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**EXHIBIT      10.1**

**Code          word for this Charter Party**

**“SHELLTIME          4”**

*Issued          December 1984*

**Time          Charter Party**

|                                                    | ~~LONDON~~ ***BERGEN,                    12TH***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
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|                                                    | **December**~~**19**~~**2005**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
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|                                                    | IT                    IS THIS DAY AGREED between ***CORDOVA                    VESSEL LIMITED PARTNERSHIP, A CALIFORNIAN PARTNERSHIP***of                    ***CALIFORNIA**** *(hereinafter                    referred to as "Owners"), being owners of the good vessel called                    ***M/T                    "BRALI" T.B.R, "CHAMPION BRALI"***(hereinafter                    referred to as "the vessel") described as per Clause 1 hereof                    and                    ***CHAMPION                    SHIPPING A/S****of****BERGEN,                    NORWAY**** *(hereinafter                    referred to as "Charterers"):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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| Description                    and Condition ofVessel   | 1. At                    the date of delivery of the vessel under this charter(a) she                    shall be classed: ***DNV                    1A1 TANKER FOR OIL AND CAUSTIC SODA ESP EO INERT*** (b) she                    shall be in every way fit to carry crude petroleum and/or its                    products;(c) she                    shall be tight, staunch, strong, in good order and condition,                    and in every                    way fit for the service, with her machinery, boilers, hull and                    other                    equipment (including but not limited to hull stress calculator                    and radar)                    in a good and efficient state:(d) her                    tanks, valves and pipelines shall be oil-tight;(e) she                    shall be in every way fitted for burning at                    sea - fueloil with a maximum viscosity of Centistokes at 50 degrees                    Centigrade/any commercial grade of fueloil ("ACGFO") for main                    propulsion,                    marine diesel oil/ACGFO for auxiliariesin                    port - marine diesel oil/ACGFO for auxiliaries; (f) she                    shall comply with the regulations in force so as to enable her                    to pass                    through the Suez and Panama Canals by day and night without delay;                    (g)                    she shall have on board all certificates, documents and equipment                    required                    from time to time by any applicable law to enable her to perform                    the                    charter service without delay; (h)                    she shall comply with the description in ~~-Form-B~~ ***ANNEX                    1**** *appended                    hereto, provided however that if there is any conflict between                    the                    provisions of ~~Form                    B~~ ***ANNEX                    1**** *and                    any other provision, including this Clause 1, of this charter                    such other                    provision shall govern.                                                                                                                                                       |
| Shipboard                    Personnel and their Duties | 2. (a) At                    the date of delivery of the vessel under this charter(i) she                    shall have a full and efficient complement of master, officers                    and crew                    for a vessel of her tonnage, who shall in any event be not less                    than the                    number required by the laws of the flag state and who shall be                    trained to                    operate the vessel and her equipment competently and safely;(ii) all                    shipboard personnel shall hold valid certificates of competence                    in                    accordance with the requirements of the law of the flag                    state;(iii) all                    shipboard personnel shall be trained in accordance with the relevant                    provisions of the International Convention on Standards of Training,                    Certification and Watch keeping for Seafarers,1978;(iv) there                    shall be on board sufficient personnel with a good working knowledge                    of                    the English language to enable cargo operations at loading and                    discharging                    places to be carried out efficiently and safely and to enable                    communications between the vessel and those loading the vessel                    or                    accepting discharge there from to be carried out quickly and                    efficiently~~(b)~~ ~~Owners                    guarantee that throughout the charter service the master shall                    with the                    vessel's officers and crew,-unless otherwise ordered by                    Charterers,~~~~(i)~~ ~~prosecute                    all voyages with the utmost despatch;~~~~(ii)~~ ~~render                    all customary assistance; and~~~~(iii)~~ ~~load                    and discharge cargo as rapidly as possible when required by Charterers                    or-their- agents to-do-so-by-night-or-by-day;- but- always in                    accordance-with-the laws of the place of loading or discharging                    (as the                    case may be) and in each case in accordance with any applicable                    laws of                    the-flag-state.~~ |
| Duty                    to Maintain                |  3. (i) Throughout                    the charter service Owners ***CHARTERERS**** *shall,                    whenever the passage of time, wear and tear or any event (whether                    or not                    corning within Clause 27 hereof) requires steps to be taken to                    maintain or                    restore the conditions stipulated in Clauses 1 and 2(a), exercise                    due                    diligence so to maintain or restore the vessel.~~(ii)~~ ~~If                    at any time whilst the vessel-is-on-hire-under-this--charter                    the-vessel-                    fails to comply with the requirements of Clauses l.2(a) or 10                    then                    -hire-shall -be- reduced -to-the extent necessary to indemnify                    Charterers                    for-such -failure. If -and -to -the- extent -that-such failure                    affects the                    time taken by the vessel to perform any services~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

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|                                           | ~~under                    this charter, hire shall be reduced by~~~~* *~~~~an                    amount equal to the value, calculated at the rate of hire, of                    the                    time~~~~Any                    reduction of hire under this sub Clause (ii) shall be without                    prejudice to                    any other remedy available-to-Charterers, but where such reduction                    of hire                    is in respect of time loot, such time shall be excluded from                    any                    calculation undcr-Clause-24-~~~~(iii)~~ ~~If                    Owners are in breach of their obligation under Clause 3(i) Charterers                    may                    so notify Owners in writing: and if, after                    the-expiry-of-30-days-following-the-receipt-by-Owners-of -any                    -such                    notice, Owners have failed to demonstrate to Charterers' reasonable                    satisfaction the exercise of due diligence as required in Clause                    3(i), the                    vessel-shall-be-off-hire; -and no further -hire- payments- shall-                    be due,                    until Owners have so demonstrated -that -they are exercising                    such due                    diligence.~~~~Furthermore,                    -at -any time while-the-vessel-is-off-hire- under -this- Clause                    -3-                    Charterers have—the option to terminate this charter                    by~~~~* *~~~~giving                    notice in writing with effect from the date on which such notice of                    termination-is-received-by-Owners-or-from -any later- date-stated-                    in-                    such-notice.- This sub-Clause (iii)--is--without prejudice to                    any rights                    of Charterers or obligations of Owners under this charter or                    otherwise                    (including without limitation-Charterers rights under Clause                    21                    hereof).~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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| Period                    Trading Limits  | 4. Owners                    agree to let and Charterers agree to hire the vessel for a period                    of                    **5*****YEARS**** *commencing                    from the time and date of delivery of the vessel, for the purpose                    of                    carrying all lawful merchandise (subject always to Clause 28)~~including                    in particular~~ ***WITHIN                    THE TRADING LIMITS AGREED IN CLAUSE 43******.*** ~~in                    any part of the world, as Charterers shall direct, subject to                    the limits                    of the current British Institute Warranties and any subsequent                    amendments                    thereof.~~                    Notwithstanding the foregoing, but subject to Clause 35. Charterers                    may                    order the vessel to ice-bound waters or to any part of the world                    outside                    such limits provided that Owners consent thereto (such consent                    not to be                    unreasonably withheld) and that Charterers pay for any insurance                    premium                    required by the vessel's underwriters as a consequence of such                    order.                    Charterers                    shall use due diligence to ensure that the vessel is only employed                    between                    and at safe places (which expression when used in this charter                    shall                    include ports, berths, wharves, docks, anchorages, submarine                    lines,                    alongside vessels or lighters, and other locations including                    locations at                    sea) where she can safely lie always afloat. Notwithstanding                    anything                    contained in this or any other clause of this charter. Charterers                    do not                    warrant the safety of any place to which they order the vessel                    and shall                    be under no liability in respect thereof except for loss or damage                    caused                    by their failure to exercise due diligence as aforesaid. Subject                    as above,                    the vessel shall be loaded and discharged at any places as Charterers                    may                    direct, provided that Charterers shall exercise due diligence                    to ensure                    that any ship-to-ship transfer operations shall conform to standards                    not                    less than those set out in the latest published edition of the                    ICS/OCIMF                    Ship-to-Ship Transfer Guide.~~The                    vessel shall be delivered by Owners at a port in~~ ***THE                    VESSEL IS TO BE DELIVERED ON TIMECHARTER FREE OF CARGO UPTO MAXIMUM                    9 DAYS                    IN BALLAST OUT OF LOME IN DIRECTION AS INSTRUCTED BY CHARTERERS.                    SHOULD                    THE LOADING PORT FOR FIRST VOYAGE UNDER THIS TIME CHARTER BE                    SHORTER THAN                    9 DAYS BALLAST THEN VESSEL TO BE ON CHARTER UPON ARRIVAL ANCHORAGE/PILOT                    STATION AT THIS FIRST LOADPORT. THIS DELIVERY IS BASED ON VESSEL'S                    CURRENT                    VOYAGE FINISHING WEST WAFRICA OTHERWISE DELIVERY TO TAKE PLACE                    AT ONE                    SAFE/BERTH ANCHORAGE AT OWNERS OPTION, SAFELY AFLOAT WITHIN                    UK/CONT/EUROMED OR USEC/USG/CARIBS RANGE AT OWNERS OPTION. DELIVERY                    TO                    TAKE PLACE BETWEEN 15TH JANUARY 2006 AND 15TH FEBRUARY 2006 WITH                    CANCELLING DATE 15TH FEBRUARY 2006 IN CHARTERERS OPTION. OWNERS                    TO PROVIDE                    15/10/5 DA YS APPROXIMATE NOTICE AND 3/1 DA YS DEFINITE NOTICE                    OF VESSEL                    BEING READY FOR DELIVERY.***~~at                    Owners’ option and redelivered to Owners at a port                    in~~ ~~at                    Charterers’-option.~~  |
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| Laydays/                    Cancelling         | 5. The                    vessel shall not be delivered to Charterers before ***15TH                    JANUARY 2006**** *and                    Charterers shall have the option of cancelling this charter if                    the vessel                    is not ready and at their disposal on or before ***15TH                    FEBRUARY 2006***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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| ~~Owners                    to Provide~~       | ~~6.~~ ~~Owners                    undertake to provide and to pay for all provisions, wages, and                    shipping                    and discharging fees and all other expenses of the master, officers                    and                    crew; also, except as provided in Clauses 4 and 34~~~~hereof,                    for all~~~~insurance on the vessel, for all deck, cabin and engine room                    stores, and                    for water; for all drydocking, overhaul, maintenance and repairs                    to the                    vessel; and for all fumigation expenses and de rat certificates.                    Owners'                    obligations under this Clause 6 extend to all liabilities for                    customs or                    import duties arising at any time during the performance of this                    charter                    in relation to the personal effects of the master officers and                    crew, and                    in relation to the stores, provisions and other matters aforesaid                    which                    Owners are to provide and pay for and Owners shall refund to                    Charterers                    any sums Charterers or their agents may have paid or been compelled                    to pay                    in respect of any such liability. Any amounts allowable in general                    average                    for wages and provisions and stores shall be credited to Charterers                    insofar as such amounts are in respect of a period when the vessel                    is on                    hire.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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| Charterers                    to Provide  | 7.                    Charterers                    shall provide and pay for all fuel ***AND                    ALL COSTS RELATED TO THEIR CHOSEN MANAGER'S RUNNING OF THE                    VESSEL**** *(except                    fuel used for domestic services), towage and pilotage and shall                    pay agency                    fees, port charges, commissions, expenses of loading and unloading                    cargoes, canal dues and ~~all                    charges other than those payable by Owners in accordance with                    Clause 6                    hereof, provided that all charges for the said items shall be                    for Owners'                    account when such items are consumed, employed or incurred for                    Owners'                    purposes or while the vessel is off hire (unless such items reasonably                    relate to any service given or distance made good and taken into                    account                    under Clause 21 or 22); and provided further that any fuel used                    in                    connection with a general average sacrifice or expenditure shall                    be paid                    for by Owners.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

