii)	
                  the Deposit Holder has confirmed in writing to the Parties that the account has been opened.  Both Parties shall provide immediately to the Deposit Holder as requested 38 documentation for KYC purposes and shall execute the Escrow Account Agreement without delay;

                


        

      

      whichever the latest.

      The Deposit shall be released in accordance with joint written instructions of the Parties’. 
          Interest, if any, shall be credited to the Buyers.  Any fee charged for holding and releasing the Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder all necessary documentation to open and maintain the
          account without delay

      
        
          	3.	
                  Payment

                


        

      

      On delivery of
              the Vessel, but not later than three (3) Banking Days after the vessel in every respect ready for delivery in accordance with terms and the condition of this agreement and Notice of Readiness has been given in accordance with Clause 5 (Time
              and place of delivery and notices)

      
        
          	

                	(i)	
                  the Deposit shall be released to the Sellers bank account; and

                


        

      

      
        
          	

                	(ii)	
                  the balance of the Purchase Price and all other sums payable on
                          delivery by the Buyers to the Sellers under this Agreement shall be paid in full free of bank to the Sellers’ Account.

                


        

      

      The Balance and all other monies payable under the MOA shall be prepaid via Buyers’
          Import Agent via telegraphic transfer in full free of bank charges to the Deposit Holder’s account before the expected delivery date in Buyers’ name and shall be released together with the Deposit free of bank charges to the Sellers’ nominated
          account not later than three (3) Banking Days after the date that Notice of Readiness has been given.

      Any banking or law firm fees/expenses for holding said deposit and closing to be
          equally borne by Buyers and Sellers.

      The full purchase price is deemed to have been paid by the Buyers upon receipt by
          Sellers and Buyers from the Deposit Holder of a copy of the Deposit Holders’ “Overseas and Foreign Currency transfer” application form email to and acknowledged by the Deposit Holder’s bank as evidence that the remittance of the purchase funds
          under the MOA has been made.  When above evidence of remittance has been received, the signed Protocol of Delivery and Acceptance will be signed by Sellers and Buyers and the delivery documents as per Addendum to the MOA will be exchanged between
          the Sellers and Buyers as appropriate.

      Regarding Original free of encumbrances certificate.

          An email copy of the Clean Transcript, issued by the MMA on the date of delivery or one day prior to it, will be available at the Closing meeting in Singapore and Sellers will provide Buyers with an Undertaking to send to Buyers by courier
          original of the Clean Transcript within three (3) Banking Days after delivery of the Vessel.

      
        
          	4.	
                  Inspection

                


        

      

      (a)* The Buyers have inspected and accepted the Vessel's classification records. The
          Buyers have also inspected the Vessel at/in Hong Kong (state





            place) on ___ (state date) and have accepted the Vessel following this inspection and the sale is outright and definite. subject only to the terms and conditions of this
          Agreement.

      (b)* The Buyers shall have the right to inspect the Vessels
              classification records and declare whether same are accepted or not within _______ (state date/period).

      The Sellers shall
              make the Vessel available for inspection at/in _______ (state place/range) within ______ (state date/period).

      

      

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      
        
          


      

      

      

      The Buyers shall
              undertake the inspection without undue delay to the Vessel. Should the Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred.

      The Buyers shall
              inspect the Vessel without opening up and without cost to the Sellers.

      During the
              inspection, the Vessel’s dock and engine log books shall be made available for examination by the Buyers.

      The sale shall
              become outright and definite, subject only to the terms and conditions of this Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from the Buyers within seventy two (72) hours after completion of such
              inspection or after the date/last day of the period stated in Line 59, whichever is earlier.

      Should the Buyers
              fail to undertake the inspection as scheduled and/or notice of acceptance of the Vessel’s classification records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit together with interest earned, if any, shall be
              released immediately to the Buyers, whereafter this Agreement shall be null and void.

      *4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 4(a) shall apply.

