Exhibit 4.22


 


ADDENDUM NO.2 


TO


SHIPBUILDING
CONTRACT NO.: 2013NYZ353GR



FOR


CONSTRUCTION OF ONE 82,000DWT BULK CARRIER
(HULL NO.YZJ2013-1144)


 


THIS ADDENDUM NO. 2 is made on 29th
May, 2015.


 


BETWEEN:


 


		(1)	DOLPHIN SUNRISE LIMITED, a company organized and existing under the Laws of the Republic
of Marshall Islands with a registered office at, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter
called the “Buyer”);



 


		(2)	JIANGSU TIANCHEN MARINE IMPORT & EXPORT CO., LTD.,
a company organized and existing under the Laws of the People’s Republic of China with a registered office at Room 602,
No. 260 Furong Road, Jiangyin City, Jiangsu Province, the People’s Republic of China (hereinafter called “JSTC”);



 


		(3)	JIANGSU NEWYANGZI SHIPBUILDING CO., LTD., a company
organized and existing under the laws of China with a registered office at 1# Lianyi Road, Jiangyin-Jingjiang Industrial Zone,
Jingjiang City, Jiangsu Province, 214532, The People’s Republic of China (hereinafter called “JNSC”);
and



 


		(4)	JIANGSU YANGZIJIANG SHIPBUILDING CO., LTD., a corporation
organized and existing under the laws of People’s Republic of China with a registered office at 38 Shiyugang Road, Jiangyin
City, Jiangsu Province, the People’s Republic of China (Jiangsu Yangzijiang Shipbuilding Co., Ltd. and together with
JSTC and JNSC hereinafter collectively called the “Seller”).



 


The Buyer and the Seller shall
be referred to hereinafter as the Parties and each a Party.


 


WHEREAS:


 


		(A)	The Buyer and the Seller entered into a shipbuilding contract dated 26 February 2014 as amended
by an Addendum No.1 dated 11 April 2014 (the “Contract”) with respect to the construction of one (1) 82,000
Metric Tons Deadweight Bulk Carrier (the “Vessel”) with Hull No. YZJ2013-1144; and



 


		(B)	BANK OF COMMUNICATIONS WUXI BRANCH of the People’s Republic of China as refund guarantor
has issued the refund guarantee No. LGB6600201400024 dated 17 March 2014 in respect of the first instalment payable by the Buyer
to the Seller under the Contract;



 



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		(C)	The Buyer has paid to the Seller the first instalment of
the Contract Price amounting to US$9,165,00.00 (United States Dollars Nine Million One Hundred and Sixty Five Thousand only);
and



 


		(D)	The Parties have agreed to amend and supplement the Contract
to provide, among others and subject to the fulfilment of the terms herein, a delay of the Delivery Date (as such term is defined
in the Contract) until 31 January 2016.



 


NOW THEREFORE IT IS HEREBY AGREED AS
FOLLOWS: 


 


		1.	The Contract shall, with effect on and from the date hereof be (and it is hereby) amended (and
the Contract (as so amended) will be binding upon the Parties upon such terms as so amended):



 


		1.1	By deleting in the fifth line of paragraph 1 of Article VII of the Contract the words “on
or before April 30th, 2015, unless otherwise mutually agreed” and inserting in their place the words “on
January 31st, 2016, or on such earlier date as the BUYER may designate at its option by providing the SELLER with 15
days’ prior notice. Following the notification by the BUYER to the SELLER of acceptance of the VESSEL in accordance
with the provisions of paragraph 4 of Article VI of the Contract, the SELLER shall provide a suitable water area in the BUILDER’s
Shipyard to lay-up the VESSEL safely afloat until on or before 31st of January 2016 at no extra cost whatsoever to the
BUYER. In the event that the Buyer requests to obtain delivery of the VESSEL at any date after January 31st, 2016, an
additional cost shall be payable by the BUYER to the SELLER at the time of delivery of the Vessel according to the extra costs
list for postponed delivery No. YZJ2013-1144 attached hereto as Exhibit D (the “Extra Cost”). The SELLER shall
have the right, after giving reasonable notice to the BUYER, to move the VESSEL to other safe and accessible anchorage/berths of
the SELLER’s choice and at the SELLER’s cost.”



 


		1.2	By deleting in paragraph 2 of Article VII of the Contract the words “The SELLER shall
give the BUYER thirty (30) days prior written notice of the approximate date of delivery and seven (7) days prior written notice
of the definitive date of delivery. Once the VESSEL is completed in accordance with the Contract and Specifications and is in all
respects ready for delivery the BUILDER shall serve a notice to that effect on the BUYER.”



 


		1.3	By deleting paragraph 6 of Article VII of the Contract in its entirety and inserting in its place
the following:



 


			“If the BUYER fails to take delivery of the VESSEL after completion thereof according
to this Contract and the Specifications without justified reason, other than by way of exercising its options under paragraph 1
of Article VII of the Contract, the SELLER shall have the right to tender the VESSEL for delivery after compliance with all procedural
requirements as above provided.”



