EX-10.15



 EXHIBIT 10.15 
  

													
		 	1.	 	 Date of Agreement
 11 April
2014
  
 PGN FSRU Lampung, IMO No. 9629524

 
  
	 	 	 	 




  
 Part 1

 
	 	
	



  	 	2.	 	Owners (name, place of registered office and law of registry) (Cl. 1)	 	 	 	3.  	 	Managers (name, place of registered office and law of registry) (Cl. 1)	 	 
	 		 	  
	 		 		 	  
	 	 
	 		 	 Name 
 Höegh LNG AS
	 		 		 	 Name
 Höegh LNG Fleet Management AS
	 	 
	 		 	  
	 		 		 	  
	 	 
	 		 	 Place of registered office 
 Drammensveien 134, 0277 Oslo,
Norway
	 		 		 	 Place of registered office 
 Drammensveien 134, 0277 Oslo,
Norway
	 	 
	 		 	  
	 		 		 	  
	 	 
	 		 	 Law of registry 
 Norway
	 		 		 	 Law of registry 
 Norway
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	



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

Date of delivery
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	5.	 	 Crew Management (state “yes” or “no” as agreed) (Cl. 3.1)

YES
	 		 	6.	 	 Technical Management (state “yes” or “no” as agreed) (Cl. 3.2)

YES
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	7.	 	 Commercial Management (state “yes” or “no” as agreed) (Cl. 3.3)

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

YES
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	9.	 	 Accounting services (state “yes” or “no” as agreed) (Cl. 3.5)

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

NO
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	



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

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

NO
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	13.	 	 Chartering Services Period (only to be filled in if “yes” stated in Box 7)
(Cl. 3.3(i))
 NO
	 		 	14.	 	 Owners’ Insurance (state alternative (i), (ii) or
(iii) of Cl.6.3)
 6.3(ii)
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	15.	 	 Annual Management Fee (state annual amount) (Cl. 8.1)

USD 600,000
	 		 	16.	 	 Severance Costs (state maximum amount
 (Cl.
8.4(ii))
 N/A
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
		 	17.	 	 Day and year of termination of Agreement (Cl. 17)

As per Clause 17
	 	 	 	 18.
	 	 Law and Arbitration (state alternative 19.1,
19.2 or 19.3; if 19.3 place of arbitration must be slated) (Cl. 19)

Clause 19.1, London
	 	 
	 	19.	 	 Notices (state postal and cable address, telex and telefax number for serving notice and communication to the Owners)
(Cl. 20)
 Höegh LNG AS, Drammensveien 134, PO Box 4 Skoyen, NO-0212 Oslo, Norway, Tel. +47 9755 7400. Fax: +47 9755
7401
	 		 	20.	 	 Notices (state postal and cable address, telex and telefac number for serving notice and communication to the Managers) (Cl.
20)
 Höegh LNG Fleet Management AS, Drammensveien 134, PO Box 4 Skoyen, NO-0212 Oslo, Norway. Tel: +47 9755 7400. Fax: +47 97557401
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	  
 It is mutually agreed between the party stated in
Box 2 and the party stated in Box 3 that this Agreement consisting of PART 1 and PART II as well as Annexes “A” (Details of Vessel), “B” (Details of Crew), “C” (Budget) and
“D” (Associated vessels) attached hereto, shall be performed subject to the conditions contained herein. In the event of a conflict of conditions, the provisions of PART
I and Annexes “A”, “B”, “C” and “D” shall
prevail over those of PART II to the extent to such conflict but no further.
  
	 	
		 	Signature(s) (Owners)	 	 	 	Signature(s) (Managers)	 	 
		 	 /s/ ROAR FLOM
  
	 		 	/s/ PÅL GUNNULFSEN	 	 
		 	 	 	Roar Flom, Director	 	 	 	Pål Gunnulfsen, General Manager	 	 


  

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









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

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) 
 STANDARD SHIP
MANAGEMENT AGREEMENT – CODE NAME: “SHIPMAN 98” 
  

Date of Agreement 
 11 April 2014 

Name of Vessel(s): 
 PGN FSRU Lampung, IMO 9629524, Call sign: JZRX 

 

			
	Particulars of Vessel(s):	  	
	Flag:	  	Indonesia
	Ship Builder:	  	Hyundai Heavy Industries Co. Ltd.
	Classification Society:	  	DNV/BKI
	Built:	  	Feb 2013 (keellaid)
	Classification designation:	  	A100 Liquified gas carrier (LNG) R, Ship type 2G, NAV-OC, EP+, RSD (F40), CPS, IW, SPM
	Length:	  	297,4m
	Breadth:	  	46m
	Depth:	  	26m
	Gross Tonnage (International):	  	127594
	Net Tonnage (International):	  	64562
	Engine:	  	Wärtsila 6650DF

  
  
 



 

  

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









 ANNEX “B” (DETAILS OF CREW) TO 

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) 
 STANDARD SHIP
MANAGEMENT AGREEMENT – CODE NAME: “SHIPMAN 98” 
  

Date of Agreement 
 11 April 2014 

Details of Crew: 
 The Vessel will be crewed by 26 to 30 qualified crew under normal
trading conditions. The vessel will utilize mix of officers from Europe and Indonesia with Indonesian ratings. 
  

					
	Numbers	  	Rank	  	Nationality
	1	  	Master	  	
	1	  	Ch. Off.	  	
	1	  	2nd Off.	  	
	1	  	3rd Off.	  	
	1	  	Ch. Eng.	  	
	1	  	2nd Eng.	  	
	2	  	3rd Eng.	  	
	1	  	Elec	  	
	1	  	Cargo Eng.	  	
	1	  	Bosun	  	
	4	  	AB	  	
	4	  	OS	  	
	2	  	Fitter	  	
	3	  	Oiler	  	
	1	  	Wiper	  	
	1	  	Ch. Cook	  	
	1	  	2nd Cook	  	
	2	  	Messman	  	

  
 



 

  

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









 ANNEX “C” (BUDGET) TO 

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) 
 STANDARD SHIP
MANAGEMENT AGREEMENT – CODE NAME: “SHIPMAN 98” 
  

Date of Agreement 
 11 April 2014 

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

 



					
	 	  	 USD	 
	 Maritime personnel expenses:
	  	 	2,854,300	  
	 Services and Spares:
	  	 	1,241,000	  
	 Consumables:
	  	 	310,250	  
	 Technical management fee:
	  	 	600,00	  
		
	 Based on 365 days/12 months
	  			


					
		
	 TOTAL::
	  	 	13,715/day	  

 

 
 

  
 Vessel insurance to be arranged by Owner in accordance
with Clause 6. 
  