      
        
          	5.	
                  Time and place of delivery and notices

                


        

      

      (a)  The Vessel shall be
            delivered and taken over safely afloat at a safe and accessible berth or anchorage at/in Buyers’ nominated shipyard in Zhoushan, China

          not earlier than 20th July 2018 and not later than 31th July 2018 (state place/range) in the Seller’s option.

      Notice of
              Readiness shall not be tendered before: _________ (date)

      Cancelling Date (see Clauses





              5(c), 6 (a)(i), 6 (a) (iii) and 14): 31th July in Buyers’ Option.

      If however, berth is not available at the time of delivery, then the Vessel shall
          be delivered at a safe and accessible anchorage of the shipyard.

      (b) After





            MOA signed Tthe Sellers shall
          keep the Buyers well informed of the Vessel’s itinerary and shall provide the Buyers with fifteen (15), twenty (20), ten (10), five (5) and three (3) days’ approximate and one (1)
            day’s definite notice of the date the Sellers intend to tender Notice of Readiness and of the intended place of delivery.

      Buyers will nominate the exact delivery location of shipyard upon receiving
          Sellers’ ten (10) days’ delivery notice.

      All the risk and costs before delivery including but not limited to costs involved
          for entering into the berth of Buyers’ nominated shipyard (including pilotage and/or tugs if required) should be for top Sellers’ account.  All the risk and costs after delivery should be for the Buyers’ account.

      When the Vessel is at the place of delivery and physically ready for delivery in accordance with this
          Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.

      Upon arrival at inner anchorage of the delivery place and
          provided a berth is available, Buyers warrant to bring the ship alongside within two (2) working days after Sellers tender valid NOR for delivery.  However, Buyers have three (3) banking days to take over and pay for the vessel once Sellers have
          tendered NOR to the Buyers for delivery.

      (c)  If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel
          will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and proposing a new Cancelling Date. Upon receipt of such notification
          the Buyers shall have the option of

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      
        
          


      

      

      

      either cancelling this Agreement in accordance with Clause 14 (Sellers’ Default) within three (3) Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date. If the Buyers have not declared their option within three (3)
          Banking Days of receipt of the Sellers’ notification or if the Buyers accept the new date, the date proposed in the Sellers’ notification shall be deemed to be the new Cancelling Date and shall be substituted for the Cancelling Date stipulated in
          line 79.

      If this Agreement is maintained with the new Cancelling Date all other terms and conditions hereof
          including those contained in Clauses 5(b) and 5(d) shall
          remain unaltered and in full force and effect.

      (d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely without
          prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers’ Default) for the Vessel not being ready by the original Cancelling Date.

      (e)  Should the Vessel become an actual, constructive or compromised total loss before delivery the
          Deposit together with interest earned, if any, shall be released immediately to the Buyers whereafter this Agreement shall be null and void.

      
        
          	6.	
                  Divers Inspection / Drydocking

                


        

      

      Vessel to be delivered without dry docking and without Divers’ Inspection.  However, Sellers confirm to
          the best of their knowledge that, as at the time of delivery, the Vessel has not suffered any grounding and underwater damage since its latest dry-docking.

      (a)* 

      
        
          	

                	 (i)	
                  The Buyers shall have the right option at their cost and expense to
                          arrange for an underwater inspection by a diver approved by the Classification Society prior to the delivery of the Vessel. Such option shall be dated latest nine (9) days prior to the vessel's intended date of readiness for
                          delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement. Sellers will give notice prior the date of 7 days approximate delivery notice be issued to Buyers of the place/time they intend to
                          make the vessel available for such inspection.  Buyers’ failure to appoint divers approved by class or attent underwater inspection as per Sellers’ notification will be deemed a waiver of their right to inspect the vessel’s
                          underwater parts.  The Class surveyor to be appointed by the Sellers and all expenses to be for the Buyers’ account.

