<PAGE>
                                                                               .
                                                                               .
                                                                               .
                                                                    Exhibit 10.7

                                                                          (LOGO)

<TABLE>
<S>                                                <C>
1.   Date of Agreement                             THE BALTIC AND INTERNATIONAL MARITIME
                                                   COUNCIL (BIMCO) STANDARD SHIP MANAGEMENT
                                                   AGREEMENT CODE NAME: "SHIPMAN"
                                                                                     PART I
2.   Owners (name, place of registered office      3.  Managers (name, place of registered
     and law of registry)                              office and law of registry)

     Name                                              Name

     Place of registered office                        Place of registered office

     Law of registry                                   Law of registry

4.   Day and year of commencement of Agreement
     (Cl. 2.1.) 31/1/05

5.   Crewing (state "yes" or "no" as agreed)       6.  Technical Management (state "yes" or
     (Cl. 2.3.(i) and Cl. 3)                           "no" as agreed) (Cl. 2.3.(ii) and
     YES                                               Cl. 4) YES

7.   Insurance (state "yes" or "no" as agreed)     8.  Freight Management (state "yes" or
     (Cl. 2.3.(iii) and Cl. 5)                         "no" as agreed) (Cl. 2.3.(iv) and
     YES                                               Cl. 6) YES

9.   Accounting (state "yes" or "no" as            10. Chartering (state "yes" or "no" as
     agreed) (Cl. 2.3.(v) and Cl. 7)                   agreed; if "yes", also state period
     YES                                               of employment) (Cl. 2.3.(vi) and
                                                       Cl. 8) YES
                                                       period of employment in excess of
                                                       which owners' prior consent shall
                                                       first be obtained

11.  Sale or purchase of vessel (state "yes"       12. Provisions (state "yes" or "no" as
     or "no" as agreed) (Cl. 2.3.(vii) and             agreed) (Cl. 2.3.(viii) and Cl. 10)
     Cl. 9) YES                                        YES

13.  Bunkering (state "yes" or "no" as             14. Operation (state "yes" or "no" as
     agreed) (Cl. 2.3.(ix) and Cl. 11)                 agreed) (Cl. 2.3.(x) and Cl. 12)
     YES                                               YES

15.  Annual management fee (state lump sum         16. Redundancy costs (state maximum )
     amount) (Cl. 15.1.)                               amount (Cl. 15.3.(b))
     USD 590 perday (adjusted annually on the          NOT APPLICABLE
     1st of February for the preceeding year
     official inflation rate in Greece)

17.  Day and year of termination of Agreement
     (Cl. 23.1.)
     31/1/2010

18.  Law and arbitration (state 24.1., 24.2. or 24.3. of Cl. 24, as agreed; if
     24.3. agreed also state place of arbitration) (If Box 18 not titled in
     24.1. shall apply) (Cl. 24) ENGLISH LAW - ARBITRATION IN LONDON AS PER
     CLAUSE 24.1

19.  Notices (state postal and cable address,      20. Notices (state postal and cable
     telex and telefax number for service of           address, telex and telefax number for
     notice and communication to the Owners)           service of notice and communication
     (Cl. 25)                                          to the Managers) (Cl. 25)

     FAX:                                              TEL
                                                       FAX:

It is mutually agreed between the party mentioned in Box 2 (hereinafter called "the
Owners") and the party mentioned in Box 3 (hereinafter called "the Managers") that this
Agreement consisting of PART I and PART II as well as ANNEX "A" or ANNEX "B" (as
applicable) and ANNEX "C" attached hereto, shall be performed subject to the conditions
contained herein. In the event of a conflict of conditions, the provisions of PART I shall
prevail over those of PART II and ANNEX "A" or ANNEX "B" (as applicable) and ANNEX "C" to
the extent of such conflict but no further.


Signature(s) (Owners)                              Signature(s) (Managers)


                                      (SEAL)                                         (SEAL)
</TABLE>

Printed and sold by Fr. G. Knudtzons Bogtrykkeri A/S, 55 Toldtaodgade, DK-1253
Copenhagen K, Telefax +45 33 93 11 84, by authority of The Baltic and
international Maritime Council (BIMCO), Copenhagen

COPYRIGHT, PUBLISHED BY
THE BATIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)
July 1988

<PAGE>

                                    PART II
                  "SHIPMAN" STANDARD SHIP MANAGEMENT AGREEMENT

     DEFINITIONS

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

     "The Vessel" shall mean the vessel details of which are set out in Annex
     "A" hereto.