 



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		1.4	By inserting after paragraph 6 of Article VI of the Contract the following new paragraph 7:



 


“7. COMPLETION PROTOCOL
AND SELLER’S OBLIGATIONS BEFORE DELIVERY


 


It is expected that the VESSEL
shall be ready in all respects for delivery under this Contract on or before June 10th 2015, whereupon the SELLER and
the BUYER shall execute a protocol in the form of Exhibit C (the “Completion Protocol”) subject to the VESSEL
being fully completed in accordance with the Contract and the Specifications and after having obtained the Classification Society’s
written confirmation that the VESSEL is according to its actual state of construction from a technical point of view ready for
delivery. 


 


During the period commencing
on the date of the Completion Protocol and ending on the date that the VESSEL is actually delivered to and accepted by the BUYER:



 


		(i)	the SELLER shall carry out all necessary procedures to safely lay-up the VESSEL in accordance
with paragraph 1 of Article VII of the Contract and to duly maintain the VESSEL at all times and in all respects so that the VESSEL
is tendered for delivery to the BUYER in accordance with the Contract and the Specifications;



 


		(ii)	The BUYER shall have the right to inspect the VESSEL at all times by providing the SELLER with
3 days’ prior notice in order to verify her proper maintenance by the SELLER and her sound condition (including her cosmetic
condition and painting scheme) . In the event that, during such inspection by the BUYER, any defects or damages of any kind whatsoever
relating to the construction of the Vessel are discovered (including but not limited to any coating scheme damages), the SELLER
shall have an obligation to repair such defects or damages upon request by the Buyer and at no cost to the Buyer prior to the VESSEL’S
actual delivery. In case the duration of such repairs falls beyond January 31st, 2016, then the Extra Cost (as such
term is defined in paragraph 1 of Article VII of the Contract) shall not be payable by the BUYER and the actual delivery of the
Vessel shall take place immediately after such defects have been repaired to the satisfaction of the BUYER;



 


		(iii)	The SELLER shall be responsible for compliance with the Makers’ lay-up procedure manual
for any machinery and/or equipment where such a procedure manual is applicable;



 


		(iv)	The SELLER shall keep the VESSEL fully and adequately
insured at all times;



 


		(v)	The BUYER shall not have the right to request from the SELLER a Trial Run or the dry-docking
of the VESSEL;



 


During the period between
the date when the BUYER has given notice to the SELLER under paragraph 1 of Article VII of the Contract of its intention to take
delivery of the VESSEL and the date that the VESSEL is actually delivered to and accepted by the BUYER:


 



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		(i)	The SELLER shall demonstrate to the VESSEL’s crew on board the operation of all machinery
and equipment (including, in case of doubt, safety equipment) so that the good working condition of machinery and equipment can
be verified to the satisfaction of the BUYER;



 


		(ii)	The proper operation and performance of the propellers’ sound condition shall be demonstrated
to the BUYER by the SELLER by means of trimming the VESSEL; and



 


		(iii)	The SELLER shall procure that all certificates of the Vessel’s Classification Society
shall be issued to reflect the actual date and year of execution of the Protocol of Delivery and Acceptance.”.



 


		2.	This ADDENDUM NO.2 constitutes an integral part of the Contract. All other terms and conditions
of the Contract, save those altered and changed by this ADDENDUM NO.2, shall remain unchanged and in full force and effect. In
case of any conflict between the Contract and this ADDENDUM NO.2, this ADDENDUM NO.2 shall prevail.



 


		3.	Unless otherwise specified in this ADDENDUM NO.2 or unless the context otherwise requires, all
words and expressions defined in the Contract shall have the same meaning when used in this ADDENDUM NO.2.



 


		4.	Save as amended or supplemented by this ADDENDUM NO.2, all other terms and conditions contained
in the Contract shall remain in full force and effect and shall not be amended.



 


		5.	This ADDENDUM NO.2 and any non-contractual obligations connected with it shall be governed by and
construed in accordance with the laws of England. Any dispute arising out of or in connection with this ADDENDUM NO.2 between the
parties hereto shall be resolved in accordance with Article XIII of the Contract.



 


		6.	No term of this ADDENDUM NO.2 is enforceable under the Contracts (Rights of Third Parties) Act
1999 by a person who is not a party to this ADDENDUM NO.2.



 


		7.	This ADDENDUM NO.2 shall become effective upon signing by the Parties hereto.



 


	For and on behalf of:	 	 For and on behalf of:
	DOLPHIN SUNRISE LIMITED	 	JIANGSU TIANCHEN MARINE IMPORT & 

EXPORT CO., LTD.
	 	 	 	 	 