 



 

  

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









 ANNEX “D” (ASSOCIATED VESSELS) TO 

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) 

STANDARD SHIP MANAGEMENT AGREEMENT – CODE NAME: “SHIPMAN 98” 

 
  

NOTE: PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS ANNEX “D” 

THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE 18.1(I) OF THIS 

AGREEMENT. 

Date of Agreement 

Details of Associated Vessels: 

  

					
		 	This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. 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 BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer
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 PART II 

“SHIPMAN 98” Standard Ship Management Agreement 
  

															
	1.	 	Definitions	  	1	 		  		 	arrangements, pension administration and insurances for	  	57
		 	In this Agreement save where the context otherwise requires,	  	2	 		  		 	the Crew other than those mentioned in Clause 6;	  	58
		 	the following words and expressions shall have the meanings	  	3	 		  	(ii)	 	ensuring that the applicable requirements of the law of the	  	59
		 	hereby assigned to them.	  	4	 		  		 	flag of the Vessel are satisfied in respect of manning levels,	  	60
		 		  		 		  		 	rank, qualification and certification of the Crew and	  	61
		 	“Owners” means the party identified in Box 2.	  	5	 		  		 	employment regulations including Crew’s tax, social	  	62
		 	“Managers” means the party identified in Box 3.	  	6	 		  		 	insurance, discipline and other requirements;	  	63
		 	“Vessel” means the vessel or vessels details of which are set	  	7	 		  	(iii)	 	ensuring that all members of the Crew have passed a medical	  	64
		 	out in Annex “A” attached hereto.	  	8	 		  		 	examination with a qualified doctor certifying that they are fit	  	65
		 	“Crew” means the Master, and the officers as provided by the	  	9	 		  		 	for the duties for which they are engaged and are in possession	  	66
		 	Manager to the Vessel at any time and ratings of the numbers,	  		 		  		 	of valid medical certificates issued in accordance with	  	67
		 	rank and nationality as per the Manager’s at any time current	  	10	 		  		 	appropriate flag State requirements. In the absence of	  	68
		 	crewing procedures and manuals specified in Annex “B” attached	  		 		  		 	applicable flag State requirements the medical certificate shall	  	69
		 	hereto.	  		 		  		 	be dated not more than three months prior to the respective	  	70
		 	“Crew Support Costs” means all expenses of a general nature	  	11	 		  		 	Crew members leaving their country of domicile and	  	71
		 	which are not particularly referable to any individual vessel for	  	12	 		  		 	maintained for the duration of their service on board the Vessel;	  	72
		 	the time being managed by the Managers and which are incurred	  	13	 		  	(iv)	 	ensuring that the Crew shall have a command of the English	  	73
		 	by the Managers for the purpose of providing an efficient and	  	14	 		  		 	language of a sufficient standard to enable them to perform	  	74
		 	economic management service and, without prejudice to the	  	15	 		  		 	their duties safely;	  	75
		 	generality of the foregoing, shall include the cost of crew standby	  	16	 		  	(v)	 	arranging transportation of the Crew, including repatriation;	  	76
		 	pay, training schemes for officers and ratings, cadet training	  	17	 		  	(vi)	 	training of the Crew and supervising their efficiency;	  	77
		 	schemes, sick pay, study pay, recruitment and interviews.	  	18	 		  	(vii)	 	conducting union negotiations;	  	78
		 	“Severance Costs” means the costs which the employer are	  	19	 		  	(viii)	 	operating the Managers’ drug and alcohol policy unless	  	79
		 	legally obliged to pay to or in respect of the Crew as a result of	  	20	 		  		 	otherwise agreed.	  	80
		 	the early termination of any employment contract for service on	  	21	 		  		 		  	
		 	the Vessel.	  	22	 	    3.2.	  	 Technical Management	  	81
		 	“Crew Insurances” means insurances against crew risks which	  	23	 		  	  (only applicable if agreed according to Box 6)	  	82
		 	shall include but not be limited to death, sickness, repatriation,	  	24	 		  	  The Managers shall provide technical management which	  	83
		 	injury, shipwreck unemployment indemnity and loss of personal	  	25	 		  	 includes, but is not limited to, the following functions:	  	84
		 	effects.	  	26	 		  	  (i)	 	provision of competent personnel to supervise the	  	85
		 	“Management Services” means the services specified in sub-	  	27	 		  		 	maintenance and general efficiency of the Vessel;	  	86
		 	clauses 3.1 to 3.8 as indicated affirmatively in Boxes 5 to 12.	  	28	 		  	  (ii)	 	arrangement and supervision of dry dockings, repairs,	  	87