                


        

      

      The Sellers shall at
              their cost and expense make the Vessel available for such inspection.  The inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and paid for by the Buyers. 
              The Buyers’ representative(s) shall have the right to be present at the diver’s inspection as observer only without interfering with the work or decisions of the Classification Society surveyor. The extent of the inspection and the conditions
              under which it is performed shall be to the satisfaction of the Classification Society. If the conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at their cost and expense make the Vessel available at a
              suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent re-positioning.  The Sellers may not tender Notice of Readiness
              prior to completion of the underwater inspection.

      
        
          	

                	(ii)	
                  If the rudder, propeller, bottom or other underwater parts below the
                          deepest load line are found broken, damaged or defective so as to affect the Vessel’s class, then (1) unless repairs can be carried out afloat to the satisfaction of the Classification Society, the Sellers shall arrange for the
                          Vessel to be drydocked at their expense for inspection by the Classification Society of the Vessel’s underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society’s
                          rules (2) such defects shall be made good by the Sellers at their cost and expense to the satisfaction of the Classification Society without condition/recommendation** and (3) the Sellers shall pay for the underwater inspection
                          and the Classification Society’s attendance.

                


        

      

      Notwithstanding
              anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be rectified before the next class drydocking survey, the Sellers shall be entitled to deliver the Vessel with these
              defects against a deduction from the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the satisfaction of the Classification Society, whereafter the Buyers shall have no further rights
              whatsoever in respect of the defects and/or repairs. The estimated direct cost of the repairs shall be the average of quotes for the repair work obtained from two reputable independent shipyards at or in the vicinity of the port of delivery,
              one to be obtained by each of the Parties within two (2) Banking Days from the date of the imposition of the condition/recommendation, unless the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within the
              stipulated time then the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct repair costs. The Sellers may not tender Notice of Readiness prior to such estimate having been established.

      
        
          	

                	(iii)	
                  If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking

                


        

      

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      
        
          


      

      

      

      facilities are
              available at the port of delivery, the Sellers shall take the Vessel to a port where suitable drydocking facilities are available, whether within or outside the delivery range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the Vessel at a port within the delivery
              range as per Clause 5(a) which shall, for the
              purpose of this Clause, become the new port of delivery. In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra steaming, but limited to a maximum of fourteen (14) days.

      (b) * The Sellers
              shall place the Vessel in drydock at the port of delivery for inspection by the Classification Society of the Vessel’s underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classification
              Society’s rules. If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as to affect the Vessel’s class, such defects shall be made good at the Sellers’ cost and
              expense to the satisfaction of the Classification Society without condition/recommendation**. In such event the Sellers are also to pay for the costs and expenses in connection with putting the Vessel in and taking her out of drydock, including the drydock dues and the
              Classification Society’s fees. The Sellers shall also pay for these costs and expenses if parts of the tailshalft system are condemned or found defective or broken so as to affect the Vessel’s class. In all other cases, the Buyers shall pay
              the aforesaid costs and expenses, dues and fees.

      (c) If the Vessel
              is drydocked pursuant to Clause 6(a)(ii) or 6(b) above:

      
        
          	

                	(i)	
                  The Classification Society may require survey of the tailshaft system,
                          the extent of the survey being to the satisfaction of the Classification surveyor. If such survey is not required by the Classification Society, the Buyers shall have the option to require the tailshaft to be drawn and surveyed by
                          the Classification Society, the extent of the survey being in accordance with the Classification Society’s rules for tailshaft survey and consistent with the current stage of the Vessel’s survey cycle. The Buyers shall declare
                          whether they require the tailshaft to be drawn and surveyed not later than by the completion of the inspection by the Classification Society. The drawing and refitting of the tailshaft shall be arranged by the Sellers. Should any
                          part of the tailshaft system be condemned or found defective so as to affect the Vessel’s class, those parts shall be renewed or made good at the Sellers’ cost and expense to the satisfaction of Classification Society without
                          condition/recommendation**.

                


        

      

      
        
          	

                	 (ii)	
                  The costs and expenses relating to the survey of the tailshaft system
                          shall be borne by the Buyers unless the Classification Society requires such survey to be carried out or if parts of the system are condemned or found defective or broken so as to affect the Vessel’s class, in which case the
                          Sellers shall pay these costs and expenses.

                


        

      

      
        
          	

                	(iii)	
                  The Buyers’ representative(s) shall have the right to be present in the
                          drydock, as observer(s) only without interfering with the work or decisions of the Classification Society surveyor.

                


        

      

      
        
          	

                	(iv)	
                  The Buyers shall have the right to have the underwater parts of the
                          Vessel cleaned and painted at their risk, cost and expense without interfering with the Seller’s or the Classification Society surveyor’s work, if any, and without affecting the Vessel’s timely delivery.  If, however, the Buyers’
                          work in drydock is still in progress when the Sellers have completed the work which the Sellers are required to do, the additional docking time needed to complete the Buyers’ work shall be for the Buyers’ risk, cost and expense.
                          In the event that the Buyers’ work required such additional time, the Sellers may upon completion of the Sellers’ work tender Notice of Readiness for delivery whilst the Vessel is still in drydock and, notwithstanding Clause
                            5(a),
                            the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in drydock or not.

                


        

      

      *
              6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 6 (a) shall apply.

      **Notes





              or memoranda, if any, in the surveyor’s report which are accepted by the Classification Society without condition/recommendation are not to be taken into account.

      
        
          	7.	
                  Spares, bunkers and other items

                


        

      

      The sale to include everything belonging to Vessel on board including stores,
          provisions, radio and navigational equipment at the date of the MOA.

          Only excluded items and personal effects of the vessel crew and master’s slop chest, company documents including Vessel’s ISM and Management Manuals which Buyers have the right to take copies at their expense, certificates etc. that have
          to be returned to authorities and following list of items on hire:

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      
        
          


      

      

      

      a. Oxygen / Acetylene / Freon Gas Bottles

      b. All Log Books for Deck, Engine and radio with Buyer’s right to photocopy available logs onboard at
          their own expense

      c. All ISPS, ISM and quality documentation and correspondence

      d. Vessel’s wireless e-mail system and server

      e. Training video library, books

      f. Crew/Officers library/walport videos

      g. All Master’s Slopchest/Bonded stores, all Master’s and crew’s personal belongings

      h. Personal laptop computers

      i. personal cell phones

      j. Contents of Master’s safe

      k. Works of Art; Originals, copies, prints, statues

      l. Certificates/documents to be returned to authorities

      m. Videotel on Demand (VOD) for crew training

      Items on board which are on hire or owned by third parties, listed as follows, are
          excluded from the sale without compensation:

          INFINITY Communication Box

      At the port and date of delivery, Buyers shall take over the remaining bunkers on
          board and pay extra to the Sellers at Singapore Ptalis are published one (1) Banking Day prior the delivery date. Buyers also shall pay extra for unused lubricating oils in designed storage banks and sealed drums/pails that have not passed
          through the Vessel’s system at Sellers last net purchase prices, but excluding barging expenses, as evidenced by invoices or vouchers.

      Quantities of remaining bunkers and unused lubricating oils onboard are to be
          measured jointly by the representative outboard (two) 2 days before delivery and adjusted accordingly on the day of delivery and a relevant statement to be agreed and signed by the Sellers and the Buyers representatives.

      Due to Chinese customs requirements, bunk quantities remaining on board (ROB) upon
          delivery for both IFO and MDO/MGO shall be less than 30% its total tank capacity respectively.

      If the last port of the Vessel call is Taiwan, Hong Kong or Macau of PR China,
          prior to calling Chinese mainland for delivery the remaining bunkers ON BOARD IFO and MGO shall not be more than vessels 5% of the vessel’s total capacity of IFO and MGO respectively.

      Should, despite Sellers best endeavors, the IFO and the MDO quantities remaining on
          board at the time of delivery by excesses aforesaid quantities the MOA shall be deemed invalid and it shall then be Sellers responsibility to arrange for de-bunkering of the excessive quantities of bunkers.  All the cost associated with such
          de-bunkering to be borne by the Sellers.