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| Rate                    of Hire                       | 8. Subject                    as herein provided, Charterers shall pay for the use and hire                    of the                    vessel at the rate of ***AGREED                    IN CLAUSE 44**** *per                    day, and pro rata for any part of a day, from the time and date                    of her                    delivery (~~local~~~~ ~~~~time~~ ***UTC)***until                    the time and date of her redelivery (~~local                    time~~ ***UTC)***to                    Owners.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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| Payment                    of Hire                    | 9. Subject                    to Clause 3(iii), payment of hire shall be made in immediately                    available                    funds to: ***COMERCIA*** ***BANK,                    TWO EMBARCADERO CENTER #300, SAN**** ****FRANCISCO                    CA 94111*** Account** *****1891533166                    - ABA#121137522 - SWIFT CODE: MNBDUS33******IN                    FAVOUR OF: PLM INTERNATIONAL, INC. - AS AGENTS*** in                    per ~~calendar                    month~~ **15*****DAYS***in                    advance, ~~less~~:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                  | ~~(i)~~ ~~any                    hire pay which Charterers reasonably estimate to relate to off-hire                    periods, and~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                  | ~~(ii)~~ ~~any                    amounts disbursed on Owners' behalf; any advances and commission                    thereon,                    and~~~~ ~~~~charges-which                    are for Owners' account-pursuant to any provision hereof,                    and~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                  | ~~(iii)~~ ~~any                    amounts due or reasonably estimated to become due to Charterers-under                    Clause 3(ii) or~~~~ ~~~~any                    such adjustments to be made at -the due date for -the- next monthly                    payment after the facts have been~~~~ ~~~~ascertained.~~                    Charterers shall not be responsible for any delay or error by                    Owners' bank                    in crediting Owners' account provided that Charterers have made                    proper and                    timely payment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                  | In                    default of such proper and timely payment,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                  | (a) Owners                    shall notify Charterers of such default and Charterers shall                    within seven                    days of receipt of such notice pay to Owners the amount due including                    interest, failing which Owners may withdraw the vessel from the                    service of                    Charterers without prejudice to any other rights Owners may have                    under                    this charter or otherwise; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                  | (b) Interest                    on any amount due but not paid on the due date shall accrue from                    the day                    after that date up to and including the day when payment is made,                    at a                    rate per annum which shall be 1% above the U.S. Prime Interest                    Rate as                    published by the Chase Manhattan Bank in New York at 12.00 New                    York time                    on the due date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                  | or,                    if no such interest rate is published on that day, the interest                    rate                    published on the next preceding day on which such a rate was                    so published,                    computed on the basis of a 360 day year of twelve 30-day months,                    compounded semi-annually.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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| Space                    Available to ~~Charters~~    | 10. The                    whole reach, burthen and decks of the vessel and any passenger                    accommodation (including Owners'                    suite) shall be at Charterers' disposal, ~~,                    reserving only proper and sufficient space for the vessel's                    master,~~~~ ~~~~officers,                    crew, tackle, apparel, furniture, provisions and stores, provided                    that the                    weight of stores on board shall~~~~ ~~~~not,                    unless specially agreed, exceed~~ ~~tonnes at any time during the charter period.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
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| ~~Overtime~~                                          | ~~11.~~ ~~Overtime                    pay of the master, officers and crew in accordance with ship's                    articles                    shall be for Charterers'~~~~ ~~~~account                    when incurred, as a result of complying with the request of Charterers                    or                    their agents, for loading, discharging, heating of cargo, bunkering                    or                    tank cleaning.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
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| ~~Instructions                    and Logs~~          | ~~12.~~ ~~Charterers                    shall from time to time give the master all requisite instructions                    and                    sailing directions, and~~~~ ~~~~he                    shall keep a full and correct log of the voyage or voyages, which                    Charterers or their agents may inspect as~~~~ ~~~~required,                    The master shall when required furnish Charterers or their agents                    with a                    true copy of such log and with properly completed loading and                    discharging                    port sheets and voyage reports for such voyage and other returns                    as                    Charterers may require. Charterers shall be entitled to take                    copies at                    Owners' expense of any such documents which are not provided                    by the                    master.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
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| Bills                    of Lading                    | 13. (a) The                    master (~~although                    appointed by Owners~~)                    shall be under the orders and direction of Charterers                    as regards employment of the vessel, agency and other arrangements,                    and                    shall sign bills of lading as Charterers                    or their agents may direct (subject always to Clauses 35(a) and                    40)                    without prejudice to this charter. Charterers hereby indemnify                    Owners                    against all consequences or liabilities that may arise                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                  | ~~(i)~~ ~~from                    signing bills of lading in accordance with the directions of                    Charterers,                    or their agents, to the extent that the terms of such bills of                    lading fail                    to conform to the requirements of this charter, or (except as                    provided in                    Clause 13(b)) from the master otherwise complying with Charterers                    or their                    agents orders:~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                  | ~~(ii)~~ ~~from                    any irregularities in papers supplied by Charterers or their                    agents.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                  | ~~(b)~~ ~~Notwithstanding                    the foregoing, Owners shall not be obliged to comply with any                    orders from                    Charterers to discharge all or part of the                    cargo~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                  | ~~(i)~~ ~~at                    any place other than that shown on the bill of lading                    and/or~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                  | ~~(ii)~~ ~~without                    presentation of an original bill of lading~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                  | ~~unless                    they have received from Charterers both written confirmation                    of such                    orders and an~~~~ ~~~~indemnity                    in a form acceptable to Owners.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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| ~~Conduct                    of Vessel's Personnel~~  | ~~14.~~ ~~If                    Charterers complain of the conduct of the master or any of the                    officers or                    crew, Owners shall~~~~ ~~~~immediately                    investigate the complaint. If the complaint proves to be well                    founded,                    Owners shall, without delay,~~~~ ~~~~make                    a change in the appointments and Owners shall in any event communicate                    the                    result of their investigations~~~~ ~~~~to                    Charterers as soon as possible.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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| Bunkers                    at Delivery and Redelivery | 15. Charterers                    shall accept and pay for all bunkers ***AND                    UNUSED LUBEOILS IN STORAGE TANKS*** ***AND                    SEALED DRUMS***on                    board at the time of delivery, and Owners shall on redelivery                    (whether it occurs at the end of the charter period or on the                    earlier                    termination of this charter) accept and                    pay for all bunkers remaining on board, at the then-current market                    prices                    at the port of delivery or redelivery, as                    the case may be, or if such prices are not available payment                    shall be at                    the then-current market prices at the nearest port at which such                    prices                    are available; provided that if delivery or redelivery does not                    take place                    in a port payment shall be at the price paid at the vessel's                    last port of                    bunkering before delivery or redelivery, as the case may be.~~Owners                    shall give Charterers the use and benefit of any fuel contracts                    they may                    have in force from time to time, if so required by Charterers,                    provided                    suppliers agree.~~ |
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| ~~Stevedores,                    Pilots, Tugs~~       | ~~16.~~ ~~Stevedores                    when required shall be employed and paid by Charterers, but this                    shall not                    relieve Owners~~~~ ~~~~from                    responsibility at all times for proper-stowage, which must be                    controlled                    by the master who shall keep a strict~~~~ ~~~~account                    of all cargo loaded and discharged Owners hereby indemnify Charterers,                    their servants and agents~~~~ ~~~~against                    all losses, claims, responsibilities and liabilities arising                    in any way                    whatsoever from the employment                    of~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