		 	“ISM Code” means the International Management Code for the	  	29	 		  		 	alterations and the upkeep of the Vessel to the standards	  	88
		 	Safe Operation of Ships and for Pollution Prevention as adopted	  	30	 		  		 	required by the Owners provided that the Managers shall	  	89
		 	by the International Maritime Organization (IMO) by resolution	  	31	 		  		 	be entitled to incur the necessary expenditure to ensure	  	90
		 	A.741(18) or any subsequent amendment thereto.	  	32	 		  		 	that the Vessel will comply with the law of the flag of the	  	91
		 	“STCW 95” means the International Convention on Standards	  	33	 		  		 	Vessel and of the places where she trades, and all	  	92
		 	of Training, Certification and Watchkeeping for Seafarers, 1978,	  	34	 		  		 	requirements and recommendations of the classification	  	93
		 	as amended in 1995 or any subsequent amendment thereto.	  	35	 		  		 	society;	  	94
		 		  		 		  	  (iii)	 	arrangement of the supply of necessary stores, spares and	  	95
	2.	 	Appointment of Managers	  	36	 		  		 	lubricating oil;	  	96
		 	With effect from the day and year stated in Box 4 and continuing	  	37	 		  	  (iv)	 	appointment of surveyors and technical consultants as the	  	97
		 	unless and until terminated as provided herein, the Owners	  	38	 		  		 	Managers may consider from time to time to be necessary;	  	98
		 	hereby appoint the Managers and the Managers hereby agree	  	39	 		  	  (v)	 	development, implementation and maintenance of a Safety	  	99
		 	to act as the Managers of the Vessel.	  	40	 		  		 	Management System (SMS) in accordance with the ISM	  	100
		 	Each party acknowledge that the registered owner of the Vessel is	  		 		  		 	Code (see sub-clauses 4.2 and 5.3).	  	101
		 	PT Hoegh LNG Lampung and that the Owners have entered
into a Technical Information and Service Agreement dated on	  		 	3.3.	  	 Commercial Management	  	102
		 	or about the date hereof.	  		 		  	 (only applicable if agreed according to Box 7)	  	103
		 	The parties further refer to a Bridge Letter issued by the	  		 		  	 The Managers shall provide the commercial operation of the	  	104
		 	registered owner whereby the Manager is recognized as the	  		 		  	 Vessel, as required by the Owners, which includes, but is not	  	105
		 	Responsible Owner of the Vessel when she commences	  		 		  	 limited to, the following functions:	  	106
		 	operation and is authorized to act and instruct on behalf of the	  		 		  	  (i)	 	providing chartering services in accordance with the Owners’	  	107
		 	registered owner accordingly.	  		 		  		 	instructions which include, but are not limited to, seeking	  	108
	3.	 	Basis of Agreement	  	41	 		  		 	and negotiating employment for the Vessel and the conclusion	  	109
		 	Subject to the terms and conditions herein provided, during the	  	42	 		  		 	(including the execution thereof) of charter parties or other	  	110
		 	period of this Agreement, the Managers shall carry out	  	43	 		  		 	contracts relating to the employment of the Vessel. If such a	  	111
		 	Management Services in respect of the Vessel as agents for	  	44	 		  		 	contract exceeds the period dated in Box 13, consent thereto	  	112
		 	and on behalf of the Owners. The Managers shall have authority	  	45	 		  		 	in writing shall first be obtained from the Owners.	  	113
		 	to take such actions as they may from time to time in their absolute	  	46	 		  	  (ii)	 	arranging of the proper payment to Owners or their nominees	  	114
		 	discretion consider to be necessary to enable them to perform	  	47	 		  		 	of all hire and/or freight revenues or other moneys of	  	115
		 	this Agreement in accordance with sound ship management	  	48	 		  		 	whatsoever nature to which Owners may be entitled arising	  	116
		 	practice.	  	49	 		  		 	out of the employment of or otherwise in connection with the	  	117
		 		  		 		  		 	Vessel	  	118
		 	3.1 Crew Management	  	50	 		  	  (iii)	 	providing voyage estimates and accounts and calculating of	  	119
		 	(only applicable if agreed according to Box 5)	  	51	 		  		 	hire, freights, demurrage and/or dispatch moneys due from	  	120
		 	The Managers shall provide suitably qualified Crew for the Vessel	  	52	 		  		 	or due to the charterers of the Vessel;	  	121
		 	as required by the Owners in accordance with the STCW95	  	53	 		  	  (iv)	 	issuing of voyage instructions;	  	122
		 	requirements, provision of which includes but is not limited to	  	54	 		  	  (v)	 	appointing agents;	  	123
		 	the following functions:	  	55	 		  		 		  	
		 	(i)	 	selecting and engaging the Vessel’s Crew, including payroll	  	  56	 		  		 		  	