	By: 	 	 	By: 	 
	 	 	 	 	 
	For and on behalf of:	 	For and on behalf of:
	JIANGSU YANGZIJIANG	 	JIANGSU NEWYANGZI
	SHIPBUILDING CO., LTD.	 	SHIPBUILDING CO., LTD.
	 	 	 	 	 
	By: 	 	 	By: 	 




 



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EXHIBIT C: COMPLETION PROTOCOL



 


THIS COMPLETION PROTOCOL (hereinafter
referred to as “PROTOCOL”) is made dated on _______________________________  (on or before June 10th,
2015).


 


BETWEEN:


 


		(1)	DOLPHIN SUNRISE LIMITED, a company organized and existing under the Laws of the Republic
of Marshall Islands with a registered office at, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter
called the “Buyer”);



 


		(2)	JIANGSU TIANCHEN MARINE IMPORT & EXPORT CO., LTD., a company organized and existing
under the Laws of the People’s Republic of China with a registered office at Room 602, No. 260 Furong Road, Jiangyin City,
Jiangsu Province, the People’s Republic of China (hereinafter called “JSTC”);



 


		(3)	JIANGSU NEWYANGZI SHIPBUILDING CO., LTD., a company
organized and existing under the laws of China with a registered office at 1# Lianyi Road, Jiangyin-Jingjiang Industrial Zone,
Jingjiang City, Jiangsu Province, 214532, The People’s Republic of China (hereinafter called “JNSC”);
and



 


		(4)	JIANGSU YANGZIJIANG SHIPBUILDING CO., LTD., a corporation
organized and existing under the laws of People’s Republic of China with a registered office at 38 Shiyugang Road, Jiangyin
City, Jiangsu Province, the People’s Republic of China (Jiangsu Yangzijiang Shipbuilding Co., Ltd., and together
with JTSC and JNSC,. hereinafter collectively called the “Seller”).



 


WHEREAS:


 


The Buyer and the Seller entered into a
shipbuilding contract dated 26th February, 2014, as amended from time to time (the “Contract”) with
respect to the construction of one (1) 82,000 Metric Tons Deadweight Bulk Carrier (the “Vessel”) with Hull No.
YZJ2013-1144.


 


NOW IT IS HEREBY AGREED as follows:


 


		1.	Each of the Seller and the Buyer hereby acknowledges and agrees that the Vessel has been completed
in accordance with the Contract, as amended from time to time, and the Specifications entered by and between the Buyer and the
Seller.



 


		2.	All other terms and conditions of the Contract as from time to time varied, novated, supplemented
or amended shall remain unchanged.



 



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This PROTOCOL shall be governed by and
construed in accordance with the Laws of England.


 


IN WITNESS WHEREOF the parties hereto
have caused this PROTOCOL to be duly executed by their duly authorized officers or attorneys-in-fact on the day and year first
above written.


 


	SIGNED BY:	 	 	 
	 	 	 	 
	For and on behalf of:	 	For and on behalf of:
	DOLPHIN SUNRISE LIMITED	 	JIANGSU TIANCHEN MARINE IMPORT &

 EXPORT CO., LTD.
	 	 	 	 	 
	 	 	 	 	 
	By: 	 	 	By:	 
	 	 	 	 	 
	For and on behalf of:	 	For and on behalf of:
	JIANGSU YANGZIJIANG	 	JIANGSU NEWYANGZI
	SHIPBUILDING CO., LTD.	 	SHIPBUILDING CO., LTD.
	 	 	 	 	 
	By: 	 	 	By:	 




 




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EXHIBIT
D: FORM OF EXTRA COSTS


 


EXHIBIT D :The extra costs list of postponement
        delivery of HN1144


 





	

	 	Contract
    price	$30,550,000.00	prepayment	30%	 	 
	 	 	 	last
    payment	70%	 	 
	NO.	Item	Delay
    Days	Unit
    Price

    (RMB)	Unit
    

    Price

     (USD)	Cost

    (USD)	Remark
	1	Quay
    berth fee	246	110	 	US$1,015,859
    	RMB
    110/m, Length 229m
	2	Oil
    consumption for M/E、D/G & other main equipments	 	 	694	US$65,292
    	operate
    D/G、M/E & other main equipments 2 hours every 5 days, oil consumption 1.92t/ time, disel oil usd694/t,
	3	insurance
    cost	 	 	 	US$24,007
    	0.115%
    of contract price 
	4	Refund
    Guarantee cost	 	 	 	US$22,237
    	0.09%/season
	5	interests
    of final payment caused by postpone of delivery of vessel	 	 	 	US$720,645
    	5%/year
	6	Mooring/unmooring
    and necessary shifting with tugs,riggers assistance 	8
    times 	 	5900/time	US$47,200
    	 
	7	Security
    and maintenance 	246	 	$500/day
    	US$123,000
    	 
	total	US$2,018,240
    	 
	Daily
    cost of the postponement delivery 	US$8,204
    	 


 



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