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|                                          | ~~pilots,                    tugboats or stevedores, who although employed by Charterers shall                    be                    deemed to be the servants of and in the service .of Owners and                    under their                    instructions (even if such pilots, tugboat personnel or stevedores                    are in                    fact the servants of Charterers their agents or any affiliated                    company);                    provided, however, that~~~~(i)~~ ~~the                    foregoing indemnity shall not exceed the amount to which Owners                    would have                    been entitled to limit their liability if they had themselves                    employed                    such pilots, tugboats or stevedores, and~~~~(ii)~~ ~~Charterers                    shall be liable for any damage to the vessel caused by or arising                    out of                    the use of stevedores, fair wear and tear excepted, to the extent                    that                    Owners are unable by the exercise of due diligence to obtain                    redress                    therefor from stevedores.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           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| ~~Supernumeraries~~~~ ~~                 | ~~17.~~ ~~Charterers                    may send representatives in the vessel's available accommodation                    upon any                    voyage made under this charter, Owners finding provisions and                    all                    requisites as~~~~* *~~~~supplied                    to officers, except liquors. Charterers paying at the rate of                    per day for                    each representative while on board the vessel.~~~~ ~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           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| Sub-letting                              | 18. Charterers                    may sub-let the vessel, but shall always remain responsible to                    Owners for                    due fulfilment of this charter. ***SEE                    ALSO CLAUSES 46 AND 62.***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           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| ~~Final                    Voyage~~~~ ~~ | ~~19.~~ ~~If                    when a payment of hire is due hereunder Charterers reasonably                    expect to                    redeliver the vessel before the next payment of hire would fall                    due, the                    hire to be paid shall be assessed on Charterers' reasonable estimate                    of                    the time necessary to complete Charterers' programme up to redelivery,                    and                    from which estimate Charterers may deduct amounts due or reasonably                    expected to become due for~~~~(i)~~ ~~disbursements                    on Owners' behalf or charges for Owners' account pursuant to                    any provision                    hereof, and~~~~(ii)~~ ~~bunkers                    on board at redelivery pursuant to Clause 15~~~~Promptly                    after redelivery my~~~~* *~~~~overpayment                    shall be refunded by Owners or any underpayment made good by                    Charterers.~~~~If.                    at the time this charter would otherwise terminate in accordance                    with      Clause 4~~~~* *~~~~the                    vessel is on a ballast voyage to a port of redelivery or is upon                    a laden                    voyage, Charterers shall continue to have the use of the vessel                    at the                    same rate and conditions as stand herein for as long as necessary                    to                    complete such ballast voyage, or to complete such laden voyage                    and return                    to a port of redelivery as provided by this charter, as the case                    may                    be.~~~~ ~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           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| Loss                    of Vessel        | 20. Should                    the vessel be lost, this charter shall terminate and hire shall                    cease at                    noon on the day of her loss; should the vessel be a constructive                    total                    loss, this charter shall terminate and hire shall cease at noon                    on the day                    on which the vessel's underwriters agree that the vessel is a                    constructive                    total loss; should the vessel be missing, this charter shall                    terminate and                    hire shall cease at noon on the day on which she was last heard                    of. Any                    hire paid in advance and not earned shall be returned to Charterers                    and                    Owners shall reimburse Charterers for the value of the estimated                    quantity                    of bunkers on board at the time of termination, at the price                    paid by                    Charterers at the last bunkering port.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           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| ~~Off                    hire~~               | ~~21~~ ~~(a)~~ ~~On                    each and every occasion that there is loss of time (whether by                    way of                    interruption in the vessel’s service or; from reduction in the vessel's                    performance, or in any other manner)~~~~(i)~~ ~~duo                    to deficiency of personnel or stores; repairs; gas freeing for                    repairs;                    time in and waiting to enter dry dock for repairs; breakdown                    (whether                    partial or total) of machinery, boilers or other parts of the                    vessel or                    her equipment (including without limitation tank coatings); overhaul,                    maintenance or survey; collision, stranding, accident or damage                    to the                    vessel; or any other similar cause preventing the efficient working.                    of                    the vessel; and such loss continues for more than three consecutive                    hours                    (if resulting from interruption in the vessel's service) or cumulates                    to                    more than three hours (if resulting from partial loss of service);                    or~~~~(ii)~~ ~~due                    to industrial action, refusal to sail, breach of orders or neglect                    of duty                    on the part of the master, officers or crew; or~~~~(iii)~~ ~~for                    the purpose of obtaining medical advice or treatment for or landing                    any                    sick or injured person (other than a Charterers' representative                    carried                    under Clause 17 hereof) or for the purpose of landing the body                    of~~~~* *~~~~any                    person (other than a Charterers' representative); and such loss                    continues                    for more than three consecutive hours: or~~~~(iv)~~ ~~due                    to any delay in quarantine arising from the master, officers                    or crew                    having had communication with the shore at any infected area                    without the                    written consent or instructions of Charterers or their agents,                    or to any                    detention by customs or other authorities caused by smuggling                    or other                    infraction of local law on the part of the master, officers,                    or crew; or~~~~(v)~~ ~~due                    to detention of the vessel by authorities at home or abroad attributable                    to legal action against or breach of regulations by the vessel,                    the                    vessel's owners, or Owners (unless brought about by~~~~* *~~~~the                    act or neglect of Charterers); then~~~~without                    prejudice to Charterers' rights under Clause 3 or to any other                    rights of                    Charterers hereunder or otherwise the vessel shall be off hire                    from the                    commencement of such loss of time until she is again ready and                    in an                    efficient state to resume her service from a position not less                    favourable                    to Charterers than that at which such, loss of time commenced;                    provided                    however, that any service given or distance made good by the                    vessel whilst                    off hire shall be taken into account in assessing the amount                    to be                    deducted from hire.~~~~(b)~~ ~~If                    the vessel fails to proceed at any guaranteed speed pursuant                    to Clause 24,                    and such failure arises wholly or partly from any of the causes                    set out in                    Clause 21(a) above, then the period for which the. vessel shall                    be off                    hire under this Clause 21 shall be the difference between~~~~(i)~~ ~~the                    time the vessel would have required to perform the relevant service                    at                    such guaranteed speed, and~~~~(ii)~~ ~~the                    time actually taken to perform such service (including any less                    of time                    arising from interruption in the performance of such                    service).~~~~For                    the avoidance of doubt; all time included under (ii) above shall                    be                    excluded from any computation under Clause 24.~~~~(c)~~ ~~Further                    and without prejudice to the foregoing; in the event of the vessel                    deviating (which expression includes without limitation putting                    back, or                    putting into any port other than that to which she is bound under                    the                    instructions of Charterers) for any cause or purpose mentioned                    in Clause                    21(a), the vessel shall be off hire from the commencement of                    such                    deviation until the time when she is again ready and in an efficient                    state                    to resume her service from a position not less favourable to                    Charterers                    than that at which the deviation commenced, provided however                    that any                    service given or distance made good by the vessel whilst so off                    hire shall                    be taken into account in assessing the amount to be deducted                    from hire. If                    the vessel, for any cause or purpose mentioned in Clause 21(a),                    puts into                    any port other than the port to which she is bound on                    the~~~~ ~~ |

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|                                                        | ~~instructions                    of Charterers, the port charges, pilotage and other expenses                    at such port                    shall be borne by Owners. Should the vessel be driven into any                    port or                    anchorage by stress of weather hire shall continue to be due                    and payable                    during any time lost thereby.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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|                                                        | ~~(d)~~ ~~If                    the vessel's flag state becomes engaged in hostilities, and Charterers                    in                    consequence of such hostilities find it commercially impracticable                    to                    employ the vessel and have given Owners written notice thereof                    then from                    the date of receipt by Owners of such notice until the termination                    of such                    commercial impracticability the vessel shall be off hire and                    Owners shall                    have the right to employ the vessel on their own                    account.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                        | ~~(e)~~ ~~Time                    during which the vessel is off hire under this charter shall                    count as part                    of the charter~~~~ ~~~~period.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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| Periodical                    Drydocking                    | 22. (a) ~~Owners~~ ***CHARTERERS***have                    the right and obligation to drydock the vessel at regular intervals                    ~~of~~ ***AS*** ***REQUIRED                    BY CLASS, VESSELS NEXT SCHEDULED DRYDOCK IS ON OR                    ABOUT*** ***OCTOBER                    2008. ALL DRYDOCK TIME AND RELATED EXPENSES TO BE                    FOR*** ***CHARTERERS                    ACCOUNT. OWNERS AND CHARTERERS TO MUTUALLY AGREE ON VESSEL'S                    DRYDOCKING                    BUDGET.***~~On                    each occasion Owners shall propose to Charterers a date on which                    they wish                    to~~~~ ~~~~dry                    dock the vessel, not less than before such date, and Charterers                    shall                    offer a port far~~~~ ~~~~such                    periodical drydocking and shall take all reasonable steps to                    make the                    vessel available as near to such date as                    practicable.~~                                                                                                                                                                                                                             |
|                                                        | ~~Owners~~ ***CHARTERERS***shall                    put the vessel in drydock at their ~~expense                    as soon as practicable after~~~~Charterers~~~~place                    the vessel~~~~* *~~~~at                    Owners' disposal clear of cargo other than tank washings and                    residues.                    Owners shall be responsible for and pay for the disposal into                    reception                    facilities of such tank washings and residues and shall have                    the right to                    retain any monies received therefor, without prejudice to any                    claim for                    loss of cargo under any bill of lading or this                    charter;~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                        | ~~(b)~~ ~~If                    a periodical drydocking is carried out in the port offered by                    Charterers                    (which must have suitable accommodation for the purpose and reception                    facilities for tank washings and residues), the vessel shall                    be off hire                    from the time she arrives at such port until drydocking is completed                    and                    she is in every way ready to resume Charterers' service and is                    at the                    position at which she went off hire or a position no less favourable                    to                    Charterers; whichever she first attains.                    However,~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                        | ~~(i)~~ ~~provided                    that Owners exercise due diligence in gas freeing, any time lost                    in gas                    freeing to the standard required for entry into drydock for cleaning                    and                    painting the hull shall not count as off hire, whether lost on                    passage to                    the dry docking port or after arrival there (notwithstanding                    Clause 21),                    and~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                        | ~~(ii)~~ ~~any                    additional time lost in further gas freeing to meet the standard                    required                    for hot work or entry to cargo tanks shall count as off hire,                    whether lost                    on passage to the drydocking port or after arrival                    there.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                        | ~~Any                    time which, but for sub Clause (i) above; would be off hire,                    shall not be                    included in any calculation under Clause 24.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                        | ~~The                    expenses of gas freeing, including without limitation the cost                    of bunkers,                    shall be for Owners account.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                        | ~~(c)~~ ~~If                    Owners require the vessel, instead of proceeding to the offered                    port, to                    carry out periodical drydocking at a special port selected by                    them, the                    vessel shall be off hire from the time when she is released to                    proceed to                    the special port until she next presents for loading in accordance                    with                    Charterers' instructions, provided, however, that Charterers                    shall credit                    Owners with the time which would have been taken on passage at                    the service                    speed had the vessel not proceeded to drydock. All fuel consumed                    shall be                    paid for by Owners but~~~~ ~~~~Charterers                    shall credit Owners with the value of the fuel which would have                    been used                    on such notional passage~~~~ ~~~~calculated                    at the guaranteed daily consumption for the service speed, and                    shall                    further credit Owners with any benefit they may gain in purchasing                    bunkers                    at the special port.~~ |
|                                                        | ~~(d)~~ ~~Charterers                    shall, insofar as cleaning for periodical drydocking may have                    reduced the                    amount of tank cleaning necessary to meet Charterers' requirements,                    credit                    Owners with the value of any bunkers which Charterers calculate                    to have                    been saved thereby, whether the vessel dry docks at an offered                    or a                    special port.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
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| Ship                    Inspection                          | 23. ~~Charterers~~ ***OWNERS***shall                    have the right at any time during the charter period to make                    such                    inspection of the vessel                    as they may consider necessary. This right may be exercised as                    often and                    at such intervals as ~~Charterers~~ ***OWNERS***in their                    absolute discretion may determine and whether the vessel is in                    port or on                    passage. ~~Owners~~ ***CHARTERERS***affording                    all necessary co-operation and accommodation on board provided,                    however,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                        | ~~(i)~~ ~~that                    neither the exercise nor the non exercise, nor anything done                    or not done                    in the exercise or non exercise, by Charterers of such right                    shall in any                    way reduce the master's or Owners' authority over, or responsibility                    to                    Charterers or third parties for the vessel and every aspect of                    her                    operation, nor increase Charterers' responsibilities to Owners                    or third                    parties for the same; and~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                        | (ii) that                    ~~Charterers~~ ***OWNERS***shall                    not be liable for any act, neglect or default by themselves,                    their                    servants or agents in the exercise or non exercise of the aforesaid                    right.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
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| ~~Detailed                    Description and Performance~~ | ~~24.~~ ~~(a)~~ ~~Owners                    guarantee that the speed and consumption of the vessel shall                    be as                    follows:~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

| ~~Average                    speed~~ | ~~Maximum                    average bunker consumption~~ |
|--------------------------------------|-----------------------------------------------------------|
| ~~in                    knots~~      | ~~main                    propulsion~~                    | ~~auxiliaries~~ |
|                                 | ~~fuel                    oil/diesel oil~~                | ~~fuel                    oil/diesel oil~~ |
|                                 | ~~tonnes~~                                                | ~~tonnes~~ |
| ~~Laden~~                            |                                                      |   |
|                                 |                                                      |   |
| ~~Ballast~~                          |                                                      |   |

|   | ~~The                    foregoing bunker consumptions are for all purposes except cargo                    heating                    and tank cleaning~~~~ ~~~~and                    shall be pro rated between the speeds                    shown.~~ |
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|             | ~~The                    service speed of the vessel is knots laden and knots in ballast                    and in the                    absence of Charterers’ orders to the contrary the vessel shall proceed at                    the service speed. However if more than one laden and one ballast                    speed                    are shown in the table above Charterers shall have the right                    to order the                    vessel to steam at any speed within the range set out in the                    table (the                    “ordered speed”).~~~~If                    the vessel is ordered to proceed at any speed other than the                    highest speed                    shown in the table, and the average speed actually attained by                    the vessel                    during the currency of such order exceeds such ordered speed                    plus 0.5                    knots (the “maximum recognized speed”), then for the purpose of                    calculating any increase or decrease of hire under this Clause                    24 the                    maximum recognized speed shall be used in place of the average                    speed                    actually attained.~~~~For                    the purposes of this charter the “guaranteed speed” at any time shall be                    the then current ordered speed or the service speed, as the case                    may                    be~~~~The                    average speeds and bunker consumptions shall for the purpose                    of this                    Clause 24 be calculated by reference to the observed distance                    from pilot                    station to pilot station on all sea passages during each period                    stipulated                    in Clause 24(c), but excluding any time during which the vessel                    is (or but                    for Clause 22(b) (i) would be) off-hire and also excluding “Adverse                    Weather Periods”, being (i) any periods during which reduction of speed is                    necessary for safety in congested waters or in poor visibility                    (ii) any                    days, noon to noon, when winds exceed force 8 on the Beaufort                    Scale for                    more than 12 hours.~~~~(b)~~ ~~If                    during any year from the date on which the vessel enters service                    (anniversary to anniversary) the vessel falls below or exceeds                    the                    performance guaranteed in Clause 24(a) then if such shortfall                    or excess                    results~~~~(i)~~ ~~from                    a reduction or an increase in the average speed of the vessel,                    compared to                    the speed guaranteed in Clause 24(a), then an amount equal to                    the value at                    the hire rate of the time so lost or gained, as the case may                    be, shall be                    deducted form or added to the hire paid:~~~~(ii)~~ ~~from                    an increase or a decrease in the total bunkers consumed, compared                    to the                    total bunkers which would have been consumed had the vessel performed                    as                    guaranteed in Clause 24(a), an amount equivalent to the value                    of the                    additional bunkers consumed or the bunkers saved, as the case                    may be,                    based on the average price paid by Charterers for the vessel’s bunkers in                    such period, shall be deducted from or added to the hire                    paid.~~~~The                    addition to or deduction from hire so calculated for laden and                    ballast                    mileage respectively shall be adjusted to take into account the                    mileage                    steamed in each such condition during Adverse Weather Periods,                    by dividing                    such addition or deduction by the number of miles over which                    the                    performance has been calculated and multiplying by the same number                    of                    miles plus the miles steamed during the Adverse Weather Periods,                    in order                    to establish the total addition to or deduction from hire to                    be made for                    such period.~~~~Reduction                    of hire under the foregoing sub Clause (b) shall be without prejudice                    to                    any other remedy available to Charterers~~~~(c)~~ ~~Calculations                    under this Clause 24 shall be made for the yearly periods terminating                    on                    each successive anniversary of the date on which the vessel enters                    service, and for the period between the last such anniversary                    and the date                    of termination of this charter if less than a year. Claims in                    respect of                    reduction of hire arising under this Clause during the final                    year or part                    year of the charter period shall in the first instance be settled                    in                    accordance with Charterers’ estimate made two months before the end of the                    charter period. Any necessary adjustment after this charter terminates                    shall be made by payment by Owners to Charterers or by Charterers                    to                    Owners as the case may require.~~~~Payments                    in respect of increase of hire arising under this Clause shall                    be made                    promptly after receipt by Charterers of all the information necessary                    to                    calculate such increase.~~ |
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    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| Salvage     | 25. Subject                    to the provisions of Clause 21 hereof, all loss of time and all                    expenses (                    excluding any damage to or loss of the vessel or tortious liabilities                    to                    third parties) incurred in saving or attempting to save life                    or in                    successful or unsuccessful attempts at salvage shall be borne                    equally by                    Owners and Charterers provided that ~~Charterers                    shall not be liable to contribute towards any salvage payable                    by Owners                    arising in any way out of services rendered under this Clause                    25.~~All                    salvage and all proceeds from derelicts shall be divided ~~equally                    between Owners and~~ ***PAID                    TO***                    Charterers after deducting the master's, officers' and crew's                    share.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           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| Lien        | 26. Owners                    shall have a lien upon all cargoes and all freights, sub-freights                    and                    demurrage for any amounts due under this charter: and Charterers                    shall                    have a lien on the vessel for all monies paid in advance and                    not earned,                    and for all claims for damages arising from any breach by Owners                    of this                    charter.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    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| Exceptions  | 27. (a) The                    vessel, her master and Owners shall not, unless otherwise in                    this charter                    expressly provided, be liable for any loss or damage or delay                    or failure                    arising or resulting from any act, neglect or default of the                    master,                    pilots, mariners or other servants of Owners in the navigation                    or                    management of the vessel: fire, unless caused by the actual fault                    or                    privity of Owners; collision or stranding; dangers and accidents                    of the                    sea; explosion, bursting of boilers, breakage of shafts or any                    latent                    defect in hull, equipment or machinery: provided, however, that                    Clauses 1                    , 2, 3 and 24 hereof shall be unaffected by the foregoing. Further,                    neither the vessel, her master or Owners, nor Charterers shall,                    unless                    otherwise in this charter expressly provided, be liable for any                    loss or                    damage or delay or failure in performance hereunder arising or                    resulting                    from act of God, act of war, seizure under legal process, quarantine                    restrictions, strikes, lock-outs, riots, restraints of labour,                    civil                    commotions or arrest or restraint of princes, rulers or                    people.(b) The                    vessel shall have liberty to sail with or without pilots, to                    tow or go to                    the assistance of vessels in distress and to deviate for the                    purpose of                    saving life or property,(c) Clause                    27(a) shall not apply to or affect any liability of Owners or                    the vessel                    or any other relevant person in respect of(i) loss                    or damage caused to any berth, jetty, dock, dolphin, buoy, mooring                    line,                    pipe or crane or other works or equipment whatsoever at or near                    any place                    to which the vessel may proceed under this charter, whether or                    not such                    works or equipment belong to Charterers, or(ii) any                    claim (whether brought by Charterers or any other person) arising                    out of                    any loss of or damage to or in connection with cargo. All such                    claims                    shall be subject to the Hague-Visby Rules or the Hague Rules,                    as the case                    may be, which ought pursuant to Clause 38 hereof to have been                    incorporated                    in the relevant bill of lading (whether or not such Rules were                    so                    incorporated) or, if no such bill of lading is issued, to the                    Hague-Visby                    Rules,(d) In                    particular and without limitation, the foregoing subsections                    (a) and (b)                    of this Clause shall not apply to or in any way affect any provision                    in                    this charter relating to off-hire or to reduction of                    hire.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

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| Injurious                    Cargoes               | 28. No                    acids, explosives or cargoes injurious to the vessel shall be                    shipped and                    without prejudice to the foregoing any damage to the vessel caused                    by the                    shipment of any such cargo, and the time taken to repair such                    damage,                    shall be for Charterers' account. No voyage shall be undertaken,                    nor any                    goods or cargoes loaded, that would expose the vessel to capture                    or                    seizure by rulers or governments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
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| Grade                    of Bunkers                | 29. Charterers                    shall supply marine diesel oil/fuel oil with a maximum viscosity                    of                    Centistokes at 50 degrees Centigrade/ACGFO for main propulsion                    and diesel                    oil/ACGFO for the auxiliaries. If Owners require the vessel to                    be supplied                    with more expensive bunkers they shall be liable for the extra                    cost                    thereof.Charterers                    warrant that all bunkers provided by them in accordance herewith                    shall be                    of a quality complying with the International Marine Bunker Supply                    Terms                    and Conditions of Shell International Trading Company and with                    its                    specification for marine fuels as amended from time to time.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
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| ~~Disbursements~~                                       | ~~30.~~ ~~Should                    the master require advances for-ordinary disbursement at any                    port,                    Charterers or their agents shall make such advances to him, in                    consideration of which Owners shall pay a commission of two and                    a half                    percent, and all such advances and commission shall be dedicated                    from                    hire.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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| Laying-up                                          | 31. Charterers                    shall have the option, after consultation with Owners, of requiring                    Owners                    to lay up the vessel at a safe place nominated by Charterers.                    ,                    ~~in                    which case the hire-provided for under this charter shall be                    adjusted to                    reflect any net increases in expenditure reasonably incurred                    or any net                    saving which should reasonably be made by Owners as a result                    of such lay                    up, Charterers may exercise the said option any number of times                    during the                    charter period:~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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| Requisition                                        | 32. Should                    the vessel be requisitioned by any government, de facto or de                    jure, during                    the period of this charter, the vessel shall be off-hire during                    the period                    of such requisition, and any hire paid by such government in                    respect of                    such requisition period shall be for Owners' **CHARTERERS**                    account. Any such requisition period shall count as part of the                    charter                    period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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| ~~Outbreak                    of War~~             | ~~33.~~ ~~If                    war or hostilities break out between any two or more of the following                    countries: U.S.A., U.S.S.R., P.R.C., U.K., Netherlands both Owners                    and                    Charterers shall have the right to cancel this                    charter.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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| ~~Additional                    War~~~~Expenses~~       | ~~34.~~ ~~If                    the vessel is ordered to trade in areas where there is war (de                    facto or de                    jure) or threat of war, Charterers shall reimburse Owners for                    any                    additional insurance premia, crew bonuses and other expenses                    which are                    reasonably incurred by Owners as a consequence of such orders,                    provided                    that Charterers are given such expenses as soon as practicable                    and in any                    event before such expenses are incurred, provided further the                    Owners                    obtain from their insurers a waiver of any subrogated rights                    against                    Charters in respect of any claims by Owners under their war risk                    insurance                    arising out of compliance with such orders.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
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| ~~War                    Risks~~                        | ~~35.~~ ~~(a)~~ ~~The                    master shall not be required or bound to sign bills of lading                    for any                    place which in his or Owners’ reasonable opinion is dangerous or                    impossible for the vessel to enter or reach owning to any blockade,                    war,                    hostilities, warlike operations, civil war, civil commotions                    or                    revolutions.~~~~(b)~~ ~~If                    in the reasonable opinion of the master of Owners it becomes,                    for any of                    the reason set out in Clause 35(a) or the operations of international                    law,                    dangerous, impossible or prohibited for the vessel to reach or                    enter, or                    to load or discharge cargo at, any place to which the vessel                    has been                    ordered pursuant to this charter(a “place of peril”), then Charters or                    their agents shall be immediately notified by telex or radio                    messages, and                    Charterers shall thereupon have the right to order the cargo,                    or such part                    of it as may be affected, to be loaded or discharged, as the                    case may be,                    at any other place within the trading limits of this charter                    (provided                    such other place is not itself a place of peril). If any place                    of                    discharge is or becomes a place of peril and no orders have been                    received                    from Charterers or their agents within 48 hours after dispatch                    of such                    messages, then Owners shall be at liberty to discharge the cargo                    or such                    part of it as may be affected at any place which they or the                    master may in                    their or his discretion select within the trading limits of this                    charter                    and such discharge shall be deemed to be due fulfillment of Owners’                    obligations under this charter so far as cargo so discharged                    is                    concerned.~~~~(c)~~ ~~The                    vessel shall have liberty to comply with any directions or recommendations                    as to departure, arrival, routes, ports of call, stoppages, destinations,                    zones, waters, delivery or in any other wide whatsoever or by                    any person                    or body acting or purporting to act as or with the authority                    of any such                    government or local authority including any de facto government                    or local                    authority or by any person or body acting or purporting to act                    as or with                    the authority of any such government or local authority or by                    any                    committee or person having under the terms of the war risks insurance                    on                    the vessel the right to give any such directions or recommendations.                    If by                    reason of or in compliance with any such directions or recommendations                    anything is done or is not done such shall not be deemed a                    deviation.~~~~If                    by reason of or in compliance with any such direction or recommendation                    the vessel does not proceed to any place of discharge to which                    she has                    been ordered pursuant to this charter, the vessel may proceed                    to any place                    which the master or Owners in his or their discretion select                    and there                    discharge the cargo or such part of it as may be affected, Such                    discharge                    shall be deemed to be due fulfillment of Owners obligations under                    this                    charter so far as cargo so discharged concerned.~~~~Charterers                    shall procure that all bills of lading issued under this charter                    shall                    contain the Chamber of Shipping War Risks Clause                    1952.~~ |
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| Both                    to Blame Collision Clause  | 36. If                    the liability for any collision in which the vessel is involved                    while                    performing this charter fails to be determined in accordance                    with the laws                    of the United States of America, the following provision shall                    apply:"If                    the ship comes into collision with another ship as a result of                    the                    negligence of the other ship and any act, neglect or default                    of the                    master, mariner, pilot or the servants of the carrier in the                    navigation or                    in the management of the ship, the owners of the cargo carried                    hereunder                    will indemnify the carrier against all loss, or liability to                    the other or                    non-carrying ship or her owners in so far as such loss or liability                    represents loss of, or damage to, or any claim whatsoever of                    the owners of                    the said cargo, paid or payable by the other or non-carrying                    ship or her                    owners to the owners of the said cargo and set off, recouped                    or recovered                    by the other or non-carrying ship or her owners as part of their                    claim                    against the carrying ship or carrier.""The                    foregoing provisions shall also apply where the. owners, operators                    or                    those in charge of any ship or ships or objects other than, or                    in addition                    to, the colliding ships or objects are at fault in respect of                    a collision                    or contact."                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

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|                                         | Charterers                    shall procure that all bills of lading issued under this charter                    shall                    contain a provision in the foregoing terms to be applicable where                    the                    liability for any collision in which the vessel is involved falls                    to be                    determined in accordance with the laws of the United States of                    America.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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| New                    Jason Clause     | 37. General                    average contributions shall be payable according to the York/Antwerp                    Rules, 1974 **AS                    AMENDED IN 1994**                    ,                    and shall be adjusted in London in accordance with English law                    and                    practice but should adjustment be made in accordance with the                    law and                    practice of the United States of America, the following provision                    shall                    apply:"In                    the event of accident, danger, damage or disaster before or after                    the                    commencement of the voyage, resulting from any cause whatsoever,                    whether                    due to negligence or not, for which, or for the consequence of                    which, the                    carrier is not responsible by statute, contract or otherwise,                    the cargo,                    shippers, consignees or owners of the cargo shall contribute                    with the                    carrier in general average to the payment of any sacrifices,                    losses or                    expenses of a general average nature that may be made or incurred                    and                    shall pay salvage and special charges incurred in respect of                    the cargo."                    "If                    a salving ship is owned or operated by the carrier, salvage shall                    be paid                    for as fully as if the said salving ship or ships belonged to                    strangers.                    Such deposit as the carrier or his agents may deem sufficient                    to cover the                    estimated contribution of the cargo and any salvage and special                    charges                    thereon shall, if required, be made by the cargo, shippers, consignees                    or                    owners of the cargo to the carrier before delivery,"Charterers                    shall procure that all bills of lading issued under this charter                    shall                    contain a provision in the foregoing terms, to be applicable                    where                    adjustment of general average is made in accordance with the                    laws and                    practice of the United States of America.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| ClauseParamount                              | ~~38.~~ ~~Charterers                    shall procure that all bills of lading issued pursuant to this                    charter                    shall contain the following clause;~~***SEE                    CLAUSE 55.***~~“(1)~~ ~~Subject                    to sub-clause (2) hereof, this bill of lading shall be governed                    by, and                    have effect subject to, the rules contained in the International                    Convention for the Unification of Certain Rules relating to Bills                    of                    Lading signed at Brussels on 25th August 1924 (hereafter the“Hague                    Rules”) as amended by the Protocol signed at Brussels on 23rd February                    1968 (hereafter the “Hague Visby Rules”). Nothing contained herein shall                    be deemed to be either a surrender by the carrier of any of his                    rights or                    immunities or any increase of any of his responsibilities or                    liabilities                    under the “Hague Visby Rules.”~~~~“(2)~~ ~~If                    there is governing legislation which applies the Hague Rules                    compulsorily                    to this bill of lading, to the exclusion of the Hague Visby Rules,                    then                    this bill of lading shall have effect subject to the Hague Rules.                    Nothing                    herein contained shall be deemed to be either a surrender by                    the carrier                    of any of his rights or immunities or an increase of any of his                    responsibilities or liabilities under the Hague Rules.”~~~~“(3)~~ ~~If                    any term of this bill of lading is repugnant to the Hague Visby                    Rules, or                    Hague Rules if applicable, such term shall be void to that extent                    but no                    further.”~~~~“(4)~~ ~~Nothing                    in this bill of lading shall be constructed as in any way restricting,                    excluding or waiver the right of any relevant part or person                    to limit his                    liability under any available legislation and/or                    law.”~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| TOVALOP                                 | 39. ~~Owners~~ **CHARTERERS**warrant                    that the vessel is:~~(i)~~ ~~a                    tanker in TOVALOP and~~(ii) properly                    entered inP&I                    Cluband                    will so remain during the currency of this charter.~~When                    an escape or discharge of Oil occurs from the vessel and causes                    or                    threatens to cause Pollution Damage, or when there is the threat                    of an                    escape or discharge of Oil (i.e. a grave and imminent danger                    of the escape                    or discharge Oil which, if it occurred, would create a serious                    danger of                    Pollution Damage, whether or not an escape or discharge in fact                    subsequently occurs), then Charterers may, at their option, upon                    notice to                    Owners or master, undertake such measures as are reasonably necessary                    to                    prevent or minimize such Pollution Damage or to remove the Threat,                    unless                    Owners promptly undertake the same. Charterers shall keep Owners                    advised                    of the nature and result of any such measures taken by them and,                    if time                    permits the nature of the measures intended to be taken by them.                    Any of                    the aforementioned measures taken by Charterers shall be deemed                    taken on                    Owners’ authority as Owners’ agent, and shall be at Owners’ expense except                    to the extent that:~~~~(1)~~ ~~any                    such escape or discharge or Threat was caused or contributed                    to by                    Charterers, or~~~~(2)~~ ~~by                    reason of the exceptions set out in Article III, paragraph 2,                    of the 1969                    International Convention on Civil Liability for Oil Pollution                    Damage,                    Owners are or, had the said Convention applied to such escape                    or discharge                    or to the Threat, would have been exempt from liability for the                    same,                    or~~~~(3)~~ ~~the                    cost of such measures together with all other liabilities, costs                    and                    expenses of Owners arising out of or in connection with such                    escape or                    discharge or Threat exceeds one hundred and sixty United States                    Dollars                    (US $160) per ton of the vessel’s Tonnage or sixteen million eight hundred                    thousand United States Dollars (US $16,800,000), whichever is                    the lesser,                    save and insofar as Owners shall be entitled to recover such                    excess under                    either the 1971 International Convention on the Establishment                    of an                    International Fund for Compensation for Oil Pollution Damage                    or under                    CRISTAL;~~~~PROVIDED                    ALWAYS that if Owners in their absolute discretion consider said                    measures                    should be discontinued. Owners shall so notify Charterers and                    thereafter                    Charterers shall have no right to continue said measures under                    the                    provisions of this Clause 39 and all further liability to Charterers                    under                    this Clause 39 shall thereupon cease.~~~~The                    above provisions are not in derogation of such other rights as                    Charterers                    or Owners may have under this charter or may otherwise have or                    acquire by                    law or any International Convention or TOVALOP.~~~~The                    term “TOVALOP” means the Tanker Owners’ Voluntary Agreement Concerning                    Liability for Oil Pollution dated 7th January 1969, as amended                    form time                    to time, and the term “CRISTAL” means the Contract Regarding an Interim                    Supplement to Tanker Liability for Oil Pollution dater 14th January                    1971,                    as amended from time to time. The terms “Oil”, “Pollution Damage”, and                    “Tonnage” shall for the purposes of this Clause 39 have the meanings                    ascribed to them in TOVALOP.~~ |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Export                    Restrictions  | 40. The                    master shall not be required or bound to sign bills of lading                    for the                    carriage of cargo to any place to which export of such cargo                    is prohibited                    under the laws, rules or regulations of the country in which                    the cargo was                    produced and/or shippedCharterers                    shall procure that all bills of lading issued under this charter                    shall                    contain the following clause:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

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|                                  | "If                    any laws rules or regulations applied by the government of the                    country in                    which the cargo was produced and/or shipped, or any relevant                    agency                    thereof, impose a prohibition on export of the cargo to the place                    of                    discharge designated in or ordered under this bill of lading,                    carriers                    shall be entitled to require cargo owners forthwith to nominate                    an                    alternative discharge place for the discharge of the cargo, or                    such part                    of it as may be affected, which alternative place shall not be                    subject to                    the prohibition, and carriers shall be entitled to accept orders                    from                    cargo owners to proceed to and discharge at such alternative                    place. If                    cargo owners fail to nominate an alternative place within 72                    hours after                    they or their agents have received from carriers notice of such                    prohibition, carriers shall be at liberty to discharge the cargo                    or such                    part of it as may be affected by the prohibition at any safe                    place on                    which they or the master may in their or his absolute discretion                    decide                    and which is not subject to the prohibition, and such discharge                    shall                    constitute due performance of the contract contained in this                    bill of                    lading so far as the cargo so discharged is concerned". |
|---------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                  | The                    foregoing provision shall apply mutatis mutandis to this charter,                    the                    references to a bill of lading being deemed to be references                    to this                    charter.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Law                    and Litigation | 41. (a) This                    charter shall be construed and the relations between the parties                    determined in accordance with                    the laws of England.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                  | (b) Any                    dispute arising under this charter shall be decided by the English                    Courts                    to whose jurisdiction the parties hereby agree.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                  | (c) Notwithstanding                    the foregoing, but without prejudice to any party's right to                    arrest or                    maintain the arrest of any maritime property, either party may,                    by giving                    written notice of election to the other party, elect to have                    any such                    dispute referred to the arbitration of a single arbitrator in                    London in                    accordance with the provisions of the Arbitration Act 1950, or                    any                    statutory modification or re-enactment thereof for the time being                    in                    force.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                  | (i) A                    party shall lose its right to make such an election only                    if:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                  | (a) it                    receives from the other party a written notice of dispute which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                  | (1) states                    expressly that a dispute has arisen out of this                    charter:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                  | (2) specifies                    the nature of the dispute: and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                  | (3) refers                    expressly to this clause 41(c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                  | and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                  | (b) it                    fails to give notice of election to have the dispute referred                    to                    arbitration not later than 30 days from the date of receipt of                    such notice                    of dispute.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                  | ~~(ii)~~ ~~The                    parties hereby agree that either party may~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                  | ~~(a)~~ ~~appeal                    to the High Court on any question of law arising out of an                    award:~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                  | ~~(b)~~ ~~apply                    to the High Court for an order that the arbitrator state the                    reasons for                    his award:~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                  | ~~(c)~~ ~~give                    notice to the arbitrator that a reasoned award is required:                    and~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                  | ~~(d)~~ ~~apply                    to the High Court to determine any question of law arising in                    the course                    of the reference.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                  | ~~(d)~~ ~~it                    shall be a condition precedent to the right of any party to a                    stay of any                    legal proceedings in which maritime property has been, or may                    be, arrested                    in connection with a dispute under this charter, that that party                    furnishes                    to the other party security to which that other party would have                    been                    entitled in such legal proceedings in the absence of a                    stay.~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Construction                          | 42. The                    side headings have been included in this charter for convenience                    of                    reference and shall in no way affect                    the construction hereof.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                  | ***RIDER                    CLAUSES 43-67 AS ATTACHED HERETO TO BE INCORPORATED IN THIS TIME                    CHARTER                    PARTY.***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

|   | ***OWNERS:*** |   | ***TIME                    CHARTERERS:***   |
|--------|---------------|--------|---------------------------------------------|
|   |          |   |                                        |
|   |          |   | **CHAMPION                    SHIPPING AS** |
|   |          |   |                                        |
|   |          |   | /s/                    illegible            |

|   | This                    Charter Party is a computer generated copy of the SHELLTIME4                    Charter Party                    form, printed using software which is the copyright of Strategic                    Software                    Limited.                                                                                                                                                                                                                                                                                                                                   |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | This                    is a precise copy of the original document which can be modified,                    amended                    or added to only by the striking out of original characters,                    or the                    insertion of new characters, such characters being clearly highlighted                    by                    underlining or use of colour or use of a larger font and marked                    as having                    been made by the licensee or end user as appropriate and not                    by the                    author. |

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**SHELLTIME          4 RIDER CLAUSES "BRALI" TBR. "CHAMPION BRALI"**

**43.**
**TRADING          LIMITS CLAUSE**

**44.**
**RATE          OF HIRE**

**45.**
**OPTIONS**

**46.**
**CHANGE          OF OWNERSHIP CLAUSE**

**47.**
**CHANGE          OF CLASSIFICATION SOCIETY**

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**SHELLTIME          4 RIDER CLAUSES "BRALI" TBR. "CHAMPION BRALI"**

**48.**
**HOUSE          FLAG**

**49.**
**FLAG          CLAUSE**

**50.**
**ADDITIONAL          SMALL EQUIPMENT CLAUSE**

| **51.** | **CHANGES/IMPROVEMENTS                    NECESSARY FOR THE OPERATION OF THE VESSEL OR IMPOSED BY LEGISLATION                    OR                    CLASS** |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 51.1 | In                    the event any improvement, structural change or the installation                    of new                    equipment is imposed by compulsory legislation and/or class rules,                    Charterers shall have the right at their own cost to effect such                    improvement, changes or installation, without the Owners'                    consent. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 51.2 | In                    the event any improvement, structural change or the installation                    of new                    equipment is deemed necessary by the Charterers for the continued                    operation of the Vessel, Charterers shall have the right at their                    own cost                    to effect such improvement, changes or installation, with the                    Owners'                    consent which shall not unreasonably be                    withheld. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 51.3 | The                    Owners have to be notified in writing in advance by the Charterers                    about                    any changes and/or improvements as per clauses 51.1 and                    51.2. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 51.4. | Any                    change, improvement or installation made pursuant to this Clause                    51 shall                    become the property of Owners. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 51.5 | Nothing                    in this Clause 51 shall be construed as to impose any obligation                    on the                    Owners to effect any improvement or structural change with respect                    to or                    install new equipment on the                    vessel. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**52.**
**LIGHTERAGE**

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**SHELLTIME          4 RIDER CLAUSES "BRALI" TBR. "CHAMPION BRALI"**

**53.**
**NEW          CLAUSE PARAMOUNT**

| (i) | Subject                    to sub clauses (2) or (3) hereof, this Bill of Lading shall be                    governed                    by, and have effect subject to the rules contained in the International                    Convention for the Unification of Certain Rules relating to Bills                    of                    Lading signed at Brussels on 25th                    August                    1924 (hereafter the "Hague Rules") as amended by the Protocol                    signed at                    Brussels on 23rd                    February 1968 (hereafter the "Hague-Visby Rules"). Nothing contained                    herein shall be deemed to be either a surrender by the carrier                    of any                    rights or immunities or any increase of any of his responsibilities                    or                    liabilities under the Hague-Visby                    rules. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | If                    there is governing legislation which applies the Hague Rules                    compulsory to                    this Bill of Lading to the exclusion of the Hague-Visby rules,                    then this                    Bill of Lading shall have effect subject to the Hague Rules.                    Nothing                    herein contained shall be deemed to be either a surrender by                    the carrier                    of any of his rights or immunities or an increase of any of his                    responsibilities or liabilities under the Hague                    rules. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii) | If                    there is governing legislation which applies the Hamburg Rules                    compulsory                    to this Bill of Lading to the exclusion of the Hague-Visby rules,                    then                    this Bill of Lading shall have effect subject to the Hamburg                    Rules.                    Nothing herein contained shall be deemed to be either a surrender                    by the                    carrier of any of his rights or immunities or an increase of                    any of his                    responsibilities under the Hamburg                    Rules. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv) | If                    any term of this Bill of Lading is repugnant to the Hague-Visby                    rules, or                    Hague Rules or Hamburg rules, if applicable, such terms shall                    be void to                    that extent but no further. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**54.**
**TIME          CHARTER ENVIRONMENTAL LEGISLATION (COFR) CLAUSE**

**55.**
**ASSIGNMENT          CLAUSE**

**56.**
**NOTICE          CLAUSE**

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**SHELLTIME          4 RIDER CLAUSES "BRALI" TBR. "CHAMPION BRALI"**

**57.**
**ENGLISH          LANGUAGE CLAUSE**

**58.**
**OWNERS'          INDEMNITY CLAUSE FOR ARREST**

**59.**
**CHARTER          ANCILLARY AGREEMENT**

**60.**
**TERMINATION          PROVISIONS**

**61.**
**THIRD          PARTY CLAUSE**

**62.**
**CHARTERERS'          OPTION TO DIRECT BAREBOAT OF VESSEL**

**53.**
**EARLY          TERMINATION OF THE TIMECHARTER.**

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**SHELLTIME          4 RIDER CLAUSES "BRALI" TBR. "CHAMPION BRALI"**

**64.**
**INSURANCE**

**65.**
**CARGO          CLAUSE**

**66.**
**ENCUMBRANCES**

**67.**
**COMMISSION          CLAUSE**

| **OWNERS** |   | **TIMECHARTERERS**                     |
|------------|--------|---------------------------------------------|
|       |   |                                        |
|       |   | **CHAMPION                    SHIPPING AS** |
|       |   |                                        |
|       |   | /s/                    illegible            |

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**SHELLTIME          4 RIDER CLAUSES "BRALI" TBR. "CHAMPION BRALI"**

**ANNEX          1**

**"BRALI"          TBR "CHAMPION BRALI"**

| Type:                            | Oil                    Tanker                                            |
|----------------------------------|--------------------------------------------------------------------------|
|                             | (Double                    Hull)                                         |
|                             |                                                                     |
| Flag:                            | Marshall                    Island                                       |
| Registry                    No.: |                                                                     |
| Built:                           | 1985                                                                     |
|                             |                                                                     |
| Class:                           | DnV                    1Al Tanker for Oil and caustic soda, ESP EO Inert |
|                             |                                                                     |
| IMO                    No.:      | 8309799                                                                  |
|                             |                                                                     |
| Call                    sign:    | C6P42                                                                    |

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**SHELLTIME          4 RIDER CLAUSES "BRALI" TBR. "CHAMPION BRALI"**

| OWNERS: |   | CHARTERERS:                                 |
|---------|--------|---------------------------------------------|
|    |   | /s/                    illegible            |
|    |   | **CHAMPION                    SHIPPING AS** |
|    |   |                                        |

----

|   **MEMORANDUM                    OF AGREEMENT**  **See                    Clause 17** | Norwegian                    Shipbroker’s Association’s Memorandum of Agreement for sale and purchase                    of ships Adopted by the Baltic and International Maritime Council                    (BIMCO)                    in 1956Code-name**SALEFORM                    1993**Revised                    1966, 1983, and 1986/87. |
|------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**          12**
**th**

**          December 2005**

**Cordova          Vessel Limited Partnership, a Californian partnership **
**Champion          Shipping AS, Bergen**

**M/T**
**‘B          R A L I’ to be renamed 'C H A M P I O NB R A L I'**

**Det          Norske Veritas/1A1 Tanker for Oil and Caustic Soda ESP EO          INERT**

| Built:                    **1985**      | **By:                    Hyundai Shipbuilding and Heavy Ind. Ltd** |
|-----------------------------------------|--------------------------------------------------------------------|
|                                    |                                                               |
| Flag:                    **Bahamas**    | Place                    of Registration: **Nassau**               |
|                                    |                                                               |
| Call                    Sign: **C6PY2** | Grt/Nrt:                    **31,248/14,801**                      |

**8309799**

**Definitions**

* *
* *

**1.**
**Purchase          Price USD 1, - (One United States Dollar only)**

**2.**
**Deposit          not applicable**

~~As          security for the correct fulfilment of this Agreement the Buyers shall          pay a          deposit of 10% (ten per cent) of the Purchase Price within            banking days          from the date of this~~
~~ ~~
~~Agreement.          This deposit shall be placed with~~
~~ ~~
~~and          held by them in a-joint account for the Sellers and the Buyers, to be released          in accordance with joint written instructions of the Sellers and the Buyers.          Interest, if any, to be credited to the Buyers. Any fee charged for holding          the          said deposit shall be borne equally by the Sellers and the          Buyers.~~

**3.**
**Payment**

**Sellers'          nominated first class international bank**

**4.**
**Inspections          not applicable**

| ~~a)*~~ | ~~The                    Buyers have inspected and accepted the Vessel's classification                    records.                    The Buyers have also inspected the Vessel at/in                                                   on           ~~ |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

~~and          have accepted the Vessel following this inspection and the sale          i~~
~~*s*~~
~~outright          and definite, subject only to the terms and conditions of this          Agreement.~~

| ~~b)*~~ | ~~The                    Buyers shall have the right to inspect the Vessel's classification                    records                    and declare~~~~whether                    same are~~~~accepted                    or not~~~~within~~~~            ~~ |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

~~The          Sellers shall provide for inspection of the Vessel at/in~~
~~          ~~

~~The          Buyers shall undertake the inspection without undue delay to the Vessel.          Should          the Buyers cause undue delay they shall compensate the Sellers for the          losses          thereby incurred The Buyers shall inspect the Vessel without opening up          and          without cost to the Sellers. During the inspection, the Vessel's deck and          engine          log books shall be made available for examination by the Buyers. If the          Vessel          is accepted after such inspection, the sale shall become outright and definite,          subject only to the terms and conditions of this Agreement provided the          Sellers          receive written notice of acceptance from the Buyers within 72 hours after          completion of such inspection.~~

~~Should          notice of acceptance of the Vessel's classification records and of the          Vessel          not be received by the Sellers as aforesaid, the deposit together with          interest          earned shall be released immediately to the Buyers, whereafter this Agreement          shall be null and void.~~

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

| **5.** | **Notices,                    time and place of delivery** |
|--------|------------------------------------------------------------|

**Buyers          to give Sellers 30 (thirty) days notice if they wish to exercise their          purchase          options.**

| ~~a)~~ | ~~The                    Sellers shall keep the Buyers well informed of the Vessel's itinerary                    and                    shall provide the Buyers with,                                                      and           days notice of                    the estimated time of arrival at the intended place of                    drydocking/underwater inspection/delivery.~~                    When the Vessel is at the place of delivery and in every respect                    ~~physically~~                    ready for delivery in accordance with this Agreement, the Sellers                    shall                    give the Buyers a written Notice of Readiness for                    delivery. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ~~b)~~ | ~~The                    Vessel shall be delivered and taken-over safely afloat at a safe                    and                    accessible berth or anchorage                    at/in          ~~ |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

~~in          the Sellers' option.~~

~~Expected          time of delivery:~~
~~          ~~

~~Date          of cancelling (see ~~
~~),          ~~
~~          and ~~
~~);~~

| ~~e)~~ | ~~If                    the Sellers anticipate that, notwithstanding the exercise of                    due diligence                    by them, the Vessel will not be ready for delivery by the cancelling                    date                    they may notify the Buyers in writing stating the date when they                    anticipate that the Vessel will be ready for delivery and propose                    a new                    cancelling date. Upon receipt of such notification the Buyers                    shall have                    the option of either cancelling this Agreement in accordance                    with~~Clause                    14~~within 7 running days of receipt of the notice or of accepting                    the new                    date as the new cancelling date. If the Buyers have not declared                    their                    option within 7 running days of receipt of the Sellers' notification                    or if                    the Buyers accept the new date, the date proposed in the Sellers'                    notification shall be deemed to be the new cancelling date and                    shall be                    substituted for the cancelling date stipulated in~~line                    61 |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

~~If          this Agreement is maintained with the new cancelling date all other terms          and          conditions hereof including those contained in Clauses ~~
~~          and ~~
~~          shall remain unaltered and in full force and effect. Cancellation or failure          to          cancel shall be entirely without prejudice to any claim for damages the          Buyers          may have under ~~
~~          for the Vessel not being ready by the original cancelling date.~~

| d) | Should                    the Vessel become an actual, constructive or compromised total                    loss before                    delivery ~~the                    deposit together with interest earned shall be released immediately                    to the                    Buyers whereafter~~this                    Agreement shall be null and void. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**6.**
**Drydocking/Divers          Inspection not applicable**

| ~~a)**~~ | ~~The                    Sellers shall place the Vessel drydock at the port of delivery                    for                    inspection by the Classification Society of the Vessel's underwater                    parts                    below the deepest load line, the extent of the inspection being                    in                    accordance with the Classification Society's rules. If the rudder,                    propeller, bottom or other underwater parts below the deepest                    load line                    are found broken, damaged or defective so as to affect the Vessel's                    class,                    such defects shall be made~~ |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