  

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










 PART II 

“SHIPMAN 98” Standard Ship Management Agreement 
  


															
		 	  (vi)	 	appointing stevedores;	  	124	 		  		 	In accordance with sub-clause 3.2, the Owners shall procure that	  	186
		 	  (vii)	 	arranging surveys associated with the commercial operation	  	125	 		  		 	the requirements of the law of the flag of the Vessel are satisfied	  	187
		 		 	of the Vessel.	  	126	 		  		 	and that they, or such other entity as may be appointed by them	  	188
		 		 		  		 		  		 	and identified to the Managers, shall be deemed to be the	  	189
		 	3.4 Insurance Arrangements’	  	127	 		  		 	“Company” as defined by the ISM Code assuming the responsibility	  	190
		 	(only applicable if agreed according to Box 8)	  	128	 		  		 	for the operation of the Vessel and taking over the duties and	  	191
		 	The Managers shall arrange insurances in accordance with	  	129	 		  		 	responsibilities posed by the ISM Code when applicable.	  	192
		 	Clause 6, on such terms and conditions as the Owners shall	  	130	 		  		 		  	
		 	have instructed or agreed, in particular regarding conditions,	  	131	 	6.	  	Insurance Policies	  	193
		 	insured values, deductibles and franchises.	  	132	 		  	The Owners shall procure, whether by instructing the Managers	  	194
		 		 		  		 		  	under sub-clause 3.4 or otherwise, that throughout the period of	  	195
		 	3.5 Accounting Services	  	133	 		  	this Agreement:	  	196
		 	  (only applicable if agreed according to Box 9)	  	134	 		  	6.1 at the Owners’ expense, the Vessel is insured for not less	  	197
		 	  The Managers shall:	  	135	 		  	than her sound market value or entered for her full gross tonnage,	  	198
		 	  (i)	 	establish an accounting system which meets the	  	136	 		  	as the case may be for:	  	199
		 		 	requirements of the Owners and provide regular accounting	  	137	 		  	(i)	 	usual hull and machinery marine risks (including crew	  	200
		 		 	services, supply regular reports and records,	  	138	 		  		 	negligence) and excess liabilities;	  	201
		 	  (ii)	 	maintain the records of all costs and expenditure incurred	  	139	 		  	(ii)	 	protection and indemnity risks (including pollution risks and	  	202
		 		 	as well as data necessary or proper for the settlement of	  	140	 		  		 	Crew Insurance); and	  	203
		 		 	accounts between the parties.	  	141	 		  	(iii)	 	    war risks (including protection and indemnity and crew risks)	  	204
		 		 		  		 		  	in accordance with the best practice of prudent owners of	  	205
		 	3.6 Sale or Purchase of the Vessel	  	142	 		  	vessels of a similar type to the Vessel, with first class insurance	  	206
		 	(only applicable if agreed according to Box 10)	  	143	 		  	companies, underwriters or associations (“the Owners’	  	207
		 	The Managers shall, in accordance with the Owners’ instructions,	  	144	 		  	Insurances”);	  	208
		 	supervise the sale or purchase of the Vessel, including the	  	145	 		  	6.2 all premiums and calls on the Owners’ Insurances are paid	  	209
		 	performance of any sale or purchase agreement, but not	  	146	 		  	promptly by their due date.	  	210
		 	negotiation of the same.	  	147	 		  	6.3 the Owners’ Insurances name the managers and, subject	  	211
		 		 		  		 		  	to underwriters’ agreement, any third party designated by the	  	212
		 	3.7 Provisions (only applicable if agreed according to Box 11)	  	148	 		  	Managers as a joint assured, with full cover, with the Owners	  	213
		 	The Managers shall arrange for the supply of provisions.	  	149	 		  	obtaining cover in respect of each of the insurances specified in	  	214
		 		 		  		 		  	sub-clause 6.1:	  	215
		 	3.8 Bunkering (only applicable if agreed according to Box 12)	  	150	 		  	  (i)	 	on terms whereby Managers and any such third party	  	216
		 	The Managers shall arrange for the provision of bunker fuel of the	  	151	 		  		 	are liable in respect of premiums or calls arising in connection	  	217
		 	quality specified by the Owners as required for the Vessel’s trade.	  	152	 		  		 	with the Owners’ Insurances, or	  	218
		 		 		  		 		  	  (ii)	 	if reasonably obtainable, on terms such that neither the	  	219
	4.	 	Managers’ Obligations	  	153	 		  		 	Managers nor any such third party shall be under any	  	220
		 	4.1 The Managers undertake to use their best endeavours to	  	154	 		  		 	liability in respect of premiums or calls arising in connection	  	221
		 	provide the agreed Management Services as agents for and on	  	155	 		  		 	with the Owners’ Insurances, or	  	222
		 	behalf of the Owners in accordance with sound ship management	  	156	 		  	  (iii)	 	on such other terms as may be agreed in writing.	  	223
		 	practice and to protect and promote the interests of the Owners in	  	157	 		  	  Indicate alternative (i), (ii) or (iii) in Box 14. If Box 14 is left	  	224
		 	all matters relating to the provision of services hereunder.	  	158	 		  	  blank then (i) applies.	  	225
		 	Provided, however, that the Managers in the performance of their	  	159	 		  	6.4 written evidence is provided, to the reasonable satisfaction	  	226
		 	management responsibilities under this Agreement shall be entitled	  	160	 		  	of the Managers, of their compliance with their obligations under	  	227
		 	to have regard to their overall responsibility in relation to all vessels	  	161	 		  	Clause 6 within a reasonable time of the commencement of	  	228
		 	as may from time to time be entrusted to their management and	  	162	 		  	the Agreement, and of each renewal date and, if specifically	  	229
		 	in particular, but without prejudice to the generality of the foregoing,	  	163	 		  	requested, of each payment date of the Owners’ Insurances.	  	230
		 	the Managers shall be entitled to allocate available supplies,	  	164	 		  		 		  	
		 	manpower and services in such manner as in the prevailing	  	165	 	7.	  	Income Collected and Expenses Paid on Behalf of Owners	  	231
		 	circumstances the Managers in their absolute discretion consider	  	166	 		  	7.1 All moneys collected by the managers under the terms of	  	232
		 	to be fair and reasonable.	  	167	 		  	this Agreement (other than moneys payable by the Owners to	  	233
		 	4.2 Where the Managers are providing Technical Management	  	168	 		  	the Managers) and any interest thereon shall be held to the	  	234
		 	in accordance with sub-clause 3.2, they shall procure that the	  	169	 		  	credit of the Owners in a separate bank account.	  	235
		 	requirements of the law of the flag of the Vessel are satisfied and	  	170	 		  	7.2 All expenses incurred by the Managers under the terms	  	236
		 	they shall in particular be deemed to be the “Company” as defined	  	171	 		  	of this Agreement on behalf of the Owners (including expenses	  	237
		 	by the ISM Code, assuming the responsibility for the operation of	  	172	 		  	as provided in Clause 8) may be debited against the Owners	  	238
		 	the Vessel and taking over the duties and responsibilities imposed	  	173	 		  	in the account referred to under sub-clause 7.1 but shall in any	  	239
		 	by the ISM Code when applicable.	  	174	 		  	event remain payable by the Owners to the Managers on	  	240
		 		 		  		 		  	demand.	  	241
	5.	 	Owners’ Obligations	  	175	 		  		 		  	
		 	5.1 The Owners shall pay all sums due to the Managers punctually	  	176	 	8.	  	Management Fee	  	242
		 	in accordance with the terms of this Agreement.	  	177	 		  	8.1 The Owners shall pay to the Managers for their services	  	243
		 	5.2 Where the Managers are providing Technical Management	  	178	 		  	as Managers under this Agreement an annual management	  	244
		 	in accordance with sub-clause 3.2, the Owners shall:	  	179	 		  	fee as stated in Box 15 which shall be payable by equal	  	245
		 	 (i)	 	procure that all officers and ratings supplied by them or on	  	180	 		  	monthly instalments in advance, the first instalment being	  	246
		 		 	their behalf comply with the requirements of STCW95;	  	181	 		  	payable on the commencement of this Agreement (see Clause	  	247
		 	 (ii)	 	instruct such officers and ratings to obey all reasonable orders	  	182	 		  	2 and Box 4) and subsequent instalments being payable every	  	248
		 		 	of the Managers in connection with the operation of the	  	183	 		  	month.	  	249
		 		 	Managers’ safety management system.	  	184	 		  	8.2 The management fee shall be subject to an annual review	  	250
		 	5.3  Where the Managers are not providing Technical Management	  	185	 		  		 		  	