     "The Fleet" shall mean the vessels details of which are set out in Annex
     "B" hereto.

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

1.   MARGINAL HEADINGS

     The Marginal Headings of this Agreement are for identification only and
     shall not be deemed to be part hereof or be taken into consideration in the
     interpretation or construction of this Agreement.

2.   APPOINTMENT OF MANAGERS

     2.1. With effect from the day and year stated in Box 4 and continuing
     unless and until terminated as provided herein, the Owners hereby appoint
     the Managers and the Managers hereby agree to act as the Managers of the
     Vessel.

     2.2. The Managers undertake to use their best endeavours to provide the
     Management Services specified in sub-clause 2.3. on behalf of the Owners in
     accordance with sound ship management practice and to protect and promote
     the interests of the Owners in all matters relating to the provision of
     services hereunder.

     Provided however that the Managers in the performance of their management
     responsibilities under this Agreement shall be entitled to have regard to
     their overall responsibility in relation to all vessels as may from time to
     time be entrusted to their management and in particular, but without
     prejudice to the generality of the foregoing, the Managers shall be
     entitled to allocate available supplies, manpower and services in such
     manner as in the prevailing circumstances the Managers in their absolute
     discretion consider to be fair and reasonable.

     2.3. Subject to the terms and conditions herein provided, during the period
     of this Agreement, the Managers shall carry out, as agents for and on
     behalf of the Owners, such of the following functions in respect of the
     Vessel as shall have been indicated affirmatively in Boxes 5 to 14 in PART
     I:

     *) (i)    Crewing (see Clause 3)

     *) (ii)   Technical Management (see Clause 4)

     *) (iii)  Insurance (see Clause 5)

     *) (iv)   Freight Management (see Clause 6)

     *) (v)    Accounting (see Clause 7)

     *) (vi)   Chartering (see Clause 8)

     *) (vii)  Sale or Purchase of Vessel (see Clause 9)

     *) (viii) Provisions (see Clause 10)

     *) (ix)   Bunkering (see Clause 11)

     *) (x)    Operation (see Clause 12),

     and shall have authority to take such actions as the Managers may from time
     to time in their absolute discretion consider to be necessary to enable
     them to perform this Agreement in accordance with sound ship management
     practice.

     2.3.(i) to (x) are options to be agreed, and Boxes 5 to 14 in PART I should
     be filled in with either "yes" or "no" accordingly.

3.   CREWING (only applicable if 2.3. (i) agreed according to Box 5)

     The Managers shall provide adequate and properly qualified Crew for the
     Vessel as required by the Owners, provision of which includes but is not
     limited to the following functions:

     (i)  employment of Master, officers and crew (hereinafter collectively
          referred to as "the Crew") of the Vessel;

     (ii) arrangement of transportation of the Crew, including repatriation;

     (iii) training of the Crew;

     (iv) supervision of the efficiency of the Crew and administration of all
          other crew matters such as planning for the manning of the Vessel;

     (v)  payroll arrangement;

     (vi) arrangement and administration of pensions and Crew insurance;

     (vii) discipline and union negotiations;

     (viii) enforcement of appropriate standing orders.

4.   TECHNICAL MANAGEMENT (only applicable if 2.3. (ii) agreed according to Box
     6)

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

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

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

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

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

5.   INSURANCE (only applicable if 2.3. (iii) agreed according to Box 7).

     The Managers shall arrange such insurances as the Owners shall have
     instructed or agreed, in particular as regards insured values, deductibles
     and franchises.

6.   FREIGHT MANAGEMENT (only applicable if 2.3. (iv) agreed according to Box
     8).

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

     (i)  provision of voyage estimates and accounts and calculation of hire and
          freights and/or demurrage and despatch moneys due from or due to the
          Charterers of the Vessel if required by the Owners;

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

7.   ACCOUNTING (only applicable if 2.3. (v) agreed according to Box 9).

     The Managers shall

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

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

8.   CHARTERING (only applicable if 2.3. (vi) agreed according to Box 10).

     The Managers shall, in accordance with the Owners' Instructions, provide
     chartering services which includes but is not limited to seeking and
     negotiating employment for the Vessel and the conclusion (including the
     execution thereof) of charterparties or other contracts relating to the
     employment of the Vessel. If such a contract exceeds the period stated in
     Box 10, consent thereto in writing shall first be obtained from the Owners.

9.   SALE OR PURCHASE OF VESSEL (only applicable if 2.3. (vii) agreed according
     to Box 11).

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

10.  PROVISIONS (only applicable if 2.3. (viii) agreed according to Box 12).

     The Managers shall arrange for the supply of provisions.