      Certificates / documents to be returned to the authorities include the following items (Buyers are
          allowed to make copies)

      1. Vessel’s Original Registry Certificate

      2. Radio License

      3. Document of Compliance

      The Sellers shall
              deliver the Vessel to the Buyers with everything belonging to her on board and on shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at
              the time of inspection used or unused, whether on board or not shall become the Buyers’ property, but spares on order are excluded. Forwarding charges, if any, shall be for the Buyers’ account. The Sellers are not required to replace spare
              parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to delivery, but the replaced items shall be the property of the Buyers. Unused stores and provisions
              shall be included in the sale and be taken over by the Buyers without extra payment.

      Library and forms
              exclusively for use in the Sellers’ vessel(s) and captain’s, officers’ and crew’s personal belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items: _______ (include list)

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      
        
          


      

      

      

      Items on board
              which are on hire or owned by third parties, listed as follows, are excluded from the sale without compensation: _______ (include





              list)

      Items on board at
              the time of inspection which are on hire or owned by third parties, not listed above, shall be replaced by the Sellers prior to delivery at their cost and expense.

      The Buyers shall
              take over remaining bunkers and unused lubricating and hydraulic oils and greases in storage tanks and unopened drums and pay either:

      (a)  *the actual
              net price (excluding barging expenses) as evidenced by invoices or vouchers; or

      (b)  *the current
              net market price (excluding barging expenses) at the port and date of delivery of the Vessel or, if unavailable, at the nearest bunkering port, for the quantities taken over.

      Payment under
              this Clause shall be made at the same time and place and in the same currency as the Purchase Price.

      “inspection” in
              this Clause 7, shall mean the Buyers’ inspection
              according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is
              taken over without inspection, the date of this Agreement shall be the relevant date.

      *(a)





              and (b) are alternatives, delete whichever is not applicable. In the absence of deletions alternative (a) shall apply.

      
        
          	8.	
                  Documentation

                


        

      

      The place of closing: at the Deposit Holder’s office.

      Sellers and Buyers to provide a list of closing documents reasonably required for the registration of the Vessels which are to be mutually agreed and incorporated into the MOA as an Addendum to the MOA thereto.

      Same is not to delay the signing of the MOA and the subsequent lodging of the deposit, however to be agreed without unnecessary delay.

      At the time of delivery the Sellers shall hand over to the Buyers all classification certificates as well as all plans/instructions  books/manuals/etc which are on board the Vessel whereas all operational and technical
            documentation which exist ashore in Seller’s possession shall be promptly forwarded to Buyers immediately after ships delivery at Buyers expenses.

      The Sellers may keep the vessel’s log books but the Buyers to have the right to make copies of same.

      After deposit is logged the Buyers have the right to request and receive in copy of all certificates (Class, Trading, Statotory etc.) including but limited to Safe Manning, DOC, SMC, CSR, Radio License, Internation
            Tonnage Registration certificate as required for the Buyers’ new registration.

      The Agreement to be excepted in 6 original copies, 1 for the Sellers.

      (a) In exchange for payment of the Purchase Price shall provide the Buyers with the following delivery documents:

      
        
          	

                	(i)	
                  Legal Bill(s) of Sale in a form recordable in the Buyers’ Nominated
                          Flag State, transferring title of the Vessel and stating that the Vessel is free from all mortgages, encumbrances and maritime liens or any other debts whatsoever, duly notarially attested and legalised or apostilled, as required
                          by the Buyers’ Nominated Flag State;

                


        

      

      
        
          	

                	(ii)	
                  Evidence that all necessary corporate, shareholder and other action has
                          been taken by the Sellers to authorise the execution, delivery and performance of this Agreement;

                


        

      

      
        
          	

                	(iii)	
                  Power of Attorney of the Sellers appointing one or more representatives
                          to act on behalf of the Sellers in the performance of this Agreement, duly notarially attested and legalised or apostilled (as appropriate);

                


        

      

      
        
          	

                	(iv)	
                  Certificate or Transcript of Registry issued by the competent
                          authorities of the flag state on the date of delivery evidencing the Sellers’ ownership of the Vessel and that the Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by such authority to the closing
                          meeting with the original to be sent to the Buyers as soon as

                


        

      

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      
        
          


      

      

      

      possible after
              delivery of the Vessel;

      
        
          	

                	(v)	
                  Declaration of Class or (depending on the Classification Society) a
                          Class Maintenance Certificate issued within three (3) Banking Days prior to delivery confirming that the Vessel is in Class free of condition/recommendation;

                


        

      

      
        
          	

                	(vi)	
                  Certificate of Deletion of the Vessel from the Vessel’s registry or
                          other official evidence of deletion appropriate to the Vessel’s registry at the time of delivery, or, in the event that the registry does not as a matter of practice issue such documentation immediately a written undertaking by
                          the Sellers to effect deletion from the Vessel’s registry forthwith and provide a certificate or other official evidence of deletion to the Buyers promptly and latest within four (4) weeks after the Purchase Price has been paid
                          and the Vessel has been delivered;

                


        

      

      
        
          	

                	(vii)	
                  A copy of the Vessel’s Continuous Synopsis Record certifying the date
                          on which the Vessel ceased to be registered with the Vessel’s registry, or, in the event that the registry does not as a matter of practice issue such certificate immediately, a written undertaking from the Sellers to provide the
                          copy of this certificate promptly upon it being issued together with evidence of submission by the Sellers of a duly executed Form 2 stating the date on which the Vessel shall cease to be registered with the Vessel’s registry;

                


        

      

      
        
          	

                	(viii)	
                  Commercial Invoice for the Vessel;

                


        

      

      
        
          	

                	(ix)	
                  Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and
                          greases;

                


        

      

      
        
          	

                	(x)	
                  A copy of the Sellers’ letter to their satellite communication provider
                          cancelling the Vessel’s communication contract which is to be sent immediately after delivery of the Vessel;

                


        

      

      
        
          	

                	(xi)	
                  Any additional documents as may reasonably be required by the competent
                          authorities of the Buyers’ Nominated Flag State for the purpose of registering the Vessel, provided the Buyers notify the Sellers of any such documents as soon as possible after the date of this Agreement; and

                


        

      

      
        
          	

                	(xii)	
                  The Sellers’ letter of confirmation that to the best of their
                          knowledge, the Vessel is not black listed by any nation or international organisation.

                


        

      

      (b) At the time
              of delivery the Buyers shall provide the Sellers with:

      
        
          	

                	(i)	
                  Evidence that all necessary corporate, shareholder and other action has
                          been taken by the Buyers to authorise the execution, delivery and performance of this Agreement; and

                


        

      

      
        
          	

                	(ii)	
                  Power of Attorney of the Buyers appointing one or more representatives
                          to act on behalf of the Buyers in the performance of this Agreement, duly notarially attested and legalised or apostilled (as appropriate).

                


        

      

      (c) If any of the
              documents listed in Sub clauses (a) and (b) above the documentary addendum are not in the English language they shall be accompanied by an English translation by an authorised translator or certified by a lawyer qualified to practice in the
              country of the translated language.

      (d) The Parties
              shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) the documentary addendum above for review and comment by the other party not later than ______ (state number of days), or if left blank,
              nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement.

      (e) Concurrent
              with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, the Sellers shall also hand to the Buyers the classification certificate(s) as well as all plans, drawings and manuals, (excluding ISM/ISPS manuals), which are on
              board the Vessel. Other certificates which are on board the Vessel shall also be handed over to the Buyers unless the Sellers are required to retain same, in which case the Buyers have the right to take copies.

      (f) Other
              technical documentation which may be in the Sellers’ possession shall promptly after delivery be forwarded to the Buyers at their expense, if they so request. The Sellers may keep the Vessel’s log books but the Buyers have the right to take
              copies of same.

      (g) The Parties
              shall sign and deliver to each other a Protocol of Delivery and Acceptance confirming the date and time of delivery of the Vessel from the Sellers to the Buyers.

      
        
          	9.	
                  Encumbrances

                


        

      

      The Sellers warrant that the Vessel, at the time of deliver, is free from all charters, encumbrances,
          mortgages and maritime liens or any other debts whatsoever, and is not subject to Port State or other administrative detentions.  The Sellers hereby undertake to indemnify the

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      
        
          


      

      

      

      Buyers against all consequences of claims made against the Vessel which have been incurred prior to
          the time of delivery.

      
        
          	10.	
                  Taxes, fees and expenses

                


        

      

      Any taxes, fees and expenses in connection with the purchase and registration in the Buyers’ Nominated
          Flag State shall be for the Buyers’ account, whereas similar charges in connection with the closing of the Sellers’ register shall be for the Sellers’ account.

      
        
          	11.	
                  Condition on delivery

                


        

      

      Vessel shall be deliver charter free, cargo free, free of stowaways, free of
          average damage affecting class, substantially in the same condition as she was at the date of inspection, fair wear and tear expected and with present class fully maintained, fee of conditions/recommendations, free of average damage affecting
          class and with all her class trading certificates, both national and international as required under her present flag, to be clean, valid and un-extended at the time of delivery to Buyers.

      The Vessels CMS items shall be valid and up to date without outstanding at the time
          of delivery.  The Vessel shall be delivered with her cargo holds empty, clean and swept and fee of cargo.  However, the Sellers have the option to deliver Vessel with her cargo holds as they are left by stevedores after completion of cargo
          onboard by paying the Buyer a lumpsum of USD 4,200, in lieu of cargo hold cleaning.

      The Vessel with
              everything belonging to her shall be at the Sellers’ risk and expense until she is delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be delivered and taken over as she was at the time of inspection,
              fair wear and tear excepted.

      However, the
              Vessel shall be delivered free of cargo and free of stowaways with her Class maintained without condition/recommendation*, free of average damage affecting the Vessel’s class, and with her classification certificates and national
              certificates, as well as all other certificates the Vessel had at the time of inspection, valid and without condition/ recommendation* by the Classification Society or the relevant authorities at the time of delivery.

      “inspection” in
              this Clause 11,
              shall mean the Buyers’ inspection according to Clause 4(a) or 4(b) (Inspections), if
              applicable. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date.

      *Notes





              and memoranda, if any, in the surveyor’s report which are accepted by the Classification Society without condition/recommendation are not to be taken into account.

      
        
          	12.	
                  Name/markings

                


        

      

      Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel markings.

      
        
          	13.	
                  Buyers’ default

                


        

      

      Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the right to cancel this Agreement, and they shall be entitled to claim compensation for their losses and for all expenses incurred together with interest.

      Should the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers have the right to cancel this Agreement, in which case the Deposit together with interest earned, if any, shall be released to the Sellers.  If the Deposit does not
          cover their loss, the Sellers shall be entitled to claim further compensation for their losses and for all expenses incurred together with interest.

      
        
          	14.	
                  Sellers’ default

                


        

      

      Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of cancelling this Agreement. If after Notice of Readiness
          has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by the Cancelling Date and new Notice of Readiness given, the Buyers shall retain their option
          to cancel. In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them immediately.

      Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to
          validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this
          Agreement.

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      
        
          


      

      

      

      
        
          	15.	
                  Buyers’ representatives

                


        

      

      After this Agreement has been signed by the Parties and the 10% Deposit has been lodged, the Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and expense.

      These representatives are on board for the purpose of familiarisation and in the capacity of observers
          only, and they shall not interfere in any respect with the operation of the Vessel. The Buyers and the Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of indemnity prior to their embarkation.

      The Buyers crew are allowed to board the Vessel two (2) hours prior to the expected time of physical
          delivery of the Vessel to facilitate the takeover of the Vessel.

      However, the Buyers have to remain at the location under the directions of the master of the Vessel and
          not interfere with Vessels operations.

      If the delivery of the Vessel does not happen within 6 hours from the time the Buyers’ crew board the
          Vessel, then the Buyers’ crew shall disembark and only the two (2) Buyers representatives shall remain on board.

      At 3 days before delivery, the Buyers have the right to place on board 2
          representatives and 4 more Buyers’ officers and crew during daytime only.  The Sellers’ officers shall reasonably and as practical as possible without delays to the Vessel’s delivery schedule and always at Master’s supervision, explain and show
          the Vessel’s main operation functions to the opposite persons of the Buyers.

      
        
          	16.	
                  Law and Arbitration

                


        

      

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

      The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association
          (LMAA) Terms current at the time when the arbitration proceedings are commenced.

      The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall
          appoint its arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as
          sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the
          fourteen (14) days specified, the party referring a dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly.  The
          award of a sole arbitrator shall be binding on both Parties as if the sole arbitrator had been appointed by agreement.

      In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration
          shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

      (b) *This
              Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the substantive law (not including the choice of law rules) of the State of New York and any dispute arising out of or in connection with
              this Agreement shall be referred to three (3) persons at 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 purposes of
              enforcing any award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.

      In cases where
              neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc.

      (c) This Agreement shall be governed by and construed in accordance with the laws of ______(state place) and any dispute arising out of or in connection with this Agreement shall be referred to arbitration at ______(state place), subject to the procedures
              applicable there.

      *16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable, In
          the absence of deletions, alternative 16(a) shall apply.

      
        
          	17.	
                  Notices

                


        

      

      

      

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      

      

      
        
          


      

      

      

      All notices to be provided under this Agreement shall be in writing and exchanged through the brokers involved.

      Contact details for recipients of notices are as follows:

      For the Buyers:  via
            broker

      

      

      For the Seller:  via
            broker

      

      

      

      

      
        
          	18.	
                  Entire Agreement

                


        

      

      The written terms of this Agreement comprise the entire agreement between the Buyers and the Sellers
          in relation to the sale and purchase of the Vessel and supersede all previous agreements whether oral or written between the Parties in relation thereto.

      Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall
          have no right or remedy in respect of any statement, representation, assurance or warranty (whether or not made negligently) other than as is expressly set out in this Agreement.

      Any terms implied into this Agreement by any applicable statute or law are hereby excluded to the
          extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude any liability for fraud.

      19. Not-blacklisted Confirmation

      Sellers to provide a letter confirming that to the best of their knowledge the vessel is not blacklisted
          by any Arab organisation of Damascus league or any other country or organisation.

      

      

      20. Confidentiality

      This offer and subsequent discussions/negotiations and any eventual sale shall be kept strictly private
          and confidential among all parties concerned, except where required by statutory or requirements for stock listed companies.  However, should the sale or any other details relating to the sale become known or reported in the market, neither the
          Sellers nor the Buyers shall have the right to withdraw from the sale or fail to fulfill all their obligations under the MOA.

      

      

      21. The Sellers confirm in writing at the time of closing that the Vessel’s Owners, Managers and Beneficial Owners are not listed as
          Sanction Entities of individual under USA, EU and UN sanctions and are not part of OPAC list.

      

      

      

      

      	
              For and on behalf of the Sellers

            	
              For and on behalf of the Buyers

            
	 	 
	
              /s/ Sofia Manola

            	
              /s/ Zhou Hong Xiong

            
	
              Name:  Sofia Manola

            	
              Name: Zhou Hong Xiong

            
	
              Title:  Attorney-in-Fact

            	
              Title: Attorney-in-Fact

            


      

      

      

      

      	 	
              For and on behalf of the Buyers’ Import Agent

            
	 	 
	 	 

            
	 	
              Name:  

            
	 	
              Title:  

            


      

      

      

      

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.