~~good          at the Sellers' expense to the satisfaction of the Classification Society          without condition/recommendation*.~~

~~b)**~~
~~(i)~~
~~The          Vessel is to be delivered without drydocking. However, the Buyers shall          have the          right at their expense to arrange for an underwater inspection by a diver          approved by the Classification Society prior to the delivery of the Vessel.          The          Sellers shall at their cost make the Vessel available for such inspection.          The          extent of the inspection and the conditions under which it is performed          shall be          to the satisfaction of the Classification Society. If the conditions at          the port          of delivery are unsuitable for such inspection, the Sellers shall make          the          Vessel available at a suitable alternative place near to the delivery          port.~~

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

~~(iii)~~
~~if          the Vessel is to be drydocked pursuant ~~
~~          and no suitable drydocking facilities are available at the port of delivery,          the          Sellers shall take the Vessel to a port where suitable drydocking facilities          are          available, whether within or outside the delivery range as per~~
~~.          Once drydocking has taken place the Sellers shall deliver the Vessel at          a port          within the delivery range as per ~~
~~          which shall, for the purpose of this Clause, become the new port of delivery.          In          such event the cancelling date provided for in ~~
~~          shall be extended by the additional time required for the drydocking and          extra          steaming, but limited to a maximum of 14 running days.~~

| ~~c)~~ | ~~If                    the Vessel is drydocked pursuant to Clause 6 a) or 6 b)                    above~~ |
|--------|------------------------------------------------------------------------------------------------------------|

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

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

~~(iii)~~
~~the          expenses in connection with putting the Vessel in and taking her out of          drydock,          including the drydock dues and the Classification Society's fees shall          be paid          by the Sellers if the Classification Society issues any          condition/recommendation* as a result of the survey or if it requires survey          of          the tailshaft system. In all other cases the Buyers shall pay the aforesaid          expenses, dues and fees.~~

~~(iv)~~
~~the          Buyers' representative shall have the right to be present in the drydock,          but          without interfering with the work or decisions of the Classification          surveyor.~~

~~(v)~~
~~the          Buyers shall have the right to have the underwater parts of the Vessel          cleaned          and painted at their risk and expense without interfering with the Sellers'          or          the Classification surveyor's work, if any, and without affecting the Vessel's          timely delivery. If, however, the Buyers' work in drydock is still in progress          when the Sellers have completed the work which the Sellers are required          to do,          additional docking time needed to complete the Buyers’ work shall be for the          Buyers' risk and expense. In the event that the Buyers' work requires such          additional time, the Sellers may upon completion of the~~

----

~~Sellers'          work tender Notice of Readiness for delivery whilst the Vessel is still          in          drydock and the Buyers shall be obliged to take delivery in accordance          with~~
~~.          whether the Vessel is in drydock or not and irrespective of~~

| ~~*~~ | ~~Notes,                    if any, in the surveyor's report which are accepted by the Classification                    Society without condition/recommendation are not to be taken                    into                    account.~~ |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ~~**~~ | ~~6                    a) and 6 b) are alternatives; delete whichever is not applicable.                    In the                    absence of deletions, alternative 6 a) to                    apply.~~ |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**7.**
**Spares/bunkers,          etc.**

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

~~The          Sellers have the right to take ashore crockery, plates, cutlery, linen          and other          articles bearing the Sellers' flag or name, provided they replace same          with          similar unmarked items. Library, forms, etc.; exclusively for use in the          Sellers’ vessel(s), shall be excluded without compensation. Captain's, Officers'          and Crew's personal belongings including the slop chest are to be excluded          from          the sale, as well as the following additional items (including items on          hire):~~

~~The          Buyers shall take over the remaining bunkers and unused lubricating oils          in          storage tanks and sealed drums and pay the current net market price (excluding          barging expenses) at the port and date of delivery of the          Vessel.~~

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

**8.**
**Documentation**

**          to be agreed**

| a) | Legal                    Bill of Sale in a form recordable in (the country in which the                    Buyers are                    to register the Vessel), warranting that the Vessel is free from                    all                    encumbrances, mortgages and maritime liens or any other debts                    or claims                    whatsoever, duly notarially attested and legalized by the consul                    of such                    country or other competent                    authority. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b) | Current                    Certificate of Ownership issued by the competent authorities                    of the flag                    state of the Vessel. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ~~c)~~ | ~~Confirmation                    of Class issued within 72 hours prior to                    delivery.~~ |
|--------|-----------------------------------------------------------------------------------------------------------|

| d) | Current                    Certificate issued by the competent authorities stating that                    the Vessel is                    free from registered encumbrances. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| f) | Any                    such additional documents as may reasonably be required by the                    competent                    authorities for the purpose of registering the Vessel, provided                    the Buyers                    notify the Sellers of any such documents as soon as possible                    after the                    date of this Agreement. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

~~At          the time of delivery the Sellers shall hand to the Buyers the classification          certificate(s) as well as all plans etc., which are on board the Vessel.          Other          certificates which are on board the Vessel shall also be handed over to          the          Buyers unless the Sellers are required to retain same, in which case the          Buyers          to have the right to take copies. Other technical documentation which may          be in          the Sellers' possession shall be promptly forwarded to the Buyers at their          expense, if they so request. The Sellers may keep the Vessel's log books          but the          Buyers to have the right to take copies of same.~~

**9.**
**Encumbrances**

**Exclusions          from this Clause are any claims against time charterers**

**10.**
**Taxes,          etc.**

**11.**
**Condition          on delivery**

**is          being taken over strictly "as is where lies",**
~~with          everything belonging to her shall be At the Sellers' risk and expense until          she          is delivered to the Buyers, but subject to the terms and conditions of          this          Agreement she shall be delivered and taken over as she was at the time          of          inspection, fair wear and tear excepted. However, the Vessel shall be delivered          with her class maintained without condition/recommendation*, free of average          damage affecting the Vessel's class, and with her classification certificates          and national certificates, as well as all other certificates the Vessel          had at          the time of inspection, valid and unextended without condition/recommendation*          by Class or the relevant authorities at the time of delivery. “Inspection" in          this Clause 11, shall mean the Buyers' inspection according to Clause~~
~~          or ~~
~~          if applicable, or the Buyers' inspection prior to the signing of this Agreement.          If the Vessel is taken over without inspection, the date of this Agreement          shall          be the relevant date.~~

| ~~*~~ | ~~Notes,                    if any, in the surveyor's report which are accepted by the Classification                    Society without condition/recommendation are not to be taken                    into                    account.~~ |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**12.**
**Name/markings          not applicable**

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

**13.**
**Buyers'default**

~~Should          the deposit not be paid in accordance with ~~
~~,          the Sellers have the right to cancel this Agreement, and they shall be          entitled          to claim compensation for their losses and for all expenses incurred together          with interest~~

~~in          which case the deposit together with interest earned shall be released          to the          Sellers If the deposit does not cover their loss, the Sellers shall be          entitled          to claim further compensation for their losses and for all expenses incurred          together with interest.~~

**14.**
**Sellers'          default**

~~          by the date stipulated in ~~
~~If          after Notice of Readiness has been given but before the Buyers have taken          delivery, the Vessel ceases to be physically ready for delivery and is          not made          physically ready again in every respect by the date stipulated in~~
~~          and new Notice of~~

----

~~Readiness          given, the Buyers shall retain their option to cancel. In the event that          the          Buyers elect to cancel this Agreement the deposit together with interest          earned          shall be released to them immediately.~~

~~by          the date stipulated in ~~

**15.**
**Buyers'          representatives not applicable**

~~After          this Agreement has been signed by both parties and the deposit has been          lodged,          the Buyers have the right to place two representatives on board the Vessel          at          their sole risk and expense upon arrival at on or          about          ~~

~~These          representatives are on board for the purpose of familiarisation and in          the          capacity of observers only, and they shall not interfere-in any respect          with the          operation of the Vessel. The Buyers' representatives shall sign the Sellers'          letter of indemnity prior to their embarkation.~~

**16.**
**Arbitration**

| a)* | This                    Agreement shall be governed by and, construed in accordance with                    English                    law and any dispute arising out of this Agreement shall be referred                    to                    arbitration in London in accordance with the Arbitration Acts1950                    and 1979                    or any statutory modification or re-enactment thereof for the                    time being                    in force, one arbitrator being appointed by each party. 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. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ~~b)*~~ | ~~This                    Agreement shall be governed by and construed in accordance with                    Title 9 of                    the United States Code and the Law of the State of New York and                    should any                    dispute arise out of this Agreement, the matter in dispute shall                    be                    referred to three persons at New York, one to be appointed by                    each of the                    parties hereto, and the third by the two so chosen; their decision                    or that                    of any two of them shall be final, and for purpose of enforcing                    any award,                    this Agreement may be made a rule of the                    Court.~~ |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

~~The          proceedings shall be conducted in accordance with the rules of the Society          of          Maritime Arbitrators, Inc. New York.~~

| ~~c)~~ | ~~Any                    dispute arising out of this Agreement shall be referred to arbitration                    at                    subject to the procedures applicable                    there.~~ |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

~~The          laws of shall govern this Agreement.~~

| **17.** | **This                    Agreement becomes valid if Buyers have fulfilled all their obligations                    under the attached Shelltime 4 CP. Note in particular clause                    63 in the                    CP.** |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                             |   | **CHAMPIONS                    SHIPPING AS**             |
|--------------------------------------------------|--------|----------------------------------------------------------|
|                                             |   |                                                     |
| For                    the Owners/ Sellers  |   | For                    the Time Charterers/ Buyers  |