11.  BUNKERING (only applicable if 2.3. (ix) agreed according to Box 13).

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

12.  OPERATION (only applicable if 2.3.(x) agreed according to Box 14).

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

     (i)  provision of voyage estimates and accounts and calculation of hire,
          freights, demurrage and/or despatch moneys due from or due to the
          Charterers of the Vessel;

     (ii) issue of voyage instructions;

     (iii) appointment of agents;

     (iv) appointment of stevedores;

     (v)  arrangement of the surveying of cargoes.

13.  INSURANCE POLICIES

     All insurances shall be in the joint names of the Owners and the Managers
     provided that, unless the Managers give their express prior consent, no
     liability to pay premiums or P & I Calls shall be imposed on the Managers,
     notwithstanding the restrictions on P & I Cover which would thereby result.

14.  INCOME COLLECTED AND EXPENSES PAID ON BEHALF OF OWNERS

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

     14.2. All expenses incurred by the Managers under the terms of this
     Agreement on behalf of the Owners (including expenses as provided in Clause
     15) may be debited against the Owners in the account referred to under
     Clause 14.1. but shall in any event remain payable by the Owners to the
     Managers on demand.

15.  MANAGEMENT FEE

     15.1. The Owners shall pay to the Managers for their services as Managers
     under this Agreement an annual basic Management Fee in the lump sum amount
     as stated in Box 15 which shall be payable by equal quarterly instalments
     in advance, the first instalment being payable on the commencement of this
     Agreement (see Clause 2.1. and Box 4) and subsequent instalments being
     payable every three months.

     15.2. The Managers shall, at no extra cost to the Owners, provide their own
     office accommodation, office staff and stationery. Without limiting the
     generality of Clause 14 the Owners shall reimburse the Managers for postage
     and communication expenses, travelling expenses, and other out of pocket
     expenses properly incurred by the Managers in pursuance of the Management
     Services.

     15.3. In the event of the appointment of the Managers being terminated by
     the Owners or the Managers in accordance with the provisions of Clause 23
     other than by reason of default by the Managers, or if the Vessel is lost,
     sold or otherwise disposed of, the Management Fee payable to the Managers
     according to the provisions of sub-clause 15.1. shall continue to be
     payable for a further period of three calendar months. In addition,
     provided that the Managers provide Crew for the Vessel in accordance with
     Clause 3

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

     b)   the Owners shall pay an equitable proportion of any redundancy costs
          which may materialize not exceeding the amount stated in Box 16.

     15.4. Whilst this Agreement remains in subsistence, if the Owners decide to
     lay-up the Vessel and such lay-up lasts for more than three months, an

<PAGE>

                                     PART II
                  "SHIPMAN" STANDARD SHIP MANAGEMENT AGREEMENT

     appropriate reduction of the Management Fee for the period exceeding three
     months until one month before the Vessel is again put into service shall be
     mutually agreed between the parties.

     15.5. All discounts and commissions obtained by the Managers in the course
     of the management of the Vessel shall be credited to the Owners.

16.  BUDGETS AND MANAGEMENT OF FUNDS

     16.1. The Managers shall present to the Owners annually a budget for the
     following twelve months in such form as the Owners require. Subsequent
     annual budgets shall be prepared by the Managers and submitted to the
     Owners not less than three months before the anniversary date of the
     commencement of this Agreement (see Clause 2.1. and Box 4).

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

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

     16.5. The Managers shall produce a monthly comparison between budgeted and
     actual income and expenditure of the Vessel as required by the Owners.

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

17.  MANAGERS' RIGHT TO SUB-CONTRACT

     The Managers shall not sub-contract any of their obligations hereunder to a
     third party without the consent of the Owners.

18.  RESPONSIBILITIES

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

     18.2. Liability to Owners. - Without prejudice to sub-clause 18.1., the
     Managers shall be under no liability whatsoever to the Owners for any loss,
     damage, delay or expense of whatsoever nature, whether direct or indirect,
     (including but not limited to loss of profit arising out of or in
     connection with detention of or delay to the Vessel) and howsoever arising
     in the course of performance of the Management Services

     UNLESS same is proved to have resulted solely from the negligence, gross
     negligence or wilful default of the Managers or their employees or agents,
     or sub-contractors employed by them in connection with the Vessel, in which
     case (save where loss, damage, delay or expense has resulted from the
     Managers' personal act or omission committed with the intent to cause same
     or recklessly and with knowledge that such loss, damage, delay or expense
     would probably result) the Managers' liability for each incident or series
     of incidents giving rise to a claim or claims shall never exceed a total of
     ten times the annual management fee payable hereunder.