  

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










 PART II 

“SHIPMAN 98” Standard Ship Management Agreement 
  


															
		 	on the anniversary date of the Agreement and the proposed	  	251	 		  	Management Services.	  	317
		 	fee shall be presented in the annual budget referred to in sub-	  	252	 		  		  	
		 	clause 9.1.	  	253	 	10.	  	Managers’ Right to Sub-Contract	  	318
		 	8.3 The Managers shall, at no extra cost to the Owners, provide	  	254	 		  	The Managers shall not have the right to sub-contract any of	  	319
		 	their own office accommodation, office staff, facilities and	  	255	 		  	their obligations hereunder, including those mentioned in sub-	  	320
		 	stationery. Without limiting the generality of Clause 7 the Owners	  	256	 		  	clause 3.1, without the prior written consent of the Owners which	  	321
		 	shall reimburse the Managers for postage and communication	  	257	 		  	shall not be unreasonably withheld. In the event of such a sub-	  	322
		 	expenses, traveling expenses, and other out of pocket	  	258	 		  	contract the Managers shall remain fully liable for the due	  	323
		 	expenses properly incurred by the Managers in pursuance of	  	259	 		  	performance of their obligations under this Agreement.	  	324
		 	the Management Services.	  	260	 		  		 		  	
		 	8.4 In the event of the appointment of the Managers being	  	261	 	11.	  	Responsibilities.	  	325
		 	terminated by the Owners or the Managers in accordance with	  	262	 		  	11.1 Force Majeure - Neither the Owners nor the Managers	  	326
		 	the provisions of Clauses 17 and 18 other than by reason of	  	263	 		  	shall be under any liability for any failure to perform any of their	  	327
		 	default by the Managers, or if the Vessel is lost, sold or otherwise	  	264	 		  	obligations hereunder by reason of any cause whatsoever of	  	328
		 	disposed of, the “management fee” payable to the Managers	  	265	 		  	any nature or kind beyond their reasonable control.	  	329
		 	according to the provisions of sub-clause 8.1, shall continue to	  	266	 		  	11.2 Liability to Owners - (i) Without prejudice to sub-clause	  	330
		 	be payable for a further period of three calendar months as	  	267	 		  	11.1, the Managers shall be under no liability whatsoever to the	  	331
		 	from the termination date. In addition, provided that the	  	268	 		  	Owners for any loss, damage, delay or expense of whatsoever	  	332
		 	Managers provide Crew for the Vessel in accordance with sub-	  	269	 		  	nature, whether direct or indirect, (including but not limited to	  	333
		 	clause 3.1:	  	270	 		  	loss of profit arising out of or in connection with detention of or	  	334
		 	(i)	 	the Owners shall continue to pay Crew Support Costs during	  	271	 		  	delay to the Vessel) and howsoever arising in the course of	  	335
		 		 	the said further period of three calendar months 90 days or as	  	272	 		  	performance of the Management Services UNLESS same is	  	336
		 		 	otherwise agreed and	  		 		  	provided to have resulted solely from the negligence, gross	  	337
		 	(ii)	 	the Owners shall pay an equitable proportion of any	  	273	 		  	negligence or wilful default of the Managers or their employees,	  	338
		 		 	Severance Costs which may materialize, not exceeding	  	274	 		  	or agents or sub-contractors employed by them in connection	  	339
		 		 	the amount stated in Box 16.	  	275	 		  	with the Vessel, in which case (save where loss, damage, delay	  	340
		 	8.5 If the Owners decide to lay-up the Vessel whilst this	  	276	 		  	or expense has resulted from the Managers’ personal act or	  	341
		 	Agreement remains in force and such lay-up lasts for more	  	277	 		  	omission committed with the intent to cause same or recklessly	  	342
		 	than three months, an appropriate reduction of the management	  	278	 		  	and with knowledge that such loss, damage, delay or expense	  	343
		 	fee for the period exceeding three months until one month	  	279	 		  	would probably result) the Managers’ liability for each incident	  	344
		 	before the Vessel is again put into service shall be mutually	  	280	 		  	or series of incidents giving rise to a claim or claims shall never	  	345
		 	agreed between the parties.	  	281	 		  	exceed a total of ten times the annual management fee payable	  	346
		 	8.6 Unless otherwise agreed in writing all discounts and	  	282	 		  	hereunder.	  	347
		 	commissions obtained by the Managers in the course of the	  	283	 		  	(ii)         Notwithstanding anything that may appear to the contrary in	  	348
		 	management of the Vessel shall be credited to the Owners.	  	284	 		  	this Agreement, the Managers shall not be liable for any of the	  	349
		 		 		  		 		  	actions of the Crew, even if such actions are negligent, grossly	  	350
	9.	 	Budgets and Management of Funds	  	285	 		  	negligent or wilful, except only to the extent that they are shown	  	351
		 	9.1 The Managers shall present to the Owners annually a	  	286	 		  	to have resulted from a failure by the Managers to discharge	  	352
		 	budget for the following calendar yeartwelve months in such form as	  	287	 		  	their obligations under sub-clause 3.1, in which case their liability	  	353
		 	the	  		 		  	shall be limited in accordance with the terms of this Clause 11.	  	354
		 	Owners require. The budget for the first year hereof is set out	  	288	 		  	11.3 Indemnity - Except to the extent and solely for the amount	  	355
		 	in Annex “C” hereto. Subsequent annual budgets shall be	  	289	 		  	therein set out that the Managers would be liable under sub-	  	356
		 	prepared by the Managers and submitted to the Owners not	  	290	 		  	clause 11.2, the Owners hereby undertake to keep the Managers	  	357
		 	less than three months before commencement of the budget	  	291	 		  	and their employees, agents and sub-contractors indemnified	  	358
		 	yearthe anniversary date of the	  		 		  	and to hold them harmless against all actions, proceedings,	  	359
		 	commencement of this Agreement (see Clause 2 and Box 4).	  	292	 		  	claims, demands or liabilities whatsoever or howsoever arising	  	360
		 	9.2 The Owners shall indicate to the Managers their acceptance	  	293	 		  	which may be brought against them or incurred or suffered by	  	361
		 	and approval of the annual budget within one month of	  	294	 		  	them arising out of or in connection with the performance of the	  	362
		 	presentation and in the absence of any such indication the	  	295	 		  	Agreement, and against and in respect of all costs, losses,	  	363
		 	Managers shall be entitled to assume that the Owners have	  	296	 		  	damages and expenses (including legal costs and expenses on	  	364
		 	accepted the proposed budget.	  	297	 		  	a full indemnity basis) which the Managers may suffer or incur	  	365
		 	9.3 Following the agreement of the budget, the Managers shall	  	298	 		  	(either directly or indirectly) in the course of the performance of	  	366
		 	prepare and present to the Owners their estimate of the working	  	299	 		  	this Agreement.	  	367
		 	capital requirement of the Vessel and the Managers shall each	  	300	 		  	11.4 “Himalaya” - It is hereby expressly agreed that no	  	368
		 	month up-date this estimate. Based thereon, the Managers shall	  	301	 		  	employee or agent of the Managers (including every sub-	  	369
		 	each month request the Owners in writing for the funds required	  	302	 		  	contractor from time to time employed by the Managers) shall in	  	370
		 	to run the Vessel for the ensuing month, including the payment	  	303	 		  	any circumstances whatsoever be under any liability whatsoever	  	371
		 	of any occasional or extraordinary item of expenditure, such as	  	304	 		  	to the Owners for any loss, damage or delay of whatsoever kind	  	372
		 	emergency repair costs, additional insurance premiums, bunkers	  	305	 		  	arising or resulting directly or indirectly from any act, neglect or	  	373
		 	or provisions. Such funds shall be received by the Managers	  	306	 		  	default on his part while acting in the course of or in connection	  	374
		 	within ten running days after the receipt by the Owners of the	  	307	 		  	with his employment and, without prejudice to the generality of	  	375
		 	Managers’ written request and shall be held to the credit of the	  	308	 		  	the foregoing provisions in this Clause 11, every exemption,	  	376
		 	Owners in a separate bank account.	  	309	 		  	limitation, condition and liberty herein contained and every right,	  	377
		 	9.4 The Managers shall produce a comparison between	  	310	 		  	exemption from liability, defence and immunity of whatsoever	  	378
		 	budgeted and actual income and expenditure of the Vessel in	  	311	 		  	nature applicable to the Managers or to which the Managers are	  	379
		 	such form as required by the Owners monthly or at such other	  	312	 		  	entitled hereunder shall also be available and shall extend to	  	380
		 	intervals as mutually agreed.	  	313	 		  	protect every such employee or agent of the Managers acting	  	381
		 	9.5 Notwithstanding anything contained herein to the contrary,	  	314	 		  	as aforesaid and for the purpose of all the foregoing provisions	  	382
		 	the Managers shall in no circumstances be required to use or	  	315	 		  	of this Clause 11 the Managers are or shall be deemed to be	  	383
		 	commit their own funds to finance the provision of the	  	316	 		  		 		  	


  

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










 PART II 

“SHIPMAN 98” Standard Ship Management Agreement 
  


															
		 	acting as agent or trustee on behalf of and for the benefit of all	  	384	 		  	with immediate effect by notice in writing if any moneys	  	443
		 	persons who are or might be their servants or agents from time	  	385	 		  	payable by the Owners under this Agreement and/or the	  	444
		 	to time (including sub-contractors as aforesaid) and all such	  	386	 		  	owners of any associated vessel, details of which are listed	  	445
		 	 persons shall to this extent be or be deemed to be parties to this
	  	387	 		  	in Annex “D”, shall not have been received in the Managers’	  	446
		 	Agreement.	  	388	 		  	nominated account within ten running days of receipt by	  	447
		 		  		 		  	the Owners of the Managers written request or if the Vessel	  	448
	12.    	 	Documentation	  	389	 		  	is repossessed by the Mortgagees.	  	449
		 	Where the Managers are providing Technical Management in	  	390	 		  	(ii)	 	If the Owners:	  	450
		 	accordance with sub-clause 3.2 and/or Crew Management in	  	391	 		  		 	(a) fail to meet their obligations under sub-clauses 5.2	  	451
		 	accordance with sub-clause 3.1, they shall make available,	  	392	 		  		 	and 5.3 of this Agreement for any reason within their	  	452
		 	upon Owners’ request, all documentation and records related	  	393	 		  		 	control, or	  	453
		 	to the Safety Management System (SMS) and/or the Crew	  	394	 		  		 	(b) proceed with the employment of or continue to employ	  	454
		 	which the Owners need in order to demonstrate compliance	  	395	 		  		 	the Vessel in the carriage of contraband, blockade	  	455
		 	with the ISM Code and STCW95 or to defend a claim against	  	396	 		  		 	running, or in an unlawful trade, or on a voyage which	  	456
		 	a third party.	  	397	 		  		 	in the reasonable opinion of the Managers is unduly	  	457
		 		  		 		  		 	hazardous or improper,	  	458
	13.	 	General Administration	  	398	 		  	the Managers may give notice of the default to the Owners,	  	459
		 	13.1 The Managers shall handle and settle all claims arising	  	399	 		  	requiring them to remedy it as soon as practically possible.	  	460
		 	out of the Management Services hereunder and keep the Owners	  	400	 		  	In the event that the Owners fail to remedy it within a	  	461
		 	informed regarding any incident of which the Managers become	  	401	 		  	reasonable time to the satisfaction of the Managers, the	  	462
		 	aware which gives or may give rise to claims or disputes involving	  	402	 		  	Managers shall be entitled to terminate the Agreement	  	463
		 	third parties.	  	403	 		  	with immediate effect by notice in writing.	  	464
		 	13.2 The Managers shall, as instructed by the Owners, bring	  	404	 		  	18.2 Managers’ Default	  	465
		 	or defend actions, suits or proceedings in connection with matters	  	405	 		  	If the Managers fail to meet their obligations under Clauses 3	  	466
		 	entrusted to the Managers according to this Agreement.	  	406	 		  	and 4 of this Agreement for any reason within the control of the	  	467
		 	13.3 The Managers shall also have power to obtain legal or	  	407	 		  	Managers, the Owners may give notice to the Managers of the	  	468
		 	technical or other outside expert advice in relation to the handling	  	408	 		  	default, requiring them to remedy it as soon as practically	  	469
		 	and settlement of claims and disputes or all other matters	  	409	 		  	possible. In the event that the Managers fail to remedy it within a	  	470
		 	affecting the interests of the Owners in respect of the Vessel.	  	410	 		  	reasonable time to the satisfaction of the Owners, the Owners	  	471
		 	13.4 The Owners shall arrange for the provision of any	  	411	 		  	shall be entitled to terminate the Agreement with immediate effect	  	472
		 	necessary guarantee bond or other security.	  	412	 		  	by notice in writing.	  	473
		 	13.5 Any costs reasonably incurred by the Managers in	  	413	 		  	18.3 Extraordinary Termination	  	474
		 	carrying out their obligations according to Clause 13 shall be	  	414	 		  	This Agreement shall be deemed to be terminated in the case of	  	475
		 	reimbursed by the Owners.	  	415	 		  	the sale of the Vessel or if the Vessel becomes a total loss or is	  	476
		 	13.6 The Managers shall, as instructed by Owners provide Key	  		 		  	declared as a constructive or compromised or arranged total	  	477
		 	Performance Indicators (KPIs) in the agreed format (see Annex	  		 		  	loss or is requisitioned.	  	478
		 	E). These KPIs to be provided to the Owners by the 10th of each	  		 		  	18.4 For the purpose of sub-clause 18.3 hereof	  	479
		 	month. The format is to be reviewed annually or as necessary.	  		 		  	(i) the date upon which the Vessel is to be treated as having	  	480
		 		  		 		  	been sold or otherwise disposed of shall be the date on	  	481
	14.	 	Auditing	  	416	 		  	which the Owners cease to be registered as Owners of	  	482
		 	The Managers shall at all times maintain and keep true and	  	417	 		  	the Vessel;	  	483
		 	correct accounts and shall make the same available for inspection	  	418	 		  	(ii) the Vessel shall not be deemed to be lost unless either	  	484
		 	and auditing by the Owners at such times as may be mutually	  	419	 		  	she has become an actual total loss or agreement has	  	485
		 	agreed. On the termination, for whatever reasons, of this	  	420	 		  	been reached with her underwriters in respect of her	  	486
		 	Agreement, the Managers shall release to the Owners, if so	  	421	 		  	constructive, compromised or arranged total loss or if such	  	487
		 	requested, the originals where possible, or otherwise certified	  	422	 		  	agreement with her underwriters is not reached it is	  	488
		 	copies, of all such accounts and all documents specifically relating	  	423	 		  	adjudged by a competent tribunal that a constructive loss	  	489
		 	to the Vessel and her operation.	  	424	 		  	of the Vessel has occurred.	  	490
		 		  		 		  	18.5 This Agreement shall terminate forthwith in the event of	  	491
	15.	 	Inspection of Vessel	  	425	 		  	an order being made or resolution passed for the winding up,	  	492
		 	The Owners shall have the right at any time after giving	  	426	 		  	dissolution, liquidation or bankruptcy of either party (otherwise	  	493
		 	reasonable notice to the Managers to inspect the Vessel for any	  	427	 		  	than for the purpose of reconstruction or amalgamation) or if a	  	494
		 	reason they consider necessary.	  	428	 		  	receiver is appointed, or if it suspends payment, ceases to carry	  	495
		 		  		 		  	on business or makes any special arrangement or composition	  	496
	16.	 	Compliance with Laws and Regulations	  	429	 		  	with its creditors.	  	497
		 	The Managers will not do or permit to be done anything which	  	430	 		  	18.6 The termination of this Agreement shall be without	  	498
		 	might cause any breach or infringement of the laws and	  	431	 		  	prejudice to all rights accrued due between the parties prior to	  	499
		 	regulations of the Vessel’s flag, or of the places where she trades.	  	432	 		  	the date of termination.	  	500
	17.	 	Duration of the Agreement	  	433	 	19.	  	Law and Arbitration	  	501
		 	This Agreement shall come into effect on the day and year stated	  	434	 		  	19.1 This Agreement shall be governed by and construed in	  	502
		 	in Box 4 and shall continue until the date stated in Box 17.	  	435	 		  	accordance with English law and any dispute arising out of or	  	503
		 	Thereafter it shall continue until terminated by either party giving	  	436	 		  	in connection with this Agreement shall be referred to arbitration	  	504
		 	to the other notice in writing, in which event the Agreement shall	  	437	 		  	in London in accordance with the Arbitration Act 1996 or	  	505
		 	terminate upon the expiration of a period of (90) days or as	  	438	 		  	any statutory modification or re-enactment thereof save to	  	506
		 	otherwise agreedtwo months from the	  		 		  	the extent necessary to give effect to the provisions of this	  	507
		 	date upon which such notice was given.	  	439	 		  	Clause.	  	508
		 		  		 		  	The arbitration shall be conducted in accordance with the	  	509
	18.	 	Termination	  	440	 		  	London Maritime Arbitrators Association (LMAA) Terms	  	510
		 	18.1 Owners’ default	  	441	 		  		 		  	
		 	(i) The Managers shall be entitled to terminate the Agreement	  	442	 		  		 		  	


  

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










 PART II 

“SHIPMAN 98” Standard Ship Management Agreement 
  


																	
		 	current at the time when the arbitration proceedings are	  	511	 		  	19.3 This Agreement shall be governed by and construed	  	 	554	  
		 	commenced.	  	512	 		  	in accordance with the laws of the place mutually agreed by	  	 	555	  
		 	The reference shall be to three arbitrators. A party wishing	  	513	 		  	the parties and any dispute arising out of or in connection	  	 	556	  
		 	to refer a dispute to arbitration shall appoint its arbitrator	  	514	 		  	with this Agreement shall be referred to arbitration at a	  	 	557	  
		 	and send notice of such appointment in writing to the other	  	515	 		  	mutually agreed place, subject to the procedures applicable	  	 	558	  
		 	party requiring the other party to appoint its own arbitrator	  	516	 		  	there.	  	 	559	  
		 	within 14 calendar days of that notice and stating that it will	  	517	 		  	19.4 If Box 18 in Part I is not appropriately filled in, sub-	  	 	560	  
		 	appoint its arbitrator as sole arbitrator unless the other party	  	518	 		  	clause 19.1 of this Clause shall apply.	  	 	561	  
		 	appoints its own arbitrator and gives notice that it has done	  	519	 		  		  			
		 	so within the 14 days specified. If the other party does not	  	520	 		  	Note: 19.1, 19.2 and 19.3 are alternatives; indicate	  	 	562	  
		 	appoint its own arbitrator and give notice that it has done so	  	521	 		  	alternative agreed in Box 18.	  	 	563	  
		 	within the 14 days specified, the party referring a dispute to	  	522	 		  		  			
		 	arbitration may, without the requirement of any further prior	  	523	 	20.	  	Notices	  	 	564	  
		 	notice to the other party, appoint its arbitrator as sole	  	524	 		  	20.1 Any notice to be given by either party to the other	  	 	565	  
		 	arbitrator and shall advise the other party accordingly. The	  	525	 		  	party shall be in writing and may be sent by fax, telex,	  	 	566	  
		 	award of a sole arbitrator shall be binding on both parties	  	526	 		  	registered or recorded mail or by personal service followed by a	  	 	567	  
		 	as if he had been appointed by agreement.	  	527	 		  	copy by e-mail.	  			
		 	Nothing herein shall prevent the parties agreeing in writing	  	528	 		  	20.2 The address of the Parties for service of such	  	 	568	  
		 	to vary these provisions to provide for the appointment of a	  	529	 		  	communication shall be as stated in Boxes 19 and 20,	  	 	569	  
		 	sole arbitrator.	  	530	 		  	respectively.	  	 	570	  
		 	In cases where neither the claim nor any counterclaim	  	531	 		  		  			
		 	exceeds the sum of USD50,000 (or such other sum as the	  	532	 	21.	  	BIMCO MLC Clause for SHIPMAN 98	  			
		 	parties may agree) the arbitration shall be conducted in	  	533	 		  	For purposes of this Clause:	  			
		 	accordance with the LMAA Small Claims Procedure current	  	534	 		  		  			
		 	at the time when the arbitration proceedings are commenced.	  	535	 		  	“MLC” means the International Labour Organisation (ILO) Maritime	  			
		 	19.2 This Agreement shall be governed by and construed	  	536	 		  	Labour Convention (MLC 2006) and any amendment thereto or	  			
		 	in accordance with Title 9 of the United States Code and	  	537	 		  	substitution thereof.	  			
		 	the Maritime Law of the United States and any dispute	  	538	 		  		  			
		 	arising out of or in connection with this Agreement shall be	  	539	 		  	“Shipowner” shall mean the party named as “shipowner” on the	  			
		 	referred to three persons at New York, one to be appointed	  	540	 		  	Maritime Labour Certificate for the Vessel.	  			
		 	by each of the parties hereto, and the third by the two so	  	541	 		  		  			
		 	chosen; their decision or that of any two of them shall be	  	542	 		  	(a) Subject to Clause 3 (Basis of Agreement), the Managers shall, to	  			
		 	final, and for the purposes of enforcing any award,	  	543	 		  	the extent of their Management Services, assume the Shipowner’s	  			
		 	judgment may be entered on an award by any court of	  	544	 		  	duties and responsibilities imposed by the MLC for the Vessel, on	  			
		 	competent jurisdiction. The proceedings shall be conducted	  	545	 		  	behalf of the Shipowner.	  			
		 	in accordance with the rules of the Society of Maritime	  	546	 		  		  			
		 	Arbitrators, Inc.	  	547	 		  	(b) The Owners shall ensure compliance with the MLC in respect of	  			
		 	In cases where neither the claim nor any counterclaim	  	548	 		  	any crew members supplied by them or on their behalf.	  			
		 	exceeds the sum of USD50,000 (or such other sum as the	  	549	 		  		  			
		 	parties may agree) the arbitration shall be conducted in	  	550	 		  	(c) The Owners shall procure, whether by instructing the Managers	  			
		 	accordance with the Shortened Arbitration Procedure of the	  	551	 		  	under Clause 6 (Insurance Policies) or otherwise, insurance cover or	  			
		 	Society of Maritime Arbitrators, Inc. current at the time when	  	552	 		  	financial security to satisfy the Shipowner’s financial security	  			
		 	the arbitration proceedings are commenced.	  	553	 		  	obligations under the MLC.	  			


  

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









 ANNEX “E” TO 
 THE
BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) 
 STANDARD SHIP MANAGEMENT AGREEMENT – CODE NAME: SHIPMAN 98 

 
 Date of Agreement: 

11 April 2014 
  

Name of Vessel(s): 
 PGN FSRU Lampung, IMO 9629524 

 
 KEY PERFORMANCE INDICATORS 

See Separate Form to use in Appendix 1 “Marine Accidents 2014: Independence” to Annex “E”. 







 Appendix 1 “Marine Accidents 2014: Independence” to Annex “E” 

Shipman 98 dated 10 April 2014 
 Marine
Accidents 2014: PGN FSRU Lampung, IMO No. 9629524 
  

																									
	 	 	  Jan    	 	  Feb    	 	  Mar    	 	  Apr    	 	  May    	 	  Jun    	 	  Jul    	 	  Aug    	 	  Sep    	 	  Oct    	 	  Nov    	 	  Dec  
	 N° of Lost Workday Cases (LWC)
	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00
	 N° of Restricted Work Cases (RWC)
	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00
	 N° of Medical Treatment Cases (MTC)
	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00
	 N° of First Aid Cases (FAC)
	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00
	 N° of Fatalities
	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00
	 N° of Permanent Total Disability (PTD)
	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00
	 N° of Permanent Partial Disability (PPD)
	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00
	 N° of Near Misses
	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00
	 N° of Exposure Hours
	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00
	 N° of Lost Time Injuries (LTIs)
	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00	 	0,00

  

	
	Date and place:
	Observation title:
	Description:
	Root Cause
	Direct Cause
	Consequenses
	Immediate Action
	
Preventive action
  


  
 US 2508244v.1