     18.3. Indemnity. - Except to the extent and solely for the amount therein
     set out that the Managers would be liable under sub-clause 18.2. the Owners
     hereby undertake to keep the Managers and their employees, agents and
     sub-contractors indemnified and to hold them harmless against all actions,
     Illegible, claims, demands or liabilities whatsoever or howsoever Illegible
     which may be brought against them or incurred or suffered by them arising
     out of or in connection with the performance of the Agreement, and against
     and in respect of all costs, loss, damages and expenses (including legal
     costs and expenses on a full indemnity basis) which the Managers may suffer
     or incur (either directly or indirectly) in the course of the performance
     of this Agreement.

     18.4. "Himalaya". - It is hereby expressly agreed that no employee or agent
     of the Managers (including every sub-contractor from time to time employed
     by the Managers) shall in any circumstances whatsoever be under any
     liability whatsoever to the Owners for any loss, damage or delay of
     whatsoever kind arising or resulting directly or indirectly from any act,
     neglect or default on his part while acting in the course of or in
     connection with his employment and, without prejudice to the generality of
     the foregoing provisions in this Clause, every exemption, limitation,
     condition and liberty herein contained and every right, exemption from
     liability, defence and immunity of whatsoever nature applicable to the
     Managers or to which the Managers are entitled hereunder shall also be
     available and shall extend to protect every such employee or agent of the
     Managers acting as aforesaid and for the purpose of all the foregoing
     provisions of this Clause 18 the Managers are or shall be deemed to be
     acting as agent or trustee on behalf of and for the benefit of all persons
     who are or might be his servants or agents from time to time (including
     sub-contractors as aforesaid) and all such persons shall to this extent be
     or be deemed to be parties to this Agreement.

19.  GENERAL ADMINISTRATION

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

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

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

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

     19.5. Any costs incurred by the Managers in carrying out their obligations
     according to Clause 19 shall be reimbursed by the Owners.

20.  AUDITING

     The Managers shall at all times maintain and keep true and correct accounts
     and shall make the same available for inspection and auditing by the Owners
     at such times as may be mutually agreed.

21.  INSPECTION OF VESSEL

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

22.  COMPLIANCE WITH LAW AND REGULATIONS

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

23.  DURATION OF THE AGREEMENT

     23.1. This Agreement shall come into effect on the date stated in Box 4 and
     shall continue until the date stated in Box 17. Thereafter it shall
     continue until terminated by either party giving to the other notice in
     writing, in which event the Agreement shall terminate upon the expiration
     of a period of two months from the date upon which such notice was given.

     23.2. Termination by default. - The Managers shall be entitled to terminate
     the Agreement by notice in writing if any moneys payable by the owners of
     any vessel in the Fleet, whether under this or any other Management
     Agreement, shall not have been received in the Managers' nominated account
     within ten days of payment having been requested in writing by the
     Managers.

     The Managers shall also be entitled to terminate the Agreement by notice in
     writing if after receipt of written notice of objection thereto from the
     Managers the owners of any vessel in the Fleet whether under this or any
     other Management Agreement proceed with employment of or continue to employ
     their vessel in a trade or in a manner which is, in the opinion of the
     Managers, likely to be detrimental to their reputation as Managers or
     (otherwise than by virtue of ordinary business competition) be prejudicial
     to the commercial interest of the Managers.

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

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

     23.4. For the purpose of sub-clause 23.3. hereof

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

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

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

24.  LAW AND ARBITRATION

*)   24.1. This Agreement shall be governed by English law and any dispute
     arising out of this Agreement shall be referred to arbitration in London,
     one arbitrator being appointed by each party, in accordance with the
     Arbitration Acts 1950 and 1979 or any statutory modification or
     re-enactment thereof for the time being in force. On the receipt by one
     party of the nomination in writing of the other party's arbitrator, that
     party shall appoint their arbitrator within fourteen days, failing which
     the decision of the single Arbitrator appointed shall apply. If two
     Arbitrators properly appointed shall not agree they shall appoint an umpire
     whose decision shall be final.

25.  NOTICES

     25.1. Any communication may be sent by telex, registered or recorded mail
     or by personal service.

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

<PAGE>

ANNEX "A" TO
THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)
STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: "SHIPMAN"

Date of Agreement:

Name of Vessel:

Particulars of Vessel: